State Bank of Mysore Personal Loan @ 9.60% | Eligibility Criteria, Factors, Features, Documentation

State Bank of Mysore Personal Loan: The State Bank of Mysore was an Indian public sector bank. It had its headquarters in Bangalore and was founded on 2nd October in the year of 1913. Initially known as the Bank of Mysore Ltd., this bank merged with the State Bank of India under the Act of State Bank of India subsidiary banks, 1959.

The personal loans provided by this bank are extremely beneficial. The State Bank of Mysore Personal Loan interest rates and the State Bank of Mysore Personal Loan online payment are amazing and affordable as well. The State Bank of Mysore Personal Loan contact number is always available, and one can easily contact their personnel for consultation regarding their personal loan offers.

In this article, we will focus on the various things related to the State Bank of Mysore Personal Loan.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

State Bank of Mysore

State Bank of Mysore Personal Loan Overview

The State Bank of Mysore was an Indian public sector bank. It had its headquarters in Bangalore and was founded on 2nd October in 1913. Initially known as the Bank of Mysore Ltd., this bank merged with the State Bank of India under the State Bank of India subsidiary banks Act in 1959.

The merger took place on 1st April 2017, and from then on, the State Bank of India held a share percentage of 92.33% of the bank.

How to Apply for a Personal Loan in the State Bank of Mysore?

First, to apply for a personal loan in the State Bank of Mysore, visit the bank’s nearest branch. Please fill out the application form with the necessary details and submit it along with the required documents.

Another way of application includes applying online. Log in to the State Bank of Mysore’s official website and fill out the application form to apply online. One should then submit the required documents along with the form and wait for the processing of the application.

State Bank of Mysore Personal Loan Eligibility Criteria

There are certain criteria that an individual needs to follow to get a personal loan. The state bank of Mysore also has such criteria that an individual needs to meet up for receiving a loan.

The list of criteria that makes an individual eligible for the State Bank of Mysore Personal Loan is given below.

  1. The age of the individual applying for the personal loan must be between 21 to 58 years. If they are applying for a pension, then they must be above the age of 76 years.
  2. The minimum income of the individual must be Rs. 6,000 per month.
  3. The individual applying for the loan must be employed. They must be either salaried personnel or self-employed personnel.
  4. The CIBIL score of the individual must be above 700.
  5. People who do not fall under the list of criteria given above are not eligible for the application of a loan under the State Bank of Mysore Personal Loan.

State Bank of Mysore Personal Loan Documents Required

For applying for a loan, an individual must have certain documentation as proof of their age, address, income, etc. For every bank, the list of documentation is more or less the same. But there are certain things that differ from bank to bank.

The list of documentation an individual requires for applying for a State Bank of Mysore Personal Loan are given below:

  1. The individual must have the application form.  The form has to be properly filled and signed.
  2. They also require two passport size photographs of themselves.
  3. As proof of identification, the individual must have a copy of their Aadhar Card, passport, driving license, and Voter ID Card.
  4. As proof of income,
  5. The salaried individuals must have the latest Form 16, their salary certificate, and their salary slip.
  6. The self-employed individuals must have their Income Tax Returns for the last two assessment years and their respective bank statements for the previous three months.
  7. As proof of address, the individual must have a copy of their passport, a copy of their Ration Card, their rent agreement that shows at least one year of their stay, and their utility bills.

State Bank of Mysore Personal Loan Features

The State Bank of Mysore Personal Loan provides some amazing features that make the loan extremely attractive. People opt for this loan because of its unique features. Some of them are given below:

  1. The loan tenure provided by the bank is between a period of one year to three years. Within this period, an individual must repay their loan amount to the bank.
  2. The loan amount provided by the State Bank of Mysore for a personal loan depends on a lot of factors. But the minimum loan amount provided by this bank is Rs. 50,000, while the maximal loan amount is Rs. 15 lakhs.

But the loan amount provided to a specific individual may vary depending on their credit history, repayment of loan capability, and other similar factors.

  1. The interest rate that the bank offers on their personal loan is 9.60% per annum.
  2. An individual needs to pay the one-time processing fee that the State Bank of Mysore attaches along with their personal loan offers. The processing fee is 1% of the entire loan amount.

Types of Personal Loan offered by the State Bank of Mysore

The State Bank of Mysore offers other personal loans as well. Each one has its own features and interest rates. The types of personal loans offered by the bank are:
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  • The State Bank of Mysore Marriage Loan: This loan is perfect for Indian households.
  • State Bank of Mysore Personal Loan accessible to Government Employees: With this loan, one can fulfill all their financial requirements.
  • The State Bank of Mysore Doctor Loan: This loan provides all different kinds of special packages for doctors.
  • State Bank of Mysore Personal Loan accessible to Pensioners: With this loan, elderly citizens will be able to solve their monetary problems.
  • State Bank of Mysore Personal Loan with Balance Transfer: This bank loan allows an individual to convey their high-interest loan from another granter to the bank.
  • State Bank of Mysore Personal Loan with Top Up: This loan allows existing loan borrowers to avail of additional funds basing them on their repayment eligibility and loan eligibility.

Takeaway from the article

This article we have discussed the different features of the State Bank of Mysore Personal Loan. We have given information regarding the eligibility criteria, documentation, and other important factors.

Before applying for a loan at this bank, be well aware of all the vital details and make sure that you are familiar with the terms and conditions properly.

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