A step by step guide to applying for SBI personal loan
A large part of the Indian population belongs to the working middle class. These people spend their salary on daily expenditures and necessities and save some amount for other purposes. But there are many situations when people need more money than their savings, such as weddings, admission to a specific institute, buying a house, or medical emergencies. For such cases or situations, a personal loan is a solution. SBI is a trusted bank suitable for taking a personal loan. The SBI personal loan interest is 9.60% per annum. There are various types of personal loans available at SBI as per your needs. Let us know more about the application process for a personal loan, loan interest, SBI personal loan eligibility, and other details.
Types of SBI personal loan
There are four types of personal loans that SBI offers to its customers:
- SBI Saral personal loan
This loan is for salaried people who do not account holders at SBI. The purpose of this loan is to meet their requirements.
- Loan to pensioners
This loan meets the financial needs and personal requirements of central or state government pensioners and defense pensioners. Their spouses taking the pension can also apply for this loan.
- Festival loans
This loan particularly covers the extra expenses during the festival seasons.
- Xpress credit personal loan
This loan is for account holders at SBI. The purpose of this loan is to meet their necessities.
SBI personal loan eligibility
There is different SBI personal loan eligibility for various personal loan types:
- SBI Saral personal loan
Any self-employed individual or salaried person is eligible for this loan. The maximum amount is 12 times the monthly salary, up to Rs. 10 Lakh.
- Loan to pensioners
Pension drawing retired central and state governments are eligible for this loan, not more than 76 years of age. Spouses of dead employees are also eligible for the same. The maximum amount is 18 months’ pension.
- Festival loans
Central, state government, or private company employees with a minimum of 2 years of service and self-employed people with a minimum of 3 years of experience are eligible for this loan. The amount is based on income and repayment capacity up to Rs. 50,000.
- Xpress Credit personal loan
Central or state government employees, PSUs, and educational institutions are eligible for this loan. The maximum amount is 24 times the net monthly income up to Rs. 15 Lakh.
Ways to apply for SBI Personal Loan
One can apply for SBI personal loan in two ways, which are as follows:
- Online
The SBI website has the option of applying for a personal loan online. You need to visit the website and go to the loans section to fill out the form for a personal loan. You need to fill in the information required in the form. Based on that, the bank will offer the type of personal loan you are eligible for. You can check the loan offered and proceed further. Further, complete the application based on the type of personal loan and then submit all the necessary documents. Then, a bank representative will meet you and carry the process forward.
- Offline
One can apply for a loan by visiting the nearest branch of SBI. Visit the bank, talk to a representative and collect all the details about the loan and the documents needed. After that, fill out the form and manually submit it with all the documents. You can also visit a channel partner working with the SBI and get your loan processed in a lesser time.
One can choose anyway, but make sure to follow all the steps and submit the correct documents. They can contact the representatives of the bank in case of any need.
Personal loans are there for the financial help of people for personal reasons and interest. So follow the guidelines as given above to know the details regarding the SBI personal loan interest and the process of applying for it.
