In India there is absolutely no shortage of festivals. As Indians we love to celebrate each festival with a lot of grandeur as it is a time when families get together and make memories. It’s important that we have the money to fund our grand celebrations. So if you have not managed to accumulate enough money in time for the festivities, SBI offers a great solution in the form of Festival Loan which will help you meet all of your festival-related expense.
Features of SBI Festival Loan
No hidden costs or administrative charges.
Loan Amount: The amount that you can borrow as SBI Festival Loan depends on your income and repayment capacity. The minimum amount that can be borrowed with this scheme is Rs.5000/- and the maximum is four times your Net Monthly Income. This maximum amount that can be borrowed is subject to a ceiling of Rs.50,000/-.
SBI offers Festival Loan with competitive interest rates.
Minimal documentation
No security required if check off is available.
Low processing charges
No prepayment penalties.
Eligibility criteria for SBI Festival Loan
You must be earning a net monthly income of Rs.3000/- and above. Your spouse’s income can also be considered while calculating the loan amount. However, he/she must guarantee the loan or avail the loan jointly.
To be eligible for a SBI Festival Loan, you must fall in any of the following categories:
An employee of PSUs, the government, profit making private/ public limited institutions/ companies etc. with a minimum of two years’ service
An individual who receives a regular source of income from a verifiable channel such as interest from Government/ TDRs/ NSCs or Pension.
Self-employed person with a minimum three years’ experience
Documents Required for State Bank of India (SBI) Festival Loan
In case of self-employed individuals and professionals, you will need to provide proof of official address. This can be shop and establishment certificate/ Telephone Bill/ Lease deed. You will also need to provide IT returns for the last two financial years.
In the case of salaried persons, you will have to provide latest Salary Slip and Form 16.
Processing Fee: 1% of loan amount + applicable Service Tax
Prepayment Charges: You will be charged with a prepayment charge of 3% on prepaid amount if you decide to prepay EMIs in full or in part. The same applies for closure of account before the end of term. In case you decide to close the account from the proceeds of a new loan account opened under the same scheme, you will not be charged with prepayment/ foreclosure charges.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
I have taken state bank of India personal loan last four years and I am satisfied with loan amount rs 6Lack above but rate of interested is little high and my tenure is 5 years ; customer service provided is good and response is properly.I am happy with this bank .
I have applied for Personal Loan directly with State Bank Of India.The rate of interest was nominal and the processing fee was nominal as well .The documents was less as well .I have not yet faced any issues .While submitting the documents i have not faced any issues .I have applied for the loan amount of 2 lakhs for the tenure of 6 years.The loan amount got on time .The Loan amount was sufficient as well.The agent given clearly explained the loan process.The Overall Service is Good .
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0
VISHAL RAMESH SALVI
, mumbai
Reviewed on Mar 22, 2019
The overall experience in getting this loan was quite good where there was no difficulty which i had faced. The loan amount has satisfied with the requirements and the interest rate with them was nominal when compared with the other banks. The charges which they had made also was less.
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1
RAVINDAR TEJAVATH
, hyderabad
Reviewed on Mar 21, 2019
I have closed the personal loan what i have previously taken with the STATE BANK OF INDIA before 2 years ago. At the beginning the documentation process also the loan amount dispersal procedure was simple and easy. The rate of interest was higher than other.
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2
SUBRAT KUMAR PATTNAIK
, hyderabad
Reviewed on Mar 20, 2019
SBI approved me a personal loan Within 10 sec of time . It is immediate process and Paperless approval from SBI . Interest rate is within the comfort zone only between 12-13 % and charged me a processing fees of Rs 2000 /- . The loan is for next 3 years of time .
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0
KADHAR MOHAIYADEEN RAJA N
, bangalore
Reviewed on Mar 20, 2019
I have taken a personal loan with STATE BANK OF INDIA and my experience was good, the loan amount was sufficient and the rate of interest was very nominal compared to other banks. Customer service was good and they responded on time. Tenure period for this loan is 6 years.
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1
NAGESWAR RAO BATCHU
, hyderabad
Reviewed on Mar 18, 2019
I applied for personal loan with State Bank Of India directly through Yono app.It is too fast and amount got credited within 5 minutes. Since have salary account with State Bank Of India .The Rate of interest was good and there was no processing fee as well .I have applied for the loan amount of 1 lakh for 3years.
The loan amount was good and I took my perosnal loan with SBI by revolving over draft limit. Its been long back and the interest rate is excellent. Its still on going and make the payment time to time. I am really happy with the service. It is a employee loan and it should be repaid within retirement of service.
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5
MUKESH KUMAR SINHA
, mumbai
Reviewed on Mar 15, 2019
I have taken the personal loan with the STATE BANK OF INDIA the rate of interest with them is higher when compared to the others. The loan amount was 14% with this loan also i am using it from last 3.5 years. The duration for repaying the loan is fro 5 years.
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3
CHIRANJIT MANDAL
, kolkata
Reviewed on Mar 13, 2019
I have applied for the personal loan with the STATE BANK OF INDIA the loan amount was lesser with this bank also the rate of interest what they have offered is 15-16% which is higher with this bank also added on that the duration for repaying is for 1 year.
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1
VENKATESH GOSULA
, hyderabad
Reviewed on Mar 13, 2019
The customer support and response is good in the particular branch in urban area where I am residential is very good but I have dissatisfied experience with other branch. Rural area many people not aware of the available scheme which they are not explaining certainly. They are manipulating the people, any way I got the better interest on my personal loan around 12.95% since I am salary holder of the same bank.
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3
BALASUBRAMANIYAM BOOBALAN
, hyderabad
Reviewed on Mar 12, 2019
It has not been a good experience with State Bank of India. To my knowledge I have only one loan with the bank, but the bank informed me that I have four loan. If I call the customer care, I do not get a proper response and service. My loan amount is of 6.50 Lakh for the tenure of 48 months. My actual EMI is of 13K but I am paying 15K. The rate of interest is high.
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2
MIRZA HUSSAIN
, hyderabad
Reviewed on Mar 12, 2019
The experience i had with this loan was excellent where the process in getting this loan has been pretty simple. The loan amount which they had provided was sufficient and the interest rate with them has been nominal as well. There was no other extra charges which they had made so far.
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3
ARUNA RAGAVAN
, bangalore
Reviewed on Mar 12, 2019
I have taken the personal loan with the STATE BANK OF INDIA and they have done the documentation process as simple and i got the loan delayed. The loan amount was good also the rate of interest was nominal with this personal loan. The service is very good.
I have been holding my personal loan with State bank of India,The loan amount which they have given me was sufficient,and the rate of interest they have charged me was nominal , and they have charged me processing fee that too was nominal,still this loan is running.
I have been holding my personal loan with State bank of India,Their service is good, they have given me sufficient loan amount , and the rate of interest they have charged me was nominal, and even processing fee they have charged me was nominal,overall service is good.Still this loan is running.
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3
VIJAY KUMAR PATHAK
, chhapra
Reviewed on Mar 08, 2019
The experience with this loan was pretty good where the process in getting this loan was really good. The loan amount which they had provided was sufficient and the terms and conditions with them was the best. There was no penalty for finishing the loan as well, the interest rate with them has also been pretty good.
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3
LEISHANGTHEM HEROJIT SINGH
, guwahati
Reviewed on Mar 07, 2019
SBI offers a personal loan with very high ROI including the GST charges , Processing fees to higher . I took for 2 years of tenure . I paid very high amount interest alone for this personal loan . It is big burden for close my personal loan . SBI need to reconsider the loan interest rate .
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12
TARKESHWAR NATH SHARMA
, new delhi
Reviewed on Mar 06, 2019
The loan amount is sufficient, I took the amount of Rs. 4.55 lakhs for the loan period five years. From SBI interest rate is good around 9.20% is low compared to other banks. I went to the bank to approach for the loan, the procedure was good within two days it got sanctioned.
I have applied for a personal loan with STATE BANK OF INDIA. They charge 11.99% rate of interest and it is very satisfactory .The interest rate is pretty much same as that of other banks.Overall the whole process was easy and hassle free. I got my loan within 2 days.
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8
RAJESH KUMAR
, thiruvananthapuram
Reviewed on Mar 03, 2019
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