SBI loan processing is one of the prominent reasons that has made SBI among top players in the financial industry. Want to know why? Let’s find it out together. SBI personal loan can be used for any purpose including buying a house, to fund an unplanned trip or paying for an education or any other reason. One can also easily check SBI personal loan status through online loan processing. As it is an unsecured loan that is why it’s also a better and safer option for an applicant. SBI personal loan offers repayment tenure. A borrower can also take advantage of prepayment or part payment while taking a personal loan from SBI Bank. Various offers are available like SBI personal loan for govt employees and others.
Features of SBI Bank Personal Loan
- Simplified Process: SBI personal loan process is simple, convenient and easy if an applicant has a good credit history. An applicant can apply for a loan via net banking on the SBI Bank website, or by visiting the near-by branch.
- Quick Processing: A borrower can get a personal loan in a few hours. SBI offers loans much faster to pre-approved customers. The non– SBI Bank customers can get loans in a short period.
- Various Schemes: SBI offers a wide range of schemes to meet the various needs of the working people and for retired people, SBI personal loan for govt employees scheme is also available.
- Unsecured: SBI offers a collateral-free personal loan. Hence, no need to provide any security against the loan amount. Generally, SBI Bank sanctioned loan amounts based on the applicant’s income, cash flows, strength or stability in business or employment. The loan process includes minimum documentation.
- Low-Interest Rate: The SBI personal loan interest rate 2020 is pocket-friendly to the customers.
SBI Bank Personal Loan Interest Rate 2020
The interest rate is a major part whenever there is a talk about the loan. A borrower can get the competitive interest rate from the SBI Bank subject to the availed loan amount, salary, loan tenure, and others. Some of the factors that determine SBI Bank personal loan interest rate 2020 in India are given below:
- Loan Amount- The availed loan amount by the borrower from the SBI Bank.
- Existing Relationship – SBI Bank offers special rates, offers, and charges to the existing customers of the bank. Those who have managed their accounts and have a good credit history with the bank can get the benefit of low SBI Bank personal loan interest rate 2020 in India.
- Income- Salary defines the borrower loan repayment capacity. The interest rate of the SBI bank varies with the net monthly income.
- Loan Term – SBI personal loans come with a flexible repayment tenure.
SBI Personal Loan Eligibility
Xpress Credit Personal loan
- Borrowers should have a minimum monthly income of Rs. 15,000.
- EMI/NMI ratio of a borrower should not be more than 50%.
- A borrower needs to have a salary account with SBI.
Xpress Power Personal Loan
- A borrower does not require to have a salary account with SBI bank.
- A borrower should have a minimum monthly income of Rs.50,000.
SBI Pension Loan
- A borrower’s maximum age should not be more than 76 years.
- An applicant should be an employee of a central or state government pensioner, defense pensioner or a family pensioner to avail of this loan scheme.
