Are you live in India and looking for a personal loan? Loans in India are easy to apply. Many financial companies are willing to lend you any purpose. And one of the best financial companies in India that we want to introduce to you is the SBI with attractive interest rates on SBI personal loans.

Max SBI personal loans amount Rs 14 lakh for applicants below 72 years

In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the best personal loans for bad credit, to get more information people can read the article Three choices for people who want to get the best personal loans for bad credit.  Now, let find knowledge about SBI personal loan in the post today.

SBI PERSONAL LOANS

Just like a lot of article posts such as unsecured personal loans bad credit, small loans online, unsecured loans for people with bad credit, loans for bad credit history… this post about SBI personal loans also includes some main parts. They are:

1Some requirements to get SBI personal loans

Age Minimum of 21 years
Maximum 65 years
Nationality Indian
Employment Type Salaried or Self-employed
Employment status Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business
Minimum Income Rs.4000 – Rs.20000/month (Varies according to the area, which is higher in cities)
Maximum Loan Amount Rs.70 lakhs
Tenure Minimum – 6 months
Maximum – 60 months
Credit Score Preferred 750

To apply for a personal loan from SBI, customers need to have some important documents and submit while applying:

  • Customers need to complete the loan application
  • Customers need to have 3 passport size photographs
  • Customers need to have a statement of Bank Account/Pass Book for the last six months
  • Customers need to have proof of residence (photocopies of recent Telephone Bills/ Electricity Bill)
  • Customers need to have proof of identifying: photocopies of Voters ID card, Passport, Driving license, IT PAN card.
  • Customers need to have IT returning for the three years for self-employed professionals
Max SBI personal loans amount Rs 14 lakh for applicants below 72 years

There are some certain factors apart from the eligibility criteria that affect the loan application mainly the minimum salary expectation and the loan amount eligibility. They are:

  • LocationThe place where customers stay determines the minimum salary amount for customers need to meet for a personal loan in SBI. In the cities, the minimum salary is higher like Mumbai.
  • Income: If customers have a higher income, you will get a better loan.
  • Housing situationStaying in customers’ own house or in rental property determines the loan amount. Staying in a rental apartment. house reduces customers’ disposable income, the repayable capacity is reduced.
  • Company of employment: Working for a reputable company for nearly a year may show that the lender customers are working with is stable, rated by the company as well as possible personal lending rates.
  • Existing credit: If customers already have a loan or other credit card debt that will play a major role in determining the loan and interest rates.
  • Credit history: The credit history is a major factor in which the amount of loans, interest, and terms depends on. If there is any difference in credit history, it is possible that the loan is completely rejected.

2. Some benefits of SBI personal loans

  • Low processing fee, no hidden fees, no prepaid fees
  • Family pensioners (spouses who are authorized to receive pensions after the pensioner dies) may not lend but the applicant cannot exceed 76 years.
  • A maximum 50% pension is considered for the loan.
  • SBI charges a 0.51% handling fee (+ applicable tax) with a minimum of Rs 500 /-). The processing fee is not calculated from SBI Defense Pensioners.

3. The interest rate and fees of SBI personal loans

Interest rates 12.15% – 15.15%
Processing fees 1% of the Loan amount + GST
Prepayment charges Nil
Repayment options Up to 5 years
Maximum loan amount Rs.15 Lakh
Loan approval time 10 Minutes

This post is about loans in India. We provide this information to offer you some of the necessary information that is useful for getting a personal loan in India. Also if you are looking for information about low-interest personal loans, please refer to the Is it easy to get low-interest personal loans? Some best low-interest personal loans link we just provided in the previous article. 

Hillary (Team Content) – Info Credit Free