SBI personal loans are multi-purpose loans wherein you get the opportunity to use funds for any legitimate purpose. Having said that, what makes the personal loan of SBI different from others is the interest rate as they are one of the lowest interest rates on loans. Not only this, the loan amount is higher so as to help you manage things when there is a need of high funds. So, if you have been looking for a desirable Personal loan with a lower interest rate, higher loan amount and a flexible tenure, State Bank of India can prove to be the best lender. Thus, have a look at the features of SBI so as to understand why you should choose SBI personal loan.
Why Choose SBI Personal Loan
Attractive Interest Rate: SBI charges one of the lowest personal loan interest rates and is on a daily recurring balance basis thereby ensures maximum benefit to the loan borrower.
Timely Discounted Schemes: SBI is one of the first banks that gives offers on personal loans from time to time like there are Diwali offers and also has discounts for government employees, doctors, and other professionals.
No Hidden Charges: There are no hidden charges or penalties for any SBI personal loan scheme.
No Prepayment Penalty: For personal loans, State Bank of India charges no prepayment or foreclosure charges. However, if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the loan amount.
Get Instant Approval: As there is no collateral required to take a personal loan from SBI bank, the loan approval is quicker and smoother.
Online Loan Submission: State Bank of India provides online loan submission that saves your time.
SBI Personal Loan Interest Rate-
For personal loans, SBI offers one of the lowest personal loan interest rates in the market India. Having said that, SBI personal loan interest rates are calculated on the basis of the MCLR of the banks that presently stands at 8.10% for 2 Years. The interest rates range from 11.90% to 16.55% per annum.
SBI Personal Loan Eligibility-
Here are the eligibility criteria for salaried and self-employed individuals as per the schemes:
SBI Xpress Credit Personal Loan Eligibility-
If a person wants to take Xpress Credit Personal Loan from SBI, he/she must meet the below-given eligibility:
- Net Monthly Income of the borrower must be at least ₹7,500 per month
- The applicants EMI/NMI (Equated Monthly Instalments / Net Monthly Income) ratio must not exceed 50
SBI Pension Loan / Jai Jawan Pension Loan Eligibility-
The people who can enjoy the benefits of SBI Pension Loan are as follows:
- The maximum age of the applicant is 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
How to Apply for SBI Personal Loan Online-
State Bank of India facilitates the option of online loan submission wherein a person can apply for the personal loan online and submit it as well or go the nearest bank branch and do the formalities. Hence, the process to apply for SBI Personal loan depends on the choice and convenience of the loan applicant.
SBI Personal Loan EMI Calculator-
SBI Personal Loan EMI calculator is the tool that is used to calculate the monthly installments of a personal loan. If a person wants to take a personal loan, he/she would be concerned about the monthly installments they will have to pay to the bank. To know the monthly installments of the personal loan, the required details are:
- Loan Amount
- Interest Rate
For e.g., if a borrower wants to take a personal loan with the below details:
- Loan Amount- ₹15 lakhs
- Tenure- 5 Years
- Rate of Interest- 11.90% – 14.90% per annum
Total Interest- ₹98,436-₹1,23,800
Total Amount- ₹15,98,436-₹16,23,800
SBI Personal Loan Application-
The applicant can check the application status of his personal loan, as SBI allows to do the same. The bank permits to check the status of your loan with the help of an easy and quick procedure. All that the customer needs to do is just login to the respective account and within few seconds, can know the exact status of your SBI Personal Loan online.