State Bank of India (SBI) Personal Loan
In our day-to-day life, even on special occasions and situation of emergency we require a good amount of funds to meet our financial needs and liabilities. We generally spend money on vacation, education, property, vehicles, marriage, medical emergency as well. There are situations when we have to arrange hefty amount within shorter duration. To meet the financial needs in such situations, personal loans play a vital role.
State Bank of India, one of the biggest lenders in the country, offers a range of personal loan schemes to help you out in times of distress. State Bank of India offers personal loan under four categories – SBI Pension Loan, SBI Xpress Credit Personal Loan, SBI Saral Personal Loan and SBI Festive Season Loan.
SBI Personal loan details:
SBI Personal Loan Interest Rates:
SBI Pension Loan – 12.45%
Clean Overdraft – 16.55%
Bhagya Rekha Loan – 11.05%
Jai Jawan Pension Loan – 12.45%
Xpress Credit to IT Employees – 12.90% – 14.90%
OD for E-commerce purchase – 13.60%
Salaried (Salaried Class)
Maximum: 12 times net monthly imcome (salaried and pensioners)
- Passport size photograph
- Identity proof
- Office address proof (self-employed and professionals). The documents can be shop/establishment certificate, lease deed or telephone bill
- Latest salary slip and Form 16 (salaried persons)
Processing fee is 2% – 3% of loan amount.
No prepayment charges
You can increase your loan eligibility by making your spouse a co-borrower.
SBI Xpress Credit Personal Loan
Interest Rates – 11.95% – 14.55% p.a
SBI provides Xpress Credit personal loan to the employees of undernoted entities maintaining salary account with zero margin:
Central and State Government
Profit making State PSUs
>Education Institutions of National Repute
Minimum slaary of Rs.7,500
Rs.24,000 for term loan
Rs.10 lakhs for overdraft
SBI offers loan upto 24 times of net monthly income for salaried class individuals and pensioners. The maximum limit for personal loan is Rs.15 lakh.
Processing Fees – SBI charges 1% of loan amount + applicable taxes
Part payment charges – 6 months to 60 months (or residual service period whichever is lesser)
Minimum EMI per lakh Rs. 2,656 – Rs. 2,781 for 4 years.
SBI Pension Loan
Interest Rates on SBI Pension Loan – 12.45% p.a.
Low processing fee, no hidden charge, no pre-payment charges
Family pensioner (spouse authorised to receive pension after pensioner’s death) can avail loan but the applicant should not be more than 76 years.
Maximum 50% amount of pension is considered for availing loan.
SBI charges processing fee of 0.51% of theamount (+applicable taxes) with minimum Rs 500/-). Processing fee is not charged from SBI Defence Pensioners.
Loan Amount For Central State Government Pensioners:
Minimum loan amount is Rs 25,000
Maximum loan amount Rs 14 lakh for applicants below 72 years
Maximum of Rs 12 lakh for pensioners who are between 72 and 74 years
Maximum amount of Rs 7.5 lakh for applicants between 74 and 76 years
For family pensioners, minimum loan that can be availed is Rs 25,000.
Loan Amount For Defence Pensioners:
Minimum loan amount is Rs 25,000 >Rs 14 lakh for applicants upto 72 years of age
Rs 12 lakh for pensioners between 72 and 74 years
Rs 7.5 lakh for applicants between 74 and 76 years
(EMI / NMP not to exceed 50% in all the cases for Family Pensioners)
Loan Amount For Family Pensioners:
Minimum amont Rs.25,000
Rs.5 lakh for pensioners upto 72 years of age
Rs.4.5 Lakh for pensioners between 72 and 74 years Rs.2.5 Lakh for pensioners between 74 and 76 years
(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)
For Central & State Government Pensioners (including Family Pensioners) – 0.50% of the Loan Amount + applicable tax subject to Minimum of Rs. 500
For Defence Pensioners – NIL
For Central & State Government Pensioners –
Minimum EMI per lakh – Rs. 2,656 – Rs. 2,781 for 4 years
Interest Rates on SBI Pension Loan – 12.95% p.a.
SBI Saral Personal Loan
Saral personal loan is available for any legitimate purpose to those working in corporate sector, self-employed, engineers, doctors, architects, chartered accountants, MBA with two years of employment.
SBI Saral Personal Loan Eligibility You are eligible for SBI Saral Personal Loan if you are:
Salaried and working with any leading corporate house
Self-employed (engineer, doctor, architect, chartered accountant, MBA) with minimum 2 years experience.
Minimum Loan Amount For SBI Saral Pension Loan
Rs.24,000 in metro and urban centres
Rs.10,000 in rural/semi-urban centres
SBI offers loan upto 12 times of net monthly income for salaried class individuals and pensioners. The maximum limit for personal loan is Rs.10 lakh.
Processing Fees – SBI charges 2% – 3% of loan amount + applicable service tax
Minimum EMI per lakh – Rs. 5,838/- for 4 years
Interest Rates on SBI Saral Personal Loan – 17.65%
About State Bank of India
SBI is the largest lender in the country and has its headquarters in Mumbai, Maharashtra. The majority is owned by the Government of India. Consolidated report says that SBI had a total income of Rs 2,57,289.51 crore as on March 31, 2015. SBI has total assets of over Rs 25,29,394 crore.
There are as many as 16,995 branches of SBI in India, including 190 in other countries. State Bank has an agreement with GE for its credit card services. It is the only bank in the country to figure in the Forbes list of 500. SBI holds a major market share in the fields of personal loan (20%), home loan (25.5%) and car loan (26%).
Riding high on its extensive reach, SBI is the most searched and preferred bank in India and is accessible from almost every part of the country