State Bank of Hyderabad is an associate bank of State Bank of India (SBI), and is one of the scheduled banks in India. The Bank's head office is situated at Gunfoundry Area, in Hyderabad, India. SBH has over 1,500 branches and about 12,800 employees. Bank is now the largest Associate Bank of State Bank of India. SBH has 1000 branches in Andhra Pradesh alone, giving it the third largest branch network in the state. The bank has performed well in the past decades, winning several awards for its banking practices. SBH providing general purpose loan (Personal loan) to individuals with a steady source of income. Continue reading to view more details about this loan.
|Interest Rate||15.25% to 15.75% Base Rate - 9.75%|
|Processing Fees||1% of the advance subject to a min Rs.1000|
|Loan Tenure||36 months|
SBH stands for State Bank of Hyderabad. The bank was established in 1941 as Hyderabad State Bank. In 1956, SBH had been taken over by the Reserve Bank of India as its first subsidiary bank, and its name was changed from Hyderabad State Bank to State Bank of Hyderabad. Headquartered at Gunfoundry, Hyderabad, SBH has a huge network with 500 branches and almost 12,800 employees. The bank has been awarded with many honors for its excellent customer service. The bank constantly strives to be the most preferred and trusted bank in India and by now, State Bank of Hyderabad is the largest Associate Bank of State Bank of India. SBH provide personal banking, MSME (Micro, Small and Medium Enterprises) banking, corporate banking, Agriculture banking, NRI banking etc. Apart from providing car loan, home loan, gold loan, educational loan, SBH also provides Personal Loan to fulfill your various requirements. SBH provides two types of personal loans” Personal Loan Unsecured and SBH Prashanti Scheme. Under SBH Prashanti Scheme, personal loans are provided to pensioners, family pensioners, pensioners who are aged 70 years and above, and affluent pensioners.
SBH personal loan features include:
SBH offers general purpose unsecured personal loan for Indian resident individuals. The loan amount received under Personal Loan from SBH can be used for any genuine needs that you might be having like funding vacations, childrens education, home renovation or repairs etc. The bank offers a considerable amount of personal loan at low processing fees. Also, SBH takes care of the various needs of the pensioners, and offers personal loans to pay for their medical expenses, childrens marriage etc.
Personal Loan Eligibility criteria differs from person to person at SBH.
Your minimum age should 21 years to apply for this loan. Your maximum age should not be more than 55 years. The eligibility criteria for SBH Personal Unsecured Loan is divided into two categories: Category 1 and Category 2.
Category 1: The employees of State, Central, Semi-Government and profit making PSUs belong to this category. They need to serve a minimum of three years in their present organization.
Category 2: The employees of Private Sector Companies belong to this category. They should have a rating of at least 1 to 3 with SBH, and minimum three years of service experience with their present organization.
SBH provides unsecured loans which can be used for multiple purposes, with the interest on these loans computed on the basis of either the base rate or MCLR. These benchmarks help the bank formulate a rate list, with interest varying with any changes in the benchmark.
Borrowers who have availed a loan after April 1, 2016 will automatically be charged an interest computed on the basis of MCLR. This follows a new rule by the RBI, with all banks expected to modify rates with changing economic conditions. The current MCLR benchmark is highlighted in the table below.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
MCLR acts as a benchmark for SBH to figure the rate it can charge, but the final rate is determined after computing other factors, including the loan amount, purpose, repayment tenure, etc. SBH can choose to add a certain percentage over and above the MCLR, with the final interest ranging between 12% and 15% (tentative).
|Base Rate||9.75%, effective October 8, 2015|
Customers who availed a personal loan from SBH before MCLR benchmarks were introduced can either migrate to the new platform or continue paying the current interest. Those who choose to stay with the old system will be charged an interest keeping the base rate in mind. SBH can choose to add a certain percentage over and above the base rate, with the final interest changing from case to case.
Note: Rates mentioned above are as of June 15, 2016, and are subject to change without prior intimation. SBH reserves the right to alter these rates at its own discretion and borrowers should check the same before applying.
Instead of communicating personally with State Bank of Hyderabad, you can approach BankBazaar – India’s largest online portal where you can compare, choose and get personalized quotes on various financial products like credit cards, loans and insurance. The company has a good connection with many leading banks like HDFC Bank and ICICI Bank in India. It can help you choose a perfect personal loan scheme based on your requirements and suitable interest rates. BankBazaar enables you to enjoy the following benefits:
Quick eligibility check: At BankBazaar, you can check your eligibility for personal loan instantly by putting your personal and financial details on the website.
Get best offers: You can shop numerous financial products like credit cards, loans and insurance at BankBazaar and get the best deal. Also, you can avail the best offers given by various banks on various products.
Immediate approval: If you apply through BankBazaar, you can get instant approval on your loan application. It’s helpful and experienced team will help you to get your personal loan processed in less time.
Tailored quotes: You can get personalized quotes on a specific product that you might want to buy, compare them, and pick up one among them based on your requirement and repayment capacity
Privacy: Your privacy remains intact at BankBazaar. It does not reveal your personal and financial information to anybody. There is no third party involved in this process and your application directly goes to your select lender. Also, the company maintains complete transparency in the whole process.
Get online updates: You can get updates on your personal loan application online. BankBazaar will keep you updated with SMS or Emails.
Enjoy a hassle-free banking experience: With BankBazaar, you can be assured of a hassle-free banking experience. Here, you don’t have to do any paperwork to apply for any products, be it a personal loan or a home loan. Also, you don’t have to visit SBH personally to get your loan application approved. Everything will be taken care of by the proactive team of BankBazaar
The process for applying for loans offered at BankBazaar is indeed very simple and instant. In fact, it is a matter of few clicks on the website. So, instead of visiting a bank physically, you can come directly to BankBazaar and apply online. The following steps will help you to better understand the process:
BankBazaar sends your application directly to the lender. Hence, there is hardly any delay involved in this process. Besides, it sends the application to your nearest branch so that it becomes easier for the bank people to contact you soon.
BankBazaar has an easy tool for calculating Personal Loan EMIs which provides you accurate information about your monthly EMIs. You can know your EMI amount instantly by putting the following information in the tool:
Once you fill the above details, the EMI calculator will immediately display your EMI accountability for the personal loan. Knowing your monthly EMIs is important as it may help you to plan your budget as well as set your future financial goals.
A personal loan can be useful when you are running short of money or you dont any savings in your account to fulfill your needs. You can accomplish a lot of works such as home repairing, childrens education, and vacation planning etc. with help of a personal loan.
SBH offers personal loan up to Rs. 5 lakhs and in some cases, above Rs.5 lakhs subject to your eligibility and repayment capacity.
No, SBH doesnt charge pre-payment fees for its personal loans.
Yes, you need to provide security to obtain an SBH personal loan.
If you do not get the desired information online, the status of the loan can be learnt by contacting the bank.
You download it from the SBH website or collect it from the bank-branch.
Yes, you can get your SBH personal loan statement online from SBH website.
Yes, SBH charges an amount of 1% for SBH Personal Unsecured loan and Rs. 500 for SBH Prashanti Scheme.
Applicants who wish to avail of a personal loan from State Bank of Hyderabad can visit their nearest local branch and fill up the loan application. The completed loan application will then have to be submitted to the bank along with relevant documents such as identity proof, address proof and proof of income.
State Bank of Hyderabad offers personal loans to applicants from the following two categories:
Applicants will have to fulfill the following eligibility criteria in order to apply for a personal loan from State Bank of Hyderabad:
Applicants are required to provide the following documents while applying for a State Bank of Hyderabad personal loan:
Applicants can avail of personal loans of up to Rs 7.5 lakhs. Customers applying for the first time, however, are only eligible for a maximum of Rs 5 lakhs.
State Bank of Hyderabad offers applicants personal loans with a tenure of 12 - 36 months. All repayments are required to begin one year after the disbursal of the loan, and completed within 3 years.
State Bank of Hyderabad (SBH) offers interest rates ranging from 15.7% to 16.20% on personal loans depending on the applicants credit score.
State Bank of Hyderabad charges a processing fee of 1% of the advance loan amount, which will be deducted at the time of disbursal of the loan. This is subject to a minimum of Rs 1,000
You can repay the loan through the Check off Facility. Should this facility be unavailable, repayments can be made through Equated Monthly Installments (EMIs).
There are no prepayment charges levied should you decide to pay off the loan earlier than expected.
State Bank of Hyderabad provides customers with the facility of an EMI Calculator, which can be used to calculate the Equated Monthly Installments (EMIs) required to make repayments towards the loan. The EMI Calculator can be access by visiting the official website of the State Bank of Hyderabad and accessing the ˜online services section. The EMI calculator calculates installments based on the amount of loan availed, the rate of interest and the duration of the loan.
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