SBI Personal Loan

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SBI Personal Loan

What is SBI Personal Loan?

SBI has different schemes for its customers to satisfy their needs. Personal Loan by SBI is the best way to make your dreams come true. A personal loan means to take a loan from the bank. The moneylender (bank) provides funds to the applicant against the documents that are shown by the customer to the bank.

A Personal Loan SBI may be considered when you need immediate funds for a family function, any medical issue in the family, education loan, home renovation, wedding, traveling or to repay any other loan.

Why BookMyLoans?

BookMyLoans is a platform where you can compare the best banks in India regarding a personal loan. We help you with the deals and offers by different banks across the country. Our customer relationship managers will get in touch with you as soon as you finish filling the application form that is displayed on our website. Accordingly, they will provide you the most relevant information that you require.

Eligibility criteria for Personal Loan:

CIBIL Score/Credit Score: It is a track of your credit history. All of the payments that you have done so far are recorded through this. So, Make sure to maintain your CIBIL Score.

Salary: It is one of the essential factors that is considered while sanctioning of your loan amount. Salary is checked to ensure your capability of repaying the loan money.

Location-specific: Personal loan is location specific. Hence, you get loan disbursal only from the bank branches that are within 25 km of range from your current location.

Age of person: The age of the person must be at least 21 or above. The range is between 21-60 years.

Company’s Profile: For both salaried and self-employed applicants, their company’s profile is checked.

Stability: You must have a stable lifestyle according to the bank so that there are no rejections for your loan.

Documents required for personal loan SBI

It is an important step in the process of sanctioning a personal loan. Always ensure that the documents you provide are genuine because most of the rejections are based only on fraud documents that people offer.

Documents required in case of a salaried applicant:

  1. Salary slips of last three months
  2. Bank statements that are six months old
  3. PAN Card is a must
  4. Aadhar Card is also required
  5. Residence proof (self-owned or rented or company provided) is necessary

Two passport size photographs

*NOTE: In case of people living in rented apartments, rent agreement is required and must be attached along with other documents.

Documents required in case of a self-employed applicant:

  1. All financials are considered, including the ITR documents and files of the company.
  2. PAN Card
  3. Aadhar Card
  4. Residence Proof (as mentioned above)
  5. Two photographs that are passport size are required

What is SBI Personal Loan Interest Rate?

When it comes to rate interest, then different banks have different charges for the rate of interest. Similarly, SBI personal loan interest rate is @ 12.50% in the market, and this is the best they offer to their customers.

How to calculate your monthly EMI?

Now with fewer efforts and with a single click, you can calculate your personal loan EMI with the help of SBI personal loan EMI Calculator. You are now independent of knowing that what will be the fixed amount you will pay to the bank every month after taking a loan.

Basic FAQs about SBI Personal Loan

Whenever a person is interested in taking a personal loan, many questions come in his mind. So the questions and answers below might help you in solving your queries.

Who can apply for a Personal Loan?

A self-employed or a salaried person can opt for this type of loan.

How can I apply for a Personal Loan in SBI?

Visit any nearby SBI bank branch or go to our website BookMyLoans to apply for a personal loan online.

What is the tenure of a personal loan?

This type of loan is available for a minimum period of 1 year to a maximum period of 5 years.

How do I escape from rejection on my mortgage?

If a person provides original documents and everything goes well with the verification of the person, then he can escape from rejections on loan.

What happens when an applicant fails in repaying his loan amount?

In that case, your CIBIL Score is affected a lot.

Can I take more than one Personal Loan at a time?

No, you cannot take more than one personal loan when you are already undergoing one loan.