The State Bank of India or SBI offers different types of personal loans to its customers. It helps the borrowers in an excellent way of handling financial problems and medical emergencies of all types. With the innovation in technology and the internet being made available to the rural audiences as well. Online personal loans from SBI nowadays are quite a hassle-free task to accomplish.
Though the maximum tenor for an SBI personal loan continues to be the same. There are a variety of adjacent factors that need to be taken care of while applying online Thus, here we are going to provide you with a detailed overview of how to apply for personal loan in SBI and get the loan application sanctioned in no-time
Personal Loan by SBI
The SBI Personal Loan has an attractive interest rate starting from 9.60% to up to 13.60%. Also, the interest rates come at a competitive rate. Apart from that, you also don’t need any collateral to apply for any personal loan at SBI online.
Carry on with your reading ask to know more about the different charges and tenor of SBI personal loan.
Loan Amount
- For overdraft facility
- Maximum- 24 times of the monthly income or up to Rs. 15 lakh
- Minimum– Rs. 10 Lakh
- For a Term Loan
- Maximum- 24 times of the monthly income or up to Rs. 14 lakh
- Minimum– Rs. 24000
Prepayment Charges– Nil to up to 3% of the total loan amount with GST charges
Processing Fees– Nil to up to 1% of the total loan amount with GST charges
Steps to Apply for a Personal Loan in SBI Online
Check out the steps mentioned here before applying for an SBI personal loan online.
You can visit the official website of SBI. Or, you can go to sbi.co.in.
Choose between the three different types of personal loans offered by SBI.
- Do read all the details and proceed with the one that appears to be the best.
- Click on the “Apply Now” button.
- Then, fill out the information such as your account number, mobile number, etc and click on “Submit.”
- After submitting the loan application, a dedicated executive from SBI will call you for further assistance. And, if the loan gets approved, then the amount will be disbursed to your bank account directly.
Different Types of SBI Personal Loan
Here are some of the SBI Personal Loan types.
- SBI Xpress ELITE Scheme
- SBI Xpress Credit Personal Loan
- SBI Pension Loan
- Pre-Approved Personal Loans on YONO
- SBI Quick Personal Loan and others.
Eligibility Criteria to Apply for a Personal Loan at SBI
The eligibility criteria to apply for a personal loan at SBI are pretty basic. But, you have to meet them accurately to get the loan application passed in one go. For further assistance, we have curated a detailed list below.
Age
Firstly, to apply for a personal loan at SBI, the minimum age required is 21 years. Also, the maximum age is up to 58 years and not more than that.
Income
Secondly, you must have a monthly income of Rs. 24,000 or above to apply for a personal loan with SBI. For self-employed individuals, SBI looks for a mandatory annual income of Rs.5,00,000/ or above.
Work Experience
Thirdly, work experience is highly important when it comes to avail a personal loan. So, the applicant should have a minimum experience of 2 years.
However, the loan eligibility can differ depending on the loan plan you are choosing. So, make sure you have the proper knowledge about how to apply for personal loan in SBI.
Documents You Need to Apply for Personal Loan at SBI
These are the essential documents you need to submit while applying for an SBI personal loan.
Identity Proof– Voter ID Card, Driving License, Adhaar Card, PAN Card, etc.
Residence Proof- Adhaar Card, Voter ID Card, Driving Licence, etc.
Income Proof– Recent salary slips with Form 16 for salaried professionals. Also, self-employed applicants can submit a copy of a bank statement or Income Tax Return.
Why Personal Loans by SBI is better than others?
Personal loans don’t need any collateral. That’s why they are also known as unsecured loans. We have listed below several factors that make SBI stand out from the rest.
- It charges the lowest rate of interest when compared to other banks
- You get different discount offers for SBI personal loans.
- You don’t have to worry about the prepayment penalty.
- Also, the application process is fast and quick. The loan gets disbursed within a short time.
- There are no hidden charges on personal loans with SBI.
SBI provides great options when it comes to personal loans. When applying online the bank’s website is quite user friendly that way. Moreover, the approval process is quite fast, without making you wait for extra days without a good reason.
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