SBI personal loan

salaried self employed

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SBI Personal Loan Overview

SBI Personal Loans for urgent cash needs.

SBI offers the personal loan facility by the name of SBI Saral – personal loan. First of all you can obtain a personal loan from Rs 24,000 up to Rs 10, 00,000 from SBI for urban areas with flexible repayment tenure of up to 48 months. It offers personal loan at a rate of interest on daily reducing balance. To have this loan you should be a salaried person with a very good company or a government servant. For the self-employed person he should be a self-employed engineer, doctor, chartered accountant or MBA with a minimum of two years of standing. The processing fees for the loan are 2% to 3% of the loan amount. Rate of interest on this loan is 18.50% reducing. Check your Eligibility Now!

Fill the form above and check your personal loan eligibility instantly.

Benefits of State Bank of India Personal Loans:

Repayment period: Max up to 48 months
Loan Amount: Minimum-Rs 24,000/- in metro & Rs 10,000/- in rural or semi urban cities.Maximum-12 times Net Monthly Income for salaried individual & pensioners, up to 10 lakh.
No security is required.
Minimal documentation and quick approvals
oans are provided for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability such as marriage of son/daughter, paying educational expenses of wards, meeting margins for purchase of assets etc.

SBI Personal Loan FAQs

How much loan can I get?
SBI offers loans from 24,000 to 10 Lacs.

How do I repay my Personal loan?
You can repay your loan amount through Easy EMI repayments through cheques or ECS.

What security do I need to provide to get the SBI personal loan?
There is no security or collateral required to get a SBI personal loan.

What are the loan tenure options?
You can repay your loan over a period of 12 to 48 months.

How long will it take for me to get my loan?
Once you submit your application form and supporting documents, SBI shall give approval within 5 working days provided everything is in order. All loan approvals are at the sole discretion of the SBI.

Is there any pre-payment charge for SBI Personal Loan?
No, there are no pre-payment charges for SBI personal loans.

What is the loan processing fees?
SBI charges 1%-2% as loan processing fees.

SBI Personal Loan Eligibility & Documentation

SBI Personal Loan Eligibility:

Any salaried individual of a reputed corporate, having 2 years of experience.
Any self-employed engineer, doctor, architect, chartered accountant or MBA, with 2 years of experience.
Good repayment capacity with fixed & stable income source

How is your State Bank of India Personal loan eligibility determined?
Based on the following aspects SBI will determine your loan eligibility:

Your monthly income
Total experience
Other EMI’s which you are paying for any other loan

Fill the form above to check your actual personal loan amount eligibility.

SBI Personal Loan documentation:

Application form with recent photograph
Latest salary slip and Form 16
Bank statement for last 3 months
Proof of Identity (any one): Passport/Driving licence/Photo credit card/Employee licence/Voter's ID/PAN card
Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill

SBI Personal Loan Interest RatesUpdated on 20 May 2013

Details of SBI Personal Loan

SBI Personal Loan Interest Rate.(Monthly reducing balance): 14.20% floating. Check Customized Interest Rates Now!
Processing Fees: 2% to 3% of loan amount
SBI Personal Loan Tenure: 1 year to 4 years
SBI Personal 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
Pre-closure Charges: No pre-payment penalty
Guarantor Requirement: Guarantor is mandatory

Personal Loan Articles

Pointers for your personal loan!
Evaluate all loan offers. The first condition for loan offer selection is the total money outflow that the loan will cost. The second factor is the EMI. A loan offer with a lower EMI and a longer tenure may seem attractive, as it could be easy on your purse strings, however not all such loans prove to be cost effective in the long run.
Alternatives to a personal loan!
Whenever people have a requirement for some urgent cash and cannot come up with the amount needed with the resources they have, they inadvertently apply for a loan from a bank. Getting a loan today has become very easy, what with the stiff competition prevalent among different banks.
A personal loan? Think twice!
Personal loans are the one of the most widely chosen options, in case you are in a spot and need some urgent cash. However, personal loans are tricky and you need to know as much as possible about their basics before applying for one. Let’s start with some common questions.
LAP vs. Personal loan
LAP (loan against property) is one of the cheapest retail loans after home loans; usually in the range of 12% – 16%. Since the rate of interest is lower, frequently LAP Equated Monthly Installments (EMI) turn out cheaper.Maximum loan eligibility is determined primarily by the value of the property and income.