State Bank of India Personal Loan: State Bank of India provides personal loans to all the employed people of India. It doesn’t matter where you maintain your Salary Account. SBI will provide personal loans to you. With the help of Contactless Lending Platform (CLP) and by providing your minimum documents, one can be approved for a personal loan for many purposes like wedding, vacation, unplanned emergency or planned purchase, business expansion, debt consolidation, foreign travel expenses, marriage, home renovation, medical emergency, etc. For any security purposes, you can contact SBI using the email provided epg.cms@sbi.co.in.
Want to compare State Bank of India Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.
State Bank of India
- State Bank of India Personal Loan Personal Loan Details
- State Bank of India Personal LoanPersonal Loan Features
- State Bank of India Personal Loan Eligibility
- SBI Bank Personal Loan Types
- Documents Required to Apply for SBI Loan
- FAQ’s on State Bank of India Personal Loan
- Final Words on State Bank of India Personal Loan
State Bank of India Personal Loan Details
The Interest Rate of SBI personal loans is 9.60% – 13.85% p.a. onwards. The bank provides loan amounts up to Rs.20 lakh. The one who wants to get approved for the loan must have a minimum income of up to Rs.15,000 (For Salaried Customers). The loan tenure is up to six years/seventy-two months, but the repayment tenure can go up to seven years for pension loans. A person whose age is between 21 to 59 is eligible for the loan. The processing fees of loans are up to 1.50% of the loan amount.
State Bank of India Personal Loan Features
- SBI provides loans up to Rs. Twenty lakhs so that you can fulfill your financial needs with a single loan.
- SBI provides different types of schemes depending on whether you are pensioners, salaried or self-employed.
- If you are applying for a personal loan in SBI, then you can repay it within six months to six years as per your choice.
- One can also apply for personal loans online with minimum required documents without any inconveniences.
- SBI personal loans also provide features like low-interest rates, interest on daily reducing balance, low processing charges, minimum documents, there are no hidden costs, Provision for the second loan, no security, no guarantor.
State Bank of India Personal Loan Eligibility
- If an individual has a salary account with any other bank is also eligible for personal loans in SBI.
- The one who is applying for this personal loan must have a minimum net monthly income: Rs. 15,000/-
- These personal loans from SBI also provide an EMI/NMI ratio of less than 50%
- If you are applying for SBI personal loan, your age should be in 21-58 years.
- You should have a minimum experience of one year in your work.
- The minimum personal loan amount is Rs. 24,000, and the maximum personal loan amount is Rs. 20,00,000 / 24 times NMI provided by the state bank of India.
State Bank of India Personal Loan Types
There are many types of SBI Personal loans. Some of them are discussed below, and they are as follows:
SBI XPress Credit
This personal loan provides Low processing fees. It can help you with a maximum loan amount of up to Rs.20 lakh. The lowest interest rate offered by this loan is 9.60% p.a.
SBI Pension Loan
This personal loan quickly pays the loan amount. This SBI pension loan has low processing fees. For this loan approval, one requires minimum documents. The interest rate offered by this loan is 10.55% onwards. This loan can help you with a maximum loan amount of up to Rs.14 lakh.
SBI XPress Bandhan
One can apply for this loan even if they don’t have an account with the SBI bank. If you want to get approved for this loan, you should have at least fifty thousand income per month. The repayment tenure is up to five years. The interest rate of this bank depends on the discretion of the bank. This loan can help you with a maximum loan amount of up to Rs.15 lakh.
SBI Pre-approved Personal Loans
This personal loan quickly pays the loan amount. This personal loan also provides Low processing fees. SBI pre-approved loans have affordable and low-interest rates, which start at 9.60%.p.a. This loan can help you with a maximum loan amount that completely depends on the bank’s discretion.
SBI QUICK Personal Loan
This loan can help you with a maximum loan amount of up to Rs.20 lakh. One can apply for this loan even if they don’t have an account with the SBI bank. If you want to get approved for this loan, you should have at least fifteen thousand income per month. The interest rate offered by this loan is 10.85% p.a. – 12.85% p.a. onwards.
SBI PAPL (Pre-Approved Personal Loan)
SBI Pre-Approved Personal Loans (PAPL) can provide instant personal loans at any time as this service is available 24*7. You can also apply for this loan using the YONO app in the comfort of your home. The bank only decides your eligibility for this loan. If you want to check your eligibility, you can SMS “PAPL <last 4 digits of Account No.> ” to 567676. The interest rate offered by this loan is 9.60% p.a. onwards.
Documents Required to Apply for SBI Loan
You need two passport size copies as photograph proof. You should have an original PAN card/Voter ID/Driving License/Passport as identity proof. For address proof, you can provide documents like the Latest salary slip/Form 16/last six months account statement audited/ITR return for the last 2 yrs. Also, many other documents are required to apply for an SBI Loan.
FAQ’s on State Bank of India Personal Loan
Question 1.
Can we have two personal loans?
Answer:
Yes, we can have two personal loans. Just like the first loan, you also have to match the tender’s eligibility requirements to get approval for the second loan. Your current income, existing loans are some of the features considered by a lender.
Question 2.
Can we cancel a personal loan before disbursement?
Answer:
Once the money is deposited into your account, you can’t cancel the application for your loan. But yes, you can cancel your loan application before the money is disbursed, and you can cancel the personal loan application after the financial lender has approved it.
Question 3.
How do I check the status of my loan?
Answer:
To check the status of your loan, one can either email or call the customer service department. You have to provide the registered mobile number with a personal loan and a reference number to the representative when you call customer care.
Question 4.
Can we increase EMI for personal loans?
Answer:
The answer is yes. You can pay more than the regular EMI. This will increase your principal outstanding and also reduce your interest burden.
Question 5.
Why did your loan get rejected?
Answer:
If you have a low credit score, bad credit history, or many mouths, then there are more chances of getting rejected for a personal loan.
Final Words on State Bank of India Personal Loan
If you are looking for a personal loan, then the state bank of India is going to be the best option for you as it is the largest commercial bank in the country. This is all we can discuss the State Bank of India Personal Loan in our article. Hope you guys found it important and helpful. Share it with your family and friends as it will also help them if they are interested in any personal loans.