Everyone requires a bank loan at some point to fulfil their needs. But it is important to look for a bank that is not only genuine but provides you the best loan with less interest.
State Bank of India is a government bank so, you know that this won’t go wrong in any way. You can trust this bank and can apply for various loans provided by the bank.
Are you confused about how to apply for the loan, what all loans are provided by the bank, what is the eligibility and what is the interest? Then continue reading this article as we are here to share all the details with you.
Things to consider while taking a loan
- Maintain a good credit history: Your credit history not only represents your income but also represents your ability to repay the loan. Therefore, it is important that you pay your dues on time.
Also, try not to exceed 30% of credit utilization in order to maintain a good credit history. This also means that you don’t have any debt and are sufficient enough to pay back the loan amount. - Compare the interest rates: This is a very crucial step. People often apply for a loan from the first bank they see. They don’t carry out their research as they find it time consuming and tiring.
But one should always compare the interest rate of banks in order to find which bank asks for the lowest interest rate. There are many sites on the web that help to compare banks and interest rates. - Choose the right loan amount: Try not to take too little or too much money from the bank. Understand your needs and act accordingly. If you require a certain amount then apply for that much only.
Applying for a smaller amount won’t fulfil your needs and you won’t be able to accomplish your dreams. If you apply for a huge amount, then it will cause a great burden to you in the future when you have to repay it.
Therefore, always choose the suitable amount. - Evaluate yourself: Before applying for the loan, check whether you really need that loan or whether you’ll be able to pay it or not. If you think that you won’t be able to repay the loan amount then don’t apply for it.
If you are taking a loan for buying something, then prefer buying it on EMIs where you have to pay monthly from your salary.
But before going for this option, do calculate your monthly EMI with a personal loan calculator so that you don’t have to take stress later. This way, you don’t have to worry about the loan and can easily get what you desire.
SBI Kavach Personal Loan
Eligibility Criteria For Getting personal loan from SBI - SBI Kavach Loan is a life saver for people who are not working or getting any salary.
This loan is provided to the people who are suffering from COVID-19 in order to get treatment for themselves. SBI customers regardless of their age or cibil score can apply for this loan.
Document Required For Applying - Is the loan available for all? The answer is ‘No.’ The loan can be availed by the existing customers of SBI, no matter if you are salaried or non salaried.
The existing loan holds a greater importance than the past loans.
Before getting this loan, you need to show your positive COVID report which should not be more than 30 days old.
Therefore, if you have any past loan then this loan will be above that. Other documents such as bank related papers and personal identification cards must also be provided to the bank.- Terms & Conditions For Applying personal Loan - No collateral or any form of guarantee is required to access this loan.
Repayment Period - The interest rate is 8.5% at present. The loan can be availed on your savings account, salary account or pension account.
A time of 60 months is given to repay the amount with nearly 57 EMIs. No processing and security charges are required to avail this loan.Fees and any hidden Charges - None
How much loan amount a person can avail from SBI - A minimum of Rupees 25,000 and a maximum of Rupees 5 lacs is given as the loan.
SBI Xpress Credit
Eligibility Criteria For Getting personal loan from SBI - If you are planning to get married but are worried about the expenses, then this is the loan for you.
One can apply for the second loan only when the first loan is disbursed. For paramilitary, defence and Indian coast guard the interest rate on term loan facility is 11.50-12% while on the overdraft the interest ranges from 12-12.50% p.a.
And if not marriage, then this loan is also applicable for people who are planning a vacation with their loved ones. The interest rate is pretty high as compared to SBI Kavach loan.
These values are different for others. The interest on a term loan is 11.50-13.50% p.a. And the interest on overdraft facilities is 12-14.50% p.a.
The concession rate depends on the amount of the loan you opted for. For a loan more than or equal to 50 lakh, the concession rate is 0.5%.
Document Required For Applying - Applying for this loan is super easy. You just need to visit the nearest SBI branch and apply for the loan or you can just simply install the YONO app and apply online.
Minimal documentation is needed as the people are already existing customers of SBI and all the necessary documents are processed during the KYC initiation.
Terms & Conditions For Applying personal Loan - The concerned individual must have a minimum salary of 15,000 INR and a EMI ratio less than 50%.
Repayment Period - A repayment time of 6 months to 6 years is provided to the concerned SBI customer.
Fees and any hidden Charges - Unlike the SBI Kavach Loan, SBI Xpress credit loan has a processing fee which is 1% of the loan amount including tax.
How much loan amount a person can avail from SBI - The interest rate can range from 11.50% p.a. to 12.00% p.a. The maximum loan that can be availed by the people is 20 lacs.
Pre approved Personal Loans on YONO
Eligibility Criteria For Getting personal loan from SBI - If you are an existing customer of SBI bank then this loan is the ideal loan for you. If you require money urgently, then you can apply for SBI’s Pre approved Personal Loan through the YONO app.
The app is pretty easy to use and you can get the loan in just 4 clicks! According to the press release, you get 100% waiver in the processing charges till 31st January, 2022. Isn’t that great? These loans are pre approved and don't take much time.
The best part about this loan is that no documents are required for it and you don’t even have to visit the branch. An Applicant's age should be a minimum 21 years and a maximum of 56 years.
The concerned individuals must have a minimum salary amount of 15,000 INR and EMI ratio of less than 50%. YONO is an application and that’s why it works 24×7 for 7 days a week.
So, if you are a past client whose repayment track record is good then you can easily get this loan. If you really wish to avail this loan then you can send an SMS PAPER with the last 4 digits of SBI Savings Bank Account No. to 567676.
Document Required For Applying - The applicant must submit 2 passport size photographs. Photocopies of Identification proof and residential proof are also needed. Income statement of the past 6 months along with IT Return papers must also be submitted.
Terms & Conditions For Applying personal Loan - No Guarantee or Collateral for that loan. However, the applicant must possess a minimum of 1 year work experience and must be an existing member of SBI.
- Repayment Period - Repayment tenure starting from 6 months to maximum of 6 years is provided to the applicants.
Fees and any hidden Charges - None
How much loan amount a person can avail from SBI - Loans up to 20 Lacs INR can be issued through the Pre approved Personal Loans on YONO scheme.
SBI Quick Personal Loan
- Eligibility Criteria For Getting personal loan from SBI - Loans can be required for various purposes such as buying a home, starting your own business or even planning your own lavish wedding.
The applicant must be around the age group of 21 to 58 years. - Document Required For Applying - Essential Documents in the form of Personal Identification, Proof of Residence, Income Statement, and Passport Size Photographs required to process this loan.
- Terms & Conditions For Applying personal Loan - The SBI quick loans is offered to all salaried and self employed people with an interest of 9.8%-13.8% p.a.
To avail this loan, you need to have a minimum salary of Rs. 15,000. You can apply for a loan with an amount value up to Rs. 20 lakhs. - Repayment Period - You can repay this amount within 6 years which is the tenure time. So, if you want a loan immediately then you can apply for ‘SBI Quick Personal Loan’ at your nearest SBI branch.
- Fees and any hidden Charges - Around 1.5% of the final loan amount is charged including GST.
- How much loan amount a person can avail from SBI - A loan amount of 25,000 minimum and 20 lacs maximum is offered to the candidates.
SBI Pension Loan
Eligibility Criteria For Getting personal loan from SBI - Good news for all central, defense and state government pensioners! Now you can avail a bank loan from SBI with an interest rate of 9.75%.
This can only be availed by the people who are less than 76 years of age. Every person requires a bank loan at some point of life. Whether to buy a house, organize their child’s marriage, go on a vacation, for medical purposes, etc. people do require a bank loan.
This loan will allow the people who are about to retire to live their life and fulfil their dreams. Applying for this loan is pretty simple. You just have to visit the nearest SBI branch and fill the form for ‘SBI pension loan.- Document Required For Applying - Essential Documents in the form of Personal Identification, Proof of Residence, Income Statement, and Passport Size Photographs required to process this loan.
Terms & Conditions For Applying personal Loan - Suitable third party guarantee or guarantee by the spouse required.
Repayment Period - Candidates are provided a maximum of 84 months to repay the loan.
- Fees and any hidden Charges - A processing charge around 0.5 to 1% is applicable on the final loan amount. 3% on prepayment amount is also applicable.
- How much loan amount a person can avail from SBI - People can take a loan up to rupees 14 lakhs.
How to check the status for your application?
Have you also applied for a loan from SBI bank and are now wondering where to track it? Well, we are here to solve all your queries. Once you apply for a loan, you can either visit the portal of the bank and search for the status or you can directly visit the bank.
When you apply for a loan, a reference number is allotted to you which helps you to track the status. You just need to enter your reference number and mobile number on the portal and all the details related to the loan will appear on your screen.
Here's the guideline on how you can track the status of your loan-
Visit the SBI website and look for the loan that you’ve applied for.
Now click on the “Apply Now” option to get redirected to a new page.
You will see an option of “Application Tracker” on the top right hand side of the page. Click on that option.
You will see a pop up message that says ‘Track’ and ‘Retail loan’
The reference number that you got at the beginning now plays a major role. You have to enter that reference number and click on the ‘track’ option.
That’s it. Once you click on ‘track’, the page opens which has all the details about the loan. You will be able to find the loan status from the bank whether it is approved or not.
SBI Personal Loan Customer Care
If you are facing any issue while filling the forms, applying for the loan or even tracking your loan, then you can easily contact the customer care service of SBI. The customer care service of this bank is highly efficient and will help you with any of your problems.
Please feel free to contact the following numbers in case of any doubt or emergency 1800 1234 (toll-free), 1800 11 2211 (toll-free), 1800
425 3800 (toll-free),1800 2100(toll-free) or 080-26599990.
All the toll free numbers can be accessed by landlines or mobile phones.
Conclusion:
Getting a bank loan can be tough sometimes. Understanding what is right for you and which loan will ask for less interest rate is sometimes confusing. Searching for the right bank that doesn’t cheat you in the end is a big task.
Therefore, apply for a loan from SBI bank which is a government bank and is highly reliable. The bank offers various loans for every requirement with a lower interest rate.
In this article, we have covered the various bank loans provided by the bank. Please read it carefully and apply for the loan accordingly.
Frequently Asked Questions
Q1. What is the eligibility for an SBI personal loan?
One main criteria required to get any loan from SBI is that you need to be a past customer of the bank. The borrower must be salaried or self-employed and should have a past history of good repayment record in order to get a personal loan from SBI.
Q2. What is the process of getting a personal loan from SBI?
Getting a loan from SBI is pretty easy. You only have to be a past customer of SBI with a good record of repayment. You can apply for the loan online as well as offline.
The pre-approved personal loan can be applied online on YONO platform and for other loans such as SBI quick personal loan and SBI pension loan, the person has to visit the nearest SBI branch.
Q3. What is the loan interest of 1 lakh in SBI?
The loan ranges from person to person. The interest depends on the amount of money you’ve taken as a loan. The interest rate is 9.60% p.a. with a tenure of 7 years. This means that you get 7 years to repay the loan amount.
Q4. What is the minimum salary for a personal loan in SBI bank?
In order to get a personal loan from SBI bank, you need to have a minimum salary of 15,000. Less than this can not avail the loan.