Why We Need Personal Loan SBI And Know The Purpose Can It Be Used?

Why We Need Personal Loan SBI And Know The Purpose Can It Be Used?

It can use for any personal purpose such as renovation your home, marriage-related expenses, a family vacation, child’s education, purchasing the latest things, meeting unexpected medical expenses or any other emergencies.

If you are looking for a personal loan for various purpose, then it’s your right choice. The bank can provide all types of flexibilities so that whenever you need urgent money and plan to repay quickly, a personal loan is an answer. Personal loan SBI is the best thing it can suit individual’s situation.

SBI Provides four types of personal loans, let’s find out below description.

SBI Xpress Credit Personal Loan Eligibility

  • Net monthly income must be at least Rs 5,000 per month
  • The applicants EMI or net monthly income ratio must not be exceeding 50%

SBI Xpress Bandhan Personal Loan Eligibility

  • Net gross monthly income should be Rs 50,000
  • Salaried employees not maintaining a salary account with SBI

SBI Pension Loan Eligibility

  • The maximum age should be 76 years
  • The person must be drawing a pension from the central or state government and have an account with SBI

SBI Personal Loan General Eligibility

  • For a salaried age should be between 21 to 58 years
  • For a self-employed, it should be between 21 to 65 years
  • Minimum income of a salaried must Rs 5,000 per month and self-employed Rs 7,000 per month
  • For both categories, toral work experience should be two years

After matches the eligibility criteria it will be easy to apply for a SBI personal loan online, and get instant approval.

  • Go to the official site of the bank
  • Fill the personal-professional information
  • Upload KYC with a registered email ID
  • Share registered email ID or mobile number

Why Do We Need To Check SBI Personal Loan Interest Rate While Going To Apply?

It’s a basic thing when you are planning to need extra fund through the bank, should know the SBI personal loan interest rate. You can measure your calculation with this device and don’t need to pay extra amount.

The interest rate starts from 10.75% to 15.15%, for a minimum loan amount of Rs 24,000, maximum 24 times net monthly income subject to a maximum of Rs 15 lakh. For overdraft minimum Rs 10 lakhs, maximum 24 times net monthly income subject to a maximum Rs 15 lakh. Tenure five years or 60 months. Processing fee Nil 1% of the loan amount with GST.

How Can You Calculate SBI Personal Loan EMI Calculator?

It’s free to use you can use it until not satisfied. You can also call a magical tool. EMI calculator is the best way to know a monthly payback amount to the lender, so that doesn’t need to pay an extra amount. The exact payable amount should know through this tool.

Login the site, paste a few details. The amount, tenure, and interest rate. It’s the quickest procedure to know the exact payable amount.

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