Personal loan

SBI personal loan: Know the interest rate, required documents, other details

Do you need a personal loan to cope with your needs and the financial crisis? You can benefit from it or request it from the State Bank of India (SBI).

According to the information provided by the bank, the minimum loan amount for the personal loan provided by it will be a term loan: Rs 25,000; discovered: Rs 5.00 lakh.

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It should be noted that the overdraft will be subject to a monthly reduction in draft power so that the draft power will drop to zero in 72 months.

The maximum loan amount will be Rs 20 lakh subject to 24 times the monthly net income (NMI) and applicable EMI / NMI = 50 percent for all categories [except employees of government aided schools where it is 12 times Gross Monthly Income (GMI)].

According to information provided by SBI on its official website, the interest rate on the personal loan starts from 9.60 percent pa

Required documents:

You will need to provide the documents mentioned below with the loan application form:
1. Latest passport size photos – 2
2. Copy of the identity card issued by the employer
3. Bank account
4. Pay slip for the last 6 months or last form 16 (in case of income tax beneficiary)
(a) Permanent Account Number (PAN).
(b) At least one copy of the Officially Valid Documents (OVD) mentioned below, as proof of identity and current address:
I. Passport
ii. Driver’s license
iii. Proof of possession of Aadhaar number
iv. Voter ID card issued by the Election Commission of India
v. Labor card issued by NREGA duly signed by a state government official
v. Labor card issued by NREGA duly signed by a state government official
vi. Letter issued by the National Population Register containing the contact details of name and address.

In addition, no collateral is required to apply for the loan. The maximum repayment period will be 6 years or the remaining service period (whichever is less), depending on information provided by the bank.

The interest:

Under the annual declining balance method, you will continue to pay interest on the amounts you repay over the coming year because the interest for the year is determined on the basis of the outstanding balance at the start of the year. In the case of the daily / monthly declining balance, your interest is calculated only on the outstanding loan amount, which decreases each time you pay off your IMEs or make prepayments.

It may be noted that any IME prepayment in whole or in part and account closure before the end of the term will incur a prepayment charge of 3% on the prepaid amount. Although no prepayment / foreclosure fee is applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.

For more details, you can go to the official SBI website at https://sbi.co.in/.


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