State Bank of Patiala is an associate bank of State Bank of India. State Bank of Patiala, originally named Patiala State Bank, and currently an associate bank of the State Bank of India, was founded on 17 November 1917 and the functions of the bank included the normal functions of commercial banks, as also some functions similar to functions of a central bank for the princely state of Patiala.State Bank of Patiala provide you personal loan upto 10 Lacs for meeting various needs.To know more, follow some simple steps given below to get best interest rates.
|Interest Rate||11.95% to 13.95%|
|Processing Fees||1.01% of loan amount|
|Loan Tenure||60 months|
State Bank of Patiala was founded in the year 1917, by Late His Highness Bhupinder Singh, the then Maharaja of Patiala state. The bank, owned by the state, was established with the intentions to bring growth and development in the fields of agriculture, industry and trade in the region. At the moment, the bank is being controlled by Reserve Bank of India and is recognised as a subsidiary of State Bank of India in the year 1960.
Currently, the bank boasts of networking in all its branches with the aid of Core Banking Solutions as of 2005 and became India's first fully networked Public Sector Bank of the nation. State Bank of Patiala Personal Loans is a simple way to fulfil an individual's financial requirements. From gratifying desires of a dream vacation abroad to buying a electronic gadget at home for convenience, State Bank of Patiala Personal Loans help make things happen, without worrying about cash.
State Bank of Patiala personal loan, makes borrowing money for an individual's or family's need a cake-walk. With floating interest rates, flexible payment tenures of up to 5 years and with a flexible loan amount of upto Rs 10 lakhs. SBP's personal loan schemes are easy to apply for and worry-free with several advantages to make some of your life's small dreams come true such as buying a music system or gifting that piece of jewellery, that you have noticed your wife staring, at the mall.
Enticing Rate of Interest: State Bank of Patiala offers reasonably competitive and attractive interest rates for personal loans. The financial institution also offers a flexible loan tenure of up to 60 months to pay the loan amount so that an individual does not have to think twice before borrowing. SBP personal loans interest rates, range from 3% above base rate (current base rate - 9.95% and applicable rate - 12.95% for Check off Facility. For other categories,an interest rate is charged at 5% above base rate (current base rate - 9.95% and applicable rate 14.95%)
Flexible Personal Loan Amount: Individuals can take a loan of up to Rs.10 lakhs while the lowest loan amount that can be availed is only Rs. 1 lakh making it convenient for customers to choose their desirable loan amount based on their personal financial needs.
Floating Interest Rates: Though SBP does not offer fixed interest rates for its personal loans, it is good to know that in the long-run floating interest rates allow more savings and cheaper rates as compared to fixed rates.
Easy Access to Interest Rate Changes: State Bank of Patiala makes it convenient for customers to take personal loans and access inormation in changes of rate of interest online, at https://www.sbp.co.in/
State Bank of Patiala personal loans offer the freedom of a worry-free personal financial solution without any hassles. Whether it is a new LED television or a roof-top renovation that needs to be done, the SBP personal loan has simplicity and flexibility as it leading features. Read on to know more:
Floating and Competitive Interest Rates: Interest rates for State Bank of Patiala Personal Loans are reasonable and affordable. The floating interest rates offered by the bank allows its customers to enjoy saving, as compared to fixed interest rates.
Flexible Tenure: A borrower can choose up to 60 months for repayment of the loan amount.
Flexible Loan Amount: An individual can take a loan of Rs. 1 lakh up to Rs. 10 lakhs, allowing flexibility in choosing loan amount.
Eligibility for Personal Loan Application: Here are a few parameters that are required to be eligible for availing personal loan from :
Documents Required: To avail a personal loan from State Bank of Patiala, you would require the following documents:
State Bank of Patiala personal loans generally come with floating interest rates, with two benchmarks determining the interest applicable. A MCLR benchmark applies for consumers who availed loans after April 1, 2016, while other borrowers can choose between their existing base rate benchmark and MCLR.
Following a RBI directive, SBP introduced an MCLR based benchmark, with these rates changing according to a number of financial factors like operating costs, repo rate, CRR, etc. The current benchmark rate for 1 year at SBP is 9.50% per annum, with this rate subject to change.
The interest payable by a borrower depends on whether he/she has a check-off facility with the bank. The table below highlights the interest based on MCLR.
|Check-off facility implemented||MCLR + 3% = 9.50 + 3 = 12.50%|
|No check-off facility||MCLR + 5% = 9.50 + 5 = 14.50%|
|Base Rate||9.65% per annum, effective 05/10/2015|
|Prime Lending Rate||15% per annum, effective 05/10/2015|
Individuals who availed a loan before MCLR benchmarks were introduced can choose to continue with their existing payment option or move to the new platform. Those who continue with the old system will pay an interest determined on the basis of the base rate, with SBP typically adding certain percentage points over and above the BR. A number of factors go into determining the final interest payable, with SBP having the sole discretion to modify them on a case to case basis.
Note: Interest rates mentioned above are subject to change without prior intimation and borrowers should check applicable rates before applying for a loan. These rates are applicable as of June 2016 and SBP has the right to modify them at its sole discretion.
In order to apply for a personal loan with State Bank of Patiala has certain eligibility criteria set to ensure that the individual may be able to afford the repayment of the loaned amount. Here are the basic eligibility criterias set by the bank
|Job Segment||Any salaried or self-employed customer of the bank is eligible to apply|
|Age||Individual should be more than 21 years and less than 60 years of age|
|Maximum Loan Amount||A loan of Rs. 10 lakhs can be taken by an individual|
|Job Continuity||The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed|
It takes only a few mouse-clicks to Calculate your Personal Loan EMI. The online EMI calculator tool hosted at BankBazaar.com website will help you to figure out the exact monthly re-payment amount neccessary to pay off your State Bank of Patiaiala personal loan amount with interest. Simply enter the loan amount, tenure and rate of interest as input and calculate the monthly EMI.
This tool also helps you to manage your monthly finances better. You can also check whether you can avail the loan and afford paying back the amount considering your monthly expenses.
At the same time, you can adjust the tenure or loan amount to get a more convenient EMI amount.
State Bank of Patiala 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 Patiala personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a State Bank of Patiala 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 Patiala offers Personal Loans as high as Rs. 10 Lakhs for successful applicants depending on their financial record and repayment history.
State Bank of Patiala offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
Depending on the repayment capacity and the requirement of the borrower, the State Bank of Patiala offers loans with tenures that range between 12 months up to 60 months.
Yes, a processing fee will be charged and the amount of this fee will be 1.01% of the loan amount.
To initiate the loan process, the applicant will have to submit the following documents:
State Bank of Patiala’s personal loans follow a floating interest rate system. The current interest rate is Base Rate + (3.00% to 5.00%). The base rate is 9.65%.
Loans from SBP range between Rs.1,00,000 to Rs.10,00,000, depending on the eligibility and repayment capacity of the applicant.
Only applicants above the age of 21, and below the age of 60 can apply for these loans.
Penal interest is charged at 1% p.a. in addition to the existing interest rate that applies on your loan. The penal interest is charged for the period of default.
Yes, there is a penalty of Rs.281.00 per bounced cheque.
Yes, the Electronic Clearing Facility can be activated on your loan for repayments to quicker and more efficient.
Banks and lenders generally take the following information into consideration to determine repayment capacity of applicants:
*Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of February, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.
*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 Patiala. For further information about any of the products mentioned above please contact State Bank of Patiala.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.