What are the benefits of applying for an SBI Personal Loan?Posted by Ajit Samal on December 3rd, 2020 If you are planning for SBI personal loans then, it can be availed to both salaried and self-employed individuals who want to meet their unforeseen financial requirements. Thus, you can take a personal loan from SBI to fulfill any of your financial requirements such as wedding-related expenses, foreign travel abroad education, or some other monetary expenses. The SBI personal loans come at attractive interest rates for the users. The rate varies based on the type of workplace and credit history that users have. State Bank of India offers some personal loan schemes to the users such as the Xpress Credit scheme, Xpress ELITE scheme, and SBI pension loan. It has low-interest rates, a higher loan amount facility needs no collateral, and charges zero prepayment fees that make it more feasible to apply for the same. Features of SBI personal loan
Benefits of SBI personal loan Personal loans are one of the unsecured loans which means there is no security or collateral required to get it. Some of the main factors of the SBI personal loan scheme have been mentioned under:
SBI asks for one of the lowest personal loan interest rates and thus, it is customer-friendly. The personal loan interest rates of SBI offers on a daily recurring balance, therefore, it offers maximum benefits to the borrowers.
SBI is one of the very few banks that offer personal loans from time to time. It offers discounts for government employees, doctors, and other professionals.
There are no hidden charges or penalties applied for any SBI personal scheme.
For personal loans, SBI charges no prepayment charges. However, if the loan is being repaid before 6 months of the approval date. In this case, SBI charges 1% of the outstanding loan amount.
There is no need for collateral required to take a personal loan from SBI. In this case, the loan is approved in a quick and flexible way. Types of personal loan If the borrowers have a salary account with SBI, they can apply for any of these types of loans when the users have cash requirements like medical emergencies, vacation, etc. The following key features of various SBI personal loans:
SBI Xpress Bandhan's loan is for the borrowers who are not having a salary account with SBI. Here are some following are some of the key features of this personal loan:
State Bank of India offers personal loans to pensioned borrowers with the mentioned features:
The following is the eligibility of SBI personal loan for Central and State Government pensioners.
The following points are the SBI pension loan features as applicable to Defence pensioners:
Conclusion: There are various types of personal loan schemes offered by SBI such as SBI Xpress credit personal loan, SBI personal loan for pensioners, SBI Xpress Bandhan, and more where you can get different benefits. If you are applying for a personal loan for any of these schemes then read the guidelines mentioned above. Like it? Share it!More by this author |