There can be numerous reasons for which you can opt for a personal loan. A personal loan is an unsecured loan. This means one doesn’t have to give any kind of security. Also, you can repay this loan through easy installments. A borrower can use this money to fulfill the needs like education, family occasion, or home construction.
Applying SBI personal loan and repayment process
Getting a personal loan is an easy procedure. You just need to fill up the application form online or by visiting the nearby branch. Also, you need to submit a few of the documents as asked by the bank. After that bank will review your credit score and verify the documents given. If the bank finds that you are good behavior with your credits then the SBI personal loan interest rate will be low. The repayment is done through the installment at the annual rate of interest given by the bank. For the tenure, you applied for at the time of borrowing the loan. One can use the SBI personal loan EMI calculator to get a clear idea of how much amount will you give as an EMI to the bank.
SBI Personal loan variant
SBI provides the best service to its customer that’s why known as a customer-friendly bank. One must know that how many variants for SBI personal loans are available with the SBI. So that borrowers can choose any one of them that suits them better. So these are the different variants that are available with the bank.
SBI KAVACH Personal Loan
This type of personal loan from SBI is available for COVID treatment. A borrower can use it for himself or any family member who got ill from the virus after 1st April 2021. To apply for this type of loan you can go to the nearby branch. It is available for employed, self-employed and pensioners. The borrower can get a minimum loan of INR 25000 that can go up to INR 5 lacs.
Use the branch channel for reimbursement facilities. Addition to any existing loan. The SBI personal loan interest rate for this type of loan is 8.5 percent. Which is the lowest in any other type of personal loan. The borrower can pay the loan for a tenure of 60 months and can repay the loan after 3 months. So, the loan payment is done in 57 EMIs, which also includes 3-month interest charged on the loan amount.
SBI pension loan
SBI pension loan is available to the pensioner also to the senior citizens of India. Processing Fees for SBI personal loan is low. There are no hidden charges, loan processing is faster than any other bank. Borrowers can repay the loan amounts through easy EMIs. Also, it is available with Minimal documentation. You can Apply at all SBI branches. The maximum loan a borrower can apply for is 14 lacs. For tenure of 84 months. This loan is available at an SBI personal loan interest rate of 11.1 percent to 13.1 percent.
SBI’s Xpress
Credit Personal Loan
For any kind of funding a borrower needs. Can get quick approval and instant disbursal with the help of SBI’s Xpress Credit Personal Loan. A borrower can apply loan of a minimum of INR 25000 and a maximum amount of up to INR 20 lakhs with minimal documentation. The SBI personal loan interest rate applicable on this type of loan is 9.6 percent to 13.1 percent per annum. This type of loan is available to the individual who has a salary account with SBI. The minimum income requirement is INR 15000
