The facility of Insta Home Top-up loan is provided by State Bank of India to only the pre-selected home loan customers. It is available over the internet banking platform. The product which is a fully automated one lets you avail a loan up to Rs.5 lakh with the payable interest rate being 9.25% .
The interest rate charged by the bank when it comes to SBI Insta Home Top-up loan is 100 basis points above the 1-year MCLR.
With the current 1-year MCLR being 8.25% as of 14 August 2019, the current interest rate charged by the bank is 9.25% irrespective of gender, occupation, and grades. It needs to be mentioned here that the bank shall levy a processing fee of Rs.2,000 plus applicable service tax.
In order to avail SBI Insta Home top-up loan, you need to fulfil the eligibility criteria listed below:
When applying for a SBI Insta Home Top Up loan, you need not submit any documents to the bank officials.
The features and benefits of that comes with the product are as follows:
Yes, the product is offered to only the pre-selected home loan customers.
The minimum loan amount which you can avail is Rs.1 lakh.
Yes, the processing fee will be deducted before the amount is disbursed.
Yes, it is mandatory to have a CIBIL score of 550.
No, you can’t avail the loan if you have other active home top up loans in your name.
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