If you’re seeking for personal loans, State Bank of India, the country’s largest lender, is an excellent place to start. When compared to most private banks, especially the larger private banks, the interest rates are lower. Furthermore, many banks impose a larger processing fee on personal loans, whereas State Bank of India’s processing fee is quite modest at 1.50%. Prepayment charges in the case of the State Bank of India can be as high as 4%, while they can be as low as 3% in the case of private sector banks. The processing of the application and ultimate approval of the same can take time, and in the case of the State Bank of India, it may take a bit longer. If you’re taking out a large loan, though, a small difference in processing fees and interest rates can save you a lot of money. So it’s worth the effort to apply for a SBI personal loan because you’ll save money on prepayment fees, processing fees, and interest rates.
Types of SBI Personal Loan
1. SBI COVID Personal Loan- SBI offers COVID Personal Loan which covers the COVID treatment of the person insured as well as his family members. The loan amount can range from INR 25,000 to INR 5 lakh with a loan tenure of upto 5 years. This loan is offered by SBI without any processing fee.
2. SBI Pension Loan- This loan can be availed to meet the financial needs of the state and central government pensioners. The loan amount can be anywhere from INR 5 lakh to INR 14 lakh depending on the type of employment that the pensioner had. Also, the loan tenure can range from 5 years to 7 years.
3. SBI Quick Personal Loan- The SBI Quick Personal Loan can be availed by a salaried individual without having a savings account with SBI. While the loan amount can range upto INR 20 lakh, the loan tenure can be from 6 months to 6 years. SBI charges a processing fee of 1.50% of the loan amount + GST on this kind of loan.
4. SBI Xpress Credit Personal Loan- This personal loan is offered by SBI for salaried applicants who already have a savings account with SBI. The Xpress credit personal loan can be availed to meet their personal requirements. The applicant can avail a maximum loan amount of INR 20 lakh for a maximum period of 6 years.
5. SBI Pre-approved Personal Loan- Sbi offers pre-approved personal loans. However, these personal loans can only be availed by a category of customers who are pre-selected on specific parameters. SBI offers instant loan disbursement in these kinds of loans.
Depending on the personal loan category you choose, the documentation required to obtain an SBI personal loan may vary. And you check for your SBI personal loan calculator online. However, the standard list of essential documents is as follows:
- Applicants must submit a completed application form
- Passport-sized pictures
- Ration Card
- Bank Account Statement
- Driving License
- Electricity Bill or Telephone Bill
- Sale Deed/Property Purchase Agreement (for owned properties)
- Aadhaar Card
- Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16
SBI may request more documentation depending on the type of personal loan.