State Bank of India has the highest market share for personal loan among government sector employees. SBI does not offer doorstep service, so you will need to visit an SBI branch in order to apply for an SBI personal loan. The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability, such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets etc.) Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing are eligible for SBI personal loan.
| Details of SBI Personal Loan. Use our calculator to compare offers from multiple banks | |
|---|---|
| Interest Rate (Daily reducing balance) |
16% fixed (SBAR + 4.25%). SBAR is currently 11.75% |
| Processing Fees | 2% to 3% of loan amount |
| Loan Tenure | 1 year to 4 years |
| Pre-closure Charges | 1% of pre-closed amount |
| Loan Amount |
Metro cities: Up to to Rs. 5 lakhs. Non-metro cities: Up to Rs. 2.5 lakhs If salary account with SBI, then cap increased to Rs. 10 lakhs Maximum loan amount cannot exceed 12 times net monthly income |
| Minimum Income Requirement | Rs.24,000/- in urban centres. Rs.10,000/- in rural centres |
| Guarantor Requirement | Guarantor is mandatory |
| Documents |
|
Total Interest PayableRs. 171,422
Total Tax + FeesRs. 11,500
Total Interest + FeesRs. 182,922
Total Interest PayableRs. 82,339
Total Tax + FeesRs. 4,000
Total Interest + FeesRs. 86,339
Total Interest PayableRs. 174,351
Total Tax + FeesRs. 12,300
Total Interest + FeesRs. 186,651
