SBI personal Loans India

Do you want funds willingly accessible to you whenever you want or need, be it a sudden holiday that you plan with your family or urgent finances required for medical treatment? SBI Personal Loans is the answer to your questions.

The SBI Personal Loan Advantage:

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

· Low processing charges; only 2%-3% of loan amount.

SBI personal Loan Schemes:

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

Purpose
The loan will be granted for any rightful purpose at all. 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.

Salient Features
Loan Amount
Your personal loan limit would be determined by your income and repayment capability.
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 upper limit of Rs.10 lacs in all centres

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


From salaried individuals
Latest salary slip and Form 16

For existing bank customers
Passport size photograph

Interest Rates
4.25% above SBAR Floating i.e. 16.50% p.a. (w.e.f. 01.01.2009)

Repayment
The loan is repayable in 48 EMI. You are allowable to pay additional than the EMI if you wish to, without attracting any forestallment penalty.

Security
NIL

Processing Fee
Processing charges are 2-3% of the loan amount. This is the lowest fees in the Loan Sector Industry.