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State Bank of India (SBI) is a government-owned bank with its headquarters in Mumbai, Maharashtra. State Bank of India (SBI) offers some of the most exciting Personal Loan products in India. SBI offers 4 exciting types of Personal Loans:Xpress Credit Personal Loan, SBI Saral Loan, SBI Festival Loans, Personal Loans to pensioners. Read on to view full details on what it takes to qualify for an SBI personal loan. By providing a few details about yourself, you can check your eligibility for an State Bank personal loan in seconds.
At least 21 years old
Less than 58 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Minimum income required
Rs.24,000 per month
Maximum allowed personal loan is Rs. 10,00,000 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 4 years
|Interest Rate (Floating)||18.35%|
|Processing Fees||2.02%-3.03% of the loan amount|
|Loan Tenure||4 years|
|Guarantor Requirement||No guarantor required|
State Bank of India, the largest public sector bank in the country is one of the most preferred banks in India when it comes to personal loans. SBI offers personal loans for both salaried and self employed individuals to counter any sort of immediate financial requirements. State Bank of India does not seek any security or collateral requirements for personal loans. The bank does not seek guarantees or collateral’s of any forms for personal loans. The money made available to the borrower through SBI personal loan can be used as per the personal requirements for the individual without any restrictions and the bank is not having any criteria for this. SBI personal loans can be useful to counter for any of the following financial requirements:
State Bank of India offers personal loans at low interest rates and with seasonal offers from time to time, making it one of the most popular choices for borrowers. Low processing fee with zero prepayment penalties and no hidden charges make SBI personal loans a popular choice with both salaried, self employed and working professionals.
State Bank of India offers personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs with repayment tenure of 48 months. SBI has initiated a quick loan approval system making sure that all personal loan requests are approved in a maximum period of 3-4 days of submission of complete documentation.
State Bank of India charges very nominal interest rate for its personal loans making it one of the most popular banks when it comes to personal loan requirements. The interest charged by the State Bank of India is on a daily recurring balance basis thereby ensuring maximum benefit to the loan borrower.
State Bank of India is one of the first banks to offer personal loans at discounted rates under various loan seasonal schemes at different festive seasons of the year. State Bank of India offers discounted schemes for individuals including government employees, doctors and other professionals.
State Bank of India is known for its transparency when it comes to charges and penalties for any personal loan. SBI personal loans come with absolutely no hidden charges and the transparent dealings makes it one of the preferred bank by millions of Indians.
State Bank of India offers a zero prepayment penalty allowing loan borrowers the freedom to prepay their loan as per their convenience. In case if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the loan amount as prepayment charges.
State Bank of India has streamlined its personal loan division in order to facilitate quick loan approval and disbursal, bringing it at par with international banks. SBI personal loans follow a quick approval mechanism for both urban and rural centers.
State Bank of India facilitates online loan submission making it easier for people to apply for personal loan from anywhere Users can apply for a personal loan sitting at the comforts of their home or office, without physically visiting a bank branch.
SBI offers a number of benefits and features for its personal loans including low interest rates, minimal documentation and quick approval. SBI offers various discounted schemes for personal loans at various times in a year catering to a large section of both urban and rural population. Some of the prominent features of SBI personal loan include:
State Bank of India offers a high quantum of personal loan making it one of the most preferred banks by a large number of people. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs
State Bank of India offers attractive Personal Loan Interest Rates at daily reducing basis making it one of the best personal loan service providers in the country. Currently SBI personal loans are available at 8. 50% above base rate floating, currently 18.50% per annum. The bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.
State Bank of India is a leading bank in India with branches in every nooks and corners of the country. The bank has streamlined its personal loan division allowing for quick localized loan approval and disbursal.
State Bank of India offers personalized schemes at lucrative interest rates for various working professionals and salaried individuals from time to time. State Bank of India also offers discounted personal loan schemes during major festivals making it a popular choice for both rural and urban applicants during times of financial requirement.
State Bank of India has a dedicated customer support helpline for its loan section allowing applicants and loan borrowers to get in touch with the bank for any queries or grievances in 24 hours a day.
The State Bank of India has long been known for providing personal loans for you that are designed to be easy for you to apply for and, most importantly, easy for you to pay back. SBI offers people four different types of personal loans that have to be tailored to suit individuals and their individual needs. So, without further ado, these are four of the personal loans that you can avail from SBI.
As the name suggests, this loan has been designed to get you cash when you need it in a hurry. The processing charges are low, there are no hidden charges and there is minimal documentation required. There aren’t any pre-payment charges either
The SBI Saral Personal Loan is meant to provide people with the opportunity to have access to money for various things like payments for vacations, medical bills or even clearing financial liabilities. As long as the the applicant has a valid reason to apply for the loan, it might get approved subject to the banks terms and conditions. The processing charges will be anywhere between 2.02% to 3.03% of the loan amount.
This type of a personal loan is provided to pensioners who are drawing their pensions from the central or the state government. If you apply for this loan then you will have to pay a nominal processing fee and there will be no extra charges levied for early payments
In case there is a festival coming up and your plans for celebrating it are threatened by a shortage of money you can go in for a Festival Loans
BankBazaar.com offers instant loan eligibility check using the personal loan calculator tool. Our personal loan eligibility calculator instantly checks the loan eligibility of applicants based on banks norms and offers the unique personalized quotes for each applicant. All you need to do is just to enter your monthly income.
BankBazaar.com has collaborated with State Bank of India for online personal loan submissions. Users’ submitting their personal loan applications to SBI through BankBazaar.com get a competitive rate of interest reserved exclusively for BankBazaar.com members.
BankBazaar.com offers active loan comparison for borrowers to choose the best suited loan as per their requirement. BankBazaar.com also provides social interaction with previous loan applicants of various banks which can help the applicant choose the best service provider keeping in view the satisfaction of previous and existing customers.
All loan applicants will get an instant e-approval after successfully submitting his or her loan application through BankBazaar.com.
Users can track the status of their loan application through mail or SMS, using the e-approval track code provided by BankBazaar.com. BankBazaar.com also updates the user on his or her loan application status in real time.
All personal data submitted by applicants to BankBazaar.com is 100% safe and secure.
Applying for a State Bank of India personal loan at BankBazaar.com involves three easy steps.
The loan applicant needs to fill up the loan eligibility form with correct personal data and income details. The tool then instantly checks for personal loan eligibility based on the bank’s yardsticks and gives results.
In the second step, the applicant is given a list of loan options as per his or her financial history. At this point, users can compare various loan options and choose the most appropriate one. Users can see the comments section where previous personal loan applicants share their views about various banks and NBFCs.
Once you finalize the scheme, loan amount and tenure, click 'submit'. Your request will be immediately transferred to the bank. The applicant also receives an instant e-approval from BankBazaar.com on successful submission of application online.
The interest rate will be 8.5% added to the current floating base rate of 10% per annum so your actual interest will be 18.5% p.a.
The interest rate for the Jai Jawan Pension Loan scheme will be 4.75% added to the base rate of 10%, bringing it to a total of 14.75% per annum.
The interest rate will be the base rate of 10% with an additional 6.75% added to it making it a total of 16.75% per annum.
|Minimum Loan Amount||Rs.24,000/- in metro and urban centers
Rs.10,000/- in rural/semi-urban centers
|Maximum Loan Amount||12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs in all centers|
|Tenure:||12 to 48 Months|
|Processing Fee:||2.02% - 3.03% of the loan amount.|
|Interest Rates:||Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating, currently 18.50% per annum.
SBI Loan to Pensioners (all variants): 4.75% above Base Rate, currently 14.75% p.a.
#Base Rate 10.00% w.e.f. 07.11.2013
State Bank of India offers personal loans to all applicants fulfilling the basic eligibility criteria. State Bank of India personal loans are available to all salaried individuals of good quality corporate as well as self employed individuals and working professionals including engineers, doctors, architects, chartered accountants and MBA’s with a minimum 2 years of standing period.
If you fall into any of the following categories then you can apply for this personal loan.
|Age||Minimum: 21 Years Maximum: 58 Years|
|Minimum Income||Salaried individuals with minimum monthly income Rs.5000|
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
|Age||Minimum: 21 Years Maximum: 65 Years|
|Minimum Income||Self Employed individuals or working professionals earning a minimum of Rs. 7000 per month|
|Total years in Profession||2 Years|
BankBazaar.com offers users a unique Personal Loan EMI Calculator to calculate EMI's. It helps the users to get an idea of the loan liability beforehand and apply for an affordable loan. Users simply need to type the loan amount they wish to apply or as per their eligibility, choose a loan tenure and rate of interest. The EMI calculator instantly calculates and displays the EMI liability for the loan.
You can apply for State Bank of India personal loan online with ease through BankBazaar.com. You simply need to enter your personal as well as income details, the amount and tenure you wish to apply. BankBazaar.com’s loan tool instantly calculates your personal loan eligibility and provides available options for you. You can choose a scheme and apply online with just the click of a button.
State Bank of India offers minimum amount of Rs. 24, 000 in metro and urban centers and Rs.10, 000 in rural/semi-urban centers for personal loans. The maximum amount is 12 times net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs for both rural and urban centers.
State Bank of India personal loans have a tenure period ranging from 12 months to 48 months depending on the quantum of the loan.
Applying for SBI personal loan through BankBazaar.com offers the users the convenience of getting instant loan approval, without visiting a bank branch. Users are also eligible for competitive rate of interest along with instant E-approval of the loan right at the time of submission of loan application. Users are also able to track the status of their online loan application in real time with updates available through both email and SMS.
BankBazaar.com does not charge its members for using the online loan calculator tool. The services provided by BankBazaar.com are absolutely free.
BankBazaar.com uses a high degree of encryption while sending personal data of loan applicants to the respective banks. All data with BankBazaar.com is never shared with any third party except the loan department of the designated bank.
BankBazaar.com offers 24/7 customer care helpline for both existing members as well as personal loan applicants through phone and email.
BankBazaar.com instantly transfers your pre-approved loan application to your nearest SBI branch. A person from the branch gets in touch with you within 48 hours to collect original documents and the whole procedure for applying a SBI Personal Loan will take less than 72 hours if you have all the papers ready with you.
There is good news for SBI customers who have already taken a home loan from SBI. They are now being offered personal and top-up loans at the same interest rates as they are paying for the home loans. The offer is, of-course, subject to conditions like customers should have been regular with the payments of their home loans. This means that top-up loans between Rs. 2 crore and Rs. 5 crore will have rates of 11.25% while loans between Rs. 2 crore and Rs. 10 crore will have interest rates of 10.75%.
Under the current personal loan interest rates issued by SBI, borrowers can take the personal loan at a rate of 13% to 18.5% but under the new promotional scheme they may pay as little as just 10.15% interest. The bank has also announced that women will get a slightly reduced interest rate of 10.10%. The news is even more welcome because even though the RBI has announced cuts in interest rates most banks are reluctant to cut their lending rate. They are citing dire effects on their bottom lines because of a reduction in borrowing as the reason for not reducing the interest rates.
13th March 2015
While most banks are formulating new ways to get ahead of the competition, SBI has decided to slow down and take stock of their growth trajectory. As the largest lender in India, SBI has a strong loan book catering to various segments. However, SBI has had to increase its focus on NPAs which had reached record numbers in the year 2013. Under the able leadership of Arundhati Bhattacharya (SBI chairman), the bank has reduced gross NPAs by about Rs.6,000 crores last year. The benefit of tighter control over bad loans was reflected in a higher stock price which rose 8% on announcing financial results for the quarter ending December 2014.
SBI now aims to keep bad loans in check by adopting a risk-based approach to lending. It has thereby revised projected loan growth rates to 10% from 15% for this fiscal year.
SMEs and unsecured credit contributes largely to NPAs as these segments are prone to defaults in a bad economy and recovery is difficult. Personal loans and loans to small and medium business entities are key areas for banks to monitor in order to maintain asset-quality.
18th February 2015
State Bank of India (SBI), the country’s largest lender, organised a meet with the trading community where it briefed members about the various loan schemes available to them from SBI. Some of the schemes the community can avail are asset backed loans, rent plus etc. SBI’s loans to businesses feature low interest rates and minimum processing charges making them attractive offers when compared to other lenders.
With an uptick in corporate credit growth, banks are expecting more demand from SME segments for credit which will boost overall loan growth and thereby increase profitability. Positive economic impetus through government-led policy action has led to expansion in business activity. More funds are expected to be sought to promote expansion thereby providing opportunities for banks to capitalise on. Banks with strong capital adequacy ratios will be poised to meet and take on new loan accounts.
16th February 2015