SBI Personal Loan 2023 Fitures Type EMI Calculatiion Information
SBI Personal Loan 2023 Fitures Type EMI Calculatiion Information :Explore everything you need to know about SBI Personal Loan 2023 in this comprehensive guide. Find out about eligibility, application process, interest rates, and more. Secure your financial goals today ! Following are the State Bank of India Personal Loan fees & Charges:
| Interest Rate Starting at | 11% p.a. |
| Minimum loan amoun | Rs. 25,000 for Term Loans and Rs. 5 Lakhs Overdraft Loans |
| Maximum loan amount | Rs. 20 Lakhs for Term Loans as well as for Overdraft Loans |
| Repayment tenure | 6 months to 6 years |
| Processing fee | 1.50% of loan amount (Min Rs.1,000 & Max Rs. 15000) + GST |
| Prepayment charges | Nil, if the account is closed from the proceeds of a new loan account under the same scheme. 3% in other cases. |
| Minimum income required | Rs. 15,000 |
| Eligibility Age | 21 years to 58 years |
Introduction
If you are looking for a reliable and trustworthy way to fund your personal expenses, SBI Personal Loan 2023 is the perfect solution for you. The State Bank of India (SBI), being one of the largest and most reputable banks in India, offers an array of financial products to cater to diverse customer needs. In this long-form article, we will delve deep into the details of SBI Personal Loan 2023, covering eligibility criteria, application process, interest rates, FAQs, and more. So, let’s embark on a journey to discover how this loan can help you achieve your dreams without any financial hurdles.
Features of SBI Personal Loan
SBI Personal Loan have something for everyone. For emergency needs, you can avail of small instant loans by applying online.
- Loan amount: For Term Loans, you can avail minimum 25,000 and maximum 20 lakhs or 24 times NMI (whichever is lesser). For Overdraft Loans the minimum loan amount available is 5 Lakhs and maximum loan limit is 20 lakhs or 24 times NMI (whichever is lesser).
- Repayment tenure: You can repay the SBI instant personal loan amount within 72 months.
- Low interest rates: SBI Personal Loan interest rates start at as low as 11% p.a. and can go up to 15.65% p.a., depending on the loan type, borrower’s income and repayment capacity.
- Low processing charges: Up to 1.50% (Maximum Rs 15,000).
- Personal loan for all: The bank offers various schemes, such as SBI personal loan for govt employees, and so on to cater to the financial needs of all categories of borrowers.
| Join Us Our osssc official Groups For Job Updates |
|---|
|
|
Types of SBI Personal Loan
SBI Kavach Personal Loan
Get an instant loan of up to Rs. 5 lakhs under SBI Kavach Personal Loan for COVID treatment of self or your family members. This one of its kind loan comes at an interest rate starting from as low as 11% per annum and can be repaid easily in a tenure of up to 5 years, including the moratorium period of 3 months. You also get the reimbursement of expenses already incurred by you for COVID related medical expenses. With this loan scheme, the SBI bank aims to provide borrowers the access to instant monetary assistance during COVID 19 pandemic.
SBI Xpress Credit
SBI Xpress Credit Personal Loan is offered to Salaried Employees who have salary accounts with SBI.
You can get up to a maximum of up to Rs. 20 Lakhs as the loan amount.
The maximum repayment period is 6 years.
SBI personal loan interest rate for salary account holders varies between 11.00%-12.50% pa.
1.50% of the loan amount, minimum of Rs. 1,000 + GST & maximum of Rs. 15,000 + GST.
Pre-approved Personal Loans (PAPL) on YONO
If you have an account with SBI, you can avail SBI PAPL instantly at your convenience through YONO app on 24*7 basis in just 4 clicks. At present, this loan is offered to a pre-selected category of customers on certain parameters pre-defined by SBI.
- Interest rate is 11.15%.
- SBI offers low processing fee for Pre-Approved Loans through YONO.
- To check your eligibility SMS “PAPL” to 567676.
- These loans come with instant processing & disbursement in just 4 clicks.
- You don’t require any physical documentation for these loans.
- No branch visit required.
SBI Quick Personal Loan
- This offered Personal Loan for Salaried Employees who do not maintain a Salary Account with SBI.
- You can get up to a maximum of Rs. 20 Lakhs as the loan amount.
- The maximum repayment period is 72 months.
- Interest rate varies between 11.25% – 12.95%.
- Processing fee for this loan is 1.50% of the loan amount (minimum Rs. 1,000 & maximum Rs. 15,000) + GST.
There is a provision for the second loan.
SBI Pension Loan
- It is SBI personal loan for defence personnel, Central & State Government, and Family Pensioners who are below 76 years of age and whose Pension Payment Order is maintained with SBI.
- The maximum loan amount offered is Rs. 14 Lakhs for Defence and Central & State Government Pensioners. For Family Pensioners, it is Rs. 5 Lakhs Loan amount eligibility depends on borrower’s age, pension income, age, repayment tenure, and other factors.
- The maximum repayment tenure is up to 84 months for Defence Pensioners and 60 months for Family and Central & State Government Pensioners.
- Interest rate varies starts with 11.15% p.a.
SBI Personal Loan EMI Calculation
The SBI Personal Loan EMI calculation can happen on the basis of reducing balance method, i.e., interest on your next EMI is calculated on the outstanding loan amount. This method reduces the interest outgo considerably.
SBI Personal Loan of 1 Lakh for different interest rates and tenures.
| Applicable Interest Rate | Repayment Tenure | EMI (per lakh) | Total Interest | Total Payment |
| 10.30% | 1 year | Rs. 8,806 | Rs. 5,667 | Rs. 1,05,276 |
| 10.70% | 2 year | Rs. 4,647 | Rs. 11,525 | Rs. 1,11,525 |
| 11.50% | 3 year | Rs. 3,298 | Rs. 18,714 | Rs. 1,18,714 |
| 12.60% | 4 year | Rs. 2,663 | Rs. 27,821 | Rs. 1,27,821 |
| 15.65% | 5 year | Rs. 2,150 | Rs. 54,797 | Rs. 1,54,797 |
SBI Personal Loan 2023 for Special Occasions
SBI Personal Loan 2023 understands the importance of special occasions in your life and provides exclusive offerings for weddings, travel, education, and medical emergencies. Here’s how this loan can cater to your unique needs:
1. Wedding Loan
Your dream wedding deserves to be perfect, and SBI Personal Loan 2023’s wedding loan ensures that financial constraints don’t dampen the celebrations. With attractive interest rates and easy repayment options, you can fund your wedding expenses without stress.
2. Travel Loan
Traveling enriches our lives with unforgettable experiences, but sometimes the budget becomes a concern. SBI Personal Loan 2023’s travel loan helps you explore your dream destinations without worrying about finances.
3. Education Loan
Investing in education is crucial for a bright future. Whether you’re pursuing higher studies in India or abroad, SBI Personal Loan 2023’s education loan covers your tuition fees, accommodation, and other related expenses.
4. Medical Emergency Loan
Medical emergencies can strike without warning, and financial preparedness becomes vital. SBI Personal Loan 2023’s medical emergency loan ensures you have immediate access to funds during critical times.
SBI Personal Loan Documents Required
To complete your application, you need to furnish the following SBI Personal Loan Documents:
Salaried employees & Self employed
- Duly filled loan application & 2 passport sized photographs.
Proof of identity
- Photocopy of PAN Card
- Passport
- Driver’s License
- Voters ID
- Aadhaar Card (any one)
Proof of residence
- Photocopy of recent Telephone Bill/Electricity Bill
- Property Tax Receipt
- Passport
- Voter’s ID Card (any one)
Proof of Income
Copy of Identity Card issued by the employer
- Bank statement of last 6 months of account where salary is credited.
- Income Tax Return.
- Last 6 months’ salary slip / bank statement.
- Last 2 years ITR and account statements by Self Employed individuals.
How to check SBI Personal Loan Application Status?
After your SBI Personal Loan application is submitted you receive a reference number. Using this unique reference number you can check the SBI loan status of your application.
Steps for checking SBI application status:
- Visit the official SBI website.
- Go to check the Personal Loan Application Status page.
- https://onlineapply.sbi.co.in/personal-banking/application-status
- Submit unique reference number (URN)
- Enter mobile number with ISD code (91 for India)
- Click on Track and status of application will be on screen
Get Loan Details : mymoneymantra.com
SBI Log in page – onlinesbi.sbi
Personal loan,sbi personal loan,sbi personal loan 2023,sbi personal loan calculator,best bank for personal loan 2023,sbi personal loan interest rate 2023,instant personal loan,sbi personal loan interest rates 2023,personal loan calculator,personal loan interest rates,sbi personal loan eligibility,personal loan kaise le,sbi personal loan interest,personal loans,personal loan sbi,personal loan eligibility,sbi personal loan interest rate .
FAQs
Here are some frequently asked questions about SBI Personal Loan 2023:
- Q: What is the minimum and maximum loan amount available under SBI Personal Loan 2023? A: The minimum loan amount is INR X, while the maximum can go up to INR Y, subject to the applicant’s eligibility and creditworthiness.
- Q: How long does it take for SBI to process the loan application? A: Once you submit a complete application with all necessary documents, SBI typically takes X- Y working days to process the loan application.
- Q: Can I prepay or foreclose the loan before the completion of the chosen tenure? A: Yes, SBI allows prepayment or foreclosure of the loan; however, some nominal charges may apply.
- Q: Is a guarantor required for SBI Personal Loan 2023? A: No, SBI Personal Loan 2023 does not require a guarantor.
- Q: Can self-employed individuals apply for SBI Personal Loan 2023? A: Unfortunately, this loan is exclusively available for salaried individuals at the moment.
- Q: What if I miss an EMI payment? A: Missing an EMI payment can attract late payment charges and negatively impact your credit score. It’s essential to pay your EMIs on time to maintain a good credit history.
Conclusion
SBI Personal Loan 2023 is a reliable and flexible financial solution that can help you achieve your goals without the burden of financial constraints. With competitive interest rates, quick approval, and minimal documentation, this loan is designed to make your borrowing experience seamless. So, if you’re planning a wedding, dreaming of traveling the world, pursuing higher education, or preparing for medical emergencies, SBI Personal Loan 2023 is here to support you throughout your journey.
Remember, always borrow responsibly and evaluate your repayment capacity before applying for any loan. Now that you have a comprehensive understanding of SBI Personal Loan 2023, take the first step towards securing your financial future.