How to apply for personal loan from SBI?
Posted on: 07/Jun/2017 6:49:33 PM
Whether you have a need to go on a vacation or for your child’s wedding or thinking to renovate your home or get the latest gadget that has entered the market or badly in need to meet your medical expenses, the answer is a personal loan. There are many kinds of personal loans offered by the State Bank of India.
Below are the four main kinds explained.
Express Credit Personal Loan
Eligibility for the loan:
All central and state government employees, Central PSUs, quasi-government organizations, PSU of specific levels, educational institutions and few corporates who have salary account maintained with the SBI are eligible for getting loan from the SBI.
Income:
Your net monthly income should be Rs 7,500 minimum. The EMI or NMI ration must not go beyond 50 which means, not more than 50 percent of your net monthly income should be used for EMI payments.
Amount:
The minimum value of loan amount you will be eligible is Rs 24,000 and the maximum is 24 times that of your NMI and is limited to Rs 15 lakh.
Tenure:
The tenure of the loan is 6-60 months
SBI Saral Personal Loan:
The loan eligibility is that the applicant should be a salaried or self-employed professional
Your loan eligibility depends on your total income and capacity to repay.
The minimum loan amount you can get is Rs 24,000 at metros and urban areas. Up to 12 times of your monthly salary with a cap of Rs 10 lakh is your maximum loan eligibility amount.
Loan for pensioners:
Eligibility:
All retired individuals from central or state governments who draw pension amount and do not age beyond 76 years are eligible for personal loan. At the same time, spouse who draw pension towards the death of the employee can apply through family pensioner loan.
Loan amount:
The minimum loan amount is Rs 25,000 and the maximum is limited to 18 months. This however depends on age restrictions.
Period:
The repayment period will vary between 24 and 60 months based on the borrower’s age.
Festival loans:
Festival loans aid people in covering all the unforeseen expenses that you will have to meet at times of festival.
Eligibility:
The eligibility for festival loans is that the applicant must be a central or state government employee or that of PSU or public or private limited company. They should have serviced for minimum of 2 years. Self-employed individuals holding a minimum of 3 years of work experience and those who have regular income source from different channels can apply too.
Income:
The monthly income must be Rs 3000. The income of your spouse can also be included for considering the total eligible loan amount if the spouse is willing to take the loan jointly.
Loan amount:
Your income and repayment capacity determines the loan amount you will be eligible for. This ranges between Rs 5000 and Rs 50,000 based on your monthly income.
