Top SBI Personal Loan Schemes

Top SBI Personal Loan Schemes

SBI Personal Loan

Public lender, State Bank of India offers a variety of personal loans to cater to the needs of individuals. Here needs range from weddings, festivals, education, to renovating a home loan. The SBI personal loan becomes a one-stop solution for most financial crunch situations. The unsecured nature of the personal loan makes its lucrative debt instrument. Sometimes it gets a bit difficult to select a suitable personal loan from all the options available. But nothing to worry; Today, we will explain the nitty-gritty of the two most prominent personal loans offered by State Bank of India

Xpress Credit Personal LoanThe Xpress Credit Personal Loan is offered to employees of Central & State Government Quasi-Government Central PSUs, Profit making PSUs, an educational institute of national stature and corporates.

Income Requirement: If you want to avail this loan of you must have a net monthly income of Rs. 50,000 plus the EMI must not exceed 50% of your salary

Loan Amount: you can avail the loans starting from Rs. 25,000 up to 24 times your net monthly income subject to a maximum of Rs. 15 lakhs.

Repayment: The repayment tenure of this loan is a maximum of 5 years.

Processing Fees: Processing fee involves 1% of the loan amount + the Service Tax.

Penalty Interest: In case of failing to make the payment on time, the penalty interest on this loan is charged at 2% p.a over the interest rate on the overdue amount for the period of default. 

Prepayment Charges: Any full or part payment of EMIs before the end of the repayment tenure will attract a prepayment penalty of 3% on the prepaid amount. 

Rate of Interest: Interest rates for this loan starts from 11.90%. 

SBI Saral personal loan

SBI Personal loan is specially designed to meet the financial needs of the people in case of financial crunch for purposes ranging from travel, education, wedding and several other expenses.

Eligibility: Any salaried individual at the reputed organisation can avail this loan. In addition to this, it is also eligible for self-employed individuals.

 Loan Amount: Loan amount depends on the individual’s repayment ability and NMI. The minimum amount offered under this loan is for metro, and semi-urban centres is Rs. 24,000 and Rs. 10,000, respectively. The maximum loan amount available under this scheme must not exceed 12 times the NMI. The loan amount should be within Rs. 10 Lakhs.

Documents Required: Salary slips and KYC documents.

Repayment: This repayment tenure should be within 48 months.

Processing Fees: It is 2 – 3% of the loan.

Prepayment Charges: Any prepayment of EMIs in full or in part, and closure of account before the end of the loan term, will be liable for a prepayment charge of 3% on the prepaid amount.

Rate of Interest: Interest rates for this loan is around 12%. 

Nicholas Jansen