SBI Personal Loan

State Bank of India Personal Loan

SBI provides SBI Saral personal loan to help you in meeting any kind of personal expenses whenever you need it to meet your requirements. Loan is provided at low interest rates, no hidden costs or administrative charges, no prepayment penalties and comfortable repayment tenure.

Enjoy the SBI Advantage

	Low interest rates. Further, we charge interest on a daily reducing balance!!
·	Low processing charges; only 2%-3% of loan amount
·	No hidden costs or administrative charges.
·	No security required ……which means minimal documentation…something that you had always wanted.
·	No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan (1% of the loan amount will be charged if you repay the loan before 6 months)
·	Long repayment period of up to 48 months.

The Scheme

Purpose
The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability, such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets etc.)

Eligibility
You are eligible if you are a Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing.   

Salient Features

Loan Amount
Your personal loan limit would be determined by your income and repayment capacity. 
Minimum  : Rs.24,000/- in metro and urban centres

Rs.10,000/- in rural/semi-urban centres

Maximum : 12 times Net Monthly Income for salaried individuals and pensioners  subject to a ceiling of Rs.10 lacs in all centres

Documents Required
Important documents to be furnished while opening a Personal Loan Account:

For existing bank customers
Passport size photograph

From salaried individuals 
Latest salary slip and Form 16

Margin
We do not insist on any margin amount. 

Interest Rates:

16% fixed (SBAR + 4.25%). SBAR is currently 11.75%

Repayment 
The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you wish to, without attracting any prepayment penalty. 

Security

NIL

Processing Fee 
Processing charges are 2-3% of the loan amount. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

Interest Rate  (Daily reducing balance)	16% fixed (SBAR + 4.25%). SBAR is currently 11.75%
Processing Fees	2% to 3% of loan amount
Loan Tenure	1 year to 4 years
Pre-closure Charges	1% of pre-closed amount
Loan Amount	Metro cities: Up to to Rs. 5 lakhs. Non-metro cities: Up to Rs. 2.5 lakhs If salary account with SBI, then cap increased to Rs. 10 lakhs Maximum loan amount cannot exceed 12 times net monthly income
Minimum Income Requirement	Rs.24,000/- in urban centres. Rs.10,000/- in rural centres
Guarantor Requirement	Guarantor is mandatory
Documents	Proof of Identity : Passport or voter's card or driving licence or PAN card and photograph Proof of Residence : Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements Income proof : Latest salary slip and Form 16 (Salaried) or Income Tax Returns of last 2 years(Self employed) of applicant and guarantor