State Bank of India is the largest bank in the country that has been serving the needs of people before independence. It is the most trusted bank in the country. It holds 45th position in the list of top 50 global banks. It has the plethora of banking products and services to cater the variant financial requirement of its customers.
The wide range of product offered by the bank consists of investment, deposits and loan products. If we talk about the later one that is the loan segment, under this category, the bank provides a multi-purpose loan that can be used for any need. This loan is granted to the eligible candidates in requirement of funds for financing personal needs. So, for the candidates who need money for any purpose SBI Personal Loan is the best option.
The bank has proposed two PL schemes, they are Xpress Credit Personal Loan and SBI Pension Loan. The details of both the schemes are discussed in the following segments.
Xpress Credit Personal Loan- Under this scheme, the candidate can avail finance up to 24 times of the net monthly income, subject to a minimum and maximum limit of ₹24,000 and ₹15 lakhs, respectively. The interest rate applicable to this loan ranges from 11.95% – 14.55% p.a. The tenure of the lasts up to 5 years. The eligibility criteria for this scheme is:
- The applicant must be an employee of any Central Public Sector Undertaking, Quasi government, Central government, profit making State Public Sector Undertaking, reputable corporates and educational institutes which are of national repute
- The minimum net monthly income should be Rs. 7,500
- The applicant should ensure that the EMI (Equated Monthly Installment) and NMI (Net monthly Income) must not exceed 50
SBI Pension Loan-
SBI pension loan is for the state and central government employees who are receiving the pension. The interest rate of 12.45% is charged on these loans. The applicant can get the maximum loan of up to the aggregation of 18 months of pension available. However, the loan quantum ranges from ₹ 7.5 lakhs to ₹14 lakhs in the case of pensioner drawing their pension from government departments and ₹ 2.5 lakhs to ₹5 lakhs for family pensioners. The repayment has to be made within the period of 2 to 5 years. The eligible candidates are:
- The applicant should not be over the age of 76 years while applying for a loan.
- The applicant should draw his/her pension from the state or central government through one of the branches of the bank.
- In case of defence pensioners too, the maximum age at the time of loan application should be 76 years. There is no minimum age as such.
- Defence pensioners who are eligible include the likes of people who worked in the Armed Forces (Navy, Army and Air Force), Paramilitary Forces (CISF, CRPF, ITBP, BSF etc.), Rashtriya Rifles, Coast Guards and Assam Rifles. Their pension account must be maintained with the bank.
- In case, one of the family members has been authorised to receive the pension once the pensioner dies, then he/she too can take a loan from the bank. Provided his/her age is less than 76 years.
Documents required: An applicant is obliged to complete the process of documentation for successful disbursal of finance from the bank’s end. The best part about this product is that minimal documentation work is required. The list of the important documents have been given below-
- 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 to Apply
It is easy to procure a personal loan from the bank. It has made it simple for the customers to reap the benefit. To get the SBI personal loan or you can even visit the nearest bank branch. Submit the personal loan application form along the documents at the branch office and your application will be processed by the authorities.