Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • SBI Festival Loan is Rated as "Excellent!" by 452 Users

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    Promised Interest Rate

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    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
      "Average service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with State Bank of India.the loan amount is 2 lakhs,rate if inert is 2.5% high compared to other banks.Processing fees is .5% deducted from my loan amount.I do have part payment option in this bank and no preclosure charges is applicable.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 12, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from SBI and it was a good loan experience with this bank. The loan amount was for Rs 1 lakh with the less interest rate when compared to all other banks. No much documents were required as i already have a salary account with this bank. Customer service was good and they followed up correctly.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Dec 09, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The response was not up to the mark with State bank of India in regards to my personal loan application. The State bank of India has rejected my personal loan application saying that my salary haven't met their eligibility criteria. The response part need to be improved with Sbi.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 07, 2017
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a great personal loan experience with SBI. The loan amount was for Rs 50000 with the nominal rate of interest and the tenure of the loan was 1 year. The process was very smooth and the loan amount was approved within the given time. Customer service was first class and they followed up correctly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2017
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      Around 5 years ago I got the personal loan from state bank of India. The personal loan service was good with SBI, they have approved my required loan amount and I am satisfied with it. The rate of interest and the charges are nominal with State bank of India.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 02, 2017
    • SBI Personal Loan
      "Below Average service"
      0.5 3.0/5 "Satisfactory"
      After I have applied for the personal loan from state bank of India, I have submitted the documents directly but they haven't gave any response but after a month time they have rejected my personal loan application saying that my credit score is low .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 29, 2017
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with SBI is very good. I have taken loan for Rs 50000 with the less rate of interest when compared to other banks. The process was smooth and easy, the loan amount was approved within the given time. Documents were collected door step. Customer service was good and they responded on time.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 29, 2017
    • SBI Personal Loan
      "Personal loan with SBI"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from STATE BANK OF INDIA. The approved loan amount was 3 lakhs. The rate of interest with the bank is 11.55%. The monthly installment is 9500. The documentation was pretty friendly. Its a recommendable bank for personal loan.
      Was this review helpful? 3
      , madurai
      Reviewed on Nov 25, 2017
    • SBI Personal Loan
      "Userfriendly loan process"
      0.5 4.0/5 "Great!"
      I took the personal loan from SBI around 4.2 lakh for the tenure of seven years. They gave me best interest rate, documentation was friendly, SBI was near to my place I direct to their branch and they worked on it and approved the loan. It has part, foreclosure option.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 24, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from SBI few years back and it was quite a good loan experience. The process was very smooth and easy, my loan amount was approved within 2-3 days. No Documents were required as i already hold a savings account with this bank. Customer service was good and they responded on time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 24, 2017
    • SBI Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had got the personal loan from State bank of India around a year ago, and that name of the loan is mudhra loan. The required loan amount has been given and I am satisfied with it. The customer support is average with State bank of India. The rate of interest is nominal with SBI.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 23, 2017
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from SBI and it was a quite a good loan experience. The loan amount was for Rs 3 lakhs with the rate of interest of 14.00% which is high when compared to all other banks. The process was quite long and it took 1 month for the loan to get approved. Customer service was good and they responded on time.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 23, 2017
    • SBI Personal Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      My personal loan experience with SBI was average, i have taken loan for Rs 4.5 lakhs with the rate of interest of 12.25% which is less when compared to other banks. I pay an EMI for Rs 11000. The process was quite smooth, it took 10 days for the loan to get approved. I personally went to the bank to submit the document. Customer service from SBI was average and their response is bit delayed.
      Was this review helpful? 1
      , varanasi
      Reviewed on Nov 22, 2017
    • SBI Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have taken a personal loan service from SBI and the interest rate they offered me was 12.4 which was fine compare to others the loan amount they offered me was 3k the process was very fast they completed it within one day and the documents have been submitted directly it was a good experience with SBI for my personal loan service.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 17, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan of Rs 3 lakhs from SBI few years back, it was overall a good loan insurance. The customer service was good and they responded on time. The process was very smooth and the loan amount was approved within a week. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 15, 2017
    • SBI Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with SBI 10 years back . The loan amount was 75,000 and the interest rate was 14% which was high in the market. The customer service and responsiveness was good. They have sanctioned the loan with the committed time and they hvae provided door step service for collecting document. My overall experience was very good so Its recommendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2017
    • SBI Personal Loan
      "Rate of Interest was high"
      0.5 4.0/5 "Great!"
      The experience with State Bank of India in regards to my Personal was a good one. I got the Loan for really emergency usage and they provided me with a good loan. Only thing I felt let down was with their Rate of Interest of 14%, which I feel is a little high.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 11, 2017
    • SBI Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have approached SBI bank for my personal loan since my salary account is maintained with them. I just inquired to check my eligibility and interest rates. Rate of interest is little bit expensive compared to CITI Bank. Customer service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 11, 2017
    • SBI Personal Loan
      "Good bank for loan"
      0.5 4.5/5 "Excellent!"
      I had not chosen SBI for the top up loan because i thought of giving a try else where, that is why i preferred to take Fullerton services not SBI. Infact, I did not even approach SBI for the top up loan. When I was doing an online search I got to know that Fullerton is offering a fair deal and therefore I had opted for their services. What ever amount I had got from Fullerton, I am planning to utilize the part of the amount for paying off my current debt with SBI and the rest for my son's education.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 11, 2017
    • SBI Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The response was not up to the mark with State bank of India. I got the personal loan from State bank around 6 years ago, the customer support haven't gave proper response in regards to my personal loan application. They took around 2 months to disburse my loan amount, they took very longer time to disburse my loan amount. The rate of interest and the charges are nominal with Sbi personal loans.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Nov 11, 2017
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