Personal lenders near me
SBI Personal Loan
- Door step service
- Part-payment available
- Top-up loan available
- No guarantor required
- Balance Transfer
- Application available only in branch
- Guarantor Required
- This Company is not a partner. Visit its website/branch office for more details. Trademarks, logos and other intellectual property belong to their respective owners.
- 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
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
- Loans can be repaid over a duration of 5 years
- A second loan can be taken by borrowers
- Minimal documentation is required
Fees and Charges
- 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 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
- 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
- Central or state governments
- Defence establishments
- Quasi-government bodies
- Educational institutions that have a national reputation
- Select corporates