If the need of the hour is a large amount of money for an emergency like paying medical bills or paying the hefty bills of a wedding, then a personal loan may just be your solution. SBI offers Saral Personal Loan which helps you out in times of financial emergencies.
Eligibility Criteria for SBI Saral Personal Loan
Individuals who are salaried in a reputed corporate institution are eligible for this personal loan. Self-employed individuals are also eligible, including doctors, engineers, architect, MBA, chartered accountant, etc. A minimum of two years’ experience in the field is necessary.
Purpose: The reason for availing a personal loan can be for anything that you require on an urgent basis. For example if you need to pay for some medical treatment, wedding, education, travel, etc.
Loan Amount limit: The limit that you can avail as personal depends on your income and repayment capacity. The minimum that you can borrow if you are in a metro/ urban centre is Rs.24,000/- and Rs.10,000/- if you live in a rural/semi-urban centre. The maximum that you can borrow is 12 times your net monthly income in the case of salaried individuals and pensioners. This is subject to a maximum of Rs.10 lacs.
Documents Required: As an existing bank customer you will need to produce a passport size photograph and latest salary slip as well as Form 16 from salaried individuals.
Margin: SBI does not insist on any margin amount.
Repayment: You can repay the full amount that you borrowed in 48 EMIs. If you wish to do so, you can pay more than the EMI amount.
Processing Fees: 2% - 3% of the loan amount and applicable GST
Prepayment Charges: You can prepay EMIs in part or in full as well as close the account before the end of term. However, you will have to pay prepayment charge of 3% on prepaid amount. If you close an account from the proceeds of a new loan account which was opened under the same scheme, you will not be charged prepayment/ foreclosure charges.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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I took a personal loan in State Bank of India, the process is very simple and have applied through SBI YONO app. They have done enquiry and within a week, they have disbursed the loan amount of 4.30L and it was sufficient. The processing fee is around 2,300rupees which is very low compared to others.
I have taken personal loan directly through State Bank Of India .The rate of interest and the processing fee was nominal and it was good as well,I have got this loan amount on time and it was very sufficient as well. Each and every updates about the loan process was shared by the agent .
I bought the personal loan from SBI. Its 2 years back since i got the loan. I have no idea about the interest rates but i had chosen the duration of 5 years. I am paying the EMI amount of Rs. 11200. The loan is going very smooth and I'm doing the payment on time through ECS.
SBI people have extended my due date when i request them since my salary is getting credited after 3rd of every month. They have sanctioned the loan within 1 hour. I never visited their branch and i bought the loan through their app. Their mobile application is very easy to use.
Already am running a personal loan in State Bank of India which is going to complete in next 3 to 4months. The process was okay but the rate of interest is higher, they are charging 12.5%. The processing fee is applicable. The process was good.
I never tried to contact the customer care service. I have not applied through online and i went to their branch to applied the loan. I bought my personal loan from State bank of India because one of my friend is working as a branch manager. They have sanctioned the loan within 2 days.
I have taken personal loan through State Bank Of India directly .The rate of interest and the processing fee was little bit high since had requirement taken this loan .I have got all the information about the loan process,This was a paperless approval since have salary account had an offer of this paperless.
On 2 years before I had taken a personal loan with STATE BANK OF INDIA which was applied directly to bank. I received a loan on time. The amount which was given for a sufficient for the tenure period of 3 years. The rate of interest and processing fee are nominal.
SBI bank is good and the service is very nice. I got the loan amount of Rs. 4.70 lakhs and they have sanctioned the loan in 2 days. They have provided me a interest rate of 11%. I have been paying the EMI amount of Rs. 9300 for the duration of 5 years. Through ECS, i make the payment every month.
I have taken a personal loan with STATE BANK OF INDIA on 6 months before , I was holding a salary account with them so the process was smooth. They have sanctioned the loan within 2 days. For the loan amount of 1 lakh for the tenure period of 2 years. EMI is use to pay for 3800 rupees.
When i approached for the personal loan in State bank of India, they have sanctioned the loan in a short span of time since i'm a customer for last 15 years. My salary account is in SBI hence i opted the loan amount. I bought the loan amount of Rs. 4.80 lakhs. Their interest rates are high which is 14.45%. I am paying the EMI of Rs. 9200 for the duration of 5 years.
Ihave availed personal loan from State Bank Of India through App it was a paperless approval ,it s very good just 30 seconds only my loan got sanctioned .The rate of interest was nominal pf was Rs.2000 only .The rate of interest was 13.05% it was nominal .I have got all the information about the loan through app itself.
SBI people are much clear in their rates and they showed me a clear figure in their app when i applied for the personal loan. They charged me a interest rate of 13%. My EMI amount is Rs. 10000 for the loan amount of Rs.4 lakhs. I have selected the tenure period of 54 months.
I had taken a personal loan from SBI bank on 2 months before which was approached from bank directly. The amount which was given sufficient for the tenure period of 5 years. The rate of interest for 11.9% and there was no processing fee was applicable. Only one EMI was done.
I have taken personal loan through State Bank Of India .The rate of interest and the processing fee was nominal,I have got the loan amount on time and it was sufficient as well .The agent gave all the information about the loan process.This loan is still active and the process was very smooth .
I am very much overwhelmed with SBI, they sanctioned my personal loan within 30 minutes its really faster, their customer executive who came to my place was helpful and he responded well. My principal amount is Rs.5 lakhs for the duration of 54 months and there is insurance fee only processing fee they took around Rs.599 its minimal.
From SBI , i have taken the personal loan and i have closed the loan 1.5 years. Since its a salary account, when i approached the loan, they have given immediately. Interest rate is 12.5%. I have got my NOC letter also. The processing fee was nominal.
Recently i have availed the personal loan and they have provided me a instant services. Because of their brand and transparency, i have selected the SBI loan. When i apply the loan, they have informed directly about the interest rate of 14%. Within a day, they have disbursed the loan and the documentation process was fine.
I received a promotional call from SBI people. They said i have a eligibility of Rs. 3 lakhs but i have got the loan amount of Rs. 1 lakhs. They have provided me a less interest rate of 9% and i have chosen the tenure period of 24 months. I paid the EMI of Rs. 5000 approximately. I closed the loan 3 months before.
I took SBI personal loan they charged 21% of interest for per annum, the documentation was simple to complete the loan. They are prompt enough in their response for the loan response. I took the loan amount of Rs. 1 lakh for the duration of one year. I suggest them to reduce the interest so that many customer avail this loan.