Are you looking for a personal loan, but not sure whether to take it or not or where to take it from? So, let us help you. Acquiring a personal loan can be a good decision, especially if you are in an urgent need of cash. Many times, when you may run out of savings or you don’t want to dip into your savings then a personal loan can be the best support to meet the financial requirements. Whether it is for education or the daughter’s wedding or any other reason. There is no shortage of personal loan lenders in the financial market, which makes it hard to decide which one is good. If you are facing the difficulty then you can give a thought to the SBI personal loan.
SBI is the short-term for State Bank of India and it is among the best banks in India. It provides personal loan at lucrative interest rates. There are various other benefits of SBI personal loan, some of them are given below:
Transparency in the loan approval process.
SBI offers customized personal loan schemes to fit in the borrower’s needs.
A borrower can avail of any of the SBI personal loan schemes as per his/her wants based on eligibility.
Flexible loan repayment tenures.
A borrower can apply online for the SBI personal loan.
24*7 dedicated customer care team
SBI personal loan interest rate is attractive and competitive.
Low processing fees are charged in SBI Personal Loan.
Zero hidden charges
A dedicated team of customer support who are working round the clock.
The borrowers are also offered with the part and pre-closure option.
You can choose the best-suited scheme from the wide range of SBI personal loan schemes namely, Xpress Credit Personal Loan, SBI Pension Loan, and Xpress Power Loan. Let’s have a quick look:
Xpress Credit Loan
A high loan amount of Rs. 20 lakhs can be availed under the SBI Xpress credit loan scheme that comes with a low-interest rate. It makes it among the most competent personal loans in the financial market.
SBI Pension Loan
SBI Pension Loan is specially developed for the government pensioners. It is an initiative taken by SBI to help the pensioners to meet their financial requirements. SBI Pension Loan offers minimum processing and prepayment fee on personal loans in comparison with other loans.
Xpress Power Loan
The Xpress Power Loan scheme is for those who do not have a salary account with SBI. This scheme offers the minimum loan amount of Rs. 25,000 up to Rs. 15 lakhs depending on the eligibility.
Some factors on which you should be considerate while applying for a personal loan to get it at a low-interest rate, are as follows :
Loan Amount-Â The borrowed loan amount from the State Bank of India.Â
Income-Â Salary defines the borrower loan repayment capacity. Higher salary bracket borrowers may get loans at lower interest rates. The SBI personal loan interest rate varies with the net monthly income.
Loan Term – SBI offers flexible repayment tenure maximum up to 60 months. A borrower can have the loan term as per his/her convenience.Â
Benefits of using an SBI EMI Calculator
Another important aspect of an SBI personal loan EMI calculator. You must know that it is an amount that is paid regarding repaying the loan amount. Now you can use EMI calculator SBI to enjoy the following advantages:
Quick Solution– With an online EMI calculator, you can perform this task at a few clicks of the mouse.
Specific Result– You can get the exact amount of EMI payable to repay a personal loan in a particular loan tenure with the basic details like loan amount, interest rate, and loan period.
Tips to manage the Personal Loan EMI
While availing a personal loan, it is equally important to manage the EMIs well. Here are some ways which can help a borrower in managing the personal loan EMI:
Determine the repayment capability:Â A borrower should always acquire only that much personal loan as much he/she can afford to pay off every month. An online personal loan EMI calculator helps to calculate the personal loan EMIs better. By doing this a borrower would know in advance about the EMI and him/she can make a better and informed decision.
Manage personal expenses:Â If a borrower has an existing loan, and is applying for another personal loan, he/she should first check the amount he/she would require to pay as EMIs for all the loans. The sum of the total requires amount should not be more than 50 % of the monthly income. And also look for another source of income. As then only a borrower can manage the expenses for daily necessities and other personal expenses smoothly.
Never miss on an EMI:Â The regular payment of the EMI can help a borrower to have a good credit score. As this would lead to getting personal loans at a comparatively lower rate of interest. Therefore, always try to maintain a good credit score by paying off all debts like credit card bills, existing loans, etc. on time so that one can get a good personal loan deal. Timely payment of the EMIs is important.Â
Go for a longer repayment tenure:Â The loan repayment tenure has a direct impact on the EMI amount of the loan. Opting for a longer repayment tenure will enable a borrower to repay the total amount over a longer time, which will reduce the EMI amount.
Eligibility of SBI Personal Loan
Xpress Power Personal Loan
An applicant should have a minimum monthly salary of Rs.50,000.
Applicant those who does not maintain their salary account with SBI bank can apply for a personal loan under this loan scheme.
Employees of the following sectors can apply for this loan scheme of SBI:
• Central and state governments
• Defense establishments.
• Educational institutions that have a national reputation.
• PSUs.
Xpress Credit Personal Loan
An applicant should have a monthly income of at least Rs. 15,000.
If a borrower has a salary account with SBI then only he/she can apply for this loan scheme.
SBI Pension Loan
To avail SBI Pension loan you should be a pensioner of central or state government.
An applicant should not be older than 72 years.
Documents Required
Here are the basic documents required for availing SBI Personal Loan:
Duly filled loan application form
Recent passport-sized photograph.
Identity proof (any of the following)
PAN Card
Aadhaar Card
Passport Copy
Driving License
Voter ID Card
Address Proof (any of the following)
Passport Copy
Rental Agreement
Driving License
Bank Statement or Passbook
Electricity Bill
Ration Card
Telephone Bill
Age Proof (any of the following)
Passport Copy
PAN Card
Latest Salary Slips or Bank Statements/ Passbook
Form 16
Last 3 years IT Returns
Lastly, before acquiring a personal loan, thoroughly read and understand the term & conditions come along with the loan.