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State Bank of India (SBI) Personal Loan

In our day-to-day life, even on special occasions and situation of emergency we require a good amount of funds to meet our financial needs and liabilities. We generally spend money on vacation, education, to purchase property or any vehicle, on marriage and medical emergency as well. There are situations when we required to arrange hefty amount within shorter duration. To meet the financial needs in such situations without any stress personal loans play a vital role.

State Bank of India, one of the biggest lenders in the country, offers a range of personal loan schemes to help you out in times of distress. State Bank of India offers personal loans under four categories – Saral Loan, Xpress Credit Personal Loan and Festive/Advantage Loan.

SBI Personal loan details:

Interest rates 12.60% - 15.10%
Processing fees 1.01% of the loan amount 
Prepayment charges Nil
Repayment options Upto 4 years
Maximum loan amount Rs.10 Lakh
Loan approval time 10 Minutes

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Loan Amount
Employment Status

Interest Rates on SBI Personal loans: Updated as on 03 May 2016

• Xpress Credit - 12.60% - 15.10% p.a.
• SBI Pension Loans - 13.10% p.a.
• Jai Jawan Pension Loan - 13.95% p.a.
• SBI Saral Personal Loan - 17.70% p.a.
• Festival Loan Scheme - 15.95% p.a.
• Clean Overdraft - 16.70% p.a.
• Bhagya Rekha Loan - 11.20% p.a.

Festive Offer : Get gifts upto Rs 18,490 on disbursal.
Refer to T&C - www.deal4loans.com/personal-loan-offers.php

Salaried (Salaried Class)
Eligibility Loan Amount Documents Required
Resident of India
  • Rs 2.5 lakh in non-metro areas
  • Rs 5 lakh in metros
  • Upto Rs 10 lakh where applicant has an account with SBI.
  • Minimum income should be Rs 24,000 in metro and urban centres and Rs 10,000 in rural/semi-urban centres
  • Maximum Loan Amount:12 times of net monthly income (salaried and pensioners) upto Rs 10 lakh
  • Passport size photograph
  • Proof of official address (self-employed and professionals). The documents can be shop/establishment certificate, lease deed or telephone bill
  • Latest salary slip and Form 16 (salaried persons)

• Maximum loan repayment tenure is 48 months (4 years)
• Processing fee is 2.02%-3.03% of loan amount.
• No prepayment charges
• You can increase your loan eligibility by making your spouse a co-borrower.

EMI Calculation Per Lac for SBI Personal Loans as per Loan Tenure Period
oan Amount Repayment Time Interest Rate EMI Per Month
Rs.1,00,000 1 Year 12.60% - 17.70% Rs.8913 - Rs.9154
Rs.1,00,000 2 Years 12.60% - 17.70% Rs.4735 - Rs.4978
Rs.1,00,000 3 Years 12.60% - 17.70% Rs.3350 - Rs.3600
Rs.1,00,000 4 Years 12.60% - 17.70% Rs.2663 - Rs.2922
Rs.1,00,000 5 Years 12.60% - 17.70% Rs.2255 - Rs.2523
Rs.1,00,000 6 Years 12.60% - 17.70% Rs.1986 - Rs.2264
Rs.1,00,000 7 Years 12.60% - 17.70% Rs.1798 - Rs.2084

Now you have to just multiply your loan amount with EMI per Month

Example – If you opting 3.5 Lakh Loan amount for 3 years at Interest rate of 17.70%, So your EMI calculation will be 3.5 x Rs.3600 = Rs.12600.00

SBI Saral Personal Loan

Saral personal loan is available for those working in corporate sector, self-employed, engineers, doctors, architects, chartered accountants, MBA with two years of employment.

Eligibility for SBI Saral Personal Loan:
You are eligible for SBI Saral Personal Loan if you are salaried and working with any leading corporate house, self-employed, engineer, doctor, architect, chartered accountant, MBA with minimum 2 years experience.

bimadeals
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Credit Card
Yes   No
Bima
Minimum Loan amount available under Saral Personal Loan:
Rs.24,000/- in metro and urban centres
Rs.10,000/- in rural/semi-urban centres

SBI offers loan upto 12 times of net monthly income for salaried class individuals and pensioners. The maximum limit for personal loan is Rs10 lakh.

Security - NIL
Processing Fees - SBI charges 2.02% - 3.03% of loan amount as processing fee.
Part payment charges - There are no part-payment charges
Minimum EMI per lakh is Rs. 2,523 for 5 years.
Interest Rates - 17.70%

SBI Pension Loan

Those central or state government pensioners whose pension comes in the State Bank of India are eligible for SBI Pension Loan. The applicant should be below 76 years of age.

Features & Benefits:
• Low processing fee, no hidden charge, no pre-payment charges
• Family pensioner (spouse authorised to receive pension after pensioner's death) can avail loan but the applicant should not be more than 76 years.
• Maximum 50% amount of pension is considered for availing loan.
• SBI charges processing fee of 0.51% of the loan amount (minimum Rs 250). Processing fee is not charged from SBI pensioners.
• Interest rate: 13.10%

How much loan can I get?

Maximum loan amount:

For Family Pensioners: Minimum amont Rs.25,000/
Maximum loan amount -
1. Rs.5 lakh for Pensioners who are upto 72 years of age
2. Rs.4.5 Lakh for Pensioners
3. Rs.2.5 Lakh for Pensioners
(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)

Processing Fees: 0.51% of the Loan Amount (including Service Tax) subject to Minimum of Rs. 250/- (Processing Fee is not applicable for SBI Pensioners)

Interest Rates on SBI Pension Loan - 13.10% p.a.

About State Bank of India

SBI is the largest lender in the country and has its headquarters in Mumbai, Maharashtra. The majority is owned by the Government of India. Consolidated report says that SBI had a total income of Rs 2,57,289.51 crore as on March 31, 2015. SBI has total assets of over Rs 25,29,394 crore.
There are as many as 16,995 branches of SBI in India, including 190 in other countries. State Bank has an agreement with GE for its credit card services. It is the only bank in the country to figure in the Forbes list of 500. SBI holds a major market share in the fields of personal loan (20%), home loan (25.5%) and car loan (26%).
Riding high on its extensive reach, SBI is the most searched and preferred bank in India and is accessible from almost every part of the country

Other Products of State Bank of India:

SBI Home Loan
SBI Credit Card
SBI Car Loan
SBI Business Loan
SBI Property Loan
SBI Two Wheeler Loan
SBI Education Loan

State Bank of India-
Head Office:

State Bank of India,
State Bank Bhawna, 8th Floor,
Madame Cama Road,
Mumbai-400021
Telephone No. 22029456 or 22029451, Fax no. 22885369.

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