Personal loans are an ideal solution for individuals who are facing a cash crunch and are in immediate need of funds. SBI bank offers personal loans that will enable you to get the money required for meeting your various financial requirements. To avail of an SBI Bank personal loan, you will have to be a resident Indian national. With an SBI personal loan, you can get competitive rates of interest and loan repayment tenure of up to 48 months.
Different Personal Loans Offered by SBI Bank
SBI Bank offers personal loans that can be used in cases where you require cash quickly. Some of the personal loans available are:
Xpress Credit Personal Loan
These loans are available for the employees of specific companies like Government organizations, Private sector organizations, PSUs and Quasi Government organizations.
SBI Saral Personal Loan
These loans are for individuals who require funds urgently for such expenses as domestic or foreign travel, medical treatment of self or a family member, educational expenses of children, etc.
Loan to Pensioners
These loans are available for Central or State Government pensioners drawing their pensions through one of SBI bank branches. They should not be more than 72 years of age.
Loan to Affluent Pensioners
These loans are for all Central and State Government pensioners and SBI Pensioners whose pension accounts are maintained by SBI Bank and who have higher salaries and pensions.
Festival Loans
These loans are for people who are short of funds and require money to meet festival-related expenses.
Features of a Personal Loan From SBI Bank
SBI bank personal loans are available for salaried as well as self-employed professionals. The loan limit depends on where you live. Normally, you can get a personal loan of up to Rs.2.5lakhs from an SBI bank. But individuals living in metros like New Delhi, Mumbai, Bangalore, Chennai, Hyderabad and Kolkata can get a loan amount of up to Rs.5lakhs. SBI bank does not require you to produce a security for a personal loan.
The loans are only sanctioned after your income as well as your repayment capabilities are assessed. In case your income is not sufficient to meet the loan eligibility requirement, you can add the income of your spouse. The loan will then be processed as a joint-application of you both.
You will need a minimum monthly income of Rs.24,000 in urban areas and Rs.10,000 in rural areas to be eligible for a personal loan.
Processing charges of 1% of the loan amount are to be paid up front. There are no other fees to be paid.
Interest rate of a SBI Saral personal loan is 18.25%. Interest is calculated on daily / monthly reducing-balance basis on the outstanding loan amount.
SBI offers options of either fixed or floating interest rates. In a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in a floating rate loan, the interest rate could increase or decrease in line with the changes in the Bank’s Medium Term Lending Rate.
SBI does not charge a prepayment penalty, so you can repay the loan partly or fully, at any stage. SBI personal loans are an ideal solution to your immediate financial exigencies.