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|
|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.
Okay comes back to different types of personal loans offered by the SBI Bank.
SBI KAVACH PERSONAL LOAN
- Given on behalf of COVID treatement for personal or family memebers.
- Loan will be given upto 5 lakhs.
- Rate of Interest 8.50% per annum.
- Moratorium period of 3 months.
SBI XPRESS CREDIT
- This loan is offered for salaried persons.
- Max loan up to Rs 20 Lakhs
- Max repayment period 6 years
- ROI varies between 10.6% to 13.85% p.a
PRE APPROVED PERSONAL LOANS YONO
- This is for the customers who already have have the account with the SBI
- These customers can get instant loan through yeno sbi app after completin 4 steps of process.
- ROI 9.60% to 12.60% p.a
- Checkout weather you are eligible for applying this loan by sending SMS “PAPL” to 567676.
- Visiting bank branch is not necessary.
Quick SBI Personal Loan
- The main moto of providing the quick personl loan is for the salaried persons who don’t have the account with the SBI.
- Max repayment period 72 months
- ROI 10.85% -12.85% p.a
- Processing fee 1.50% of the loan amount with minimum Rs.1000+GST and Max of Rs.15000 + GST.
- Provides provision for 2nd loan.
SBI Pension Loan
- 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:- email@example.com
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.
EMI CALCULATION ON SBI PERSONAL LOANS
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|
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
- 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