In this post we are going to cover what are the requirements for applying for the SBI Personal loan, their rate of interest, personal loan details, their customer care number, personal loan features, comparison with other banks, documents required, and types of personal loans offered by SBI, etc.
Be with me, I am going to clear all your doubts step by step in regards to taking a personal loan of SBI.
Table of Contents
SBI PERSONAL LOAN DETAILS
This is one of the prime factors that everyone should have to understand the details of loan providers before applying for it.
Here is the list of State Bank of Indian loans details
SL No
Requirements
Charges and fees
1
Age Eligibility
21-58 years
2
Rate of Interest
starts at 9.60% p.a
3
Minimum loan amount
Rs.25000 for term loans and Rs.500000(5 lakhs) for overdrafts loans
4
Maximum loan amount
Rs.20 lakhs and this is the same for both term loans and overdraft loans
5
Repayment period
6 months- 6 years
6
Prepayment charges
Nil
7
Minimum required income
Rs.15 thousand
8
Processing fee
SBI provides up to 100% concession on this fee till 31-01-2021
TYPES OF SBI PERSONAL LOANS
if you don’t know what are the different kinds of personal offered by the banks then click on the button given below we have explained it in detail.
This loan basically offered for the people of defence personnel, Family Pensioners, Central and state government who’s age is below 76 years and their payment order is maintained with SBI.
For Defence and Central and State Government Pensioners SBI will offers Max loan upto Rs.14 Lakhs and for the Family Pensioners SBI offers up to Rs 5 Lakhs.
Bank has mentioned that providing the loan will also defends on the borrower’s age, pension income, time period etc.
Max repayment period for Defence Pensioners is 84 months and it will be 60 months for the Family and Central Government Pensioners.
ROI between 9.75%-10.25%.
Till 31-01-2021 SBI offers 50% concession in preprocessing fees to their customers in SBI Pension Loan Categories.
SBI PERSONAL LOAN CUSTOMER CARE NUMBER, MAIL ADDRESS
SBI MAIL ID:- dgm.customerr@sbi.co.in
24X7 toll-free numbers:- 1800112211/18004253800
Write to:- Deputy General Manager, Customer Service Department State Bank Bhawan, 4th Floor, Madame Cama Road, Mumbai – 400021.
FEATURE OF SBI PERSONAL LOAN
LOAN UP TO 20 LAKHS:-SBI provides max leverage in providing the loan to its customers and it extended its hands up to 20 lakhs.
LOW-INTEREST RATES:-SBI gives the loans with low ROI you can check out I have mentioned above.
INTEREST ON DAILY REDUCING BALANCE:-SBI calculates EMI on the basis of daily reducing balance
LOW PROCESSING CHARGES:-SBI announced that it will offer a 100% concession on its personal loan processing charges till Jan 31, 2021.
MINIMAL DOCUMENTATION:-SBI doesn’t ask for lots of documentation while taking a loan.
ZERO HIDDEN COSTS:-SBI provides clear-cut charges if exist and there will no hidden charges in the SBI loan.
PROVISION FOR the SECOND LOAN:- SBI provides the loan provider for a second time
NO SECURITY, NO GUARANTOR:- SBI doesn’t take any kind of security assets while providing loans to its customers.
The following table gives the overview of EMI of SBI for the specific period of time.
RATE OF INTEREST
REPAYMENT PERIOD
EMI(per Lakh)
TOTAL INTEREST
TOTAL PAYMENT
9.60%
1 year
Rs.8,773
Rs.5,276
Rs.1,05,276
10.70%
2 year
Rs.4,647
Rs.11,525
Rs.1,11,525
11.50%
3 year
Rs.3,298
Rs.18,714
Rs.1,18,714
12.60%
4 year
Rs.2,663
Rs.27,821
Rs.1,27,821
15.65%
5 year
Rs.2,150
Rs.54,797
Rs.1,54,797
SBI PERSONAL LOAN COMPARISION WITH OTHER BANKS
LOAN PROVIDER
ROI
PROCESSING FEES
MAX LOAN LIMIT
SBI
9.60% – 15.65%
Up to 1.50% + GST
Rs.20 Lakhs
ICICI BANK
11.25% – 21%
Up to 2.25% + GST
Rs.20 Lakhs
HDFC BANK
10.75% – 21.30%
Up to 2.50% + GST
Rs.40 Lakhs
BANK OF BARODA
9.85% – 15.45%
Up to 2%
Rs.10 Lakhs
YES BANK
13.99% – 16.99%
Up to 2.50% + taxes
Rs.40 Lakhs
AXIS BANK
10.49% – 24%
Up to 2% + GST
Rs.15 Lakhs
DOCUMENTS REQUIRED FOR SBI PERSONAL LOAN
SALARIED OR SELF EMPLOYED PERSON:-
Must have duly filled loan application and along with that 2 passport-sized photographs.
IDENTITY PROOF:-The identity proofs must include the following list
Passport
Voter ID
Photograph of PAN Card
Driver’s License
Aadhar Card
RESIDENCE PROOF:-The residence proof must include the following list
Recent Photocopy of Telephone or Electricity Bill
Past 6 months of bank statement where his or her salary has been credited.
For self employed individuls they should have to show last 2 years ITR and account statements.
CHECK APPLICATION STATUS OF SBI PERSONAL LOAN
After applying for personal of State Bank of India you need to check out whether the bank has approved your loan or not. Click on the following button to check the status
