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SBI Personal Loan
|Need financial aid? SBI Personal Loan is best suitable for you and your family requirements. The bank offers personal loan facility which is available across the nation and abroad with a wide network of branches in different cities like Panipat, Jabalpur, Trichy, Trivandrum, Cochin, Baroda, Vizag and Nellore etc and countries like UK, Japan and Singapore and many more. The bank posseses confidence and capability to meet all the types of personal needs of the customers by offering personal loan facility which is available in more than 13000 branches throughout the india. SBI Personal loan products comes with number of advantages as mentioned below.
- Minimum documentation.
- No Security required.
- Low rate of interest.
- Low processing fees.
- Long repayment time period.
- No hidden or administrative cost or charges attached.
- No penalty on prepayment of the loan amount.
- Low processing charge i.e. 1% to 2 % of loan amount.
SBI Personal Loan Scheme
SBI SARAL- Personal Loan: This loan can be sanctioned for any kind of legal purpose it may include a vacation trip (domestic/ foreign), marriage, education, maintenance of used cars or medical treatment etc. This loan is available at very low interest rates with a processing fee of 2-3% of the loan amount. You are provided with a long repayment time frame, of up to 48 months, with no prepayment penalty but if you repay the loan amount prior to 6 months, the bank will charge you with 1% of the loan amount. In order to avail this loan, you should be a doctor, MBA with 2 year standing, engineer, self employed, architect, chartered accountant or a salaried employee in any corporate. Documents required include passport size photograph (for existing customers) and for salaried individual’s, latest salary slip and Form 16. Your monthly income should be:
|Minimum Income||Rural & Semi Urban: Rs. 10, 000/-|
Metro & Urban: Rs. 24,000/-
|Maximum Income||12 times of net monthly income |
(Subject to an upper limit of Rs. 10 lacs.)
SBI Xpress Credit Personal Loan: Xpress Credit Personal loans offered by SBI are unsecured type loans and do not require any type of collateral. This loan is especially designed to serve the employees of Quasi government organizations, leading PSUs, reputed private sector organizations and are available at very competitive interest rates. Personal loans can help you meet unexpected financial requirements. You are required to prove your eligibility, on bank’s criteria, to avail personal loan. You can send your application form using apply online option available on SBI website. Emi calculator and eligibility calculator can assist you in estimating interest amount and repayments. These loans are offered at zero margin and low interest rates with a processing fee of 1% of the loan amount and longer repayment tenure of up to 60 months. You are considered eligible for this loan if you qualify on the following criteria:
|Basis||Minimum Limit||Maximum Limit|
|Income||Rs.5000/- [might get reduce to Rs. 3000/- only, if salary A/cs of your entire enterprise are SBI]||EMI/NMI Ratio should not exceed 50|
|Loan Amount||Rs. 24,000/-||24 X NMI (Demand Loan) with an upper limit of Rs.15.00 lacs|
|Repayment Period||6 months||60 months or 5 years|
SBI Personal Loan for Pensioners: SBI has recently introduced a personal loan for pensioners. It is designed and formulated to meet the needs and requirements of those individuals who have higher capacity to repay the loan amount with good salaries and pensions. These are made available to-
The maximum loan amount in this case should be 12 months net pension with an upper limit of Rs. 3 lac with a repayment tenure of:
- All the central and state govt. and SBI pensioners who have a pension account with the bank.
- Pensioners should not be above the age of 72 years.
- The family pensioner (spouse authorized to receive the pension after the death of pensioner) should not be above the age of 65 years.
|Loan Sanction Age||Time Period to Repay the Loan Amount||Age at Full Repayment|
|Up to 70years||36 months/ 3 years||73 years|
|70-72 years||24 months/ 2 years||74 years|
Personal Loan against NSCs/KVPs/RBI Relief Bonds/Surrender Value of SBI Life /LIC/SBI Magnums.
|Up to 3 years||4.50% above Base Rate, current 13.75% per annum|
|3 to 6 years||4.50% above Base Rate, current 13.75% per annum|
SBI Personal Loan Interest Rate
Let’s have a look at the interest rate offered by bank on its personal loans. The current Base Rate 10.00 % w.e.f. 13.08.2011 and is valid for the current year 2012 also.
|Type of Loan||Rate of Interest|
|SBI SARAL Personal Loans Scheme||8. 50% above Base Rate floating, currently 18.50% p.a.|
|SBI Loan to Pensioners||4.75% above Base Rate, currently 14.75% p.a.|
|SBI Loan to Affluent Pensioners||4.75% above Base Rate, currently 14.75% p.a.|
|Xpress Credit (Demand Loan)||5.00% above Base Rate Floating, currently 15.00% p.a.|
|Loans to Employees ( Subscribe to ESOPs)||14.00% per annum.|
For the assistance of the customers, bank has provided EMI and maturity value calculator online to find out the loan repayment amount by simply entering the loan amount, interest rate, and duration. You must pay your loan amount within due date to avoid late fee and to skip defaulter status.
How to apply for SBI Personal Loan?
If you find yourself eligible on the above mentioned eligibility criteria, and want to avail financial help at today’s interest rates, you can apply for the same by downloading the application form available here "Download Here". The loan application process is very simple. You can open personal Loan account online, and manage it from home. Your online account can be used for repayment of loan amount and other charges. Procedure of online application is very simple and user friendly. You have to submit the completely filled application form and agree to the terms and conditions imposed by the bank along with the relevant documents at the nearest branch office. For the final approval, loan application is sent to the personal loan manager. The status of the loan application can be checked online at SBI website by entering the loan application number. You can check for rate of interest, loan account statements, updates on new schemes, products related policy and details about pre-closure penalties by simple login to your account.
SBI Personal Loan Contact Number
In case you face any problem in application procedure and need help, want to know current rate of interest or file a complaint in case of any dispute you can contact the customer care representative by calling at the toll free help line telephone number 1800112211 (BSNL/MTNL) or 18004253800 (BSNL). The following are the personal loan customer care number and details for the respective cities and states.
|States||Toll Free Helpline Number||Email Address|
|Uttrankhand (Dehradun, Haridwar)|
|Maharashtra (Mumbai, Thane, Kalyan, Kolhapur, Nashik, Nagpur, Vashi, Pune)||firstname.lastname@example.org|
|West Bengal (Durgapur, Kolkata)||email@example.com|
|Karnataka (Bangalore, Hubli, Malleswaram, Mysore)||firstname.lastname@example.org|
|Punjab (Jalandhar, Zirakpur)|
|Andhra Pradesh (Hyderabad, Guntur, Kochi, Udupi, Tirupativillupuram)||email@example.com|
|Bihar & Jharkhand (Dhanbad, Jamshedpur, Patna)||firstname.lastname@example.org|
|Madhya Pradesh (Bhopal, Ujjain,)||email@example.com|
|Uttar Pradesh (Lucknow, Ghaziabad, Greater Noida, Kanpur)||firstname.lastname@example.org|
|Tamil Nadu (Chennai, Kancheepuram, Pondicherryemail@example.com|
|Gujarat (Ahmedabad, Jamnagar, Surat, Salem, Vadodra, Vijaywada)||firstname.lastname@example.org|
You can also get information about SBI personal loan against fixed deposit, NRI and the list of agents associated with the bank, address of personal loan centers of SBI by contacting the bank's representative at Personal loan helpline number for assistance. You can give your reviews by filling the feedback form available at SBI website.