Business & Investment

SBI Personal Loans: Learn about interest rates, required documents and other details

Need a personal loan to meet your requirements and the financial crisis? You can use or apply for the same at the State Bank of India (SBI).

According to the information provided by the bank, the minimum amount of personal loan provided by the bank is a term loan. Overdraft: Rs5.00lakh.

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Please note that overdrafts will have a reduced monthly withdrawal force, so the withdrawal force will be zero in 72 months.

The maximum loan amount is 200,000 rupees, subject to 24 times net monthly income (NMI) and applicable EMI / NMI = 50% of all categories. [except employees of government aided schools where it is 12 times Gross Monthly Income (GMI)]..

According to the information provided on SBI’s official website, interest rates on personal loans start at an annual rate of 9.60%.

Required documents:

You will need to submit the following documents along with your loan application.
1. Latest passport size photo-2
2. A copy of the ID issued by the employer
3. Bank account
4. Pay slips for the last 6 months or the latest form 16 (for income tax recipients)
(A) Taxpayer number (PAN).
(B) At least one copy of the officially valid document (OVD) listed below as proof of identity and current address:
Me.passport
ii.Driver’s license
iii.Proof of possession of UIDAI number
iv.Voter ID issued by the Election Commission of India
v.Job card issued by NREGA officially signed by a state government official
v.Job card issued by NREGA officially signed by a state government official
vi. A letter issued by the National Population Register, including name and address details.

Also, no collateral is required to apply for a loan. According to the information provided by the bank, the maximum repayment period is 6 years or the remaining service period (whichever is shorter).

interest:

The annual reduction method determines interest based on the outstanding balance at the beginning of the year, so you will continue to pay interest on the amount you will repay over the next year. For daily / monthly reduced balances, interest is calculated based solely on the loan balance. This will reduce your interest each time you repay the EMI or make a prepayment.

Please note that all or part of EMI’s prepayment and closing of your account before the end of the period will incur a prepayment fee of 3% of the prepayment amount. If the account is closed from the proceeds of a new loan account opened under the same scheme, the prepayment / foreclosure fee will not apply.

For more information, please visit SBI’s official website. https://sbi.co.in/..



SBI Personal Loans: Learn about interest rates, required documents and other details

https://www.zeebiz.com/personal-finance/news-sbi-personal-loan-know-interest-rate-required-documents-other-details-169184 SBI Personal Loans: Learn about interest rates, required documents and other details

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