Nowadays, the competition for personal loans has increased a lot in all banks. You can also take a personal loan from the country’s largest government bank State Bank of India. Today we will see what is the interest rate of State Bank of India? Should you opt for a personal loan from State Bank of India? What are the terms and conditions to be followed if you want to take a personal loan from State Bank of India?
We will also see that under what conditions it will be beneficial to take a personal loan from State Bank of India?
Nowadays many private banks are also present in the Indian market. Which gives you the facility of personal loan. In which major banks like HDFC, IDFC, ICICI Bank are there. Apart from this, regional banks also give you the facility of personal loan. But today we will talk about the personal loan scheme of State Bank of India.
You can take personal loan from home branch of SBI
If you want to take a personal loan from State Bank of India, then your account should be in the home branch. State Bank of India mostly prefers personal loans to those who have a salary account. The branch where you have your account. You can apply for a personal loan from there. You cannot apply for a personal loan from any other branch.
State Bank of India says that, if your account is in any other bank. Even then you will not get a personal loan. We are talking about salary account here. State Bank of India prefers to give you personal loan against salary account only.
Strong credit score is necessary to take personal loan from SBI
If you have people credit along with having a salary account, then you will find it difficult to get a personal loan from State Bank of India. In such a situation, it is important that your credit profile is strong. If any bank, including State Bank of India, gives you a personal loan, your credit score is first checked.
If you have a credit score of 750 or above, you can easily get a personal loan in State Bank of India.
Another thing to note here is that the stronger your credit, the stronger it will be. You will get personal loan at that low interest. In some cases, it has been seen that your interest can be around 8.5%. Which is what can be said for a good interest rate personal loan.
loan repair capability
If SBI gives you a personal loan, the first thing to see is your loan repayment capability. To check this, State Bank of India checks your CIBIL score. And analyzes this complete report properly. To know how much is your personal loan repayment capacity? If you have a strong CIBIL score, you can easily get a personal loan through State Bank of India. The advantage of taking a personal loan through State Bank of India is that you get a personal loan at a low interest rate.
In most cases, State Bank of India looks at your loan repayment capabilities by linking it with your salary while granting a personal loan. If you have taken any lane loan earlier. And if you do not pay it on time, you will find it difficult to get a personal loan from State Bank of India.
Apart from this, if you want to take any loan such as home loan car loan from State Bank of India, then you should have a good past record. Only then you can get any type of loan from State Bank of India.
Minimum Salary Criteria for State Bank of India Personal Loan
Taking a personal loan from State Bank of India then becomes easy. When your salary is good. It is generally seen that those people get personal loan easily in State Bank of India. Whose monthly salary is ₹ 15000 or more.
If you have a government job then you can easily get a personal loan from State Bank of India. Apart from this, the type of your company is also seen. If your company is a well-known company and you work there, then you can easily get a personal loan from State Bank of India. You will not face any kind of problem in this.
State Bank of India Personal Loan Types
Here the question arises that how many types of personal loans SBI gives? So let us tell you that State Bank of India gives two types of personal loans.
The first is a term loan. Which is given for a short period. Apart from this, you can also take an over draft loan from State Bank of India. Overdraft facility is given to you every month on top of the salary. This overdraft loan depends on your salary.
Now let us take a look at the general term and conditions of both the loans for you. If you are between 21 to 58 years of age, then you can easily get a personal loan from State Bank of India. Older people cannot easily get a personal loan from State Bank of India.
State Bank Of India Personal Loan Tenure
If you want to take a personal loan from State Bank of India, then you can take a personal loan from 6 months to 72 months. If you want to pre-deposit your personal loan with State Bank of India, then a penalty of 3% is levied on you.
But here also a condition has been given. If your income has increased during this period, then you can take another loan from State Bank of India. But for this it is necessary that you make advance repayment of the earlier payment. Under this condition you do not need to pay any penalty.
You can take a personal loan from State Bank of India in the range of 25000 to 2000000 rupees. On the basis of your salary also it is decided that how much personal loan State Bank of India can give you? You can get a personal loan of 24 times your net monthly income from State Bank of India.
To take a personal loan from State Bank of India, you have to fulfill one more condition. Your monthly salary EMI should not exceed 50%. For example, if your salary is ₹ 50000, then your current running loan.emi should not exceed ₹ 25000. If it is more than ₹ 25000 then you may find it difficult to get a personal loan from State Bank of India.
personal loan interest rate sbi
If we talk about the interest on personal loan in SBI, then that too is very less. You can get a personal loan in State Bank of India in the range of 9.50% to 16%.
It depends on where do you work? If you do any government job, then you will have to pay a different interest rate. Apart from this, if you serve in the army, then you can be given a separate concession.
Apart from this, a separate personal loan interest rate has been fixed for applying to professional institutions. But it is generally seen that it can range from 9.50% to 16%.
Documents required to take personal loan in SBI
If you want to take a personal loan in State Bank of India, then you have to provide some necessary documents. In this, you have to give salary slip of last 6 months. Apart from this, you will also have to submit ITR for the last 2 years.
Apart from this, you will also have to submit 6 photographs. which is the latest. Based on all these, you can easily get a personal loan from State Bank of India.
