It is a common or rather a usual thing for the customers to get confused between the loan options available in the market. Not everyone is a pro in deciding the best institution for them to avail personal loan. There can be many possibilities for getting a personal loan such as for shortcoming emergencies or other personal immediate requirement and in these time when the customer is in hurry they tend to get misguided or baffled with so many alternatives.
Many people wait for new year to avail loan in order to get offers and State Bank of India can be a sure shot hit in 2018.
If you are that customer or the loan borrower who is confused on whether SBI Personal Loan is a better option than any other option available then, read the below article to get a clear picture of what exactly SBI Personal loan has got to offer you.
10 Golden Reasons For SBI Personal Loan Being One of The Best Loan Option in Market
– Interest chargeable on a daily reducing balance.
– Low processing fees.
– Numerable offers & Low cost Benefits.
– No security requirement.
– Provision of second loan.
– Higher Loan amount.
– Personal Loan covering all the government institutions.
– No administrative charges.
– Special loan product for pensioners.
– No prepayment or foreclosure charges in certain conditions.
SBI is currently offering many loan products such as home loans, car loan etc. When it comes to personal loan, You will be eligible for it, if you are a salaried individual & employees of mainly government entities maintaining salary account with the bank or corporates having a good relationship with the bank.
For such customers, SBI gives personal loan at zero margin and low processing fees. The eligibility can also lower the interest rates in special cases. Higher the eligibility, Higher the chances of lower interest rates !
SBI offers personal loan at processing fees of just 1% of the loan amount plus taxes.
Applicant who wish to avail personal loan from SBI must be from the government institutions such as Central and state Government, Quasi-Government, Central PSUs, Profit making State PSUs, Selected Corporates who have business relationship with the Bank & Educational Institutions of National Repute.
If you are already an SBI customer, you will only need to provide recent passport sized photographs and the customer does not have to go through many documentation procedures.
Remember that your CIBIL score is equally important as your other eligibility criteria. Bank always give priority to the customers who have a good credit history with the bank.
Other than that, Under the provision of second loan, It can only be taken after 1 year of disbursement of the 1st loan provided the 1st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However, This is subject to the overall EMI/NMI ratio of 50%.
State Bank of India being the largest lender also offers the facility to Check SBI personal loan application status which is a easy and a quick procedure. You can check your current status of the loan with the bank without contacting the bank or visiting the branch. It is time efficient and cost efficient too.
All the above data makes SBI Personal Loan, one of the best options available in India. The customers can apply for loan today and start there loan journey with no more delays. You can apply for personal loan easily and swiftly by having a clear picture of your upcoming financial changes.
Amongst the many options easily available,choose your options wisely and only after having all the information regarding the loan and the charges.
Get a list of all the charges and calculate your repayment structure accordingly !
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