Individuals go in for personal loans when they have to meet unforeseen requirements. These are absolutely easy loans when compared to other types of financial assistances. All loans except personal loans are to be used for the purposes for which they are meant. Personal loans are applicable to all types of short term needs. The basic requirements to qualify for such loans are good credit ratings and satisfactory financial status. During certain occasions personal loans are charged high rate of interest to overcome risk factors. The customer friendly features of these loans have rendered them great popularity. Generally the personal loans are offered from Rs.20, 000 to Rs.10, 00000 according to the requirements and the ability to repay the same. In India SBI (State bank of India) has launched personal loan schemes which can be used for vacation trips, emergency treatments, marriage purposes, educational expenses, home renovation etc. Because of their quick processing and favorable repayment facilities, they are known as ‘Saral Personal Loans’. Customers can have these loans through all the SBI branches spread over the country.

Features of SBI personal loans

1. SBI Saral Personal Loans are convenient and affordable to common men.
2. Security is not required for availing the SBI personal loans.
3. The maximum repayment tenure of any personal loan is 48 months.
4. SBI interest rates are highly competitive when compared to the same of other Banks.
5. Processing charges vary from 2 to 3 percent of the loan amount.
6. Loan amount will be provided only after deducting the processing fees.
7. Neither administrative nor hidden costs are charged for SBI personal loans.
8. Only one percent of the loan is charged for the prepayments made within six months.
9. Important documents are to be furnished as mentioned in the loan application.
10. Any Indian citizen who is capable to repay the loan amount is eligible for this loan.

Documents to be submitted for SBI personal loans

1. Recent photographs and documents to prove identity of the applicant.
2. Copy of any government bill as proof of residential address.
3. Latest bank statement for the last six months.
4. It is mandatory for employees to submit latest salary slip along with form.
5. Processing fee cheque drawn in favor of the bank.

State Bank of India is the leading financial institution in India. Their personal loans are flexible in nature and affordable to ordinary people. Their interest rates are low when compared to other banks.  The 48 months repayment tenure is a beneficial timeframe for the borrowers. Personal loan is not meant for any particular purpose.  Hence, they can be used for the emergency requirements of individuals. Nowadays these personal loans are widely used for the remittance of credit card debts because the interest rates on credit card dealings are more than that of personal loans. Thus, the SBI personal loans have great influence in the life of an average citizen.