Human beings have many wishes which they eagerly wait to come true. You too must have some wishes, right? Whether it’s a long vacation to your favourite foreign location or a destination wedding or to provide your child the best education. Keeping this mind, State Bank of India has designed SBI personal loan so that finance does not act as an obstacle in the path of your dreams. With its affordable EMIs and easy documentation work, the product has become one of the most popular amongst loan applicants. Both self-employed individuals and salaried employees can fulfil their desires by availing finance from the bank. To gain more knowledge about the product, have a key look at this article.
Types Of SBI Personal Loan:
- Xpress Credit Loan
- Festival Loan
- Pension Loan
- Saral Personal Loan
Xpress Credit Loan- If you require funds that can be available at your disposal whenever you need then this scheme is perfect for you. Whether it is an all of a sudden vacation or a medical emergency in your family, Xpress Credit loan is there to fulfil your needs. You are not required to furnish any kind of security.
Loan Amount: An applicant can secure a minimum loan amount of ₹24,000 and the maximum amount that can be taken is ₹ 15 Lakhs.
Eligibility Criteria: Following are the eligibility norms imposed by SBI. Check them out-
- The applicant should fall in the age bracket of 21 to 58 years
- The applicant should earn a net income of a minimum of ₹ 7,500 each month. EMI/NMI Ratio must not exceed 50.
- Working experience of a minimum of two years is important
- The applicant must be salaried employee in any of the below sectors-
- Central and State government
- Selected Corporates
- Central PSUs
- Profit making State PSUs
- Educational Institutions of National Repute
Documents needed: Check out the list of documents needed to avail a loan here-
- Completely filled application form
- Two photographs of passport size
- Identity Proof- Aadhar Card, Voter ID Card, Passport, PAN Card, Driving License
- Income Proof- Salaried employees: Latest Salary slip, bank statement of the last six months and Form 16. Self-employed individuals– Bank Statement of the past six months, Income Tax returns for the past two years and Form 16
Repayment Tenure: The minimum tenure period is six months and it goes up to a period of five years i.e. 60 months.
Interest rate and processing fees: The interest rate is charged on a daily reducing balance by the bank and lies in the range of 12.90% to 14.90%. The bank also charges a processing fee up to 1% of the loan amount sanctioned along with the service taxes. No penal interest is charged on loans up to ₹ 25,000.
SBI Pension Loan:
This scheme has been specially designed for the State or Defence or Central pensioner who is drawing his/her pension through a SBI branch. The loan can be availed for any sort of personal requirement.
- The minimum amount for Central and State Government Pensioners is ₹ 25,000. The maximum amount for those who are below or equal to 72 years is ₹ 14 Lakhs. ₹ 12 Lakhs can be obtained if the person is above the age of 72 but equal to the age of 74.. In case they are above the age of 74 but equal to 76 years, then a loan of ₹ 7.50 Lakhs can be availed.
- Defence Pensioners can secure a minimum amount of ₹ 25,000. The maximum amount for pensioners above the age of 56 but equal to 72 years is ₹ 14 Lakhs. In case the applicant is above the age of 72 years but equal to 74 years, then a loan amount of ₹ 12 Lakhs can be taken. A finance up to ₹ 7.50 Lakhs. Can be taken if somebody is above the age of 74 but equal to 76 years
- The applicant should not be more than 76 years old
- The applicant has to be a pensioner in any one of the following of fields- Central, State or Defence
- Proof Of Identity- Aadhar Card, Passport, Voter ID Card, Driving License PAN Card
- Proof of Address- Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Passport, Gas Bill
- Application form with two photographs of passport size
- The repayment tenure for Central and State Government Pensioners if they fall in the age bracket of up to 72 years, 72-74 years and 74-76 years is is five years, four years and two years respectively.
- In case of Defence Pensioners, the tenure goes up to seven years, five years, four years and two years if they belong to the age group of up to 56 years, more than 56 but equal to 72 years, more than 72 but equal to 74 years and more than 74 but equal to 76 years respectively.
Interest rate and processing fees: An interest rate of 12.45% is charged for the scheme. Defence pensioners are not required to pay any processing fees. Central and State Government Pensioners have to pay a processing fees up to 0.25% of the sanctioned amount plus the service taxes.
SBI Personal Loan EMI Calculator:
It is essential to keep a check on the amount of EMIs you will have to pay to the bank for repaying your loan. SBI personal Loan EMI calculator is the perfect tool when it comes to calculating your monthly installments. You have to enter the details like the desired loan amount, rate of interest and tenure. After that, you will receive information about your EMI and total interest payable. This will allow you to design your monthly budget accordingly as you can keep the EMI out of your income each month.