sbi personal loan

How is a Personal Loan SBI Better than others?

What better can you ask for if you are getting a loan at a low-interest rate from the largest government bank-SBI? The bank not only has won the hearts of its customers with friendly services but has also been one of the best choices for taking loans.

Since the rate offered by the bank is also very low, which results in low EMIs which at the end is the suitable to your pocket as well. In this article, you will get to know all the details related to the personal loan offered by SBI.

What is the interest rate on Personal Loan SBI?

The bank offers SBI personal loans at floating rate of interest based on 2-year MCLR and is presently available at the starting rate of 11.35% per annum.

SBI Personal Loan Schemes

  • Xpress Credit Personal Loan
  • Pension Loan
  • Festival Loan
  • Saral Personal Loan

SBI Xpress Credit loan

This scheme is ideal for those who want instant money. The eligibility criteria you need to match is here:

Eligibility criteria

  • The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates
  • The minimum monthly income of the applicant should be ₹7,500/-
  • The EMI/NMI ratio should not exceed 50

SBI Personal Loans for Government Employees (Pension Loan)

Pensioners and Family Pensioners (including Defence Personnel) can take this loan and get the maximum loan amount of ₹14 lakhs. So, look at the eligibility criteria before applying:

Eligibility criteria

  • The maximum age of the applicant should be 76 years
  • The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
  • If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.

Saral Personal Loan: This scheme requires the below criteria:

  • Self-employed engineer
  • Doctor
  • Minimum work experience of 2 years for an MBA graduate
  • Available for Chartered Accountants and Architect

What is the eligibility criteria for salary account holders?

The eligibility for salary account holders is:

  • Central and State Government
  • Quasi-Government
  • Central PSUs
  • Profit making State PSUs
  • Educational Institutions of National Repute
  • Selected Corporates who have business relationship with the Bank
  • Corporates who do not have business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions
  • The minimum net monthly income should be ₹5000/-
  • EMI/NMI ratio should not exceed 50%
  • The loan amount the applicant can get under the term loan is from ₹25,000/- to 24 times NMI or maximum of ₹15 lakhs
  • The loan amount the applicant can get under the overdraft facility is from ₹5 lakhs to 24 times of NMI or a maximum of ₹15 lakhs. The overdraft facility will be subject to monthly reduction in DP so that DP becomes NIL in 60 months
  • The maximum loan amount for school teachers is capped at 12 months Gross Salary both under Term Loan and Overdraft facility
  • The maximum tenure for the loan is 60 months or residual service period whichever is less

What are the documents required to apply for the loan?

The documentation required to apply for a personal loan is as follows:

  • Completely filled application form
  • Two photographs of passport size
  • Proof of Identity- Driving License/ Aadhar card/ Passport/ Voter ID card/ PAN card
  • Processing fee cheque
  • Proof of Address- Telephone bill/ Ration card/ Passport/ Voter ID card/ Water bill/ Rent and Lease agreement/ Electricity bill
  • Proof of Income- For salaried individuals: Form 16, current dated salary certificate and Salary slips of the past three months. For self-employed individuals: Income Tax returns of the previous two years.
  • Bank statement of the past six months
How Personal Loan EMI Calculator Works?

The personal loan  EMI calculator shows results on the basis of the loan amount, interest rate and tenure on the loan. Here is an example for your better understanding:

  • Loan amount– ₹5,00,000
  • Interest rate– 11.35% p.a.
  • Tenure–  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

EMI– ₹10,959

Total Interest Outgo– ₹1,57,521

Total Amount– ₹6,57,521

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