State Bank of Bikaner & Jaipur (SBBJ) is an associate bank of State Bank of India. As of 2012, SBBJ had 1,037 branches, mostly located in the state of Rajasthan, India. Its branch network out of Rajasthan covers all the major business centers of India. In 1997, the Bank entered in the capital market with an Initial Public Offering of 13,60,000 shares at a premium of Rs 440 per share. Enjoy the SBBJ Advantages with high eligibility for Businessmen, doorstep Service, attractive Interest Rates, simplified documentation, quicker turnaround time. All you have to do is to follow some simple steps to get attractive deals
|Interest Rate||11.60% to 13.65%|
|Processing Fees||1.00% of loan amount|
|Loan Tenure||60 months|
|Guarantor Requirement||No Guarantor required|
State Bank of Bikaner and Jaipur (SBBJ) is a leading bank in India, having over 1,000 branches across the country. State Bank of Bikaner and Jaipur was established in the year 1963, when the Bank of Jaipur merged with the Bank of Bikaner, forming the entity in its current form. All matters pertaining to the functioning of the bank are governed under the provisions of the SBI (Subsidiary Banks) Act.
State Bank of Bikaner and Jaipur offers Personal Loans to cater to any need a customer could have, following a customer centric approach to ensure the customer faces no hurdles in any banking need.
State Bank of Bikaner and Jaipur has personal loans to meet any requirement an individual could have. Monetary emergencies can arise at any point, often sinking the quality of life. This is where a personal loan can come handy, allowing people an alternative option to go through life without a burden on their head. SBBJ offers personal loans for any and all personal needs, with the aim to cater to all the banking needs of a customer.
The bank has kept pace with changing times, blending traditional banking with the ease of modern technology, ensuring customers have a pleasant and friendly experience. Personal loans can be availed without much hassle and the solid reputation of the bank makes it an extremely viable option when it comes to personal loans. SBBJ hopes to make a difference in the lives of their customers, providing them with the best service and products.
The customer-centric approach followed by SBBJ ensures that customers get a host of features when they opt for their personal loan, some of which are mentioned below.
Multipurpose loans – SBBJ offers personal loans for multiple purposes, ranging from weddings to home improvement to vacations, catering to any monetary requirement an individual could have.
High Loan Amount – Individuals can obtain high loan amounts for their personal needs, with SBBJ sanctioning loans up to Rs. 15 lakh, ensuring that lack of money doesn’t become a problem. Individuals can get loan amounts up to 24 times their monthly income.
Flexible repayment period – SBBJ offers flexible repayment tenures for personal loans. Customers get up to 60 months to clear their loan amount.
Quick approval – SBBJ tries to ensure that all legitimate loan applications are approved without any hassles and delays, providing quick loan relief to customers.
Competitive interest rates – SBBJ offers personal loans at extremely competitive rates, ensuring the loan doesn’t become too taxing on customers.
Security Deposit – SBBJ offers personal loans without any security in most cases, relying only on post-dated cheques or check off facility.
Low processing fee – SBBJ charges a low processing fee equivalent to 1% of the loan amount.
SBBJ offers personal loans for multiple occasions, each fulfilling a specific purpose and coming at a different rate of interest. Benchmarks like MCLR and Base Rate determine the actual payable interest, with a change in them having an overall impact on the interest charged by the bank.
An MCLR benchmark takes factors like operating costs, CRR, repo rate and current fiscal conditions into consideration, providing rates which reflect market conditions. The 1 year MCLR at SBBJ is 9.55% per annum, subject to change over time.
A number of parameters can impact the interest charged by SBBJ, with the table indicating the final MCLR based rates.
|Existing SBBJ customer having a home loan||MCLR + 3.50% = 13.05% per annum|
|Borrowers with SBBJ salaried account||MCLR + 3.75% = 13.30% per annum|
|Borrowers without salary account||MCLR + 4.25% = 13.80% per annum|
|Others||MCLR + 4.50% = 14.05% per annum|
Individuals who availed a personal loan before new RBI guidelines (pertaining to MCLR) came into existence can continue paying the old interest or migrate to MCLR based platform. This interest is typically computed after factoring the purpose, amount, tenure and banking relationship of the customer. The final interest can vary from case to case, with this rate determined by SBBJ.
Note: Interest rates mentioned above are valid as of June 15 (2016). These rates are liable to change at the sole discretion of SBBJ, without prior notice. Prospective borrowers should check applicable rates with the bank before applying for a personal loan.
Individuals who wish to obtain a State Bank of Bikaner and Jaipur personal loan need to meet the following eligibility criteria.
An applicant is also required to furnish the following documents to obtain a SBBJ personal loan.
Calculating the EMI on SBBJ personal loans is no longer a complicated task, as BankBazaar.com helps individuals figure out their EMIs without hassle. A simple Personal Loan EMI Calculator tool on the website allows applicants the opportunity to know their EMI amount by just filling in the loan amount, tenure and interest rate. The tool calculates the EMI automatically and represents it in a simple and easy to understand format.
State Bank of Bikaner and Jaipur offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for State Bank of Bikaner and Jaipur personal loan is Rs. 9,000 per month. If you fall into this group, you can definitely apply for a State Bank of Bikaner and Jaipur personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
State Bank of Bikaner and Jaipur offers personal loans as high as Rs. 15 Lakhs for successful applicants depending on their financial record and repayment history.
State Bank of Bikaner and Jaipur offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
These personal loans are general purpose loans and can be used to meet any kind of personal expenditure such as educational expenditure, unexpected expenses, marriage expenses, upgrade of the applicant’s home, holiday expenses etc. The loan is open to pensioners as well.
Applicants can avail of personal loans at 24 times their net monthly income with a maximum upper limit of Rs 15 lakhs and a minimum of Rs 50,000
State Bank of Bikaner and Jaipur offers personal loans with a repayment period ranging from 12 to 60 months. This is however subject to the repayment capacity of the applicant.
Applicants will be charged as processing fee of 1% of the total loan amount at the time of disbursal of the loan
No. No security, collateral or guarantor is required in order to avail this type of loan.
Applicants must fulfil the following eligibility criteria in order to avail of a personal loan from State Bank of Bikaner and Jaipur:
Repayments can be made through equated monthly installments (EMIs) by utilising the ECS facility or via post-dated cheques.
State Bank of Bikaner and Jaipur offers interest rates of 13.2% per annum for salaried individuals who have an account with the bank and 13.7% for salaried individuals who do not have an account with the bank. For all other customers, the rate of interest offered is 13.95% per annum.
The following documents are required to be submitted while applying for a personal loan from State Bank of Bikaner and Jaipur:
You can boost your chances of acquiring a personal loan by paying off any outstanding credit card bills as well as opting for a longer loan tenure of up to 60 months.
The applicant must be a minimum of 21 years of age and less than 58 years of age in order to apply for a personal loan from State Bank of Bikaner and Jaipur. Applicants are also required to draw a minimum income of Rs 9,000 per month to be considered eligible for a personal loan.
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with State Bank of Bikaner and Jaipur. For further information about any of the products mentioned above please contact State Bank of Bikaner and Jaipur.
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