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How to get SBI Personal Loan on Low-interest Rate?

SBI offers a high loan amount to both the salaried and self-employed individuals. There is a wide variety of personal loan schemes namely, Xpress Credit Loan, SBI Pension Loan, and Xpress Power. These schemes are designed with the primary aim of meeting the diverse personal needs of various customers and to support them without any hassle.

SBI Personal Loan Interest Rate

The rate of interest on SBI personal loan is competitive. However, the interest rate varies based on case to case basis. Many factors play a significant role in the offered personal loan interest rate. Some of them are given below:

      Credit Score: This is 3 digits numeric that reflects the summary of one financial behavior. It varies from 300 to 850. A credit score of 750 and above falls under the good brackets of a score. If your credit score is more than 750, you may get a personal loan on a low rate of interest.

      Income: Generally, when the income increases the chances of timely repayment of the loan also increases. Hence, lenders offer low-interest rates to individuals with higher incomes.

      Organization: When one works for a reputed employer, the lenders get the impression that he/she has a stable job and will have a constant income. This increases the chances of repaying the loan on time. Hence, get offers of personal loan on the low-interest rate.

As mentioned above there are three types of SBI personal loan namely Xpress Credit Personal Loan, SBI Pension Loan, and Xpress Power Loan.

      Xpress Credit Loan

SBI Xpress credit loan is a type of loan that comes with a low-interest rate this makes it one of the most competent personal loans in the financial market. This can be used for meeting all the personal financial needs. No hidden cost is charged along with the minimal processing fee, and other charges. Minimum documentation and fast loan approval make it among the easiest and convenient personal loans for loan seekers. A maximum loan amount of Rs. 20 lakhs can be availed under this type of loan.

      SBI Pension Loan

This type of SBI loan is specially designed for the pensioners who are getting their pensions from the government. SBI pension loan is a financial product that helps pensioners to meet their urgent or unexpected money situations. Low processing and prepayment fee are charged in SBI pension loans in comparison with other types of loans.

      Xpress Power Loan

This type of loan is for the customers, who do not maintain their salary accounts with SBI. Under the Xpress Power Loan scheme, one can acquire the minimum loan amount of Rs. 25,000 up to Rs. 15 lakhs/ 24 times NMI (Net Monthly Income).

Tips for getting SBI Personal Loan on Low-Interest Rate

Here are the few tips which may help you to get the SBI loan at a low rate of interest.

      Loan Repayment Term

 The loan repayment tenure plays a significant role in the SBI Bank Personal Loan interest rate offered by SBI. If you opt for the short loan tenure, then usually the higher interest rate is charged in comparison to loans offered for longer tenures. Try to choose the long loan repayment term.

      Credit Score

 To get a personal loan at the low-interest rate it is crucial to have a credit score of 750 or above. As this is considered a good credit score and attracts a low-rate of interest on personal loans.

      Relationship with SBI

 If you have an existing relationship with the lender, you may get some extra benefits like reduced interest rates on the personal loan.

Benefits of SBI Personal Loan

SBI personal loan schemes have various benefits to borrowers like competitive interest rates, low processing prices, and many others. Some of the SBI personal loans benefit are mentioned below:

      Various personal loan schemes depending on borrower’s requirement
      Flexible loan repayment tenure
      SBI offers high personal loan amount
      Low rate of interest
      Customized personal loan offers
      Dedicated 24X7 customer support service
      Minimal processing fees
      The transparent loan approval procedure
      Zero hidden charges
      Online personal loan sanctioning
      Fast loan processing
      Quick disbursement of the loan amount

Documents Required

The required list documents may vary based on many things. Below is the generic list of documents required for acquiring the SBI Personal loan:
      Duly filled loan application form
      Recent passport-sized photograph.
      Identity proof (any of the following)

       PAN Card
       Aadhaar Card
       Passport Copy
       Driving License
       Voter ID Card

      Address Proof (any of the following)

       Passport Copy
       Rental Agreement
       Driving License
       Bank Statement or Passbook
       Electricity Bill
       Ration Card
       Telephone Bill

      Age Proof (any of the following)

       Passport Copy
       PAN Card
       Any other certificate obtained from a statutory authority

      Last 3 Salary Slips or Last 6 months Bank Statements/ Passbook
      Form 16
      Last 3 years IT Returns

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