Do you require a personal loan in order to satisfy your requirements? SBI Personal loans can be used to cover a wide range of unexpected expenses! You and your family can use them to plan a vacation, a house remodel, or a dream wedding. You don’t have to wait any longer to cross items off your bucket list. SBI personal loan offer up to Rs. 20,00,000 with low documentation and speedy approval. Existing SBI Bank customers can also get pre-approved offers via the SBI YONO app, which enables for quick loan acceptance. You can also transfer your existing high-interest Personal Loan to SBI Bank.
Benefits of SBI Personal Loans
- SBI personal loan offers some of the lowest personal loan interest rates in the industry, making it a customer-friendly company.
- The interest rate for SBI personal loans is computed on a daily continuous account basis, ensuring that customers get the most out of their loans.
- SBI is one of the few banks that occasionally offers reduced personal loan rates, such as around Diwali, as well as better discounts to government officials, healthcare workers, and other professions.
- Processing fees are quite low. It costs 1% of the loan amount plus any applicable service tax.
- There is very little documentation available.
- There are no additional fees or hidden costs.
- If the bank is confident in your ability to repay, there is no need for collateral.
- There are no penalties for early repayment or foreclosure.
How to apply for a SBI Personal loan?
Getting a SBI personal loan is an easy procedure. You just need to fill up the application form online or by visiting the nearby branch. Also, you need to submit a few of the documents as asked by the bank. After that, the bank will review your credit score and verify the documents given. If the bank finds that you are good behavior with your credits then the SBI personal loan interest rate will be low. The repayment is done through the installment at the annual rate of interest given by the bank, for the tenure you applied for at the time of borrowing the loan. One can use the SBI personal loan EMI calculator to get a clear idea of how much amount will you give as an EMI to the bank.
Rates and Features of SBI Personal Loans
| Interest Rate of SBI personal loan | 9.60% onwards |
| Minimum salary required to avail the loan | 15000 INR per month |
| Loan Tenure | Upto 6 years |
| Loan Amount (min & max) | 25000 to 20 Lakhs |
| Loan Prepayment charges | 3% on prepaid amount |
| Loan Processing charges | 1.50% of loan amount |
| Eligible min. and max. age | 21-58 years |
The Bottom Line
SBI Personal loans are easy to avail and facilitates speedy approval with minimum documentation. If you are completely eligible for the SBI Personal loan according to the eligibility criteria set by the bank, then you can avail the loan in as minimum as 24 hours. If you are an existing customer of the bank, you can apply through net banking, logging into the official website of the bank, or by using the SBI YONO application that can provide you with the pre approved offers. Existing customers can get the loan instantly, depending upon their relationship with the bank. You can also use the SBI personal loan calculator to pre-calculate and know your EMIs on a prior basis for better planning and budgeting.
Read Also: Minimum CIBIL Score Required To Apply For a Home Loan
