State Bank of India(SBI) personal loan eligibility criteria for salaried and self-employed person

State Bank of India(SBI) personal loan eligibility criteria for a salaried and self-employed person



Age limit: Minimum 21, Maximum 60
Minimum Loan Amount for State Bank of India(SBI) Personal Loan:
State Bank of India(SBI) provides personal loans starting from Rs.25000
Maximum Loan Amount for State Bank of India(SBI) Personal Loan:
State Bank of India(SBI) provides loans to a maximum of Rs.15 Lakhs
Minimum Salary Requirement for State Bank of India(SBI) Personal Loan: Minimum net income required for State Bank of India(SBI) personal loan is Rs.5000 per month
State Bank of India(SBI) Personal Loan Tenure: State Bank of India(SBI) offers loans for a tenure with maximum of 60 months
State Bank of India(SBI) Personal Loan Interest Rate: The interest rate for State Bank of India (SBI) personal loan is 11.90% - 15.00%
State Bank of India(SBI) Personal Loan Charges
Loan processing charges: 0.50% of the loan amount plus taxes
Foreclosure charges:
  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme
Charges for late payment of EMI: Penal Interest @2% p.a. would be charged over and above the applicable interest rate on the overdue amount for the period of default. If part instalment or part EMI remains overdue, then penal interest should not be levied.

How can I get State Bank of India(SBI) Personal loan?

Personal loan Application Process for Existing Customers
Existing customers can apply for a State Bank of India(SBI) Personal online or visit a nearby State Bank of India(SBI) branch for the application. You can also download the home loan application form from the State Bank of India(SBI) official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for State Bank of India(SBI) personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.

State Bank of India(SBI) Personal Loan Customer Care

In case of any queries regarding State Bank of India(SBI) personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through State Bank of India Personal Loan Customer Care toll-free number 1800 102 2636.

Ways to reduce your EMIs

  • Check your credit score: Before you even think of going for a loan it is best to check your credit score and credit report. If you have a good credit score (750 and above) then you have paid all your dues on time and are an ideal customer for the bank. This gives you the upper hand in any negotiations to get a better deal on your loan.
    On the other hand, checking your credit score helps to rectify any negative points on your report as a bad credit score is grounds for loan rejection.
  • Negotiate with the bank: If you are in good standing with your bank who knows about all your salary details and expenses then you can negotiate good terms for your loan. Also, the same can be applied for existing lenders or previous lenders where you have paid your dues on time show casing that you are very disciplined when it comes to financial matters, you can negotiate a better deal with them.
  • Opt for a longer tenure: If you have a long loan period, your EMI reduces proportionately as your principal and interest is divided over a greater number of months. However, while the actual monthly outflow will be smaller, you will be paying out EMIs for a longer period and paying interest for a longer period. So, while your monthly burden might be smaller, you might end up paying more over the entire duration of the loan.
  • Making an early prepayment: One way to significantly reduce your EMI for the majority of your tenure is to make an early pre-payment. If you are able to afford the option of prepaying part of your loan, it is better to do it in the early months/years of the tenure so that your principal decreases, thereby saving you interest on later payments.

Paying Your State Bank of India(SBI) Personal Loan

The State Bank of India(SBI) personal loan can be repaid in following three ways.
Standing Instruction (SI): If you are an existing account holder with Bank of Maharashtra, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the State Bank of India(SBI) account you specify.
Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-State Bank of India(SBI) account at your nearest State Bank of India(SBI) Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
Electronic Clearing Service (ECS): This mode can be used if you have a non-State Bank of India(SBI) account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
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