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State Bank of India Personal Loan

Personal loan by SBI is widely acclaimed for its easy features. SBI has diverse and attractive personal loan products such as SBI Saral personal loan, SBI Xpress credit personal loan and SBI pension loan to meet the distinct requirement of salaried individuals, self-employed and working professionals as well as pensioners.<br>More info:-https://www.afinoz.com/sbi-personal-loan

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State Bank of India Personal Loan

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  1. SBI Personal Loan Interest Rate

  2. SBI Personal Loan Details • SBI gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from SBI are: • Nil prepayment charges on SBI personal loan • Superior customer service and transparency • Quick and easy approval • SBI has been rated 3.6/5.0 by customers for its service quality on MyLoanCare • SBI has over 25,332 branches in India where you can avail service • SBI offers special schemes and discounts for employees of large companies

  3. SBI Personal Loan Rates • In addition to its regular loan products, bank also offers customized loans for special categories of borrowers.Interest rates on key products of SBI have been tabulated in the table below • SBI SARAL LOAN – 17.65%-17.65% SBI XPRESS CREDIT LOAN- 11.90%-15.00% SBI PENSION LOAN- 12.45%-12.45% SBI FESTIVAL LOAN- 12.50%-16.60% SBI JAI JAWAN PENSION LOAN- 12.45%-12.45%

  4. SBI Personal Loan Details • Purpose of Loan: SBI personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans. • Key Features • Loan available for both salaried and self employed. • Borrowers within the age group of 21 and 58 years. • Loan amount of minimum ₹ 50,000 to ₹ 15 Lakh. • Loan Tenure 6 to 48 months. • SBI personal loan rate of interest is in the range of 12.50% to 16.60%. • Lowest EMI of ₹ 2,658 per lakh. • Processing Fees: In the range of 2% to 3%. • Preclosure charges:Preclosure of SBI personal loan is Allowed with Nil charges • Part payment charges: Allowed at Nil charges • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges which are disclosed by the bank at the time of signing the loan agreement. • Special schemes: SBI offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of SBI

  5. Documents Required • For salaried employees • Filled up loan application form • 2 Passport Size Photo • Income Tax PAN Copy • Identity Proof - Driving License/ PAN/ Passport/ Voter ID • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old) • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

  6. SBI Personal Loan Top Up • Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from SBI if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on SBI personal loan top up starts at 12.50%.

  7. SBI Personal Loan Interest Rate Calculator • You can get the best personal interest rates from SBI subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from SBI: • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally banks offer lower interest rates for higher amount. SBI offers loan between ₹ 50,000 and ₹ 15 Lakh. • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. Interest rate of the bank varies with your net monthly income. • Employer Category - SBI has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans. • Relationship with the Bank - Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low SBI loan interest rate. • Loan Tenure - Personal loans are of shorter tenure ranges from 6 months to 48 months as they are taken to meet their immediate requirements.

  8. THANK YOU • THANKS FOR BEING WITH US. • THANK YOU ONCE AGAIN FROM THE CORE TEAM OF AFINOZ.COM

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