SBI Personal Loan
|SBI Bank personal loans are available for a wide range of urgent financial needs which crops up from time to time. Personal loan interest rates are affordable with flexible payment options subject to fulfilling certain eligibility conditions. You can apply online for SBI personal loan by downloading application form available on bank’s official website. For this you need to click on form download option on the website. Before applying for personal loans you are advised to go through terms and conditions carefully to avoid future trouble in eligibility and repayment. Through SBI Bank personal loan one can meet his emergency medical expenses or plan a trip to desired holiday spot.
The benefits of taking the SBI personal loan are manifold like loans are offered at low interest rates, the processing charges are as low as 1%-2% with no administrative costs, you do not need to offer anything as security and the loan repayment period is as long as 48 months. The bank also offers personal loan against property and against fixed deposit. A defaulter list is put up by the bank incase you are not able to repay the personal loan amount. The limit of the SBI personal loan will depend on your annual income and hence it will be decided by the bank how much you can borrow. The bank also provides the facility of paying off your loan amount online by login in to your account.
Following are the benefits of taking the SBI personal loan:
Given below are the various Personal loan schemes of SBI:
- Interest rates are low and it is charged on the basis of daily available balance.
- Loan processing fees are low as it is only 1-2% of the total loan amount.
- You don’t need to keep anything as collateral security with the bank against the loan.
- No preclosure charges or prepayment penalty is charged if you pay off the loan before the maturity date.
- The loan repayment period is as long as 4 years.
SBI Xpress Credit Loan: In this loan the processing charge is as low as 1%. This loan is exclusively made for govt employees sector or private companies’ employees. The loan repayment period varies from 6 months to 5 years.
SBI Saral Personal Loan: The processing charges in this loan varies from 2% to 3% of loan amount. Loans granted for legitimate purposes. Any salaried individual, self employed doctor, engineer, architect, CA or an MBA is eligible for this loan. A minimum loan of Rs 24000 is granted to the urban areas and Rs 10000 for rural areas.
SBI Loans to Pensioners: This loan is available for pensioners who are not more than 72 years of age. You do not need to pay any processing fee for this loan. You can take a maximum loan of Rs 1 lakh and can repay the loan amount in 60 EMIs if you are 70 years old and 48 EMIs if your age is over 70 years.
SBI Loans to Affluent Pensioners: No processing fee. There is ceiling of 3 lacs. Third party guarantee required. Repayment period is 3 years (up to 70 years old) and 2 years (70 – 72 years old).
SBI Festival Loans: This loan is mainly offered for any festival season. The Processing fee is 1.10 % of loan amount. You can repay over a period of one year in EMIs. You can borrow a maximum amount of Rs 50000.
SBI Personal Loan Application Form
Before applying you need to submit some important documents like Passport size photograph, Proof of official address for self employed individuals and professionals like shop and establishment certificate or Lease deed or Telephone Bill, Latest Salary clip and Form 16, in the case of salaried persons. There is no such criteria for the personal loan you just need to be a residential Indian to be eligible for the SBI personal loan. You can fill up the application form online or download the PDF format of the application form, fill it and submit it to the nearest SBI bank branch. Filling up the application form online is easy and simple. You will just have to provide some personal details like name, date of birth, city, phone number, email id and submit it. You will receive a reply from the bank within 24 business hours and will be informed about your personal loan application status.
SBI Personal Loan Interest Rates
SBI offers personal loan at lowest interest rate. The rate of interest varies for Indian citizens and for NRIs. Interest rates are different for different loan types. Given below is the chart for interest rate 2012.
|Type of personal loans||Rate of interest(%)|
|Xpress Credit||5.00% above Base Rate Floating, currently 15.00% p.a.|
|Personal Loans Scheme (SBI Saral)||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.|
|Festival Loan Scheme||6.75% above Base Rate, currently 16.75% p.a.|
You can also use the EMI calculator available on official website of Bank to calculate your installments, repayment amount and the interest rates. Please note that the interest rates are subjected to change therefore you are requested to consult the bank before applying for the personal loan.
SBI Personal Loan Customer Care
If you have any query regarding the SBI Personal loan then you can dial the customer care number which is also the helpline number 22029456 or 22029451 and speak with the personal loan customer care department representatives. You can also send a fax to 22885369. In addition to this you can also write to the customer care to the below mentioned address:
State Bank of India,
State Bank Bhawna, 8th Floor,
Madame Cama Road,
For more information on the SBI personal loan like the loan criteria for defense personnel, for pensioners, for doctors or for NRIs in India you can either visit the website or read the terms and conditions carefully of the bank or step in to the nearest SBI Bank branch.
Last Updated On: 2012/09/16