A personal loan is a great way to meet cash requirements. Whatever a borrower wishes to, whether remodeling the home, go for a holiday or consolidate the credit card bill. SBI personal loan is among the best solutions for all the financial worries. A personal loan is an unsecured loan means a borrower doesn’t require to give up something as security for the loan. SBI personal loan comes with a fast loan approval procedure. A borrower can avail of SBI personal loan approval in a short time.
Features of SBI Personal Loan:
- Speedy disbursement of the loan amount.
- The flexible loan repayment term is a maximum of up to 5 years.
- SBI personal loan is a collateral-free loan as it doesn’t require any kind of security.
- Rapid online personal loan approval and processing.
- SBI personal loan interest rate is pocket-friendly.
- With SBI’s loan, you even have the option to repay the loan ECS/NACH.
- You can increase your loan approval chances the merging your income with co-applicant.
- SBI personal loan process is simple and easy.
- You can avail of the high personal loan amount.
Ways to get Personal Loan at a low-interest rate
- Choose a short loan repayment tenure
The faster you make the repayment of the personal loan, the lower the risk you pose to a lender. You can find most lenders offering better interest rates on loans with shorter repayment terms. If possible, go for a short loan term to get a competitive rate of interest.
- Improve the credit
Credit score and credit history are among the major factors that determine the interest rate a lender offers you. Maintaining a credit of 750 as it is considered the high one helps you to get a personal loan at a low rate of interest. Some things have been listed below which can make you improve the credit score:
- Timely payment of bills
- Pay off all the debts
- Manage the balances
- Dispute any inaccuracies in the credit report
- Make timely credit card bill payments
SBI Personal Loan EMI Calculator
Once a borrower has decided to take a personal loan it is very important to check the monthly EMI that needs to be paid. As it helps decide the loan amount and plan the monthly budget. You can have a lot of benefits of using EMI calculator by SBI.
Few steps are required to calculate with SBI personal loan EMI Calculator, those are:
- Visit the official website of the SBI.
- Click on the option for ‘Personal Loan EMI Calculator’.
- After entering the page, they will be three fields, where a few details need to enter:
- Loan Amount
- Interest Rate and
- Tenure in years.
After entering the above details, the calculator automatically calculates the loan EMI amount to be paid and displays the result on the same page. It takes microseconds to check the EMI amount with a few clicks on the mouse.
Factors affecting the SBI Personal Loan
- Income: As personal loans are unsecured loans and do not involve any security against them and a high monthly income works as an assurance to the lenders.
- Nature of Employment: Personal loan lenders may offer different interest rates to the applicants based on whether they are self-employed or salaried.
Eligibility Criteria of SBI Personal Loan
The eligibility of SBI personal loan varies based on the loan amount, borrower’s profile, availed personal loan scheme. Here are the basic eligibility criteria for the SBI personal loan:
Xpress Credit Personal Loan
- The borrower should have a minimum gross monthly income of Rs.50,000.
- A borrower who does not have the salary account in the SBI can also avail this type of loan.
- Applicants who are employed in the following sectors can apply for this loan:
- Central and state governments
- Defense establishments.
- Educational institutions that have a national reputation.
- PSUs.
Xpress Credit Personal Loan
- The borrower’s minimum monthly income should be Rs. 15,000.
- The EMI/NMI ratio of a borrower should be less than 50%.
- The borrower is required to have a salary account with SBI Bank.
- The applicant should be an employee of any of the following organizations:
- Central and state governments
- Central and state PSUs
- Educational institutions with a national reputation
SBI Pension Loan
- A borrower should be an employee of a central or state government pensioner, defense pensioner or a family pensioner to avail of the personal loan.
- The borrower’s age should not be above 76 years.
- The pensioners of armed forces include Paramilitary Forces, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles. The pension account should be with SBI.
- An authorized member can acquire the family pension scheme of SBI.
- The family pensioner’s age should not be more than 76 years.
Read More: Check out best banks to avail personal loan
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