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State Bank of India (SBI) is a renowned banking institution in India that works towards offering the finest financial products and services to help you be financially independent. You can reach out to the bank for personal banking services, corporate banking services, agricultural or rural banking services, international banking services, SME banking services, and NRI banking services.
Under the personal banking segment of SBI, it offers different personal loan options to individuals. The 3 types of personal loans offered by SBI include:
SBI Xpress Credit Loan is a personal loan granted to any person working in an institution or organization that is recognized by the bank.
SBI Pension Loan is a personal loan offered exclusively to state or central government pensioners and defence pensioners. It is also given to a family pensioner, who is the spouse of the pensioner, who is authorized to obtain the pension when the pensioner dies. The family pensioner can be the spouse of a government pensioner or a defence pensioner.
SBI Saral Personal Loan is a loan provided to an individual for any purpose such as medical expenses, holiday plans, wedding arrangements, etc.
If you are wondering how much you will save by going for a balance transfer, you can check out any of the personal loan balance transfer calculators that are available online. In the calculator, you will need to enter the existing loan amount that you borrowed, the EMIs you have already paid, the interest rate that is charged by your existing lender, and the EMI amount that you are paying. You will also need to enter the amount that you have to pay to a new lender. You will also have to key in the interest charged by your new lender. After you enter the details, you will get your new EMI. You can then compare this new EMI with the existing EMI that you are paying. You can then accordingly decide to go for a balance transfer or not.
Are you looking for better features for your personal loan that you have taken from another bank? You can shift the balance amount of your existing personal loan to an SBI Personal Loan. State Bank of India welcomes people to transfer their loan balances to an SBI personal loan account. Once you complete the transfer, your new lender will be SBI.
You may also transfer your SBI Personal Loan balance to any other bank’s personal loan account. You will need to check the interest rate, loan tenure, and other features offered by the new lender. If the new lender provides better features for a personal loan after you make the transfer, you can go ahead with it. You will need to check the requirements and the eligibility criteria for the loan balance transfer from this new lender.
Transferring your loan balance to a new lender makes absolute sense if the new lender makes your borrowing process more economical and beneficial. You can count on SBI to give you excellent benefits when you transfer your present loan balance to an SBI Personal Loan account.