SBI Saral Personal Loan
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.
Find out more details about SBI Personal Loan
Features of SBI Saral Personal Loan
- 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.
- Security: NIL
- 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.
Additional Reading: SBI Personal Loan for Pensioners
Charges/Fees of SBI Saral Personal Loan
- 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.
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