• Diwali Festival Loan Offered By State Bank Of India Nov 2018

    Diwali is the time to celebrate and enjoy with one’s family and friends. During this festive season, all you can think of are home-made savouries, sweets, beautiful diyas, twinkling lights, new grand clothes, and lots of other new goodies. If you are having a lack of funds and are thinking of cancelling the celebrations this Diwali 2018, think again! You can approach leading bank, State Bank of India (SBI), to get an exclusive loan to enjoy your festivities.

    SBI has a separate section of personal loans known as SBI Festival Loans. This loan category is offered to anyone who needs money for meeting festival-related expenses. SBI has understood that people need special funds for meeting festival-related expenses. Hence, the bank has an exclusive product for this purpose. So, what are you waiting for? Begin your preparations for Diwali early this year by procuring a loan from the bank!

    Features of State Bank of India Festival Loan

    • Reduced interest rate: During the festive season, banks drop their interest rate to disburse as many loans as possible. Festival loans offered by State Bank of India come with a low-interest rate which makes it an ideal personal loan in the market. The interest rate will be fixed as per the loan agreement between the bank and the loan applicant. The interest rate will be set as per your job status, repayment ability, loan amount, and tenure.
    • Low processing fees: Being one of the most sought-after government banks in India, State Bank of India charges a nominal amount as a processing fee. Currently, State Bank of India charges 1% processing fee on the loan amount plus any applicable service tax.
    • Simple and quick documentation process: If check off is available, the bank does not require you to give any security or collateral for procuring the loan. This will help you enjoy minimum documentation.
    • No administrative charges: Most banks roll out attractive loan offers and have hidden charges and fees. State Bank of India’s festival loan is an exception. They do not have any administrative charges added to your loan amount. You only pay what you owe.
    • No security/collateral required: You do not have to furnish any security to the bank if check off is available.
    • No prepayment penalties: Some banks will ask you to pay a prepayment penalty when you decide to repay your loan entirely before it matures. With an SBI Festival Loan, you do not have to worry about such penalties.
    • Loan amount: When you choose an SBI Festival Loan, your loan amount will be fixed according to your repayment ability and income. The minimum loan amount is Rs.5,000 and the maximum loan amount is 4 times your monthly income with a ceiling of Rs.50,000.
    • No margin: For an SBI Festival Loan, there is no margin.
    • Prepayment charges: When you decide to prepay all your EMIs fully or in portions for your SBI Festival Loan account before it matures, you will be asked to pay a prepayment charge of 3% on your prepaid amount. If you close this loan account with the proceeds from a new loan account that is created under the same loan scheme, you will not be asked to pay any prepayment charge.

    Eligibility criteria for SBI Festival Loan

    • You can apply for an SBI Festival Loan if:
    • You are a government or PSU employee or working in a profit-making private or public limited company for at least 2 years.
    • You are a self-employed individual with 3 years of experience.
    • You are earning a net monthly income of Rs.3000 or more.
    • You are an individual with income from trusted sources like pension, government securities etc.
    • You have an earning spouse who is ready to take a joint loan with you.
    • You are at least 21 years and not more than 65 years.

    Documents required to avail an SBI Festival Loan

    • Passport-size photographs of the applicant.
    • Latest salary slips for 3 months.
    • Address proof for both self-employed and working individuals such as a copy of electricity bill, Ration card, passport, Aadhar card or Voter ID.
    • Latest Form 16.
    • IT returns for last 2 financial years for self-employed individuals.
    • Identity proof such as Driving license, Aadhar card, Passport or PAN card.
    • Bank account statement for the last 6 months.

    How to apply for a State Bank of India Festival Loan?

    You can apply for a personal loan for State Bank of India Festival Loan by visiting any SBI branch. You can meet a representative from SBI and apply for the loan effectively. You may also call the customer care centre of the bank to get information about this unique loan.

    For clear details such as interest rate, eligibility criteria, loan tenure, etc., you can visit the BankBazaar website. You can also decide your loan amount and tenure by comparing your EMIs properly through the BankBazaar personal loan EMI calculator. This will provide you with a clear picture of your loan expenses and then you can plan your finances accurately.

    Hurry up to enjoy attractive interest rates on your SBI Festival Loan this Diwali! Have a safe and fun-filled Dhanteras/Diwali with your folks by using this loan for any of your needs!


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