Mar 22 2020

#Personal lenders near me #Personal #lenders #near #me

Personal lenders near me


SBI Personal Loan

  • KYC-PAN, address & ID proof
  • Income proof, bank statement and one photograph
  • Age-Minimum: 21 Years Maximum: 58 Years
  • Minimum Income-Salaried individuals with minimum monthly income Rs.5,000
  • Total years in job/profession-2 Years

Hmm, it looks like STATE BANK OF INDIA has not approved your chosen property. Getting your property approved by STATE BANK OF INDIA could take a lot more time and effort.

Instead, why not choose a lender that has already approved your property?

State Bank of India is a leading public sector lender that offers three types of personal loans – Xpress Credit Personal Loan, SBI Pension Loan, and the Xpress Power Loan. Prospective borrowers can, thus, avail a loan that meets their exact needs.

Compare SBI Personal Loans

Listed below are the various personal loans offered by the SBI along with the particulars of each type of loan.

  • Term Loan: 12.05% p.a. onwards
  • Overdraft Facility: 12.55% p.a. onwards
  • Term Loan: Rs.25,000 onwards
  • Overdraft Facility: Rs.5 lakh onwards
  • Loans can be repaid over a duration of 5 years
  • A second loan can be taken by borrowers
  • Minimal documentation is required
  • Term Loan: 12.15% p.a. onwards
  • Overdraft Facility: 12.65% p.a. onwards
  • Term Loan: Rs.25,000 onwards
  • Overdraft Facility: Rs.5 lakh onwards

Fees and Charges

The various types of fees and charges that are levied by State Bank of India for personal loans are as follows:

  • Processing Fee: State Bank of India levies a one-time processing fee of 1% of the loan amount for the Xpress Power and Xpress Credit Personal Loan. For the SBI Pension Loan, a processing fee of 0.5% of the loan amount is charged. No processing fee is charged for defence pensioners.
  • Prepayment Charges: For the SBI Pension Loan and Xpress Credit Personal Loan, a pre-payment charge of 3% will be levied on the prepaid amount if the borrower makes a part or full pre-payment and closes the loan account before the completion of the loan term.
  • Penal Interest: In case of EMI defaults, borrowers may be charged a penal interest of 2% p.a. over the applicable interest rate on the amount that is overdue.

Eligibility for SBI Personal Loans

The eligibility criteria that prospective borrowers will have to meet to avail a personal loan from State Bank of India are as follows:

Eligibility for Xpress Credit Personal Loan

  • The loan applicant’s minimum net monthly income (NMI) should be Rs.5,000.
  • The EMI/NMI Ratio should not be above 50%.
  • The applicant should be an employee at any of the following organizations:
  • Central and state governments
  • Central and state PSUs
  • Educational institutions with a national reputation
  • Quasi-government
  • Certain corporates that have an exclusive business relationship with SBI
  • Companies that do not have any business relationship with SBI OR any Emigration Check Required (ECR), subject to specific terms and conditions.

Eligibility for SBI Pension Loan

  • You will need to be a central or state government pensioner, defence pensioner or a family pensioner to apply for this loan scheme offered by SBI. A family pensioner is the spouse of a pensioner who is allowed to obtain pension when the pensioner dies.
  • The pensioner, as well as, the family pensioner’s age should not be above 76 years.
  • For pensioners whose pension is disbursed by government treasuries, the concerned pensioner will need to give a mandate to the treasury to make the pension payment to the particular bank branch. This certain undertaking cannot be rescinded at any point in time. The treasury will also write a note that it will not agree to take any request from any pensioner to make changes to the pension payment to any other branch or bank.
  • A defence pensioner can be any pensioner of the armed forces. The armed forces include Paramilitary Forces, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles. The pension payment order will need to be with SBI.
  • The EMI (Equated Monthly Instalments) or NMP (Net Monthly Pension) should not be above 50% for every pensioner. For family pensioners, the EMI or NMP should not be above 33%.

Eligibility for SBI Xpress Power

Applicants who are employed with the following entities are eligible to apply for this loan:

  • Central or state governments
  • Defence establishments
  • PSUs
  • Quasi-government bodies
  • Educational institutions that have a national reputation
  • Select corporates


Written by admin

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