State Bank of India (SBI), a leading public sector bank with around 25,000 branches across the country, is a good choice for financial products such as personal loans covering both wishes and needs.
The loan is offered at attractive rates for several purposes such as wedding, education, medical emergency, buying consumer durables, etc. Plus, there are numerous advantages that State Bank of India Personal Loan comes with. Wanna know all? Check out the pointers mentioned below.
Attractive Rates of Interest – SBI opens the personal loan offer at a rate as low as 10.65% per annum. The overall interest rate ranges from 10.65%-15.10% p.a. With lower rates, SBI ensures to lessen the repayment burden of an individual.
Customized Rates – The largest public lender disburses a loan according to the job profile, banking relationship and credit score of an individual. Having a salary account with SBI does wonder to your personal loan offerings with rates getting lowered to 10.65%-12.65% p.a. On the other hand, non-salary account holders have to deal with a slightly higher rate of 10.90%-12.40%. There’s a special scheme for IT employees who are likely to service the debt at 13.05%-15.05%. Whereas non-permanent employees working in state and central government-run firms and even defense personnel can get a loan at 12.55%-14.65%.
Quantum of Finance – Apart from the impressive rate offers, SBI is also good at offering a handsome amount of loan that goes up to ₹15 lakhs. With huge loan amounts, it becomes very much possible for an individual to meet his/her needs.
Flexibility of Tenure – You can choose from 1-5 years of tenure to service a loan. There can be a temptation to go for a long tenure as that lowers the EMI, which stands for equated monthly installment. But doing so would empty your wallet fast with excessive interest repayment compared to when having a shorter period to service the debt. Yes, the EMI would surge but interest payment would come down, making it an attractive option for the borrowers. At the same time, you need to make sure the tenure is not extremely short so that the installments are affordable to you.
Being Available Online – Personal loans can be applied online to give you the comfort one needs. Firstly, you don’t have to take time out of your hectic schedule to visit the branch as you can apply within a few minutes. You can apply via desktop or mobile using the internet connection, sitting at home or office.
Massive Brand Presence – The thing that encourages one the most while applying is the presence of the lender in the country. It may not be the biggest thing but definitely a thing to ponder upon. With 25,000 odd branches to credit, SBI has maintained a sizeable presence in the country, reinforcing the confidence among the customers.
Now that you are aware of the benefits SBI Personal Loan come with, you are in a good position to take a call on. The rates are reasonably cheaper to suit your budget, coupled with a high quantum of finance make SBI personal loan an exciting option for the borrowers.