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  • SBI Festival Loan is Rated as "Excellent!" by 480 Users
    Personal Loan BYTES FROM OUR KITCHEN

    SBI Festival Loan

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    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.
    • Passport Size Photograph

    Charges and Fees for SBI Festival Loan

    • 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.

    SBI Festival Loan Reviews

    • SBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with SBI for about 2 years. The loan amount was 2 lakhs and the Interest rate was very high than other banks. The customer service and responses was good. They have provided door step service for collecting documents so my overall experience smooth.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 23, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The state bank of India has approved the required loan amount . The customer support service is good with the SBI and they gave me better response in regards to my personal loan application. The rate of interest and the charges are average with the SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan is on going with State Bank of India. I have started this loan 3 years ago and only 24 months left. They processed the loan within couple of days. The customer service and response was very good. They offered a interest rate of 13.5% which was nominal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • SBI Personal Loan
      "Needs Improvement"
      0.5 2.0/5 "Expected more"
      When I was about to avail personal loan from the STATE BANK OF INDIA, they have given me the product explanation and they asked me to fill the application but I haven't filled it, because of their bank norms and they have lot of bank norms and rules which leads the customers disappointing.
      Was this review helpful? 0
      , rayagada
      Reviewed on Feb 12, 2018
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has also offered me a personal loan. They were supportive and I was able to get my loan with ease. The interest rate and processing charges was also normal. I had no hassles with the after loan services too. The response was timely.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 09, 2018
    • SBI Personal Loan
      "Easy Loan process"
      0.5 5.0/5 "Blown Away!"
      SBI loan process was good, since I am working with govt office, my salary gets credited in SBI. They done fast loan service and gave me attractive interest rate as well. I took amount of Rs. 5 lakhs for the loan period of 48 months. They gave me part payment, foreclosure, balance transaction option. But I paid all the due and closed it.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2018
    • SBI Personal Loan
      "Interest rate to be reduced"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan with State Bank of India recently. The loan process was faster and immediate. The rate of interest was little high compared to other banks. They charged a processing separately. The total duration is 5 years. I can do the part payment and there is charges for the pre closure.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2018
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a personal loan from State bank of india,the service was excellent. The rate of interest offer by State bank of India personal loan department was 13.33 which was fine for me. The process was on time they completed it within 3 days and they offer me with 2.50 lakhs. It was an excellent service from State bank of India personal loan department.
      Was this review helpful? 0
      , jaipur
      Reviewed on Feb 06, 2018
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The process was quick and fast from the STATE BANK OF INDIA personal loan services. The customer support gave me very good response in regards to my personal loan application. They took around a week time to disburse my personal loan amount.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 01, 2018
    • SBI Personal Loan
      "Interest rate is high"
      0.5 4.0/5 "Great!"
      When in need of a personal loan I checked with my regular Bank SBI. They gave me the Loan within 3-4 days. They have offered me an interest rate of 14%, which I feel is a high interest rate. The repayment options of it is quite easy though. It has been an alright experience with them.
      Was this review helpful? 0
      , burdwan
      Reviewed on Jan 25, 2018
    • SBI Personal Loan
      "Rate of Interest is high"
      0.5 3.0/5 "Satisfactory"
      I recently closed this Personal Loan. The overall experience with it has been pretty good. I got the Loan approval immediately. The rate of Interest of them is a little high though. The repayment option of them is quite easy and their customer services is also pretty good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 25, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with SBI was very good, the loan amount was for Rs 4.50 lakhs with the rate of interest of 11.83% which is nominal when compared to other banks. This was pre approved loan so i got the loan immediately. There was no processing fees charged and i pay an EMI of Rs 11000. The tenure of this loan is 5 years and it was a good service from SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 23, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI and the loan experience was very good. The process was smooth and i received my loan amount within given time. The loan amount was for Rs 5.70 lakhs with the rate of interest of 14.5% which is fine. Customer service was good they followed up on time. The tenure of this loan is 5 years and i have already completed 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 22, 2018
    • SBI Personal Loan
      "Good banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State bank of India.The loan amount is three lakhs,rate of interest is nominal as compared to other banks.The tenure is got three years.I pay my EMI amount through net banking banking. Further SBI disbursed the loan amount on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 22, 2018
    • SBI Personal Loan
      "Need improvement "
      0.5 1.0/5 "Really Bad"
      State bank of India need to give proper response to the customers who has applied for any kind of product. It is not possible to reach the State bank customer support service and their toll free number. The banking service need to be improved with the SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has disbursed my personal loan within 15days of time. They have approved and disbursed the required loan amount. The rate of interest and the charges are very low with the State bank of India personal loan services. The customer support service was good with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2018
    • SBI Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with SBI for about 1 year.The loan amount was 2 lakhs and The Interest rate was 9-10% which was very high . The customer service and responses was up to the mark. The loan process was good and the processing fee was high . My overall experience was good.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jan 12, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan from State bank of India around a year ago. I got the loan amount within a 5 days of time. The customer support is prompt with the State bank and they gave me immediate response in regards to my personal loan application. The rate of interest and the charges are nominal with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 10, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken person loan with State bank of India.The loan amount is six lakhs.The rate of interest is nominal as compared to others.I have taken it for ten years.They had taken a minimum processing fees from the loan amount.They had processed the loan after submitting documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • SBI Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have my personal loan with SBI. The loan amount was 2 lakhs and the interest rate was 10-11% bit high than other bank in the market.They have provided door step service for collecting documents. My overall experience was good so I would like to recommend to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 02, 2018
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