State Bank of India (SBI) is the largest lender of our country that has been providing amazing banking products since 1973 and has made a separate kind of brand name for themselves. People trust in their products and that is the reason they don’t think twice before opting for any of the facilities with their name attached. One of their amazing facilities is the personal loan by which an individual can finance their various personal needs. A personal loan comes handy in various situations whether it’s for any medical emergency or for your planned vacation to some exotic places. You can apply for an SBI personal loan online in a few easy steps.
SBI provides a wide range of personal loans such as Xpress Credit personal loan, SBI Pension Loan, Xpress Power, etc to cater to the different needs of the customers. You can choose from any of the options according to your financial needs. In this article, we will be telling you about the process by which you can apply for an SBI personal loan online, exciting features of it, eligibility criteria, and the documents that you will need. So don’t stop your stroller and keep reading!
What is the Application Process for SBI Personal Loan Online?
In order to perform the application process of SBI personal loan, you have to follow a few basic steps which we have mentioned below. You can have a look at them.
Step 1: Go to the official website of the SBI. There, you’ll see the section named Personal Loan.
Step 2: There, you’ll see the Apply Now button.
Step 3: By clicking on that button, you’ll go to the page where you’ll have to submit a few details like the purpose of your loan, what kind of relationship you hold with the bank and your mobile number.
Step 4: After filling out these details, you’ll just have to submit the application.
After completing all these steps, consider your application on the way! Soon, the representatives from the SBI will contact you regarding it and tell you about the product in depth.
What are some exciting features of SBI Personal Loan?
You can have a look at some of the features of the SBI personal loan mentioned below.
- Loan Amount: With the SBI personal loan, you can have a loan amount between INR 25,000 and a maximum amount of INR 20 lakhs or 24 times NMI (Net Monthly Income)
- SBI Personal Loan Interest Rate: With the SBI Xpress Credit facility, salaried employees can take the loan amount at the affordable rate of interest ranging from 10.55% to 14.95% per annum. For pensioners, the interest rate ranges from 11.55% to 12.55% per annum.
- Repayment Period: You can choose the repayment period from a minimum of 6 months to a maximum of 6 years.
- While applying for the SBI loan amount, you only need a minimal amount of documentation.
- You can also opt for the second personal loan anytime after the disbursal of the first loan. You need to remember, that the second loan will only approve if you pay your EMIs regularly.
- You don’t need any kind of security or guarantor to avail of the loan.
SBI has fixed the processing fee as 1% of the total loan amount plus applicable taxes.
What are the eligibility criteria to get an SBI Personal Loan?
You can have a look at the following conditions in order to check your eligibility.
- For opting for the Xpress Credit Loan, an individual must have a salary account with SBI.
- An individual must have a minimum monthly income of INR 15,000.
- The second loan disbursal is dependent on the overall EMI to the NMI ratio.
- The ratio of EMI (Easy Monthly Installments) to NMI must be less than 50%.
Documents Required for SBI Personal Loan:
- ID Proof (PAN Card/ Aadhar Card/ Passport)
- Address Proof (Driving License/ Electricity Bill/ Aadhar Card)
- Last three months salary slip
- 2 Passport-sized photograph