SBI Personal Loan

State Bank of India Personal Loan rates are competitive in market but not lowest
as per popular belief. Before taking any loans compare Personal Loan Rates of all
banks and then take a decision.
Enjoy the SBI Advantage : 
• Low Personal Loan Interest Rates. Further, charge interest on a daily reducing 
balance!!
• Minimum processing charges; only 1%-2% 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.


Salaried (At present, only salaried individuals are covered under the scheme)

Eligibility Criteria	Loan Amount	Documents Required
Resident Indian National	2.50 lakhs in Non Metros 5 lakhs in Metros Upto 10 lakhs where salaried account or current account is with Sbi It is determined by your repayment capacity. Minimum Income: Rs.24,000/- in metro and urban centres Rs.10,000/- in rural/semi-urban centres Maximum Loan Amount: 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lacs in all centres	1). Passport size photograph 2). Proof of official address for self employed individuals and professionals. This can include shop and establishment certificate/Lease deed/Telephone Bill 3). Latest Salary clip and Form 16, in the case of salaried persons.

• Max Tenor : 48 months
• Processing fee : 1%
• No prepayment charges
Personal loan amount can be increased by making your spouse as co borrower.

Interest Rates
Personal Loans Scheme (SBI Saral)	16.75% p.a.
SBI Loan to Pensioners	12.25% p.a.
Loans to Employee to Subscribe to ESOPs	14.00% p.a.

Personal Loan

Get a loan to meet your any personal need


Planning for a dream holiday or yearning for a lifestyle gizmo? Desiring to 
gift someone a diamond ring or thinking of renovating your house? Still 
more ... if you are looking to meet expenses for child's education or 
daughter's marriage or if it just a temporary cash crunch,personal loans
answer all your needs and desires.


Understanding personal loan: The need


A personal loan is a credit extended to meet your personal needs /
requirements. Generally these loans are unsecured, i.e. as a borrower
you are usually not asked for security backup or collateral against the
borrowed amount. The personal loan you get is based entirely on your
integrity and repayment capability.

A personal loan can be availed from any of the major banks or finance
companies.

Getting a personal loan: Loan amount & interest rates

The loan amount and eligibility criterion varies from bank to bank. The
offering bank will assess you on basis of multiple parameters, which
 include your repayment capacity, place of work, past obligations, work
 experience, residence and age. The bank also considers these set of
factors for determining the lending rate.

If the lending bank perceives higher risk in extending credit to an
applicant, it may choose not to sanction the loan or charge a higher
 interest rate in accordance with the perceived risk. At times, banks
ask for additional security in the form of a personal guarantee based
on risk profile of borrower.

Thus, the interest rates on your personal loans could vary from any
where between 15 to 25 percent depending on your risk profile, income
level, and nature of employment.

Say for instance, if you are working in a reputed organisation you might
get a loan at lower rate, when compared to a self employed individual
who might end up getting a loan of the same amount at a higher rate
of interest for the same period.

The basis for interest rates can be fixed, floating or flat. Personal loans
on flat rates are most expensive and charge same interest on principal
amount throughout the tenure of loans. In fixed and floating basis,
rates are calculated on reducing balance and hence these loans are
comparatively less expensive.





Pros and Cons of Personal loans

If y ou need money at a short notice and do not want to go through the lengthy

process of documentation, personal loan is the best option for you. You can 

easily avail a personal loan at a short notice.

In order to avail a personal loan, all you need to do is fill up an application loan

with the lender and you can get it in a period as short as a day. However, 

before applying for a personal loan, you should be aware of the pros and cons

of a personal loan.

Advantages of personal loans

• They are multipurpose: Personal loans can serve various purposes like

 travel expenses, medical expenses or purchasing jewellery. It can also be

 used for home or car improvements.

• Quick and easy availability: If you need money within a very short period

 of time, personal loans are of utmost help since you can avail a personal loan

 even within 24 hours.

• No tedious documentation required: Usually, a home loan or a car loan 

takes you through a lengthy and cumbersome process. This is not the case

 with personal loans. Personal loans require very little documentation and 

thus save you a lot of time

• No collateral required: Personal loan is an unsecured loan, that is, no 

security is required in order to avail this loan. Therefore it is relatively less

 risky for the borrower. If you are not able to repay your secured loans 

your security is forfeited but this does not happen in case of a personal 

loan since you have not pledged anything against it.

State Bank of India Home Loan

SBI has been awarded “The Most Preferred Home Loan Provider” by AWAAZ
Consumer Awards.   SBI  home  loans  give  concession  on  interest  rates    on  
GREEN HOMES under  its environment protection program. SBI has different 
options   for   loan   borrowers   such   as  ‘SBI – Flexi’   home   loans   provides  
borrowers   a  one   time   irrevocable  option  to  choose  one   of     the     three  
combinations  of  fixed  and  floating  interest rates and also to choose the order
 in  which the  fixed and floating rate will be  availed. The other is ‘SBI- Maxgain’
home loans - earn optimal yield on savings and minimize interest burden on home
loans, with  no  extra  cost.  ‘SBI –Realty’  Home   loans - purchase  a  plot  of  land
for     house construction.   ‘SBI – Freedom’  Home  loans –  who  want  to     invest 
in  a  property  without    mortgaging    the    same .   SBI     offers    ‘SBI – Optima’    
additional     home     loans     and  ‘SBI – Homeline’  special  personal      loans   for  
existing   home loan borrowers who have a repayment record of 3 years, etc.

Highlights

Interest Rate	8.5%
Loan Amount	Min. - Rs 100000 Max. - Rs 3000000
Tenure	Min. - 5 Yrs. Max. - 25 Yrs.
Time to Process Loan	7 days Interest rates: Tenure Interest Type Interest Rate Offer 20 - 25 Yrs. Floating 11 % 15 - 20 Yrs. Floating 11 % 10 - 15 Yrs. Floating 11 % 4 - 10 Yrs. Floating 11 % 2 - 3 Yrs. Fixed 9.25 % 1 - 2 Yrs. Fixed 8.5 %