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SBI Personal Loan

SBI Personal Loan is one of the personal banking products offered by the bank to eligible borrowers who have some urgent cash requirements. State Bank of India is one of the oldest banks in the country and it has been offering the best of banking products and services since its establishment. The bank offers a variety of personal banking services to meet the financial needs of every individual. Whether you need some fast cash to meet medical emergency or to plan an unexpected holiday, SBI Saral Personal Loan is all that you need to fulfill them. You can get this loan program from more than 3000 branches of SBI located across the country.

SBI Bank personal loans

Personal loans from State Bank can be availed by any eligible borrower for a number of purposes that include;
  • Domestic or foreign travel expenses
  • Medical treatment of a family member or the borrower himself
  • Meet any type of financial liability
  • Marriage of son or daughter
  • Pay for educational expenses
  • Meet margins while purchasing assets, etc.

State Bank of India personal loan is available in almost all the Indian states and cities including Bangalore, Chennai, Pune, Hyderabad and many more.

SBI Personal Loan Interest Rate

SBI personal loan rates are very competitive and this loan program comes with a number of benefits. A low interest rate of 4.25% above SBAR (16% p.a.) is charged by the bank on its Saral personal loan program. SBI charges the interest on the basis of daily reducing balance. There are no hidden fees or administrative charges with this loan option. Moreover, the bank charges a low processing fee of only 2% - 3% of the loan amount. Borrowers are not required to provide any security which means less documentation and paperwork. There are no prepayment penalties and a long repayment period of up to 48 months is offered by the bank.

SBI Personal Loan Eligibility Criteria

It is very important for the borrowers to fully understand all the personal loan details and application process in order to improve their chances of getting approval. To be eligible for an SBI personal loan a borrower is required to be a salaried individual, a self employed engineer, architect, doctor, chartered accountant or an MBA with 2 years standing. The personal loan amount will be determined by the income status and the repaying ability of the borrower. Eligible borrowers can borrow a minimum of Rs. 24,000 in urban centres and Rs. 10,000 in rural and semi-urban centres. The maximum loan amount will be upto 12 times the net monthly income in case of salaried individuals and pensioners.

The following documents are required to be submitted along with the personal loan application form.
  • Passport size photograph (for existing customers)
  • Recent salary slip and Form 16 (for salaried individuals)
For more information on SBI personal loan calculator, loan for NRI, personal loan customer care number and online application, please visit the official website of the bank.
State Bank of India is one of the largest providers of personal banking and finance products in India. Check the manifold features of the personal loans.



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