State Bank of Travancore Personal Loan: Personal loans are a perfect solution if you are falling short of cash for your dream vacation or destination wedding. Besides that, personal loans can also come in handy during medical emergencies.
Are you looking for an instant personal loan with minimal interest rates? Well, the State Bank of Travancore Personal Loan has you covered. In this article, we have provided all the details regarding the interest rates of the personal loan as well as the personal loan documents required.
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 Travancore
State Bank of Travancore Personal Loan Overview
State Bank of Travancore (SBT) was one of the major Indian banks based in Thiruvananthapuram, Kerala, and a principal associate of the State Bank of India. State Bank of Travancore was a subsidiary of the State Bank Group, but it also had private shareholders. It was Kerala’s premier bank.
As of March 31, 2015, SBT had 1,157 branches and 1,602 ATMs spread across 18 states and three union territories. The Union Cabinet accepted a proposal to merge the State bank of Travancore and four other associate banks with SBI on February 15, 2017. It merged with its parent bank on March 31, 2017.
State Bank of Travancore Features
- The bank requires minimal documentation of the applicant.
- The application for the personal loan is approved quickly, making it easier for the applicants.
- The applicant can choose from a wide variety of repayment options for the personal loan.
- The State Bank of Travancore has relatively appealing and competitive interest rates.
- Special deals and discounts are available for employees working in large firms.
How to Apply for a Personal Loan in the State Bank of Travancore?
When it comes to applying offline, you will have to visit the nearest branch of the State Bank of Travancore, fill in the form, and submit it at the counter with your signature and documents. This starts the approval process for your application.
State Bank of Travancore Personal Loan Eligibility Criteria
- The applicant must be within 21 to 60 years of age.
- The applicant has to be an existing customer of the State Bank of Travancore.
- The applicant needs to have a regular monthly income and can either be salaried or self-employed.
- In terms of salaried individuals, the applicant must have completed one year of service in their current organization.
- As for self-employed individuals, the applicant needs to have a profit-earning for at least the past 12 months.
- CIBIL score of the applicant must be more than 700.
State Bank of Travancore Personal Loan Documents Required
- Two passport-sized photographs of the applicant are a must.
- Applicants need to submit a copy of either their passport or driver’s license or Aadhar card or voter ID card as proof of identity.
- Applicants should submit any of the following as proof of address: Utility Bills, Rent Agreement for a minimum of one year at the address, Ration card, Passport as proof of permanent residence.
- Individual income tax returns for the last two fiscal years, salary slips for the previous six months, and bank statements for the previous three months are required to prove income.
- For self-employed individuals, they must submit all company documents along with all Income Tax Returns.
- The individual must also submit any other documents when required by the bank.
Reasons for Rejection of the Loan
There might be situations when your loan application might be rejected. Following are some of the common reasons for rejecting the loan application.
- Low Credit Scores: If the bank finds the applicant’s credit scores below 700, then the bank rejects the loan application.
- High amount of existing debts: If an applicant has any existing loans which are very high in amount, the bank can reject their application.
- Many inquiries: If an applicant makes too many inquiries about a loan, their application can be rejected.
State Bank of Travancore Personal Loan Features
- The State Bank of Travancore gives a personal loan from Rs. 24,000 to a maximum of Rs. 10 lakhs.
- The interest rate for the personal loan is as low as 9.99% per annum.
- The repayment period of EMIs for the loan ranges from 12 months to a maximum of 72 months.
- The bank does not require the applicant to provide any security; however, it depends on the amount of loan taken and certain other factors.
Types of Personal Loan offered by the State Bank of Travancore
Marriage Loan by State Bank of Travancore
For Indians, the most expensive event is a wedding. State Bank of Travancore offers low-interest personal loans to help you manage your finances and celebrate without stress.
Personal Loan for Government Employees
The State Bank of Travancore offers special rates and benefits to government employees and military personnel. It provides lower processing fees, higher loan amounts, and flexible repayment terms to public sector employees.
Doctor Loan by State Bank of Travancore
Doctors who have been practising for at least four years are eligible for special offers and discounts from the State Bank of Travancore to help them meet their personal and professional expenses.
Personal Loan for Pensioners
Personal loans for pensioners are made possible by the State Bank of Travancore, which offers flexible repayment terms, low-interest rates, and reduced processing fees. Your pension should be deducted from the bank’s account.
Personal Loan Balance Transfer Facility
Existing personal loans causing you problems can be transferred to the State Bank of Travancore at no extra cost. The bank will offer you lower personal loan interest rates and simple EMI options.
Personal Loan Top-up Facility
Anyone with a State Bank of Travancore personal loan can get a top-up for additional funds and requirements without having to apply for a new loan.
Takeaways from the Article
The State Bank of Travancore is one of the most suitable personal loan options available in today’s market. They provide very cheap and affordable interest rates, and the applicants have a more extended period of time to repay the loan amount. Besides that, the State Bank of Travancore has various options to choose from in terms of personal loans. Be it loans for pensioners or loans for government employees; they have got you covered at any time. However, it is essential to remember that you should meet the eligibility criteria to get approved for the loan.