What happened when you are in need of urgent fund due to a hospital case or sudden travel plan? Do you want funds readily available to you whenever you desire or need? SBI provides a personal loan scheme, Saral Personal Loan, an urgent financing solution.
What is Personal Loan In Terms Of Banking?
Bank Personal Loans are the Loans which an individual takes to fulfill non-specified financial needs. It could be a wedding or a vacation or purchasing home appliances etc.. The Personal Loan will be granted for any legitimate purpose whatsoever. For Example, expenses for domestic or foreign travel, medical treatment of self or a family member, buying home appliances or wedding.
Feature of SBI Saral Personal Loan
The loan will be granted for any legitimate purpose whatsoever (eg. expenses for domestic orforeign 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.).
Eligibility for SBI Saral Personal Loan
You are eligible if you are a Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing.
SBI Saral Personal Loan Amount
Your personal loan limit would be determined by your income and repayment capacity.
- Minimum Amount:
- Rs.24,000/- in metro and urban centres
- Rs.10,000/- in rural / semi-urban centres
- Maximum Amount:
- 12 times Net Monthly Income for salaried individuals
- Pensioners subject to a ceiling of Rs.10 lacs in all centres
Documents Required for SBI Saral Personal Loan
- For existing bank customers: Passport size photograph
- From salaried individuals: Latest salary slip and Form 16
Repayment of SBI Saral Personal Loan
The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you wish to, without attracting any prepayment penalty.
Charges / Fees
Processing charges are 2% - 3% of the loan amount + applicable Service Tax
- Any prepayment of EMI in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount.
- No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.