Know About SBI Personal Loan

Know About SBI Personal Loan

Ashish
1 September 2022

SBI is regarded as one of the country’s most renowned and largest public sector banks. Moreover, it serves more than 45 crore people internationally. The bank offers many products to its customers to help them meet their financial goals. SBI personal loan is one of the most sought-after financial assistance offered by the bank to its salaried, self-employed, or pensioner account holders.

 

There are multiple personal loans offered by SBI which have different features. To complete the loan application process, you must be aware of the eligibility criteria, document requirements, steps of the personal loan application, and the SBI personal loan interest rate.

 

Different SBI Personal Loan Schemes

The State Bank of India offers the following personal loans to meet the urgent monetary requirements of different customer segments:

  • Pre Approved Personal Loan

Existing customers of SBI get the benefit of this loan. It requires an SBI account holder to have excellent loan repayment history. 

  • Pension Loan

SBI personal loans for central and state government pensioners provide financial aid for multiple reasons like child marriage, buying a home, etc., at a very low processing charge. 

  • Xpress Credit Personal Loan

For this financial loan, borrowers need to have a salary account at SBI. The loan under this plan amount goes up to ₹ 20 lakhs.

  • Kavach Personal Loan

This special SBI personal loan is offered for the COVID-19 treatment of borrowers or their family members. The maximum loan amount under this scheme is ₹ 20 lakhs for people with a minimum ₹ 15,000 monthly salary.

  • Xpress Bandhan Loan

This loan is designed for people with no SBI salary account. Through this scheme, borrowers get an overdraft facility or term loan for a maximum loan repayment duration of 60 months.

  • QUICK Personal Loan

This SBI personal loan is designed for non-salary account holders. People aged between 21 to 58 years are eligible to get a loan amount of up to ₹ 20 lakhs.

 

SBI personal Loan Key Features

SBI offers personal loans for almost all its account holders. The important features of these loans are:

  • Principal amount: SBI personal loan amount starts from ₹ 25,000 and goes to a maximum limit of ₹ 20 lakhs. However, for overdrafts, the minimum loan amount is ₹ 5 lakhs which goes up to ₹ 20 lakhs.
  • SBI personal loan interest rate: The low-interest rate is one of the major reasons for SBI personal loan popularity. The minimum SBI personal loan interest rate is 10.3% p.a., while the maximum is 15.65%.
  • Loan tenure: Although the tenure for each loan is different, the average maximum repayment duration is 72 months.

 

Necessary Documents for SBI Personal Loan

Before you start the application process for the personal loan at SBI, you need to have the following document handy:

 

  • Properly filled out application form.
  • Residential proof: These include passport, a tax receipt of property, xerox of electricity or telephone bill, and voter card   
  • Identity proof: Here, you need a photocopy of DL, Aadhaar, voter ID, passport, or PAN.
  • Income proof: The legit income proof documents accepted by SBI are ITR proof, bank statement for salary credit, income slip, photocopy of employee identity card, and account statement for self-employed.

 

Conclusion 

SBI personal loan is designed for every individual who has an account at the bank. You can choose any of the loans mentioned above according to your needs and eligibility. In addition, you can apply for the loan through online and offline processes. For offline application, you need to contact your home branch and submit the duly filled loan application form with the photocopies of all the supporting documents.

 

On the other hand, for online applications, you can visit the official website or the YONO app to enter all the details in the application form and upload digital copies of documents for verification purposes.

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