State Bank of Patiala Personal Loan @ 9.60 to 15.65% | Purpose, Benefits, Eligibility Criteria, Documents Required and Myths

February 21, 2024 / Loan / By

State Bank of Patiala Personal Loan: The state bank of Patiala is a public sector bank in India. It has its headquarter in Patiala. State bank of Patiala was founded on 17th November 1917. It has 35793 branches, and the bank provides all kinds of financial services to its customers like saving deposit, fixed deposit, personal loan, PPF account, lockers, net banking, E-Wallet, NEFT, RTGS, Mobile banking.

The bank offers various government schemes like Atal pension yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Jeevan Jyoti Yojana, and many more to support the customer. It can make the life of people convenient.

Want to compare State Bank of Patiala Personal Loan with other bank personal loans for the 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 Patiala

State Bank Of Patiala Personal Loan Purpose

With the help of this kind of personal loan, which can be availed at a lower interest rate, can help you deal with all kinds of emergencies that you might have to deal with all financial needs like payment of current credit card bill, repaying the personal loan, household shifting, any medical emergency, and many others without worrying about keeping any property or collateral.

State Bank of Patiala Personal Loan Benefits and Features

  • The loan approval is quite quick.
  • There is no need for any security for loan approval.
  • The application is easily processed and approved.
  • There are multiple loan repayment options.
  • There are many discounts for employees of large companies.
  • There is an option of the maximum loan amount.

State Bank of Patiala Personal Loan Eligibility Criteria

  • Age-21 to 58yrs
  • The number of years in present business/job or profession: should be up to 3 years.
  • Self-employed or Salaried -employed with regular income.
  • Permanent employees of the state, central government, corporation, private sector companies, and reputed establishments.

Documents Required for Personal Loan Approval At State Bank Of Patiala

  • Photographs
  • Proof of identity: Passport, Voter ID, Driving License, PAN card, Aadhar Card, Government department Id card.
  • Duly filled up the loan application form with correct information.
  • Bank statement or bank passbook having entries of last six months
  • Proof of income (If self-employed) – Income Tax Returns of 2 previous financial years.
  • Proof of income (if an employee) – Latest salary slip showing all deductions or Form 16 with recent salary certificate ( for salaried individuals.
  • Proof of Address – This includes the latest electricity bill /telephone bill / mobile bill, existing house lease agreement, latest credit card statement, etc

Mode Of Application for Applying for A Personal Loan

Online mode – Personal loans can be easily applied from the website of bank by filling up all the necessary information and uploading all documents. The eligibility should be checked before applying for a loan.

Offline Mode – The loan can be applied by visiting any bank branch, along with all the required documents. After filling up the form available at the branch, the approval process can be started.

Security Deposit for Applying for A Personal Loan

There has been no need for security at the State Bank of Patiala when it comes to security.

State Bank Of Patiala Personal Loan Amount

When it comes to the loan amount minimum of Rs.10000 to a maximum of 12 times, monthly incomes can be approved for salaried individuals, and pensioners are subject to a ceiling of Rs.10 lacs in all centers.

Loan Repayment Methods Available At State Bank Of Patiala

Any one of the following methods can be used to repay the loan.

  1. Mobile banking is provided by the bank.
  2. Through an internet banking solution.
  3. Standing instruction registration at the respective bank
  4. Automated Payment through ECS (Electronic Clearing Service)

State Bank of Patiala Personal Loan Repayment Options

The loan repayment generally starts from 12 EMI and can be done up to 60 EMI’S. The repayment period also differs from one person to another depending upon their credit score.

Myths Regarding State Bank of Patiala Personal Loan

  • There Is A Need For Regular Income For Personal Loans: There are chances where you can get your loan approved even if you don’t have a regular income. Loan approval can be easily given to you if you are a joint holder with a regular income source. There is only a need for a member who can support you financially and pay off the debt if you fail too.
  • Prepayment Of A Personal Loan Attracts A Penalty: It depends from one lender to another to charge a penalty on prepayment. It has been generally observed that many lenders do not charge any penalty on prepayment.
  • Longer Loan Repayment Tenure Is Better: It is generally believed that longer loan repayment tenure is better, but it’s not true. Longer repayment tenure brings higher interest. This will make you pay interest for a longer period and result in a poor credit score for future loans.
  • Hike In Interest Rate Increase Emi Of Personal Loan: When there is a hike in interest rate, loans generally obtained at fixed rate are not affected, but the loans obtained at the floating rate then there is an increase in interest rates.
  • Interest Rates Are Not Negotiable: There is a general misconception that we cannot negotiate interest rates, but people with good income and good credit scores can negotiate interest rates with the lenders and get comparatively lower interest rate loans.
  • A Good Credit Score Can Easily approve a Personal Loan: Only a good credit score does not confirm a personal loan. There are many more factors, such as regularity of income, employer, employment type, etc., which the lender considers before loan approval.
  • Personal Loans Cannot Be Approved With A Poor Credit Score: If the credit score is poor, you can get a personal loan but is generally approved on higher interest rates, the loan also depends on other factors such as borrower, age of the applicant, income of the applicant, etc. If major banks do not approve your loan, you may approve a loan from cooperative banks and NBFCs.

Various Reasons Why Personal Loan Is Rejected

  • Higher Loan Enquiries: The credit report asked by the credit bureau is called inquiry. The person should not make many queries even if it is free of cost. Too many queries lead to an effect on your credit score. The credit bureau considers such inquiries as hard inquiries and mentions in your credit report, which can lead to difficulty in your loan approval.
  • The Size Of Existing Debt: If the loan is already taken and the loan to net income ratio is above 40%, lenders can reject your loan application. The risk involved in providing a loan when you already have an existing debt is quite high. It becomes difficult for the lenders to trust you.
  • Poor Credit Score: A credit score defines the worth of any person. A credit score helps in determining the risk of default. Due to poor credit scores, personal loans can get rejected. Usually, a person with a credit score of less than 750 may face personal loan rejection. A credit score is generally seen by the lender while approving any loan.

State Bank Of Patiala Personal Loan Interest Rates

  • Interest rate: The interest rate starts from 9.60%-15.65%
  • Loan Amount: The loan amount starts from rs.10000 to max up to 12times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs 10lacs in all centers.
  • Loan Tenure: The maximum loan tenure is 48 Months.
  • Processing fee: The bank decides the processing fee from time to time.
  • Prepayment Charges: The bank decides the charges from time to time.

Contact Details of State Bank Of Patiala

State Bank Of Patiala SMS balance check number, State Bank Of Patiala SMS banking, State Bank Of Patiala mobile banking, State Bank Of Patiala toll-free number, State Bank Of Patiala toll-free number 24*7, State Bank Of Patiala miss call number.

Missed Call Numbers – 9223766666

Customer Care Numbers – 1800112211

Contact Numbers – 18001802010, 0175-2395521

State Bank Of Patiala Contact Details

Bank Official Website – Www.onlinesbp.com

Contact Numbers – 18001802010, 0175-2395521

Email Id – Complaints@sbp.co.in, Cmadmnop@sbp.co.in, Cmpsb@sbp.co.in, Cmatm@sbp.co.in

Missed Call No. – 9223766666

Customer Care No. – 1800112211

Total Branches – 35793

Headquarter – Patiala

Bank Address – Head Office, The Mall, Patiala, Punjab

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