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SBI Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
Xpress Credit Personal Loan 12.05% - 12.55%, Floating 1% of the loan amount + applicable service tax 25K 5 Years
Details
Documents Required

  • Duly Filled in Loan application form
  • PAN Card
  • Recent Passport size photographs (2 copies)
  • Identity Card of Employer
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
Benefits

  • Low Processing Fee
  • No hidden charges
  • No administrative charges
  • Low-interest rates
  • Security not required
  • Minimal documentation processing
Eligibility

  • Minimum age of the applicant should be 21 years at the time of loan approval
  • Maximum age of the applicant should be 58 years at the time of maturity of loan
  • The applicant should be a resident Indian
  • The applicants should have minimum a net monthly income of Rs 5000 and should be an account holder of SBI.
  • The Equated Monthly Installments/ Net Monthly Income ratio should not exceed 50% to secure a personal loan from SBI.
  • If the applicant does not hold an account with SBI, then his/her minimum income should be Rs 50,000.
  • An applicant should be employed for at least 24 months of which he/she should be in the current company for not less than 12 months.
  • Applicant should maintain good CIBIL score.

The SBI is providing Personal Loans to those employees who are employed in the below-mentioned entities and who are currently maintaining salary account with the State Bank of India at a zero margin.

  • Employees of Central and State Government
  • Employees of profit making state public sector units
  • Employees of educational institutions of national reputation
  • Employees of Quasi-Government
  • Employees of Central Public Sector Units
  • Employees of selected corporates who have a business relationship with the SBI
Other Details

  • The minimum amount of personal loan available to the applicant is Rs 25,000.
  • The maximum amount of personal loan from SBI is 24 times net monthly income (subject to a maximum of Rs 15 lakhs).
  • Processing Fees is 1% of the loan amount + applicable service tax
  • Penal interest will be charged at 2% per annum over and above the applicable interest rate on the overdue amount for the default period.

Q: How many types of personal loans are there in SBI?

A: State Bank of India provides three types of personal loans they are listed below:

1.XPRESS CREDIT PERSONAL LOAN

2.SBI XPRESS BANDHAN LOAN

3.PENSIONERS LOAN

Q: What is xpress credit loan in SBI?

A: SBI Xpress credit loan belongs to the personal loan which is offered to those who are maintaining the salary account with State bank of India. The minimum net monthly salary should be Rs.7500/-.The minimum repayment period will be six months and the maximum period is up to five years. The following categories only avail the Xpress credit personal loan in SBI:

  • The Quasi-government.
  • Central and State government.
  • Educational PSUs.
  • Educational institutions of national repute.
  • Profit making state PSUs.
  • Selected corporates who have a business relationship with SBI.
  • Corporates who do not have a business relationship with SBI.

Q: Is there any penalty charges in case of late payment of SBI personal loan?

A: Yes, if the irregularity Exceeds EMI or instalment payment for a period of one month then the penal interest will be charged at 2% per month.

Q: What are the chances to get a better rate of interest on a personal loan in Sbi?

A: The following three tricks may help you to get a good rate of interest in SBI:

  • During the festival season, some banks may offer an attractive rate of interest. Request a personal loan during the seasonal time for better interest rates.
  • Credit score will play a major role while applying for the personal loan. You may bargain with banks for the best personal loan deal on having a high credit score
  • A good track record of your previous repayment on loans can be helpful in getting attractive deals on the personal loan.

Q: How can the customers get in touch with SBI for customer service?

A: The State bank of India provides customer service through online and as well as from its branches. They allotted separate cells for the personal loan. Interested customers may contact customer grievance cells at local head offices or can visit www.sbi.co.in to get more details.

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