SBI Personal Loans help you in marriage, medical treatment, education, foreign travel or any other general purpose except for any speculative activities.
Eligibility for SBI Personal Loans:
If you are a Salaried person or a pensioner of central/state government/armed forces or self employed businessmen or a professional with a regular source of income, then SBI Personal Loans are meant for you.
Lets say you are an employee of any of these entities. And, your salary account is with SBI. Then, you are lucky enough to get Personal Loan at zero margin. And, that too at very competitive interest rates with fast and easy processing:
- Central and state Government
- Central PSUs
- Profit making State PSUs
- Educational Institutions of National Repute
- Selected Corporates
Advantages of SBI Personal Loans:
Furthermore, you can avail the following advantages:
- Interest rate is low and its on a daily reducing balance
- Processing charges are very low
- Security is not required unlike other banks. Documentation is minimal. Really??? PSU Bank, Personal Loan and no Security that too with lesser documentation, Unbelievable !!!
Also Read: Central Bank Corporate Personal Loan
May Also Read : HDFC Personal Loan
Income Criteria for loan eligibility:
- Your minimum Net Monthly Income, NMI should be Rs.7500/-
- And, your EMI/NMI Ratio should not exceed 50.
Eligible Loan Amount:
SBI offers you two types of Personal Loan Account- one is Term Loan Account and another is Overdarft Account.
(i) Term Loan: Minimum loan which you can get under term loan account is Rs.24,000/- and maximum 24 times of your NMI subject to maximum of Rs 15.00 lacs.
(ii) Overdraft: You can get a Personal Laon Overdraft(OD) account of minimum Rs.10.00 lacs and maximum 24 times of your NMI subject to maximum of Rs 15.00 lacs.
Note : Every month, you will have reduced DP (Drawing Power) from your OD by your EMI amount. So that DP becomes NIL in 60 months and your loan repayment gets over automatically.
Note: Maximum loan amount for is capped at 12 months Gross Salary both under Term Loan and Overdraft facility.
You get a Minimum of 6 months for repayment of your personal loan. And, upto a maximum 60 months or residual service period whichever is less.
Margin : Nil
Security : Nil
Third Party Guarantee : Nil
1% of the Loan Amount and applicable Service Tax
- Penal interest will not be charged for loans up to Rs.25,000.00
- For Loans above Rs.25000/-, if you irregularity in repaying EMI or installment amount for a period of more than one month, then you will have to pay penal interest @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default.
Please contact bank for actual pre-payment charges applicable.