State Bank of India being the largest lender provides several loan products for both self – employed & salaried individuals. Personal loan offered by SBI has got several advantages that help you achieve your personal level financial goals like wedding, education, travelling or any other emergency like medical treatment.
It is one complete product in itself which covers all your personal requirements.
You might be having several questions in your mind like what schemes are offered under SBI Personal Loan, What is the procedure to apply, Are you eligible to avail the loan or not & so on.
Let’s find out answers to your endless queries.
First things first, If you are a Salaried employee, Pensioner of Central/State Government/Armed Forces or Self – employed businessmen & professional with a regular source of income then you are eligible to get personal loan from SBI.
Majorly SBI provides loan to the government employees and central PSUs. Not only the bank is a master in providing loan for your personal activities, but it also provides SBI Home Loans & funds for other needs & requirements.
Features & Benefits of SBI Personal Loan
- Low Interest Rates
- Low processing fees starting from 0.50% up to 3% with no hidden costs or administrative charges.
- No security is required to avail loan
- Overdraft facility available
- Repayments can be done through easy Monthly Equated Installments. Check your EMIs with the SBI Personal Loan EMI Calculator in less than a minute.
- Flexible repayment tenure
- Even if you pay more than the EMI, SBI won’t charge any prepayment penalty.
Loan Amount
- The minimum loan amount you can avail starts at ₹ 10,000/-.
- Maximum personal loan that you can get from SBI comes with a ceiling of ₹ 15 lakhs. Loan amount may vary according to your Eligibility, Scheme (Xpress Credit, SBI Saral Loan & SBI Pension Loan) & tenure or time period for which you want the loan.
How to Apply ?
You can easily apply for SBI Personal Loan. All you need to do is visit the official website and apply online.
Steps to follow :-
- Open the official SBI website
- Click on the personal banking section > Personal Finance > Personal Loans
- Click on ‘Apply Now Online’
- Fill the required fields to get loan eligibility approval
- Get your loan offer & Complete your application.
- Alternatively, You can call on the below mentioned numbers
- Toll free number : 1800 11 2211
- Toll free number : 1800 425 3800
- Toll number : 080-26599990
Visit your nearest branch and the executives will guide you further regarding the loan procedure.
Documents Required to avail SBI Personal Loan
When it comes to SBI, it tries to keep the documentation easy and swift for customer convenience. Minimum documents are required. Check the below given list for the same :-
- Duly filled loan application
- Latest Passport size photographs
- Proof of identify (Voters ID card/ Passport/ Driving license/ IT PAN card)
- Proof of residence ( Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
- Proof of business address for Non – Salaried Individuals
- Last 6 months bank account statements
- Personal Assets & Liabilities statement
- Guarantor’s documents are also required depending on bank norms
- TDS certificate on Form 16 or copy of IT Returns for last 2 Financial years, Duly acknowledged by IT Department & Original Salary Certificate from employer is required for salaried individuals.
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