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Ajit Samal
by on November 4, 2020
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At times savings are not good enough to fund these requirements or maybe we do not want to dip into that. SBI personal loan caters to the need of all its customers. It is among the preferred choices by the loan seekers. There are various reasons for this like a competitive interest rate, low processing charges, attractive offers, flexible repayment tenures, etc.

Benefits of SBI personal loan

  • Pocket-Friendly Interest Rate: The SBI personal loan interest rate varies depending on the applicant profile that gets generated after factoring in the aforementioned details.
  • Easy Loan Accessibility: With a wide presence of active branches in both the urban and rural regions, SBI makes sure easy loan accessibility.
  • Additional Benefits for the Existing Customers: SBI offers many of the special benefits for their existing clients for pre-approved personal loans. Since many people are associated with SBI and are using their commercial loan schemes or other financial products, they receive timely offers about pre-approved personal loans.
  • Easy Loan Application Processing: SBI personal loan is easy, and you can even apply with an online loan application. The loan process is easy, simple, and includes minimal documentation and quick loan disbursal. 
  • Instant Loan Approval: Those days are gone when a borrower has to make multiple visits but now with SBI, they can easily apply online for a personal loan. The online personal loan application involved a few working days for loan approval for the eligible applicants.
  • Periodic Offers: SBI offers attractive seasonal discounts on the rate of interest and processing fees during festival season and from time to time.

Some Features of SBI Personal Loan

  • Quick disbursement of the loan amount.
  • SBI offers unsecured personal loans to the self-employed and salaried professionals.
  • SBI personal loan comes at an attractive rate of interest.
  • A personal loan from SBI can repay via ECS/NACH.
  • A high loan amount can be availed by applying with a co-applicant.
  • A high loan amount can avail through various SBI loan schemes.

SBI Personal Loan EMI Calculator

You can get a lot of benefits from the SBI personal loan EMI calculator.  

Steps required to calculate with SBI personal loan EMI, are:

Step 1: Visit the official website of the SBI (State Bank of India).

Step 2: Choose the option of ‘Personal Loan EMI Calculator’.

Step 3: A page will open with the three fields, where the below mentioned details is required to be filled:

  • Loan Amount
  • Interest Rate and 
  • Tenure in years.

Eligibility Criteria of SBI Personal Loan

Common eligibility to acquire personal loan from SBI differs based on the loan amount, borrower’s profile, availed personal loan scheme. Following is the common eligibility criteria for the SBI personal loan:

 Xpress Credit Personal loan

  • A borrower should have a minimum monthly income of Rs. 15,000.
  • A borrower’s EMI/NMI ratio should not be more than 50%.
  • The borrower is required to maintain a salary account with SBI.
  • The applicant should be an employee of any of the following organizations:
  • Central and state governments
  • Central and state PSUs
  • Educational institutions with a national reputation

Xpress Power Personal Loan

  • Having a salary account in SBI is not mandatory.
  • An applicant should have minimum gross monthly income of Rs.50,000.
  • Employees of the following entities can apply for this loan:
  • Central or state governments.
  • Defense establishments.
  • PSUs.
  • Educational institutions that have a national reputation.

SBI Personal Loan Documents Required

  • Duly filled loan application form 
  • Recent passport-sized photograph.
  • Identity proof (any of the following)
  • PAN Card
  • Aadhaar Card
  • Passport Copy
  • Driving License
  • Voter ID Card
  • Address Proof (any of the following)
  • Passport Copy
  • Rental Agreement
  • Driving License
  • Bank Statement or Passbook
  • Electricity Bill
  • Ration Card
  • Telephone Bill
  • Age Proof (any of the following)
  • Passport Copy
  • PAN Card
  • Latest Salary Slips or Bank Statements/ Passbook
  • Form 16
  • Last 3 years IT Returns

SBI Personal Loan Interest Rate

This massive demand for personal loans has emerged various lenders and SBI is among the best bank in India. SBI offers a wide range of financial products and a personal loan is one of the most preferred financial products. 

The SBI personal loan interest rate starts at the lowest for the salaried applicants. The availed personal loan can be used for many purposes like medical treatments in case of emergencies, paying the additional debts, wedding expenses, and to meet the other personal financial requirements.       

 Factors Affecting Personal Loan Interest Rate

  1. Income

The chances of timely repaying the loan amount is higher in the case of high salaried people.

  1. The Repayment History

The repayment history plays a significant role in determining the personal loan rate of interest. When an individual makes a payment on the previous loan, additional points are added to the current score. 

  1. Organization

When an individual works for a reputed company, he/she is more considerate towards the timely EMI payments. 

  1. Customer Relationship

If the borrower has been an existing loyal customer with a good repayment record, the loan lender might grant some extra perks and offers. A healthy relationship with the provider can determine the interest rate on a personal loan. Mostly, customers with an existing account or credit card receive special schemes and offers.

Conclusion

SBI offers a low rate of interest personal loan with a flexible repayment tenure. All you need is to fit into its eligibility criteria and have a good credit score.

Posted in: Finance, Loan
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