Get a personal loan from 2 best public banks in India

Are you looking for a personal loan to overcome an emergency financial situation? There are banks, NBFCs, and online app offering it. Some people prefer public banks, some private banks, while others do not mind getting it from online loan apps.

In this post, we will tell you about 2 public banks that offer the best personal loans. The bank are the State bank of India( SBI) and Bank of India. Both banks are the top rate PSU in India. We will share their loan details, the eligibility criteria, and other details.

SBI Personal loan

SBI is one of the top PSU banks in India. Its personal loan has the lowest rate of interest in the country. It offers a high quantum of the loan with a quick loan process and fast disbursal. SBI provides three types of personal loans.

1. SBI Xpress Credit personal loan
2. SBI Pension loan
3. SBI Xpress power loan

The loan details

• State bank of India offers instant personal loans up to Rs 15 lakhs.
• The rate of interest ranges from 75% to 15.65%.
• The loan tenure is up to 5 years.
• The processing fee is up to 1% of the loan amount.
• The prepayment charge is NIL.

The eligibility criteria for SBI personal loan

• The borrower should be a salaried individual or self-employed professional.
• The borrower’s age should be between 21 years to 65 years.
• The borrower minimum salary should be at least Rs 24,000 per month.
• The borrower should have a minimum of 2 years of work experience.

Required documents

1. Application form
2. Passport size photographs
3. Proof of identity ( Aadhar card, Voter ID card, Driving licenses, PAN Card)
4. Proof of Address ( Rent agreement, Utility bill)
5. Proof of income ( Bank statement, Salary slip, ITR, and Passbook statement)

Features of SBI Personal loan

• SBI offers the lowest rate of interest, making it one of the best personal loans in India.
• The lenders offer various offers and discounts at regular intervals on festive seasons.
• There are no hidden charges.
• The loan is approved instantly.
• The loan application is submitted online.

SBI Customer Care Number

If you want to make any inquiry, you could call on SBI Customer care number 1800 425 3800.

How to apply for SBI Personal loan at Afinoz

• First, download the Afinoz loan app from the App store.
• Create an account fill out the application.
• Choose the SBI in the lender option.
• Once the verification is completed, the loan amount is disbursed into the borrower’s bank account.

SBI personal loan gives a variety of options to choose from. The interest rate is low, with a flexible loan tenure. Now, let’s move on to the Bank of India personal loan.

Bank of India personal loan

Bank of India offers instant loans at an attractive interest rate. The borrower is free to use the funds to a medical bill, school fee, or other purposes. Here are the loan details.

• Bank of India offers personal loans up to Rs 5 lakhs.
• The rate of interest begins at 14.20% P.A
• The loan tenure is up to 36 months. ( In some exceptional cases, it is extended up to 60 months).
• The processing is up to 2% of the loan amount. For a senior citizen, the processing fee is NIL.
• The prepayment charge is 0.65% of the outstanding loan amount.

The eligibility criteria for the BOI personal loan

• The applicant should be an Indian citizen.
• The applicant’s minimum age should be 21 years and a maximum of 58 years.
• The applicant should be a salaried individual or self-employed professional.
• The borrower minimum salary should be at least Rs 15,000 monthly.

The required documents

• Proof of identity ( Aadhar card, PAN card, Passport)
• Proof of address ( Rent agreement, ration card, telephone bill, electricity bill)
• Bank statement for the last 6 months
• Salary slips for the last 3 months

Features of Bank of India personal loan

• The loan is for multipurpose uses.
• The loan tenure is flexible, giving a borrower comfort while repaying.
• The required document is simplified.

Types of BOI Personal loan

• Bank of India personal loan
• Bank of India star Mitra personal loan
• Bank of India pension loan scheme
• Bank of India star doctor plus
• Bank of India star holiday loan

How to apply for BOI personal loan at Afinoz

1. First, download the Afinoz app from the Google Play Store or iOS store.
2. Fill out the application form.
3. From the lender’s list, choose BOI as the lender.
4. The verification process will begin.
5. Once the verification is completed, the loan amount is disbursed into the borrower’s bank account.

SBI and Bank of India both have an outstanding personal loan to offer. After reading the details, it is up to you to choose the appropriate lender as per your need.