SBI Personal Loan can be of Great Financial help

Posted by shruti keshre on January 20th, 2021

SBI personal loans are enjoyed by both salaried and self-employed citizens. The personal loan of the SBI is unsecured, meaning that for this loan to be used, no collateral is needed. It is flexible in design. So, what do you have to wait for? To satisfy your monetary needs, use the SBI personal loan. In this post, we will highlight the reasons why you should choose SBI personal loans  

SBI Personal Loan Schemes

Xpress Credit Personal Loan 

  • The SBI Xpress Credit Personal Loan would help those who hold a salary account with SBI Bank. 

  • A borrower can earn a minimum sum for the loan of Rs. 25, 000 and a maximum of Rs. 20 lakhs. 

  • There are low transaction fees charged. 

  • The SBI personal loan interest rate is pocket-friendly. 

SBI Quick Personal Loan 

With this SBI loan scheme, those who do not maintain their salary accounts with SBI can make use of themselves. The following are a few features of the SBI Quick personal loan 

  • The SBI Fast personal loan requires minimal paperwork. 

SBI Pension loan

  • Quick and hassle-free loan processing.  

  • No hidden expense. 

  • Low transaction costs.

To facilitate hassle-free lending to borrowers, SBI offers online personal loan applications from which the following benefits can be obtained:

  • Convenience 

This is possibly the primary explanation of why individuals have started to lean towards online loan processing. You may apply for a personal loan while sitting at home. Automated loan processing helps to save time and minimize a lot of effort, whether via a lender's website or a mobile app. For example, the application process at Afinoz.com is digital.

  • SBI EMI Calculator

SBI personal loan EMI calculator facilitates you to easily check your expected monthly EMI by simply filling in the basic details like loan amount, interest rate, and loan repayment tenure.

  • Fast repayment options 

Repayments for the loan balance were made earlier by cheques, but can now be made electronically. Every step can be made electronically, beginning with the online application form being completed to document uploads to receive the approval of the loan.

  • Minimal Records 

You have the privilege of downloading the required documents because the entire personal loan application process is done online. This saves valuable time, and so does paper.

SBI Personal Loan Eligibility Criteria

Depending on many factors, eligibility for SBI personal loans varies, such as the loan scheme used, etc. With the SBI personal loan eligibility calculator, you can verify your eligibility quickly. The popular one is given below: 

Xpress Credit personal loan 

  • An applicant's EMI/NMI ratio should not be higher than 50 percent. 

  • The borrower is expected to maintain a salary account with SBI. 

  • The applicant should be an employed in any of the following companies: 

  • Federal and state governments 

  • Central and state PSUs 

  • Educational institutions with a worldwide reputation for education.

SBI Quick Personal Loan 

  • The borrower's minimum gross monthly income should be Rs.50,000. 

SBI Pension Loan

  • The applicant’s age should not be more than 76 years old. 

  • The family pension scheme of the SBI can be collected by an approved member.

The Required Documents for SBI Personal Loan 

Depending on many variables, the document specification differs. Here is the list of generic documents to be submitted by an applicant for the use of SBI Personal Loans: 

  • The request form, duly signed and completed 

  • Identity Proof 

  • Proof of citizenship 

  • For the payment cost, a cheque 

  • Bank statements for the last three months 

  • A borrower must ask for a slip-on of wages 

  • Salaried borrowers' income certificate with the latest Form-16 

  • Benefit and loss document statements, the balance sheet for self-employed professionals. 

  • ITRRR 

  • The last three years

Factors affecting SBI Personal Loan Interest Rate

  • Personal loan amount - Depending on the amount of personal loan applied for, the interest rate could be raised over the advertised rate for individual clients or groups of customers. A higher loan sum will attract lower interest rates.

  • Income - Income plays an important part in making sure that one can still apply for a loan. Higher revenue is a measure of a borrower's repayment ability. If a lender sees that without any financial issue, you have ample income to repay the loan, it will lower the interest.

  • Bank relationship - When applying for a personal loan, the current client of SBI Bank will receive priority. The bank will agree to offer lower interest rates if they have a good relationship with the bank and have an established track record.

  • CIBIL Score: A CIBIL score indicates how accountable and trustworthy you are as a consumer. If your credit score has reached the limit set by SBI Bank, the applicable interest rates will be relatively low.

Tips for having a low SBI personal loan interest rate 

  • Keep a strong loan score 

  • Settlement of all prior debts 

  • Residential or industrial rental earnings 

  • Duly pay the credit card bills 

  • Variable Decent Pay

The Conclusion: 

It is necessary to remember that, in addition to the interest rate, other expenses, such as transaction charges, foreclosure charges, bounce charges, etc., are also involved. Thoroughly analyze all of the factors and related costs of the personal loan before applying for it.

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shruti keshre

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shruti keshre
Joined: February 5th, 2020
Articles Posted: 9

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