An SBI personal loan is an unsecured loan – it means you don’t have to put any security, collateral, or asset to avail such loan. It helps solve various financial problems. Nowadays, paperless personal loans are available that helps in reducing many formalities and paperwork. The interest rate on personal loans is quite low as compared to other loans like Home loans or Education Loans. A personal loan is available within 72 hours if an applicant fulfills eligibility criteria.
Why go for SBI Personal Loan
The attractive interest rate on different types of personal loan.
Minimum processing fee and no hidden charges.
Online acceptance and sanction of personal loan.
More than one personal loan options.
Fast disbursal of loan.
Special priority to regular or old SBI customers.
Eligibility for SBI Personal Loan
Salaried
Profession: The person should be working in a government, private or MNC Company.
Eligible Age: The Minimum age to apply for a Personal Loan is 21 years, and the maximum is 60 years.
Minimum income: The person should be getting a minimum of 18,000p.m. Salary.
Work Experience: The applicant should have at least three years of working experience, and more than three months of experience in the current company.
CIBIL score and EMI percentage: The minimum CIBIL score required for Personal Loan is 650 & maximum EMI should be not more than 65% of monthly income.
Self-Employed
Profession: The Person should be professionals like Doctors, CA, CS, Architects, Lawyer, or, doing his own business.
Eligible Age: The minimum age to apply for a personal loan is 23 years, and the maximum is 65 years.
Minimum income: The minimum revenue from business or the profession should be not less than 25,000p.m.
Work Experience: The person should have at least three years of his professional experience.
CIBIL score and EMI percentage: The minimum CIBIL score required for Personal Loan is 650 & maximum EMI should be not more than 65% of monthly income.
SBI Personal Loan Interest rate
The interest rate may vary from 10.99% to 20.00% per annum. The rate of interest offered by SBI is as per the prevailing market trends, yet competitive compared to most of the market players. The interest rates are indicative only, and the final rate offered would vary and calculated based on below-mentioned points.
Profile of Customers
Tenure of the Loan
Geography of residence
Nature of Collateral (If provided)
Prior/existing relationship with the Bank.
Documents Required
Salaried
Identity Proof: Adhar Card, Passport, Voter ID card or Driving License
Address proof: Ration card, Passport, Rent agreement, electricity/water bill.
Last six months Bank statement & 3 months’ salary slip
Latest form 16
PAN card
Self-Employed
Identity Proof: Adhar Card, Passport, Voter ID card or Driving License
Address proof: Ration card, Passport, rent agreement, electricity/water bill.
Latest six months of Bank statement.
Latest ITR :along with computation of income along with P/L audited by certified CA for the previous two years.
Tenure
Tenure is the time period for which you get the loan; here it is for one to five years.
About SBI
State Bank of India is the most significant public sector bank in India that offers personal loans for various cash requirements faced by individuals in their day-to-day lives.SBI Personal loan options are one the most preferred choices amongst borrowers because of the attractive interest rates and low processing charges plus you get seasonal offers from time to time, which can further reduce the EMI payable on the amount borrowed.
A borrower can apply for a State Bank of India personal loan without requiring any security or collateral. An individual can get a credit of up to 12 times of his net monthly income when applying either online or at a bank branch. After the submission of necessary documents, you can get a loan within 2-3 days provided all required documentation is in order. There is a range of own loan products offered by SBI for different needs be it for business expansion, debt consolidation, a foreign trip, marriage, home renovation, emergency medical expenses, or others.
Brand Pillars
These brand pillars are as follows:
Growth– It is the core pillar of SBI to facilitate growth and development of its internal and external stakeholders.
Trust– Trust is also one of the core pillars of SBI. Saying yes to trust is the crucial brand pillar.
Human Capital– SBI’s human capital, comprised of the top quality human capital representing the talent of both India and abroad.
How to apply for SBI Personal Loan?
Visit lendingwale.com and fill all your required details like Name, age, income, etc.
Our relationship manager will contact you as soon as possible and help you get your loan approved.
FAQs
Why should I take a personal loan from SBI?
SBI provides a Personal Loan at a shallow interest rate with the low EMI options. Furthermore, the bank processes the Loan very fast and without any hassle.
What interest is charged by SBI on a personal loan?
Personal loan interest rates generally start from 10.75%. However, it changes from time. Besides that, it also depends on the profile of the applicant.
What is the tenure of Personal Loan?
The loan tenure of the Personal Loan is One year to Five years.
How much Personal Loan amount I can borrow from SBI?
The applicant can get a loan amount of Rs. One Lakh to a maximum amount of Rs.30Lakhs, depending on the professional background.
How much does the SBI charge a processing fee on a personal loan?
The processing fee charged is about 1%.
Is age an eligibility factor in getting a personal loan?
Yes, age is a factor to apply for a personal loan. The minimum age of the applicant should be 21 years, and it can be maximum 60years.
Are there any prepayment charges on a personal loan from SBI?
Yes, the pre-closure charges are 3% of the outstanding amount.
How can I get a personal loan with low CIBIL score?
You cannot get a personal loan with low CIBIL score; however, you can go for a gold loan.
How to check SBI Personal Loan EMI?
You can check your monthly EMI by our EMI calculator.