SBI Personal Loan from State Bank of India. How to apply for SBI personal loan from home by applying online, what documents you need and terms and conditions to follow for availing SBI personal loan. You may be eligible for SBI personal loan, what is the maximum loan amount you can get from SBI? And how much interest will be charged on that loan amount so that the loan amount can be returned. How many months do you get, and most importantly, what additional charges do you have to pay after availing this SBI personal loan. We will know all these things in SBI Personal Loan
What is personal loan?
Personal loan is a type of loan, in which it is provided by banks. Banks do not ask you to pledge anything in personal loan. Like land papers, house papers, etc. These are of a personal type, which you can easily receive from the bank. The rate of interest and loan tenure of the personal loan is fixed. You can use it to travel, to buy expensive goods, in business, to pay credit card money and for all such needs where you have a financial need, meaning where you need money. Depending on your business and financial status, banks offer you loans ranging from Rs 50,000 to Rs 50 lakh.
What are the types of SBI personal loan?
There are 4 types of SBI personal loan which are as follows
- SBI Pension Loan
- SBI Xpress Credit
- Loans Against Securities
- SBI Quick Personal Loan
SBI Pension Loan
Pension loan is related to people between the age of 56 to 76, it is for people between 65 to 76 years, retired officer and defence officer, this loan can go from 2 years to 7 years.
Benefits or features of SBI Pension Loan
- Under this loan, retired individuals from central and state government jobs, as well as defense pensioners, also give loans.
- With very handy documentation in this loan, you can easily avail the loan in no time.
- The process fee for SBI pension loan is very less.
- SBI does not have any charges or hidden charges in pension loan.
SBI Pension Loan Eligibility
There are also different eligibility rules for different pensioners.
Defecse pensioner
- To get defence pensioner age must be less than 76 years.
- To get defence pensioner pension account should be in SBI bank.
- Individuals with Central, State and Defense pensioners can take a loan of 50 times their amount.
Family pensioner
- To get family pensioner age must be less than 76 years.
- To get family pensioner pension account should be in SBI bank.
- Individuals with family pensioners can take a loan of 30 times their amount.
Pension loan, what age people can take, and how much money can be taken for how long?
Defence pensioner
- For people below the age of 72 years, an amount of up to 14 lakhs can be taken for a limit of 5 years.
- The age limit for defense pension starts from 65 years.
- Individuals between 72 to 74, amount up to 12 lakhs, can be taken for 4 years.
- People between 74 to 76 years can be given an amount of up to 7.5 lakhs, that too for 2 years
Family pensioner
- In family pensioner, for people of working age from 72 years, can take an amount of up to 5 lakhs, for 5 years.
- For people between 72 to 74 years, 4.5 lakhs and that too for 4 years.
- For people between 74 to 76 years, the amount up to 2.5 lakh can be taken for 2 years.
Documents for Pension Loan
If we talk about documents, here you can get pension loan with very few documents, let us know which documents are required.
- Aadhaar card, pan card, DL are necessary for KYC.
- Electricity bill or telephone bill can be given for address proof.
- affidavit regarding loan repayment.
- If you are a defense pensioner, then the declaration letter of the department.
- Guarantor and other documents.
Interest Rate
If you account is State Bank of India (SBI), or you are an existing customer of SBI, then you can pay interest of around 10.60% to 12.60%. This rate of interest also depends on your credit score, if you foreclose the loan before time, you will have to pay a repayment charge of 3% of the remaining loan amount.
SBI Xpress Credit Loan
SBI Xpress Credit Lending is a specific personal loan plan offered by State Bank of India, with interest rates beginning at 10.65% per annum. It provides loans of up to Rs.20 lakh with terms of up to 6 years. This personal loan is available to salaried persons who have an SBI salary account.
Benefits or features of SBI Xpress Credit Loan
- Under SBI Xpress Credit Loan, we can take a loan of up to 20 lakhs.
- Under this loan, the amount that you take from SBI Bank, you get very low rate of interest, according to other banks.
- The process fee is less in SBI Xpress Credit Loan.
- The document that is required for the process in SBI Xpress Credit Loan, you can take a loan in very few documents.
- In this loan, there is a charge for loan approval, which means hidden costs are negligible.
- Here you do not even need any guarantor.
SBI Xpress Credit Loan Eligibility
- Whoever wants to take a loan under this. He should be minimum 18 years ahead.
- If you are going for personal loan, then your civil score should also be good.
- This loan will be given to those people who do job and have salary account in SBI.
- If a working person wants to take it, then his minimum monthly income should be more than 15000.
- EMI/NMI ratio is less than 50%
SBI Xpress Credit, what age people can take, and how much money can be taken for how long?
- Your minimum further age should be above 18 years to avail this loan.
- In SBI Xpress Credit Loan, you get a limit of 6 months to 6 years, in which you can repay your loan.
- In SBI Xpress Credit, you get a loan ranging from 25 thousand to 20 lakhs.
Documents for SBI Xpress Credit Loan
- There are minimum documents you need to take for SBI Express Credit Loan.
- It takes salary account details.
- If your salary account is in SBI then you will have to take minimum documents.
Minimum-Maximum loan amount
Term Loans: Term loan is a loan given by a bank or a lending institution for a fixed period, which has to be repaid on the basis of regular payments.
- Minimum Loan amount Rs. 25,000
- Maximum Loan amount Rs. 20 lakhs
Overdraft loan : If you have taken a loan of 5 lakh rupees, and you have extra money from somewhere in the middle, then if you deposit that money in the bank. So there was interest and not on the total amount you deposited. After that, the balance will be levied on him. That means you will have to pay less interest.
- Minimum Loan amount Rs. 5 lakhs
- Maximum Loan amount Rs. 20 lakhs
Interest Rate
If your account is with State Bank of India (SBI), or you are an existing customer of SBI, such as retired officers, defense officers, then you can pay an interest of around 10.90% to 12.40%. And you have a corporate company, you may have to take between 11.90% to 13.90%. This interest rate also depends on your credit score.
Loan Against Securities
If someone already has any property or securities, such as house, plot, gold etc. The bank pledges that thing to itself, and in return the customer gives money. This will result in loan against securities. For example, there is a man, who has a house, its cost is 30 lakh rupees. Now if that man is in need of money, he gets the post. So that man went to the bank and said, give me the loan and mortgage my property (house) with you. And the bank will inspect that property, and after inspection, the bank will mortgage that property, and the bank will give money to that man against 30 lakhs.
Benefits or features of loan against securities
- the bank gives you a loan ranging from Rs.10 lakhs to Rs.5-20 crores.
- In this you can take loan against securities or property.
- Any person can take this loan. He can avail this loan even if he is working or not.
- Its limitation period is 15 years.
- You can use this loan for any purpose, whether for business or personal utility.
Loan against securities Eligibility
- To take this loan, you should be between 25 to 70 years of age.
- Anyone can take this loan like a salaried person and self employed and any public limited company.
- In this, you can take a loan of minimum 10 lakhs.
- Maximum Rs. You can take a loan of 5 to 20 crores from the bank.
Loan against securities, what age people can take, and how much money can be taken for how long?
- Minimum age should be 25 years to avail this loan.
- The maximum age to avail this loan should be 70 years.
- you can take a loan of minimum 10 lakhs.
- Maximum Rs. You can take a loan of 5 to 20 crores
- Its limitation period is 15 years.
Documents for loan against securities
- Property or securities papers
- bank account details
Minimum-Maximum loan amount
- you can take a loan of minimum 10 lakhs.
- Maximum Rs. You can take a loan of 5 to 20 crores
Interest Rate
If you are taking a loan of 50 lakh rupees, then the rate of interest will be 9%. And if your loan is from 50 lakhs to 1 crore, then your rate of interest is 8.95%. And if your loan is above 1 crore then your rate of interest will be 8.90%. that too for 15 years.
Other Charge
- Processing charges (Generally 1% of loan Amount)
- Property/ securities inspection charges
- Legal Opinion and valuation charges
- Insurance (Bank will demand for insured property)
- Credit report charges
SBI Quick Personal Loan
One has to apply for this loan from the Customer Lending Portal, from this portal we can apply from mobile and laptop. In this you have to fill personal details and upload the details of other documents. And the process has to be done. Within 15 minutes you will get these principal extension whether you are eligible or not.
Benefits or features of SBI Quick Personal Loan
- Your minimum monthly income Rs. Should be more than 15000.
- Your minimum age limit should be 21 years.
- Individuals with family pensioners can take a loan of 30 times their amount.
- In SBI Quick Personal Loan, you get a loan ranging from 25 thousand to 20 lakhs.
- In SBI Quick Personal Loan, you get a limit of 6 months to 6 years, in which you can repay your loan.
SBI Quick Personal Loan Eligibility
- You must have a job or you must be a service person.
- Your job time should be more than one year.
- Your minimum monthly income Rs. Should be more than 15000.
- Your minimum age limit should be 21 years.
- Maximum age limit should be 58 years.
SBI Quick Personal Loan, what age people can take, and how much money can be taken for how long?
- Your minimum further age should be above 21 years to avail this loan.
- In SBI Quick Personal Loan, you get a limit of 6 months to 6 years, in which you can repay your loan.
- In SBI Quick Personal Loan, you get a loan ranging from 25 thousand to 20 lakhs.
- Individuals with family pensioners can take a loan of 30 times their amount.
Documents for SBI Quick Personal Loan
- Income Tax Return (ITR)
- 2 photographs.
- latest month salary slip
- ID proof (Aadhar card, PAN card)
- Address proof (Aadhar card, PAN card)
Minimum-Maximum loan amount
- you can take a loan of minimum 25 thousand.
- you get a loan ranging from 25 thousand to 20 lakhs.
Interest Rate
The interest rate varies depending on your salary, the loan amount as well as the tenure for which you are taking it. The general interest rate ranges from 10.85% to 12.85%
Other Charge
- Processing fee 1.5%, means from Rs 1000 to Rs 5000.
- Penalty fee will have to be paid 2% monthly.
- Prepayment charges 3% on the prepaid amount.
How to take personal loan or process of SBI personal loan?
Talking about the process of personal loan, all small or big finance companies or banks in the country offer personal loans. And the personal loan process of each bank and financial institution is different, there are different rules, there are different rules and regulations. In this, the customer’s income tax, credit card, employee’s history and the ability to repay the loan are seen. And after looking at all these aspects, banks decide, what is your capability to repay the loan. Accordingly, personal loans are provided to you.
You have the option of availing SBI personal loan in two ways, offline and online
Offline: To apply loan offline
- In offline method, you have to apply directly by going to the bank.
Online: apply for loan online
- You can also apply for SBI personal loan by calling this number 1800-11-2211 and 7208-93-3145.
- You can also apply for SBI personal loan through SMS “PERSONAL” to 7208933145.
- And you can also apply for SBI Personal Loan through SBI’s app (YONO SBI).
- And you can also apply online for SBI personal loan by visiting sbi’s official website www.sbi.co.in