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
⮚
Last 3
years IT Returns
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