How to Apply for SBI Personal Loan? - Benefits of SBI Personal Loan

SBI Personal Loan Eligibility Calculator

With the help of SBI personal loan eligibility calculator, anyone can check if he/she is eligible for a personal loan from SBI. Moreever, there are many similar personal loan calculators available online for free to assist. The calculation is based on the following:

• Individual's income
• Monthly expenses
• Other financial liabilities (current loans/EMIs, credit card outstanding)
  

Documentations Required for SBI Personal Loan

These are the list of documents that a person needs to submit if he wants to apply for a SBI personal loan:

• Signed loan application form.
• Identity proof - PAN Card/Voter id Card/Passport/driving License.
• Processing fee cheque, if applicable.
• latest 3 months bank statement or 6 months passbook, whichever requested.
• Current pay slip & income certificate with the latest Form-16 for salaried individuals.
• Bank statement or latest ITR of Form-16 for self-employed individuals.
  

How to Apply for SBI Personal Loan?

SBI allows the choice to either go for an online application for the loan. However, one also can visit the nearest branch and complete the formalities.

SBI Personal Loan Apply Online

SBI allows you to apply for a personal loan online through its website. You can visit SBI's website and look for the personal loan section and follow the on-screen instructions to complete the application at your convenience. After submitting the form, your profile will be evaluated, and then the bank executives will get in touch with you for procedures.

SBI Personal Loan Contact Number

If a borrower has some queries associated with SBI personal loan, he/she must contact the bank on the toll-free no.: 1800 425 3800. The moment you approach them, the bank executives make sure to solve all your queries and complaints.

SBI Personal Loan Status

With the help of SBI Personal Loan online website, the applicant can take a look at the status of loan at any time. SBI allows you to check the status of your loan through an easy and quick technique. All that the consumer needs to do is simply login to the respective account and receive the status of their loan account in a few seconds.

SBI Personal Loan Application Form Download

In case you want to avail a personal loan from SBI, your first step is to fill an application form. It is mandatory for an applicant to submit the required form along with relevant documents. However, to avoid long queues inside the bank, all you need to do is download the form online. You can go to the website of SBI and download the forms. Fill the form and submit the same either online or visit the nearest branch with the application form.

About SBI Personal Loan

SBI is the 45th largest public sector bank in the world and the largest in India, with an asset value of 37 Lakh Crores and a customer base of 500 million. It is customer-friendly in all divisions, and personal loans are considered one of them. The bank understands the borrower very well.

Personal loans may be availed by salaried individuals in addition to self-employed people as well those who need to meet their unforeseen monetary requirements. A borrower can take a personal loan from SBI for reasons like wedding-related expenses, overseas journey, overseas training, health related costs or every other economic expenses.

Why choose SBI personal loan?

Personal loans are the unsecured loans which suggest that there is no collateral required to get it. Similarly, SBI personal loan is also given with no collateral. Some of the important elements that make SBI personal loan scheme specific have been mentioned below.

Attractive Rate of Interest: SBI charges one of the lowest personal loan interest rates and therefore is customer-friendly. The personal mortgage costs of SBI are on a daily recurring balance, and therefore, it guarantees maximum gain to the loan borrower.

Timely Discounted Schemes: SBI is one of the first banks to offer personal loans once in a while. There are offers during various festivals and discounts for authorities, employees, doctors and other professionals.

No Hidden costs: There aren't any hidden charges or penalties for any SBI personal loan scheme.

No Prepayment Penalty: For personal loans, SBI takes no prepayment or foreclosure fees. However, if the loan is being re-paid earlier than six months of the loan approval date, the bank charges 1% of the loan amount.

Instantaneous Loan Approval: As there is no collateral required to take a personal loan from SBI bank, the loan approval is faster and smoother.

Online Loan Approval: Nowadays, as everything is going online, people look out for online loan application. Keeping the trends in mind, SBI allows online loan applications that save the borrower’s time.
Benefits of SBI Personal Loan

The personal loan scheme of SBI has many benefits like low interest rates, low processing prices and higher loan amount, and so on.

Mentioned below are few of SBI personal loans are:

• Higher loan amount
• Low-interest costs
• Fast loan processing
• Specialised mortgage Schemes
• 24X7 customer service