State Bank of India Personal loan is up to Rs. 15 lakhs for salaried and self-employed individuals. The lowest EMI for Rs. 1 lakh is Rs. 1,880. The bank has different loan schemes to fund and meet urgent requirements of borrowers. The loan is unsecured and multipurpose. The bank assures quick and easy approval, superior customer service, special schemes and discounts for the employees of large companies, transparent policies, and other benefits.
Here are some of the features of personal loans SBI:
Rate of interest depends upon your income, credit profile, CIBIL score, loan amount, employment stability, employer company categorization, and other factors. Along with the standard
personal loan product, SBI offers customized loans to borrowers from different categories.
Here is the rate of interest tabulated for different SBI personal loan products:
Here is a synopsis of SBI personal loan charges:
Here is a representation of the total cost of a personal loan SBI:
You can expect the best rate on personal loan from the bank subjected to an assessment of your income, existing EMIs, loan amount, tenure, and other factors. Below-given are some of the conditions that help SBI to determine the rate to apply on the loan:
State Bank of India offers customized personal loans for specific customer segments. These financial products are designed to meet the needs of particular borrowers. Features of these products are given below:
This loan is available for salaried and self-employed individuals for personal expenses such as medical treatment, wedding, foreign or domestic travel, etc. The salaried individuals should be working in a reputed corporate house. The self-employed individuals include architects, doctors, engineers, MBA-degree holders, and Chartered Accountants. They should have a minimum work experience of 2 years to apply for the SBI Saral loan.
This is a special loan for the employees of Central PSUs, Quasi government, state and central government, Educational National Institute, profit making state PSUs, and a few companies. The personal loan helps them to fulfil cash requirements for a family vacation or medical emergency.
SBI festival loan is specially catered during the festival season. The funds can be taken to meet any personal requirement. The borrower’s income and repayment capacity are considered to decide the eligible loan amount. Age of the applicant should be between 21 years and 58 years.
State Bank pension loan is for government pensioners to fulfil urgent financial needs for travel, medical expense, or a family obligation. The funds are available for personal expenses of all the government pensioners who get their pension credited to SBI bank account. So, pensioners who work for Defense, State, or Central government and withdraw pension from SBI can apply for the personal loan against pension.
This type of loan is available for young para-military and defence forces pensioners. The funds can be taken for personal expenses such as travel, medical treatment, wedding, etc. This loan is available for the mentioned individuals who get pension in their SBI account.
Here are the FAQs on State Bank of India personal loan interest rate and scheme:
Firstly, check the eligibility criteria for SBI personal loan, including the offered rate of interest. If you meet the criteria in terms to income, age, and credit score, you can expect the best rate for the loan. The greater is your repayment capacity, more flexible are the terms for the loan.
If you have ongoing loans, try to close them soon. This will leave you with a higher disposable income. With this disposable income, you can easily manage the EMIs, and repay the loan sooner. You can also adjust the tenure of the loan to make the EMIs affordable.
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