SBI is the 45th largest public sector bank in the world. The bank is customer friendly in all the divisions, and personal loan is considered to be one of them. SBI offers the most versatile type of personal loans in the market. You can use the loan amount in n number of ways to fund your needs, whether it is a medical exigency, a lavish wedding or any other reasons. The SBI understands the needs of borrower very well, hence the loans can be availed both by salaried and self-employed professionals. The bank offers deals on personal loans for financing your needs at the lowest EMIs, with minimal paperwork and quick disbursement. So, now an applicant does not have to wait long for the personal loan approval.
Although there are many other lenders offering personal loan, SBI Bank has its own advantages. There are certain things that an applicant needs to keep in mind while applying for SBI Bank Personal Loan regarding interest rates, documents required for loan approval, etc. Here, we will look at all the aspects pertaining to SBI Personal Loans. With an SBI Personal Loan, a borrower can get competitive interest rates, flexible loan tenure, etc.
The bank offers three types of personal loans- Xpress Credit Personal Loans, SBI Pension Loans, and the Xpress Power Loan.
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Xpress Credit Loan:
The Xpress credit loan is a type of loan that offers low interest rates which makes it one of the most competent personal loans in the loan market. Basically, this type of loan is for meeting all your exigency requirements. There is no hidden cost, no heavy work and an applicant can avail the SBI personal loan with minimal processing fee, and pre-payment charges. The minimal documentation and quick approval makes it one of the most convenient personal loans for borrowers.
SBI Pension Loan: It is a type of loan that is basically designed for pensioners who are receiving their pensions from the government treasury. A pensioner can apply for SBI Pension loan as a way to meet their exigency or unexpected monetary situations. There is a nominal processing fee applicable and prepayment charges with addition of GST.
SBI Bank Personal Loan Rates
For Xpress Credit personal loan, the interest rate for the term loan starts from 12.05% onwards, whereas for SBI Pension loan and Xpress Power Loan, the rate of interest offered is 12.00% and 12.15%. In Xpress Credit and Xpress Power Loan, the overdraft facility starts from INR 5 Lakh onwards.
SBI Bank Personal Loan Eligibility:
The eligibility criteria for Xpress Credit Personal Loans are:
• The Equated monthly Installments and an applicant’s minimum net monthly income ratio should not be above 50%, and hence for this, an applicant minimum net monthly income (NMI) should be at least Rs. 5000/-.
• In order to apply for SBI Bank Xpress Credit Personal Loan, an applicant should be an employee in central and state government, in State PSUs, or in reputed educational institutions. The bank also offers a convenient and seamless banking experience to some certain corporates that have an exclusive business relationship with them.
Eligibility for SBI Pension Loan
• In order to avail SBI Bank Pension Loan, an applicant needs to be a state government or central government pensioner.
• Family Pensioner, a spouse who is authorized to receive a pension after the death of the pensioner, is subject to the terms that family pensioner should not exceed more than 76 years of age.
• The minimum capping for SBI Pension Loans over Rs. 25000 depends on the age of the pensioner and the repayment tenure for receiving the pre-determined pension amount is 18 months.
SBI Personal Loan Documents Required
Here, we are listing out the list of documents that an applicant needs to submit if he or she wants to apply for SBI Personal Loans:
- Application form duly filled and signed
- Photo Identity Proof: Any one of PAN Card, voter id, passport or driving license.
- Residential Proof
- Processing Fee Cheque
- Bank Statements for the last 3 months.
- In addition to this, an applicant needs to submit the salary slip and income certificate with the latest Form-16 for salaried individuals whereas, profit and loss account statements, balance sheet, ITR of last 3 years for self-employed professionals.
Scrutinizing financial documents of applicant gives a fair idea to the bank about your financial health. These are necessary to ensure that an applicant is credit worthy and would be able to repay the loan amount in set tenure.