Anyone can avail SBI personal loan at low charges — teemey
Sometimes, savings are enough to fund these requirements in these circumstances a personal loan from a reputed name is considered as one of the best options like an SBI personal loan.
There are various reasons that SBI personal loan is among the best lenders in the market. some of them are it’s , low-interest rate, low processing charges, attractive periodic offers, flexible repayment tenures, and last but not least it offers loans for all whether it is a personal loan for pensioner or salaried employees, etc. State Bank of India offers a wide range of personal loan products namely, Xpress Credit Loan, Xpress Power, and SBI Pension Loan, to fits into the diverse needs of the borrowers.
Features and Benefits of SBI Personal Loan
You can get a personal loan from SBI at budget-friendly rates of interest, flexible loan repayment term, and other benefits some of which are mentioned below:
- Complete transparency in the personal loan processing.
- SBI provides customized personal loan offers to fits into the borrower’s needs.
- Anyone who meets the SBI personal loan schemes eligibility can avail of it.
- A flexible loan repayment term.
- Online loan processing has made the process much easier and faster.
- A pocket-friendly interest rate can be acquired with SBI personal loan schemes.
- A low processing fee is charged.
- No hidden charges
- SBI also offers the facility of part and pre-closure.
To meet the diverse needs of the customers SBI offers a wide range of personal loan schemes namely, Xpress Credit Personal Loan, SBI Pension Loan, and Xpress Power Loan. Let’s a look at them:
SBI Xpress credit loan is a scheme that comes with a low-interest rate that makes it one of the most competent personal loans in the financial market. You can apply for a personal loan of a maximum amount of Rs. 20 lakhs.
This is a personal loan for pensioners offered by SBI. A pensioner can get it at low interest rate with other offers as well.
A borrower who do not have a salary account with SBI, this loan scheme is for those. A minimum loan amount of Rs. 25,000 and maximum of Rs. 15 lakhs based on the eligibility.
As mentioned above SBI offers personal loans for pensioners at a low rate of interest. However, there are some factors on which an applicant should be considerate while applying for it like an applicant has to convince his/her creditworthiness to the lender, meet the eligibility criteria, others.
One of the important aspects of an SBI personal loan is the EMI. Along with customized personal loans for government employees, SBI also offers a personal loan calculator. This facilitates the borrower to check and have a figure in mind of monthly EMI. As it is a fact that every loan comes with certain EMI in regards to repay the loan amount likewise the SBI. SBI personal loan interest rate is attractive and pocket-friendly which ease the borrower from stress to an extent. A borrower can calculate the monthly EMIs with SBI personal loan calculator. This tool is user-friendly and takes a few minutes to show the results.
You can use the SBI EMI calculator to enjoy the following advantages:
How to use the SBI EMI Calculator?
To know how much EMI, you will need to pay in order to repay the loan amount follow these steps:
Step 1: Visit the SBI official website.
Step 2: Click on the EMI Calculator button, after clicking the personal loan calculator will open.
Step 3: Enter the following details in the column that are mentioned:
1) Loan Amount, 2) Interest Rate and
3) Loan Repayment Tenure (in years).
And you will get the result.
A generic list of Documents Required to avail a personal loan from SBI]
- Duly filled loan application form
- Recent passport-sized photograph.
- Identity proof (any of the following)
- PAN Card
- Aadhaar Card
- Passport Copy
- Driving License
- Voter ID Card
- Passport Copy
- Rental Agreement
- Driving License
- Bank Statement or Passbook
- Electricity Bill
- Ration Card
- Telephone Bill
- Latest Salary Slips or Bank Statements/ Passbook
- Form 16
- Last 3 years IT Returns
There is no doubt that SBI is one of the top names and lenders available in the financial market. But it is always important to thoroughly read and understand the clauses mentioned in the loan agreement. So, whether you are applying for a personal loan for pensioner or self-employed never forget to do so.