Human beings have many wishes which they eagerly wait to come true. You too must have some wishes, right? Whether it’s a long vacation to your favourite foreign location or a destination wedding or to provide your child the best education. Keeping this mind, State Bank of India has designed SBI Personal loan so that finance does not act as an obstacle in the path of your dreams. With its affordable EMIs and easy documentation work, the product has become one of the most popular amongst loan applicants. Both self-employed individuals and salaried employees can fulfil their desires by availing finance from the bank. To gain more knowledge about the product, have a key look at this article.
Types Of SBI Personal Loan:
Xpress Credit Loan- If you require funds that can be available at your disposal whenever you need then this scheme is perfect for you. Whether it is an all of a sudden vacation or a medical emergency in your family, Xpress Credit loan is there to fulfil your needs. You are not required to furnish any kind of security.
Loan Amount: An applicant can secure a minimum loan amount of ₹24,000 and the maximum amount that can be taken is ₹ 15 Lakhs.
Eligibility Criteria: Following are the eligibility norms imposed by SBI. Check them out-
Documents needed: Check out the list of documents needed to avail a loan here-
Repayment Tenure: The minimum tenure period is six months and it goes up to a period of five years i.e. 60 months.
Interest rate and processing fees: The personal loan interest rate is charged on a daily reducing balance by the bank and lies in the range of 12.90% to 14.90%. The bank also charges a processing fee up to 1% of the loan amount sanctioned along with the service taxes. No penal interest is charged on loans up to ₹ 25,000.
SBI Pension Loan:
This scheme has been specially designed for the State or Defence or Central pensioner who is drawing his/her pension through a SBI branch. The loan can be availed for any sort of personal requirement.
SBI Personal Loan EMI Calculator:
It is essential to keep a check on the amount of EMIs you will have to pay to the bank for repaying your loan. SBI Personal Loan EMI Calculator is the perfect tool when it comes to calculating your monthly installments. You have to enter the details like the desired loan amount, rate of interest and tenure. After that, you will receive information about your EMI and total interest payable. This will allow you to design your monthly budget accordingly as you can keep the EMI out of your income each month.