State Bank of India features personal loans for self-employed individuals and salaried class both, to cater to their sudden unforeseen financial needs. The bank does not ask for any security for sanctioning personal loan. State Bank of India (SBI) is a government-owned bank and its the largest bank in India . State Bank of India (SBI) has a range of Personal Loan products, keeping in mind various segments of borrowers. SBI has 4 types of Personal Loans :Xpress Credit Personal Loan, SBI Saral Loan, SBI Festival Loans, Personal Loans to pensioners. By providing a few details about yourself, you can check your eligibility for personal loan in seconds.
The State Bank of India is the largest public sector banks in India, with a nationwide network. SBI offers personal loans for both salaried and self-employed individuals to meet various needs. SBI personal loans don't require any security, collateral or guarantor. Personal loans availed can be used for marriage expenses, holiday travel, medical issues, educational purposes or other miscellaneous expenses.
State Bank of India personal loans comes with Low processing fee, nil prepayment penalties and no hidden charges .
SBI personal loans can be taken for up to 12 times the net monthly income for salaried individuals and pensioners. Though this is subjected to a ceiling of ₹10 Lakhs and a repayment tenure of 48 months. SBI has initiated a fast-turnarond system for quickly approving the Personal Loans.
The process for taking a personal loan from SBI is very simple and quick. The documentation process is minimal and self-explanatory.
You will not be required to make arrangements for any collateral or guarantor or security to get a personal loan from SBI. A collateral or security refers to an asset which is given to the lender or bank before the loan is issued. It serves as a security where if the borrower misses the repayment deadlines several times, then the bank has the authority to seize the asset's ownership from the borrower and sell it to someone else. This is done to recover the costs of the unpaid loan.
A guarantor is an individual who promises to repay the remaining loan amount when the borrower misses repayment deadlines due to any reason. When you go for any of the personal loan schemes offered by SBI, you need not worry about getting any guarantor.
The bank sanctions a loan without a collateral and a guarantor.
Personal loan is a finance that is taken by an individual to fund some of their needs in times of urgent situations. This can be to pay off previous debts by an individual, purchase some electronic commodity, pay medical expenses and other purposes. A personal debt is an unsecured loan. However, due to this, the eligibility criteria for the personal loan are strictly checked as the bank takes an enormous risk without taking collateral. Banks ask for salary slips or form 16, bank statements, current address proof and some other documents to process yor personal loan. Also, the interest rates charged are higher on these finances as compared to the secured loans like a home loan or a car loan. There are times when we need urgent funding within a few hours. A personal loan is advantageous in such a situation as it is approved within 48 hours, provided the documentation is correct and as required by the lenders
The reason for sharing background on a personal loan is to caution readers. You should avail personal loan only in case of emergency. Though banks aggressively promote personal loan. It also carries an element of mis-selling by banks. It is financially beneficial for banks. Banks can park their money at the higher interest rate for the short period. It increases the profitability of banks. Therefore, you must have observed aggressive promotion of unsecured loans in bank branches.
Assuming you applied for a SBI personal loan and it is rejected. This is worst situation for a buyer. A rejection of low-value loan is taken more negatively compared to high-value loan like Home Loan. As I keep highlighting those common reasons given by bank is LOW CIBIL Score. It is not the case always. There are other reasons that are never informed to a borrower. In this post, i will share 5 reasons of loan rejection that banks will not tell a borrower. In other words, you should consider these points to avoid rejection by the bank.
This SBI loan scheme is offered to the employees of well-known organizations such as central and state government, PSUs, quasi-government, etc. These employees will need to have their salary accounts with SBI. These loans are offered at a zero margin.
Eligibility of SBI Xpress Credit Loan:
This loan is given to an individual for any legitimate reason such as vacations, wedding arrangements, medical expenses, hospitalization, asset purchases, home renovation, educational expenditures, and so on. You can repay the SBI Saral Personal Loan in 48 EMIs.
Eligibility of SBI Saral Personal Loan
SBI extends personal loans to pensioners as well as family pensioners. Whether you are a central government pensioner, state government pensioner, or a defence pensioner, you can avail this loan's benefits.
You will have to pay a very minimal processing fee for this SBI pension loan scheme. If you are a defence pensioner, you will not need to pay any processing fee. This loan is provided without any hidden costs.
Eligibility of SBI Pension Loan
SBI gives a lot of significance to the various festivals that are celebrated in India. You can enjoy any festival to the fullest by taking the Festival Loan offered by SBI. It is a loan product that is given exclusively to meet all expenses associated with a festival. You can use these funds to purchase gifts for your loved ones to celebrate the festive season. You can also use this loan scheme to buy sweets, savouries, clothes, decorations, and other festive arrangements to make sure that you have a memorable gathering with your friends and family.
This loan is offered at low-interest rates with a low-processing fee. Moreover, you will not have to pay any administrative fee or hidden charge. This loan is offered with minimal documentation work. What's more, you do not have to pay any prepayment penalty for this loan product!
Eligibility of SBI Festival Loan
SBI Career Loan
SBI helps young individuals build their career competently by providing them with extensive financial support. You do not have to worry about monetary hardships when you are focused on achieving something. Even if you do not have sufficient financial sources to fund your academic course or certification programme, you do not have to give up on your dream goal.
The SBI Career Loan is exclusively designed to help women who aspire to be air hostesses. With this loan, you can pay your fees for air hostess training courses. It is a personal loan which will require you to provide the bank with a collateral. You will need to secure your personal loan with public sector bonds, mortgage of immovable property, RBI relief bonds, NSCs, government securities, RBI relief bonds, Kisan Vikas Patra (KVP), LIC policies, public sector bonds, bank's TDR, etc.
The loan will need to be repaid through EMIs in 36 months. The maximum moratorium is 1 year after the air hostess training course is completed.
Eligibility of SBI Career Loan
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