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    State Bank of Patiala Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.2% - 14.2% Fixed
    1.01% One time fee
    1 L - 10L
    1-5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    State Bank of Patiala Personal Loan is Rated as "Blown Away!" by 3 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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.


    You’re probably eligible for an State Bank of Patiala Personal Loan if you are

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    State Bank of Patiala Personal Loan Minimum Age

    At least 21 years old

    State Bank of Patiala Personal Loan Maximum Age

    Less than 60 years old

    State Bank of Patiala Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    State Bank of Patiala Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your State Bank of Patiala Personal Loan amount eligibility is based on these factors

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    State Bank of Patiala Personal Loan Minimum Salary

    Salaried with Regular Income

    State Bank of Patiala Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 10L

    State Bank of Patiala Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible State Bank of Patiala Personal Loan amount by these steps

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    02
    State Bank of Patiala Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your Credit Card bills

    “State

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an State Bank of Patiala Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    State Bank of Patiala Personal Loan Interest RatesUpdated on 05 Dec 2016

    State Bank of Patiala Personal Loan Details
    Interest Rate 12.20% to 14.20%
    Processing Fees 1.01% of loan amount
    Loan Tenure 60 months

    About State Bank of Patiala Personal Loan

    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.

    Why Choose State Bank of Patiala Loan?

    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 :

    • He/she should be at least 21 years of age at least, but less than 60 years.
    • The individual should be an existing customer of the State Bank of Patiala.
    • The individual applying for the loan should be an Indian resident.
    • The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed.
    • He/she should meet the income bracket requirements assigned by the bank.

    Documents Required: To avail a personal loan from State Bank of Patiala, you would require the following documents:

    • Filled and signed application form, along with photograph
    • Copy of ID and address proof: passport/voter ID card/driving license
    • Processing fee cheque
    • Bank statement for the last 3 months or 6 months record on passbook
    • Documentation for salaried individuals:
      • Latest salary slips
      • Current dated salary certificate with the latest Form 16
    • Documentation for self-employed individuals:
      • Latest bank statement
      • Latest ITR or Form 16

    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.

    State Bank of Patiala Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    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.

    Personal loan interest rates (MCLR)

    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.

    Parameter Interest Rate
    Check-off facility implemented MCLR + 3% = 9.50 + 3 = 12.50%
    No check-off facility MCLR + 5% = 9.50 + 5 = 14.50%

    State Bank of Patiala Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.65% per annum, effective 05/10/2015
    Prime Lending Rate 15% per annum, effective 05/10/2015

    State Bank of Patiala personal loan interest rate (Base Rate)

    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 ContinuityThe 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.

    • Am I eligible for State Bank of Patiala personal loan?
    • 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.

    • How do I repay 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.

    • What is the maximum loan one can get from State Bank of Patiala?
    • State Bank of Patiala offers Personal Loans as high as Rs. 10 Lakhs for successful applicants depending on their financial record and repayment history.

    • What is the tenure for State Bank of Patiala personal loan?
    • 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.

    • What are the tenure options available with personal loans from State Bank of Patiala?

      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.

    • Are there any processing fees charged when taking an SBP personal loan?

      Yes, a processing fee will be charged and the amount of this fee will be 1.01% of the loan amount.

    • What are the documents required to be submitted to State Bank of Patiala for a personal loan?

      To initiate the loan process, the applicant will have to submit the following documents:

      1. Duly filled out and signed application form.
      2. ID Proof: a copy of any official document with a photograph that verifies the applicant’s identity. Eg: passport, diving license, voter’s ID card, etc.
      3. One processing fee cheque.
      4. (For salaried individuals) Latest salary slip.
      5. (For salaried individuals) Present dated salary certificate.
      6. (For salaried individuals and self-employed individuals) Form 16.
      7. (For self-employed individuals) Latest bank statements.
      8. (For self-employed individuals) Latest ITR.
    • What are the interest rates for State Bank of Patiala (SBP) Personal loans?

      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%.

    • What is the range of the quantum of loans that can be disbursed?

      Loans from SBP range between Rs.1,00,000 to Rs.10,00,000, depending on the eligibility and repayment capacity of the applicant.

    • What are the age limits for personal loans from SBP?

      Only applicants above the age of 21, and below the age of 60 can apply for these loans.

    • Is there a late payment penalty for irregular EMI repayment?

      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.

    • Are there any penalties charged for bounced cheque?

      Yes, there is a penalty of Rs.281.00 per bounced cheque.

    • Can the ECS facility be enabled to enable quicker EMI payments?

      Yes, the Electronic Clearing Facility can be activated on your loan for repayments to quicker and more efficient.

    • What are the factors that affect my personal loan eligibility?

      Banks and lenders generally take the following information into consideration to determine repayment capacity of applicants:

      • CIBIL score.
      • Number of existing EMIs on active loans.
      • Credit card debt outstanding.
      • Income vs disposable income.
      • Historical behaviour with debt.
    • *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.

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