All You Must know About SBI Personal Loan

One of the basic things, before you look for availing of a personal loan, is to find out whether you hold the eligibility to avail the loan. The eligibility criteria that the prospective personal loan seekers must meet for availing the personal loan through State Bank of India are:

Xpress Credit Personal Loan Eligibility

∙       Minimum NMI or a net monthly income of the loan applicant must be Rs 15,000.

∙       EMI/NMI ratio must not at all be more than 50 percent.

∙       As it is a personal loan for govt employees, the individual must be employed in the following:

–          State and central governments

–          State and central PSUs

– Quasi-government

–          Educational institutions with a national reputation

∙       Specific corporates with exclusive business relations with SBI.

∙       Companies that do not have business relations with the SBI or the ECR, which is subject to terms & conditions.

SBI pension loan eligibility

∙       As it is another variant ofSBI personal loan for govt employees, the seekers of personal loan must be a state or central government pensioner, family pensioner or defence pensioner to apply for the loan provided by the SBI. A family pensioner is the pensioner spouse permitted to obtain the pension on the death of the pensioner.

∙       Pensioners and the family pensioner’s age must not be over 76 years of age.

∙       For the pensioners with pension disbursed by the government treasuries, the concerned pensioner requires endowing a mandate to the treasury to make the payment of pension to a specific bank branch.

∙       A defence pensioner is the pensioner of the armed forces.

SBI Xpress Bandhan loan eligibility

The eligibility criteria for availing of the personal loan are as follows:

∙       Gross monthly income of an individual should be around Rs 50,000.

∙       Employees that are working with the educational institutions of national repute, state, and central government, defence establishments, PSUs, select rated corporate, quasi-government bodies etc., can avail of the loan.

∙       No need to maintain a salary account with a bank

∙       EMI (Easy Monthly Income) /NMI (Net Monthly Income) ratio should not be over 50 percent.

SBI pre-approved personal loan eligibility

To know if you are eligible or not for the pre-approved personal loan from SBI, ensure to send the SMS in the format of PAPL <last four SBI savings bank no. digits> to 567676.

SBI quick personal loan eligibility

SBI quick personal loan eligibility criteria include:

∙       You should have a salary account with some other bank.

∙       Maximum and minimum eligibility age are 58 and 21 years, respectively.

∙       Your minimum work experience must be 1 year

∙       You must draw a minimum month on a monthly income of Rs 15,000.

What are the different available types of SBI loans?

SBI Xpress credit personal loan

Major highlights:

∙       Highest loan amount available is Rs 20 lakh.

∙       Lowest rate of interest offered is 9.60 percent p.a.

∙       Low processing charges

SBI pension loan

Major highlights:

∙       Instant loan amount disbursal

∙       Minimal documentation requirement

∙       Low processing charges

SBI Xpress Bandhan personal loan

Major highlights:

∙       You can easily get or apply for the personal loan even if you do not maintain an account with the bank.

∙       You should draw a minimum gross monthly income equaling Rs 50,000 to avail of the loan.

∙       The repayment tenure allowed is up to five years.

SBI pre-approved personal loan

Major highlights:

∙       Low processing charge.

∙       Loan will get instantly processed.

∙       Rate of interest is low and usually begins from 9.60 percent.

SBI quick personal loan

Major highlights:

∙       You can take up the loan proceeds of up to Rs 20 lakh.

∙       You can take up the loan even if you have no bank account with the SBI.

∙       You require drawing the minimum monthly income of at least Rs 15,000 to take up the loan.

SBI PAPL or pre-approved personal loan

You can get or avail of the instant personal loan anytime with the SBI pre-approved personal loan. You only need to use the YONO application to avail of the loan at the comfort of your home. The service is 24X7 available. However, remember that just the bank can determine who all are the ones eligible for a loan. To know your eligibility, SMS ‘PAPL <account nos. last 4 digits> to 567676. The rate of interest begins from 9.60 percent p.a.

How does EMI calculation work better for a personal loan?

Factor in this scenario where the individual earning Rs 40,000 p.m. avails a personal loan of Rs 1 lakh from the SBI Xpress Credit personal loan scheme variant. The bank charges a personal loan processing fee of 1 percent on the loan amount and a rate of interest of 9.60 percent p.a. For loan repayment tenure of one year; you will pay an EMI of Rs 8773 each month only.

SBI personal loan FAQ

What are the distinct kinds of SBI personal loans provided to the employees of the corporate?

You can easily apply for an SBI pension loan, Xpress credit personal loan or Xpress Bandhan personal loan if you meet the eligibility criteria. Ensure to note that you will require to have a salary account with the lender for applying for an Xpress credit personal loan.

If you avail of a personal loan from the state bank of India, when will your liability to the bank end?

Once the whole outstanding loan amount equals zero, your SBI personal loan liability equals zero.

What is the best option to repay your SBI personal loan?

You can simply repay your SBI personal loan through EMI via the ECS facility or via the standing instruction.

Can you prepay your SBI personal loan, and will you require repaying any additional charge on loan prepayment?

Yes, you get the choice to prepay your SBI personal loan. The bank charges prepayment penalties for different personal loan schemes. You can also find more about the charges when you submit your loan application.

What are personal loan products provided by the State Bank of India?

The five kinds of State Bank of India personal loan products are State Bank of India Xpress Credit personal loan, SBI Xpress Bandhan loan, SBI Pension Loan, SBI Quick Personal Loan and SBI Pre Approved Loan.

All you must know about SBI personal loan

One of the basic things, before you look for availing of a personal loan, is to find out whether you hold the eligibility to avail the loan. The eligibility criteria that the prospective personal loan seekers must meet for availing the personal loan through State Bank of India are:

Xpress Credit Personal Loan Eligibility

∙       Minimum NMI or a net monthly income of the loan applicant must be Rs 15,000.

∙       EMI/NMI ratio must not at all be more than 50 percent.

∙       As it is a personal loan for govt employees, the individual must be employed in the following:

–          State and central governments

–          State and central PSUs

– Quasi-government

–          Educational institutions with a national reputation

∙       Specific corporates with exclusive business relations with SBI.

∙       Companies that do not have business relations with the SBI or the ECR, which is subject to terms & conditions.

SBI pension loan eligibility

∙       As it is another variant ofSBI personal loan for govt employees, the seekers of personal loan must be a state or central government pensioner, family pensioner or defence pensioner to apply for the loan provided by the SBI. A family pensioner is the pensioner spouse permitted to obtain the pension on the death of the pensioner.

∙       Pensioners and the family pensioner’s age must not be over 76 years of age.

∙       For the pensioners with pension disbursed by the government treasuries, the concerned pensioner requires endowing a mandate to the treasury to make the payment of pension to a specific bank branch.

∙       A defence pensioner is the pensioner of the armed forces.

SBI Xpress Bandhan loan eligibility

The eligibility criteria for availing of the personal loan are as follows:

∙       Gross monthly income of an individual should be around Rs 50,000.

∙       Employees that are working with the educational institutions of national repute, state, and central government, defence establishments, PSUs, select rated corporate, quasi-government bodies etc., can avail of the loan.

∙       No need to maintain a salary account with a bank

∙       EMI (Easy Monthly Income) /NMI (Net Monthly Income) ratio should not be over 50 percent.

SBI pre-approved personal loan eligibility

To know if you are eligible or not for the pre-approved personal loan from SBI, ensure to send the SMS in the format of PAPL <last four SBI savings bank no. digits> to 567676.

SBI quick personal loan eligibility

SBI quick personal loan eligibility criteria include:

∙       You should have a salary account with some other bank.

∙       Maximum and minimum eligibility age are 58 and 21 years, respectively.

∙       Your minimum work experience must be 1 year

∙       You must draw a minimum month on a monthly income of Rs 15,000.

What are the different available types of SBI loans?

SBI Xpress credit personal loan

Major highlights:

∙       Highest loan amount available is Rs 20 lakh.

∙       Lowest rate of interest offered is 9.60 percent p.a.

∙       Low processing charges

SBI pension loan

Major highlights:

∙       Instant loan amount disbursal

∙       Minimal documentation requirement

∙       Low processing charges

SBI Xpress Bandhan personal loan

Major highlights:

∙       You can easily get or apply for the personal loan even if you do not maintain an account with the bank.

∙       You should draw a minimum gross monthly income equaling Rs 50,000 to avail of the loan.

∙       The repayment tenure allowed is up to five years.

SBI pre-approved personal loan

Major highlights:

∙       Low processing charge.

∙       Loan will get instantly processed.

∙       Rate of interest is low and usually begins from 9.60 percent.

SBI quick personal loan

Major highlights:

∙       You can take up the loan proceeds of up to Rs 20 lakh.

∙       You can take up the loan even if you have no bank account with the SBI.

∙       You require drawing the minimum monthly income of at least Rs 15,000 to take up the loan.

SBI PAPL or pre-approved personal loan

You can get or avail of the instant personal loan anytime with the SBI pre-approved personal loan. You only need to use the YONO application to avail of the loan at the comfort of your home. The service is 24X7 available. However, remember that just the bank can determine who all are the ones eligible for a loan. To know your eligibility, SMS ‘PAPL <account nos. last 4 digits> to 567676. The rate of interest begins from 9.60 percent p.a.

How does EMI calculation work better for a personal loan?

Factor in this scenario where the individual earning Rs 40,000 p.m. avails a personal loan of Rs 1 lakh from the SBI Xpress Credit personal loan scheme variant. The bank charges a personal loan processing fee of 1 percent on the loan amount and a rate of interest of 9.60 percent p.a. For loan repayment tenure of one year; you will pay an EMI of Rs 8773 each month only.

SBI personal loan FAQ

What are the distinct kinds of SBI personal loans provided to the employees of the corporate?

You can easily apply for an SBI pension loan, Xpress credit personal loan or Xpress Bandhan personal loan if you meet the eligibility criteria. Ensure to note that you will require to have a salary account with the lender for applying for an Xpress credit personal loan.

If you avail of a personal loan from the state bank of India, when will your liability to the bank end?

Once the whole outstanding loan amount equals zero, your SBI personal loan liability equals zero.

What is the best option to repay your SBI personal loan?

You can simply repay your SBI personal loan through EMI via the ECS facility or via the standing instruction.

Can you prepay your SBI personal loan, and will you require repaying any additional charge on loan prepayment?

Yes, you get the choice to prepay your SBI personal loan. The bank charges prepayment penalties for different personal loan schemes. You can also find more about the charges when you submit your loan application.

What are personal loan products provided by the State Bank of India?

The five kinds of State Bank of India personal loan products are State Bank of India Xpress Credit personal loan, SBI Xpress Bandhan loan, SBI Pension Loan, SBI Quick Personal Loan and SBI Pre Approved Loan.

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Sashikala Kamath
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