SBI personal loan

State bank of India is one of the most trusted and respected bank in India. It is the largest PSU bank. Recently the government has taken a decision to merge all local banks into one entity. Banks like State bank of Mysore, Stant bank of Hyderabad and so on many banks were merged into SBI to make it financially strong. SBI has even pledged to buy a 49% stake of the debt-ridden Yes bank.

There are different plans accessible under Personal Loans with SBI that rely on your work status, regardless of whether you are administration faculty, salaried individual, independently employed, or even a common person. You can be guaranteed of serious loan fees that permit you to make straightforward reimbursements, on schedule. These credits can be utilized to meet any sudden costs, for example, health-related crises, travel or considerably other individual costs, weddings, advanced education, or acquisition of buyer durables.

how to easily apply for personal loan and find out the eligibility criteria and documens required

SBI offers various schemes like SBI Xpress credit, SBI Xpress Power, Pension loan.

SBI Xpress credit scheme is designed for salaried employees with an income of above 15,000 credited in their SBI account, You can get a loan of up to 20 lakhs, with a tenure of 1 to 5 years, and the interest varies from 11.45 to 13.45%. A Top-up of loans can also be done.
SBI Xpress power scheme is designed for salaried employees with above 50,000 and doesn't have a salaried account with SBI, you can get a loan of up to 15Lakhs.
Pension Loan Scheme is designed for pensioners below 76years. you can take a loan amount of up to 15Lakhs and the interest rates start from 11.45% and for defence personnel, there is no processing fee

SBI Features

No collateral or security
Low Processing fee
No hidden costs
Complete paperless process
You can easily top-up loan amount
SBI offers loan to pensioners a well

Documents required For SBI

PAN card/ Voter ID / Passport
Salary slip of Six months for salaried individuals and ITR for 2 years for self-employed
Two passport size photos
Bank Statement with transaction history

Eligibility of SBI Loan

Should be a citizen of India
Age should be above 21 years
Should have Aadhar card, PAN card or Voter ID
Your CIBIL score required should be above 700
You should have a minimum income of above Rs. 5000 per month

Example of SBI personal loan

If you take a loan of Rs. 1,00,000 for a period of 12 months then the minimum interest rate is 10.99%. At the end of tenure, you would be paying an amount of Rs.1,06,052. Every month you should be paying Rs. 8838. With a total interest, you will be paying is Rs.6052 + Processing fee and GST.

If you take a loan of Rs. 1,00,000 for a period of 5years with an interest rate of 10.99%. At the end of tenure, you would be paying Rs. 1,30,425. Every month you would be paying Rs. 2174. With a total interest, you would be paying Rs. 30,425 + 1% Processing fee and GST.