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 have taken a personal loan from SBI, the loan amount was Rs. 10L. The rate of interest was high 14% and i am paying EMI 23,000 for the tenure period of 5years. I applied this loan directly through bank that was very easy process and i received this loan within 2 days, pre closure charges are not known.
I have applied personal loan directly from SBI. Process was very good and i received this loan with in 2 -3 days. Even my credit score was good, i have submitted all my documents and i signed so it got approved. The rate of interest was very less with the tenure of 2 years and EMI 6000 , their service was good.
I have taken a personal loan from SBI on last 6 months back. The rate of interest around 12.75% and processing fee was detected of 0.5% is less. The loan amount of 6.50L which is sufficient. Since I am holding a salary account with this bank so I got pre approved loan offer, they have provided the amount within 4-5 days and tenure period is 6 years. There is a pre closure option with charges of high around 2-3% but the locking period is 6 months. Am EMI around 12,800 rupees. I use to get remainder message on time for the payment.
I am not satisfied with SBI service. I have taken a personal loan on 3 months back, I got this loan offer from bank. The loan amount was sanctioned of 3.5L with tenure period of 5 years. The rate of interest is nominal and fee was applicable of 3,500 rupees. Through mobile app processed was done for the loan. EMI need to pay of 6,500 rupees.
I have taken SBI personal loan for my business purpose.The rate of interest and the processing fee was very less and loan got sanctioned on time,still this loan is active.I have availed loan amount of 15lakhs for the tenure of 3 years and still this loan is active on my account .
I have taken personal loan directly through SBI .This loan is still going on .The rate of interest and the processing fee was quite nominal.The processing fee was RS..1000 since have salary account the loan got sanctioned it was a paperless approval .I am happy with the service.
I have taken a personal loan from SBI and the loan amount was Rs. 2L. The rate of interest was normal and i opted for the tenure period of 3 years. I am paying EMI 10K, pre closure charge is not applicable. My salary account is with this bank, so less documentation process and i received this loan within a day.
I have taken a personal loan from SBI 3 years ago. The loan amount was Rs. 1,50,000 and the rate of interest was 12% which was nominal with the tenure of 3 years and i am paying EMI 4K. I have completed this loan right now and i got instantly with the minimum documents.
On 3 years before, I got a personal loan offer from SBI. The process was done on time and even disbursal amount of 5L was sufficient. Interest rate was nominal. EMI use to pay of 8,800 rupees. I was not aware about pre closure option. Their service was good. I had closed the loan 4months before only.
I have taken a personal loan of 6L from SBI on 2 years before. It is pre approved loan. So the amount was sufficient when compared to my requirement. The tenure period of 5 years. Rate of interest was 12% which is nominal for this loan. EMI need to pay of 14K on monthly basis and I use to get remainder message on time.
I have taken a personal loan from SBI on 5 years ago and I have already completed the same. I have been holding an account with this bank so I have chose to take the personal loan with them. They offered me a interest rate of 15% and there was no processing fee. I have no knowledge about the part payment and pre- closure. I have selected the duration of 5 years.
I got the reasonable interest rate for my personal loan from State Bank of India. In other bank interest rates are high so that i bought the personal loan from this bank. They have provided me a loan amount of Rs. 2 lakhs with the interest rate of 7% and the processing fee was just Rs. 500. I am paying the EMI amount of Rs. 9000 every month.
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Reviewed on Jan 24, 2020
I had taken a personal loan with SBI on 4 years back. The loan amount of 8L was sanctioned which is sufficient as per my needs. Since for my personal need taken this loan. The tenure period of 4 years. Interest is 10.8% is fine and fee applicable of 10K. I use to get remainder message on time for EMI to pay of 17K. There is no option of pre closure. I have closed the loan and received NOC letter as well.
I have taken the personal loan from SBI because based on my savings account. They have provided me a pre- approved loan hence i got it. Even though its a nationalized bank, they are giving good co-operation to the customer. They offered me a interest rate of 12.5%. I took the loan on 7 months ago with the tenure period of 5 years.
I have applied a personal loan from SBI and the loan amount was Rs. 1.25L and the interest rate was 14% it is high actually. I applied this loan directly from bank and I am paying Rs. 4000 with the tenure of 4 years. I am not getting any alert message, call or even mail also.
I have taken personal loan through SBI .The rate of interest and the processing fee was very high it was 13% due to my requirement i have taken but it would be better if its reduced. It took one week time to get the loan and there was a delay in Verification process .I am satisfied with the service so far.
I have taken a personal loan with SBI on 3 years back. Since I am holding salary account they offered a pre approved loan. Hence the process was done quickly and they have sanctioned the loan on time. I am eligible of 8L but preferred only for 3L with tenure period of 3 years. Rate of interest of 14%. EMI use to pay of 7K. They have provided the option of pre closure.
My personal loan is running with State Bank of India at the time of emergency. The interest rate is 13.50% and there was a processing fee of around 2,300 rupees for 1lakh. The duration for repayment is 24months. The loan process was very easy and everything completed through online.
I have taken personal loan directly through SBI Bank .The loan amount was sanctioned on time without any difficulties and delay .The agent gave the details about the loan process ,I have submitted the required documents on time ,This loan is still active and there was no difficulties faced so far. I am paying through EMI 5000 and the loan amount was Rs. 2.50L.
I have taken a personal loan from SBI because I'm already an existing customer of this bank since I've been holding the savings account for more than 6 years. I got the loan amount within 10 minutes. I have taken the loan amount of Rs. 45,000 for 4.5 years. I had applied this loan through an online.