Personal loans adhere to multiple issues. You can use it to plan a family trip abroad, buy your dream car, renovate your house or even repay your remaining debts. It is the most favoured type of loan due to the existing features and low-interest rates. The bank which has the lowest rate of interest among all is SBI. SBI personal loan interest rate starts from 9.60% and goes up to 15.65%. The article given below walks you through the entire process of how you can get an SBI personal loan.
Features of Personal loan from SBI
Before we learn about the process of how you can get an SBI personal loan, let us understand the features it comes with.
An SBI personal loan has the lowest rate of interest in the market. The bank offers an interest starting as low as 9.60% and reaches up to 15.65%. The rate of interest highly depends upon your monthly income and capacity to repay the loan amount.
Flexible loan amount and tenure
At the State Bank of India, you can get a loan amount of anywhere between a minimum of 25 thousand to a maximum of 20 lakhs. The bank also has an overdraft facility in which you can borrow up to a minimum of 5 lakhs and a maximum of 20 lakhs as a loan amount. SBI bank gives you up to 7 years of tenure to repay the loan amount.
You can avail of the SBI personal loan either by visiting the nearest branch or by applying online from the comfort of your home. For senior citizens, SBI approves a personal loan in real-time, if they have a pension account with them.
Types of SBI personal loans
Let’s learn about the different types of Personal loans SBI has created.
SBI Kavach Loan
The SBI Kavach Loan takes care of Covid treatment. The bank offers up to 5 lakhs as a loan amount. The scheme has a rate of interest of 5% and you get a total of 5 years to repay.
SBI Xpress Credit
The SBI Xpress Credit loan is only available to those who are salaried employees and have a salary account with SBI. In this loan, you can avail of a loan amount of up to 20 lakhs and can repay the bank in the next 6 years. The bank charges a rate of interest from 10.60% to 13.85%.
Pre-approved Personal Loan (PAPL)
You can apply for the pre-approved loan or PAPL at SBI, by going to the bank’s official app called YONO. The app allows you to apply for a loan in just a few clicks. The rate of interest varies from 9.60% to 12.60%. However, you can only apply for this loan if you have an account with SBI.
SBI Pension Loan
This loan has been specially made for those who belong to the defence personnel, Family pensioners or even the Central & State Governments. If you are applying for this loan, you need to be below the age limit of 76 years and your Pension Payment Order should be with SBI.
SBI Quick Personal Loan
The State Bank of India approves this loan to a person who does not have a salary account with the bank. You can avail of a loan amount of 20 lakhs with a rate of interest of 10.85% to 12.85% p.a. The bank gives you a tenure of 72 months (6 years).
Documents required for SBI Personal Loan
The important documents you will need to pledge at SBI are.
- PAN card, Aadhar card, Voters ID, Driving license or Passport.
- Voters’ ID, Passport, Utility bills like Telephone bills or Electricity bills and Property Tax receipts.
- Identity card which is given by your employer, bank statements or salary for the last 6 months if you are a salaried employee, last 2 years ITR if you are a Self-employed.
How to get a personal loan at SBI?
You can apply for a personal loan at SBI through its official website or the YONO App. Given below are the steps you need to follow.
- Search for the official website of SBI bank, which is “sbi.co.in ” or download the YONO App.
- Search for “Personal loans” under the loans option.
- Check all the available options according to your wish. You can compare the eligibility criteria, interest rate and even features.
- Once you have selected your desired loan scheme, click on “Apply Now”.
- Fill in all the important details asked by the bank.
- After you have finished just click on the “Submit” button.
- An authority from the bank will reach out to you to finish the rest of the procedure.
Personal loans are your best option if you want to borrow money during emergency situations. Currently, in this country, the State Bank of India has the best offers and deals when it comes to personal loans. With a low-interest rate, great features, flexible tenure and minimal documentation you are in safe hands.