SBI Bank Personal Loan : When needed, many people have applied for a personal loan in SBI Bank and have received SBI personal loan, in the same way you can also get it. After getting the same loan, you can use it anywhere.
The application process for personal loan in SBI can be completed by adopting either online or offline mode. Both men and women can take loan from this bank. Personal loan information can also be cancelled from the nearest bank branch. If you are thinking of taking a personal loan , then definitely know the complete information from here.
SBI Bank Personal Loan Amount
SBI Bank provides loans to the people applying for the loan according to their eligibility but if we talk about the maximum loan amount, then the maximum loan amount that can be taken from this bank is up to Rs 30 lakh . Whenever you apply for a loan in SBI Bank, enter the loan amount you need and if you are found eligible, you will be provided with that much loan amount.
Features of SBI Personal Loan
- Loan amount : The amount of SBI personal loan can range from Rs 50,000 to Rs 20 lakh. If you are a government employee, you can get a loan of up to Rs 20 lakh.
- Loan Tenure : The repayment tenure of SBI Personal Loan can range from 12 months to 72 months (6 years).
- Interest Rates : The interest rate on SBI Personal Loan starts from 11.50%, which is determined based on your credit score, loan amount and other factors.
- Processing Fee : SBI Personal Loan processing fee is 1% (minimum ₹1000), which will depend on the loan amount and other terms and conditions.
- Security : This is an unsecured loan , meaning you do not need any asset or guarantor for it.
Eligibility to take SBI Bank Personal Loan
- To take a loan from SBI Bank, the monthly income must be at least ₹15000.
- All documents like Aadhar Card, PAN Card, Income Certificate etc. should be available.
- You must accept the rules and conditions set by SBI Bank for personal loan.
SBI Bank Personal Loan Interest Rate
The interest rate of SBI Bank Personal Loan starts from 11.35% per annum. The interest rate is also changed from time to time, so when you apply for a personal loan in SBI Bank, definitely visit the official website of SBI Bank or mobile application or visit the nearest bank branch and get confirmed information about the interest rate from there.
Time to repay SBI Bank Personal Loan
SBI Bank Personal Loan can be availed for a maximum tenure of 6 years. If you can avail the loan for this period and repay it, then you can apply for a personal loan in SBI Bank after getting all the other information related to SBI Bank Personal Loan .
Documents required for SBI Personal Loan :
- Identity Proof : PAN Card, Aadhar Card, Passport, Voter ID etc.
- Address Proof : Electricity bill, telephone bill, bank statement, passport, or rent agreement.
- Income Proof : Salary slip, bank statement, ITR (Income Tax Return) or profit and loss statement.
- Photograph : Recent passport size photo.
How to Apply for SBI Bank Personal Loan?
- To apply for a personal loan in SBI Bank, you first have to go to the nearest SBI Bank branch.
- You have to go to the bank branch and get the personal loan application form from there.
- Date, name, Aadhaar card number, PAN card number and other information have to be entered in the loan application form.
- Now the photo copy of the document has to be attached with this form and this form has to be submitted in the bank.
- In this way, your application for personal loan will be done in SBI Bank and then as soon as you are approved by the bank for the loan, the loan amount will be transferred to your bank account.
SBI Personal Loan Interest Rates and Additional Charges
- Interest Rates : SBI Personal Loan interest rates usually range from 11.50% to 14.50%, depending on your credit score, loan amount and other financial conditions.
- Processing Fee : SBI charges a processing fee of 1% (minimum ₹1000) on personal loans, based on the loan amount.
- Prepayment charges : If you repay the entire loan amount before time, the bank may charge you a prepayment charge. This charge may vary depending on the type of loan and other terms.
- Late Payment Charges : If you do not pay your EMI on time, the bank may charge a late payment fee.
Benefits of SBI Personal Loan :-
- Long Repayment Tenure : SBI Personal Loan offers a long repayment tenure (12 months to 72 months), which allows you to repay your EMIs easily.
- No-security : A personal loan can be availed without pledging any asset (like a house or car), making it an unsecured loan. This means you do not need to provide any asset as collateral.
- Smart EMI Option : For SBI Personal Loan, the bank offers you Smart EMI option, in which you can repay your EMI as per your convenience.
- Online Application and Tracking : Applying online is very simple on SBI’s website and mobile app. Moreover, you can also track the status of your loan application online, making the entire process transparent and convenient.
- Benefits of repaying loan on time : Repaying EMIs on time can improve your credit score, which may be helpful in availing other financial products like home or car loans in the future.
Customer care number for SBI personal loan –
- Customer Care : For any queries or issues regarding SBI personal loan, you can contact SBI customer care. SBI customer care is available 24/7, and you can call the toll-free number 1800 11 2211 or 1800 425 3800.
- SMS and Email Service : You can also get the status of your loan application or other information by sending an SMS to SBI service number.
SBI Bank Personal Loan can be a great option if you are looking for financial support for an unexpected expense or plan. You have to meet certain conditions for this, but if you are eligible, the interest rates and loan terms offered by SBI can prove to be a profitable deal for you.