SBI Personal Loan is a versatile unsecured loan. People look for an SBI Personal Loan for different money requirements in their everyday lives. SBI Personal Loan comes at competitive interest rates with flexible repayment tenures. SBI personal loan is one of the most preferred personal loans because of its availability under various categories. SBI Personal Loan also comes with attractive offers now and then, as an added advantage for the borrowers.
An applicant can apply for an SBI Personal Loan online without any collateral. It can be used for any purpose like any obligation, business development, marriage, home renovation, etc. as financial crunch restorative. After the loan approval process, the loan amount is directly transferred to the borrower’s bank amount in a short period.
SBI Personal Loan is categorized into different types of schemes with varying offers. This is to cater to every sector of the borrowers. Each type of SBI Personal Loan has its features and eligibility criteria which enable SBI to offer customized services. The different types of SBI Personal Loan are:
- Xpress Credit Loan
- SBI Pension Loan
- Xpress Power
- Pre Approved Personal Loans (PAPL)
Features of SBI Personal Loan
The features of an SBI Personal loan vary based on the type of Loan but here are the generic features:
- SBI offers maximum Personal Loan up to Rs. 20 Lakhs.
- Competitive rate of interest (varies on the type of loan availed).
- Quick and Simple Loan approval process.
- Customized Loan schemes as per the borrower’s needs.
- Digital processing of SBI Personal Loan enables loan applications at almost every location in India
Reasons of why an SBI Personal Loan is beneficial
- Quick and transparent loan approval procedure.
- Various types of loans.
- SBI Personal Loan at low processing charges.
- Second SBI Personal Loan lent is also available (t&c apply).
- Zero hidden charges on SBI Personal Loan.
- Flexible loan tenure.
- Convenient modes of loan repayment such as cheques, cash or others.
- A borrower can apply online for an SBI Personal Loan.
- Round the clock support of SBI Personal Loan customer care.
- Minimal documentation is required for SBI Personal Loan
Eligibility for an SBI Personal Loan
The eligibility criteria of borrowers to avail SBI Personal Loan are as follows:
Eligibility for Xpress Credit Personal Loan
- The borrower’s minimum monthly income should be Rs. 15,000.
- EMI/NMI ratio should not be more than 50%.
- The borrower should have a salary account with SBI.
- The applicant should be an employee of any of the following organizations:
- Central and state governments
- Central and state PSUs
- Educational institutions with a national reputation
- Selected corporate with or without a relationship with the bank.
Eligibility for SBI Pension Loan
- An applicant should be a central or state government pensioner, defense pensioner or a family pensioner to apply for this loan scheme offered by SBI.
- The borrower’s age should not be above 76 years.
- The pensioners of armed forces include Paramilitary Forces, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles. The pension account should be with SBI.
- You can also go for SBI personal loan for government employees option to get benefited
- The family pension can only be availed by the authorized members.
- The age of family pensioners should not be more than 76 years.
Eligibility for SBI Xpress Power
- The applicant’s minimum gross monthly income should be Rs.50,000.
- No need to have a salary account in SBI.
Applicants who are employed with the following entities are eligible to apply for this loan:
- Central or state governments
- Defense establishments
- PSUs
- Educational institutions that have a national reputation
- Selected corporate with or without a relationship with the bank.
BullFinance 