Way to get Personal Loan from State Bank of India

State Bank of India which have branches through out the different parts in the world and having maximum number of branches in the entire world. State Bank of India headquarters is based in Capital of Maharashtra State and also called financial capital of India that is Mumbai. It has more than 22000 branches through out India and SBI have almost quarter share of Loan and deposits.
The state bank of India provides variety of loans such as home loan, education loan, personal loan, vacation loan, Business Loan, Marriage ceremony loan and so on. As it is one of the oldest and government sector bank , SBI is quite reliable in terms of monetary security.
One such loan we are discussing about personal loan, that how can we receive personal loan from State Bank of India.

What is the meaning of Personal Loan :-

Personal loan is a kind of loan which is provided by financial / Banking organisation based on faith / trust on you before checking your previous history, that is your banking history, statement, your salary and based on your CIBIL (Credit Score) and many other factors decided to individual will get personal loan or not.
In other words personal loan is a multi – dimensional loan which is provided to customer / consumer.

Now briefly about benefits of the Personal Loan :-

1) Like in other loans banks required a large number of documents and security deposit of your valuable asset, but it is not case of personal loan there is requirement of very less numbers of document and process of getting personal loan is very fast.
2) There are lots of Banks including State Bank of India providing you online service to easily get personal loan without going to SBI branch and processed this with in few hours.
3) The consumer have advantage that bank provides to you is that there is flexible loan tenure, means according to you in how months / week you want to make instalments and complete your loan.

Limit of Personal Loan :-

The Bank sanctioned the loan based on their computation that how much loan bank should have gave to borrower. Generally in more cases bank gives loan on that much, that EMI will be 35% to 50% to the total income of the consumer / borrower.
Borrower can also apply for the joint personal loan in State Bank of India.

What are document is required to get personal loan from State Bank of India:-

1) There is a requirement of copy of Identification card which is given by your employer / organisation where you work.
2) Also, need of last six months of pay slip. (This is optional but bank may demand this from you)
3) Beside this there is requirement of Bank’s Statement where borrower salary is credited by employer (Last six month)
4) Identity Proof certificate required whether it is Personal Account Number, Aadhar Card, Voter / Election Card and any other valid ID authorised by government.
5) You have to submit residential proof that means where you lives it is residential proofs , such as electricity bill, Passport, voter id card, Motor driving license where your name shows
6) Application of personal loan form which is filled by customer (borrower).
7) Also submit this application with two colour passport size photographs.
And any other related documents required click on www.sbi.co.in
If you are defence personnel, Paramilitary personnel or the personnel of the Indian Coast Guard you have some interest rate concession applicable on this personal loan. For more details click to www.sbi.co.in
The rate of interest on personnel loan in State Bank of India is starting from 8.5%, it is a very good interest rate as compared to other banks/ financial services. Processing fees of PERSONAL LOAN in STATE BANK OF INDIA is almost 1.5% of the total personal loan value with at least rupees one thousand in addition to Gross Service Tax (GST) and Maximum of rupees fifteen thousand rupees in addition to GST. Processing fees revised time to time.

Merits of Personal Loan :-

• 1) The Bank gives you personal at very fast pace, unlike other loans which takes more time and headache.
• 2) The interest rate on the personal loans is comparatively cheaper than other kind of loan like car loan, home loan, education loan, etc.
• 3) There is no collateral requirement on these kinds of loan means you are no required to explain and satisfy the bank from your mind.
• 4) Personal Loan are given by banks in a single go, means you get your amount together.
• 5) Banks give flexibility according to the borrower that you can make instalments in shorter to longer duration of months
• . 6) One can manage this loan easier because the instalments are less so it creates you very less impact on your spending.

De – Merits of Personal Loan :-

• 1) If you missed the instalments then you will phase high rate of penalties. Some banks / finance organisation may be SBI, if you complete your payment of loan before the loan term end you might phase some extra penalties. For this the borrower must
  have to read and thoroughly understand all the terms and conditions and then sign on it.
• 2) Your dept can be increased. Due to easy availability of personal loan people continuously borrow the loan that cause to increase in debt, because of this some borrowers can face financial problems.
• 3) Although the interest rate is low in personal loan as compared to other loans, but some times the rate of interest go more in personal loan.
  State Bank of India is one of the best service provider in the country.

Frequently Asked Questions :-

1) Is State Bank of India a right choice to get personal loan ? Ans :- Answer is yes, it is a good choice to purchase personal loan, but some times people complaints that employees behaviour of SBI is not up to the mark.

2) How can I get more about SBI personal loan ? Ans :- You can call on toll free number of SBI that is 1800 425 3800, visit at www.sbi.co.in or near by SBI Branch.

3) What is good option a personal loan or any other kind of loan ? Ans :- Personal loan is better if you have borrow small amount.