At the time of funds requirement, SBI personal loan can be your most potential and liable financial tool to fulfill your needs. An SBI personal loan is an unsecured loan that means it does not require any guarantor or sort of security against the loan amount. Also, it is a multipurpose loan as you can use the SBI personal loan based on your needs and willingness. Whether it is for paying for the outstanding debts, bills, medical expenses, education fees, and even to fulfill your dream of a fairytale wedding and others it completely depends on you. This article will answer almost all of your questions about the SBI personal loan and also about the SBI personal loan EMI calculator.
As discussed above, a personal loan can be a great way to meet any of your financial requirements. State Bank of India is a popular brand name, as all of you must be familiar with it. SBI has been serving in the financial market for more than a decade now. Despite the time, it is always been one of the top priorities of the customers when it comes to banking services, especially for a credit one. SBI has able to maintain its position in the financial industry over the years due to various reasons. Some of them have been pointed below do have a look at them:
SBI personal loan is easy and hassle-free processing.
Minimum and basic documents are required for SBI personal loan.
Due to online loan processing, you can save a lot of your time and effort.
SBI personal loan is easy to apply with just a few clicks.
The “top-up” facility offered by the SBI ensures that you meet all your needs.
You can get an SBI personal loan at an attractive rate of interest.
SBI offers flexible loan tenure with a personal loan for up to 60 months.
To meet the diverse needs of the customers SBI offers a wide range of personal loan schemes. Let’s have a quick look at them:
Ø Xpress Credit Personal Loan
SBI Xpress Credit Personal Loan can be applied by only those who have a salary account with the SBI Bank. Below are the key features of the Xpress Credit Personal Loan:
An applicant can avail the minimum loan amount of Rs. 25, 000 and a maximum loan of Rs. 20 lakhs under this scheme.
A low processing fee is charged on SBI Xpress Credit personal loan.
A lucrative rate of interest is charged on SBI personal loan.
This is a collateral-free loan scheme offer by the SBI.
Ø SBI Xpress Power
SBI Xpress Power is a loan scheme that can be acquired by those who do not have their salary accounts in the SBI bank. Some of the key features of SBI Xpress Power personal loan are:
An applicant is required to have the minimum monthly income of Rs. 25,000 and maximum of Rs. 15 lakhs/ 24 times NMI (Net Monthly Income) to be eligible for this loan scheme.
Minimum documents are required for an SBI personal loan.
The SBI personal loan can be repaid through NACH/SI.
Ø SBI Pension Loan
SBI Pension loan scheme has been designed specially to meet the needs of the government pensioners.
An easy and quick loan processing is offered by SBI.
The loan amount of this loan scheme can be repaid through easy EMIs via SI.
No hidden cost is charged.
SBI Personal Loan EMI Calculator
To help the customers SBI offers various financial tools to ease the lengthy and complicated calculations like the EMI. To calculate the EMI of SBI personal loan EMI calculator can be used which available on the official website of the SBI. Basic information is needed to use SBI personal loan EMI calculator like the loan amount, rate of interest, and repayment tenure. After providing the required details a less amount of time like in microsecond results can get.
Ways that can help to manage your personal loan EMI
While availing a personal loan, it is equally essential to maintain the EMIs well. At times, it gets challenging to manage the EMI’s, which may adversely affect the credit score. Here are some tips which may help you in achieving the personal loan EMI:
v Manage personal expenses: The sum of the total involves amount should not be more than 50 % of your monthly income. And also look for another source of income. As then, it is considered that with than ration, you can only be able to meet your daily needs, and there are chances of loan defaults.
v Know the repayment capability: You should always acquire only that much personal loan as much you can afford the paying off every month. If you do, so you can plan more meticulously as you will be aware of the payments that need to be made in the month-end.
v Timely payments of dues: You can maintain a good credit score by paying off all debts like credit card bills, existing mortgages, etc. on time so that you can get an excellent personal loan deal. Timely payment of EMIs is essential.
v Repayment tenure: The longer repayment tenure helps you to get a low amount of EMIs on personal loan as it gets you more time to repay the loan.