Q: 6 best things to know sbi personal loan review
SBI Personal Loan is one of the best loan for Small and medium business which is available for all businessmen who are looking for SBI personal loan.
Q: 1. SBI Personal Loan Review
SBI Personal Loans are offered at attractive interest rates and flexible repayment options. You can avail these loans easily online and get them approved instantly. These loans are ideal for those who need money urgently and don’t have any collateral.
however, SBI Personal Loans are offered at attractive interest rates of 8.40% per annum (variable) and 10.00% per annum (fixed). These loans are sanctioned based on the credit score of the applicant. The minimum amount of the loan sanctioned should be Rs. 50000/- and the maximum limit is upto Rs. 50 Lakhs.
Q: 2. Eligibility Criteria
You should be a salaried individual having minimum monthly income of Rs 15,000. You should not have been declared bankrupt by any court. Your age should be between 21-60 years. You should have a valid bank account.
The following individuals are eligible for applying for SBI Personal Loans:
• Individuals who have been employed for not less than 2 years
• Self-employed individuals having regular income
• Individuals having savings account with SBI
• Individuals having fixed deposit with SBI
• Individual having current account with SBI
Individuals belonging to SC/ST/OBC categories are exempted from paying any processing fee.
Q: 3. Interest Rates
The interest rate applicable on SBI Personal Loans is determined based on the creditworthiness of the borrower. The interest rate charged varies between 8.40% – 12.50% p.a. depending upon the credit rating of the applicant. The interest rate is calculated on the basis of the outstanding principal balance of the loan.
Q: 4. Repayment Options
Repayments can be done through EMI (Equated Monthly Installments) or through EMIs only. The maximum tenure of the loan is 10 years.
Q: 5. Pre-closure Charges
Pre-closure charges vary from 0.5% to 1% of the outstanding principal balance.
Q: 6. Documents Required
Aadhaar card, PAN card, Salary slips, Bank statements, Proof of address, ID proof, Driving license, Passport, Voter Id Card etc.
Q: 7. Application Process
Fill out the application form online. Once the application is submitted, you will receive a confirmation mail with details about the status of your application.
Q: 8. Processing Fee
Processing fees vary from individual lender to individual lender. However, the processing fee charged by SBI ranges from 0.25%-0.75%.
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