Both salaried and self-employed individuals will enjoy SBI personal loans. The SBI personal loan is unsecured, meaning that no collateral is needed for this loan to be used. It is versatile in nature. So, what are you waiting for? Use the SBI personal loan to fulfill your monetary needs. We will highlight the reasons in this post to make you aware that why you should choose SBI personal loans
SBI Personal Loan Schemes
Xpress Credit Personal Loan
Those who hold a salary account with SBI Bank will benefit from the SBI Xpress Credit Personal Loan.
- A borrower may obtain a minimum amount of Rs. 25, 000 and a maximum of Rs. 20 lakhs for the loan.
- Low transaction fees are charged.
- SBI personal loan interest rate is pocket-friendly.
- For the SBI Xpress Credit Personal Loan, no protection or guarantor is needed.
SBI Quick Personal Loan
Those who do not maintain their salary accounts with SBI can avail themselves with this SBI loan scheme. few characteristics of SBI Quick loan are as follows
- The minimum loan amount of Rs. 25,000 and a maximum of Rs. 15 lakhs/ 24 times NMI can be obtained by a borrower (Net Monthly Income).
- Minimal documentation is involved in SBI Quick personal loan.
- The loan repayment can be achieved by NACH/SI under this loan scheme.
- There is no compulsion under this loan scheme to maintain a salary account at SBI Bank.
SBI Pension loan
The SBI Pension Loan is intended to concentrate on the needs of Central or State Governments or Security or Family Pensioners’ pensioners.
- Fast and hassle-free processing of loans.
- The SBI Pension Loan requires restricted documentation.
- No hidden costs.
- Low transaction fees.
SBI provides online personal loan applications to promote hassle-free lending to borrowers, from which the following advantages can be achieved:
This is probably the main reason why people have begun to lean towards the processing of online loans. Whilst sitting at home, you can apply for a personal loan. you can do so Whether through a lender’s website or a mobile app, automated loan processing helps to save time and reduce a lot of effort. The application process at Afinoz.com, for instance, is digital.
Quick Options for Repayment
Repayments for the balance of the loan were done by cheques earlier, but can now be done electronically. Every move can be done online, starting from filling out the online application form to document uploads to get the loan approval.
Since the entire personal loan application process is done online, you have the luxury of uploading the necessary documents. It saves precious time, and so does paper.
SBI Personal Loan Eligibility
Eligibility for SBI personal loans varies depending on several factors, such as the loan scheme used, etc. You can easily check your eligibility with SBI personal loan eligibility calculator. Below is the common one:
Xpress Credit Personal loan
- The minimal monthly income of the creditor should be Rs. 15,000.
- EMI/NMI ratio of a borrower should not be more than 50 percent.
- To maintain a salary account with SBI, the borrower is required.
An employee of any of the following organizations should be the applicant:
- Federal and state governments
- Central and state PSUs
- Educational institutions with a global reputation for education
SBI Quick Personal Loan
- No need to have an SBI salary account.
- The minimal gross monthly income of the borrower should be Rs.50,000.
- For this loan, applicants who are employed by the following organizations may apply:
- Government of the federal or state.
- Defense facilities.
- Educational organizations that have a national reputation.
SBI Pension Loan
- The age of the creditor should not be over 76 years old.
- To make use of this loan scheme provided by SBI, a borrower should be a central or state government pensioner, security pensioner, or family pensioner.
- Paramilitary Police, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles are among the armed force pensioners. There should be a pension account with SBI.
- The SBI family pension scheme may be obtained by an approved member.
Required SBI Personal Loan Documents
The document requirement varies depending on many factors. Below is the list of generic documents that must be submitted by an applicant if the SBI Personal Loans are to be used:
- Application form, duly signed and completed
- Identity Proof
- Proof of residency
- A cheque for the processing fee
- Bank accounts for the past 3 months
- A creditor must request a wage slip
- Income certificate for salaried borrowers with the new Form-16
- Statements of the profit and loss record, the balance sheet for self-employed professionals.
- The past three years
Tips for having a low SBI Personal Loan interest rate on personal loans
- Holding a decent credit score
- Settlement of all prior borrowings
- Residential or commercial profits for rent
- Pay the credit card bills duly
- Good Pay Variable
In the end, it is important to note that other costs, such as processing charges, foreclosure charges, bounce charges, etc., are also involved in addition to the interest rate. Before applying for it, thoroughly examine all of the factors and associated costs of the personal loan.