State Bank of India's Personal Loan

SBI personal loans can be availed of for any legitimate purposes such as expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets and other financial requirements if the borrower has the ability to pay back.

Eligibility

At present (March 31, 2007) only salaried resident Indian nationals are eligible for SBI personal loan.

Loan Amount

Personal loan limit would be determined by borrower’s income and repayment capacity. The minimum amount under personal loan is Rs 24,000/- in metro and urban centres and Rs 10,000/- in rural and semi-urban centres.

The maximum personal loan amount is 12 times Net Monthly Income for salaried individuals subject to a ceiling of Rs10 lakh.

Documents Required

Latest salary slip and Form 16.