personal loan is an unsecured loan which doesn
TRANSCRIPT
8/8/2019 Personal Loan is an Unsecured Loan Which Doesn
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Personal Loan is an unsecured loan which doesn¶t require any security and can be availed for any
purpose like marriage, personal use, purchasing consumer goods and Holidays expenditure.
Reasons to go for a personal loan:
y You do not have an asset or security against which you could get a loan.
y You are sure that you will be able to repay the loan EMIs.
y Due to an emergency and you need funds immediately.
How Personal loan helps:
y With no security this is the only loan which would be available to you.
y Essential and emergency need is fulfilled.
y Processing time for a personal loan is shorter than most other loans due to minimal documentation.
Personal Loans
What is a Personal loan?
Personal Loan is an unsecured loan for personal use which doesn¶t require any security or collateral and
can be availed for any purpose, be it a wedding expenditure, a holiday or purchasing consumer durables,
the personal loan is very handy & caters to all your needs. The amount of loan can be ranged from Rs.
50,000 ± Rs. 20 lakh & the tenure for repaying the loan varies from 1 to 5 years. More Information
about personal loan section click articles about personal loan and Personal loan must read.
Benefits of Personal loan
1. A Loan without security : A Personal Loan is not a secured loan (bank doesn¶t ask for any security
or collateral) as against a Secured Loan where one is required to pledge a house or other security to
acquire a loan.
2. Simple Documentation: A Personal Loan can be accessed with minimal paperwork or
documentation & doesn¶t take much time to procure as against a Secured Loan.
3. No specification about the end use of the loan amount : You are not required to disclose the
end use of the money borrowed, Banks are concerned about the fact that whether the borrower is able
to pay back the loan with interest before the due date or not and they confirm this by checking the
income, employment or business & other factors of the borrower.
4. Big Loan amount : Personal Loan is a means to fulfill bigger loan requirement, you can take a loan
ranging from Rs. 50,000 to Rs. 20 lakh.
Basis to Compare Personal Loans
Compare Interest Rates : Personal Loan can be compared primarily on the basis of interest rates
which vary across banks depending on your profile which is further linked to your occupation,
salary/income, credit history etc. The personal loan interest rate ranges from 12% to 25%, you must go
for that loan which is offering you at the minimum rate.
Other Charges : You should also check on the other charges like processing fee, pre-payment
penalties and documentation fee because they increase the overall loan cost and vary widely across
banks.
Evaluation of various Loan offers : You should first calculate the entire loan cost across banks
which constitutes the rate of interest & banks other charges. Evaluate offers keeping the tenure of the
loan constant & compare the rate of interest, EMIs & other charges. This process will help you get the
Best Loan deal.
EMIs : EMI is the monthly equated installment which constitutes the principal amount and the interest
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on the principal equally divided across each month in the loan tenure. Use our EMI Calculator to
compare EMIs across banks
Tenure : Tenure is the time frame for the personal loan payments to be paid back to the bank; it
ranges from 1 year to 5 years. If you have a longer tenure you will end up paying more interest & will
have lower EMI, on the other hand shorter loan tenure will carry higher EMIs & the interest amount is
less. You must compare the loan offers by keeping the tenure constant.
Eligibility Check : Before taking a personal loan you must know the eligibility criteria¶s offered by
various banks on the basis of which they offer loans and also compare personal loan banks. Checking
the eligibility parameters will help you find the best loan deal. Check out your eligibility by various
banks.
Turnaround time : It becomes one of the most important factors in evaluation of your loan
application when you are in a dire need of money. Turnaround time is the time which banks take in
processing your loan application; you must check this parameter which varies from bank to bank.
Charges involved in Personal Loan
The Rate of interest alone should not be judged before you finalize your application, apart from the rate
of interest, Personal Loan also constitutes other charges levied by the lender which affect the overall
cost of your loan & should be considered while comparing it across banks. Following are the lists of
charges:
Processing fee : It is a fee charged by banks from the borrowers to process their loan application; it
is normally between 1-2 percentage of the loan amount.
Prepayment fee : Banks charge borrowers with a fee when they pay the loan EMIs before the tenure
which normally is between 2-5% of the outstanding loan amount.
Late penalties : When there is a delay in paying your monthly EMIs of your loan, banks charge a late
payment fee with your EMIs. They normally range from 2-3% of the EMI.
Cheque bounce charges : Banks charge between Rs. 250-500 for every bounced cheque given for
the payment of the loan amount owing to the insufficient funds in your account.
Documentation charges : These are the charges for verifying the borrower¶s documents to
processing the loan application. These vary from Rs. 500-Rs. 1000.
You should note that the above charges vary across different banks; you should consider these
charges before choosing the personal loan as they will determine its real costs.
Documents required in Personal Loan
The documentation process in personal loan is very fast as against secured loans. Following documents
are required by financial institutions to process the loan application:
Identity proof
3 to 6 months Bank statements
Residence proof
Salary slip
Guarantors & their same set of documents
In case of self-employed banks require balance sheets, profit & loss account, partnership deed & other
mandatory documents etc.
Personal Loan Criteria by various banks
Banks offer Personal Loan to borrowers depending on various factors such as income, employment,
continuity of business so as to make sure that they repay the loan with interest before the due date. The
eligibility criterion of a Personal Loan is primarily based on the work profile of a loan seeker which is
broadly divided into the following two classes:
- Self-employed
- Salaried
In addition to the above factors banks also consider other aspects such as age, work experience,
existing relationship with the bank, repayment capacity etc.
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To find your eligibility Criteria across various banks in accordance with the above parameters;
Deal4Loans has brought in the Eligibility Criteria Check for Personal Loan seekers.
How does the Cibil Score affect your loan application?
This a norm wherein the banks before giving Personal Loan checks the database of all loan borrowers in
the country by the Credit Information Bureau of India (CIBIL) which is called the Cibil Score. If there has
been a default in your loan payment; your loan application would certainly be rejected. Your Cibil score
ranges from 100 to 999, for instance if your credit score is 100 then your loan application might be outrightly rejected. On other hand if it is higher say 800, then your loan application would be processed
faster & will be rewarded with lower interest rates & discounts in processing fee & other charges.
You can improve your credit score by repaying your loan EMIs on time and always pay the minimum
payment on your credit card to avert from the bad credit score.
Reducing Interest Rate or Flat Interest Rate, which is better?
The Personal loans Interest Rates vary between 14% and 25% depending on your profile & payment
ability. There are basically two types of interest Rates offered by banks which are
1. Reducing Balance Interest Rate
2. Flat Interest Rate
In the Reducing Interest Rate calculation method, the interest on your loan keeps on reducing as it is
calculated on the reduced principle amount which gets reduced daily, monthly, quarterly or annually.
Flat Interest Rate calculation method on other hand implies that your rate of interest remains the same
& is calculated over the entire loan period. The outstanding loan amount is never reduced over the loantenure.
It is always advised to take a loan at reducing balance interest rates as the Flat rate calculation comes
out to be really expensive.
Important pointers in Personal Loan
Increase your loan eligibility : You can increase your eligibility of the loan amount by clubbing your
income with your spouse¶s income.
Relationships with banks : You can get discounts on interest rates if you take a loan from a bank that
you already deal with for your existing relationship, in this case banks will consider your past records of
credit repayments and your saving account balance and you will be offered discounts on the basis of
your current relationship.
Cibil Score Check : You must know that your credit history play a very important role in the
acceptance of your loan application as CIBIL keeps a record of credit history by collecting your credit
data from various financial institutions. A decent credit score not only gives a green signal to your loan
application but also offers you lower interest rates by the bank.
Penalties : If you think of closing your loan earlier, this will invite the pre-payment charges levied by
the bank which are upto 5% of the outstanding loan amount. Some banks have this norm wherein you
are not allowed to close your loan within the first six months of your loan term. You should also know
about the charges taken by the bank for paying your EMI late.
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Person
¡
Loan R ate of Interest
( Las¢
edited on : 24 July 2010 )
£ an ¤ Interest
R ates Apply
Citibank 16¥
5¦
-18¥
5¦
HDFC Bank 15¥
5¦
-22¦
Fullerton India 15 ¥ 5 ¦ -28 ¦
Citifinancial 16 ¦ -21 ¦
SBI 16 ¦ -20 ¦
BASIS TO COMPARE
P l I t t R t
(Last edited on : 24 July 2010)
§ ersonal loan rates in India depend on various criteria, one being the income level. Different banks have
different classifications based on which interest rates are calculated. To start with whether you are
working for an employer (salaried) or you are an employer yourself (self ± employed). The factors which
determine yourPersonal Loan interest rates are as follows: -
Income
̈
our Company Status
Credit and Payment history.
Relationship with the Bank you intend to take loan from.
Individual¶s Negotiating Ability.
R ead below how these f actors eff ect your Interest rates**
To help its customers get the best interest rates on personal loans deal4loans has consolidated all the
information regarding latest rate of interests at one place. Please keep visiting this section to get
updated rates of interests on personal loans.
Ban© s/R ate
s
Salaried
CAT A CAT B Others
Pre-Pay
ent
Charges
Processing Fees
Apply
Fullerton India
15.5% 21%-23% 21%-28% 4 2
HDFC Ban
15.5% (for 75,000 & above
salary),16%
(for 50,000-75,000
salary),17%
(for 35,000-50,000
15.5% (for 75,000 &
abovesalary),16%
(for 50,000-75,000
salary),
22% 4
2
if
salariedaccount in
HDFC -
other wise2.5
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salary),
19% (below 35,000
salary)
17% (for 35,000-
50,000
salary),
19%
(below35,000 salary)
Citiban
16%
(more than 50000 salary),16.5%
(for 35000-50000 salary),
17.5% (between 22000-
35000 salary)
Only for
Citibank
accountholders: 17
% (for more
than 50000
salary),18%
(for 30000-50000 salary),
18.5% (20000-
30000 salary)
Only for
Citibank
accountholders: 17
% (for more
than 50000
salary),18%
(for 30000-50000 salary),
18.5% (20000-
30000 salary)
5 2
State Ban
of India/SBI
16%(
uarantorrequired)
16%-20%(
uarantorrequired)
16%-20%(
uarantorrequired)
N.A. 2
-3
CitiFinancial
16% 17%-18% 21% 5
2
Andhra
Ban
15.75%-16.75% 16.75%-
18.75% N.A. N.A.
Rs250-
Rs1000/-
Axis Ban !
16%18% 19%-23% Nill 2 "
Ban# of
Baroda15% 15.5% N.A. N.A. 2 $
Corporation Ban
%
14.5%(undertaking letter
required)
N.A. N.A. N.A.
1.50 & of
the loanamount or
Rs.500/-
ICICI Ban ' N.A. N.A. N.A. N.A. N.A.
StandardChartered
Ban(
14%-14.50% (for 1 lac & above
salary),15.50%-16.25% (for 50,000 to 1 lac
pm),16.50%-17.50%
(for 50,000 pm
salary)
17%-17.50%
(for 1 lac &
abovesalary),
17.50%-18.25%
(for 50,000 to
1 lac pm),
18%-19% (for 50,000 pm salary)
18.50%-19%
(for 1 lac &
abovesalary),
19%-19.75%
(for 50,000 to
1 lac pm),
20%-21% (for 50,000 pm salary)
2)
-5)
1)
-2)
Syndicate
Ban0
13.5%(against security of
IVP, NSC, KVP, LIC policies, RBI Relief
Bonds)
13.5%(against
security of
IVP, NSC,KVP, LIC
policies, RBIRelief Bonds)
13.5%(against
security of
IVP, NSC,KVP, LIC
policies, RBIRelief Bonds)
N.A. N.A.
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United Ban1
Of India
16%
12%(Forpensioners)
16%-18%
12%(Forpensioners)
16%-18%
12%(Forpensioners)
N.A. N.A.
Vijaya Ban 2 16% N.A. N.A. N.A. N.A.
Where
CAT A refers to - Top 1000 companies
CAT B refers to - Multi National Companies( MNC's )
CAT C refers to - Small companies
Non Listed refers to - Smaller companies with 100 emloyees.
Loan Surrogates refers to - Any running loan from any bank
Income : If your Income is above a certain limit, Banks believe that your chances of not paying are
lesser as you have Income to pay. Income above 75 per month usually gets some discounts from
all personal loan Banks.
Your Company Status : If the company you are working with is a well known corporate, the Banks feel
that you are less likely to shift from your job and will result in lesser defaults.
Credit and Payment History : Banks follows Cibil scores/rating before deciding giving loans. If your
payments for Credit Cards and Loans is not upto mark , you have the most likely chance of being
rejected for the loan or the Bank will give you at a much higher rate.R elationship with Ban3
: The Bank where you have your Salary account /Savings account is likely to
pass on you to some special rate for your personal Loans or Processing fee.
Individuals Negotiating Skills : Based on your above points you can always ask Bank to give you
waivers on Rates, Fees Etc.
Disclaimer: Please note that the interest rates given here are based on the market research. To enable
the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised
to recheck the same with the individual companies / organizations. This site does not take any
responsibility for any sudden / uninformed changes in interest rates.
Banks/ Financial Institutions can contact us at [email protected] for inclusions or updates.
Top Bank R ate
of Interest
Processing
Fee
Apply
Here
Citibank 16.5 4 -18.5 4 2 4 APPL5
HDFC Bank 15.54
-224
24
- 2.54
APPL5
Fullerton India 15.54
-284
24
APPL5
Citifinancial 164
-214
24
APPL5
SBI 164
-204
24
-34
APPL5
Your Criteria : Multi-purpose Personal Loan SBI Show Options
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Features: The bank offers a personal loan called 'SBI SARAL PERSONAL LOAN' with interest calculated
at a daily reducing balance. The loan can be used for any legitimate purpose such as expenses for
domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability
such as marriage, defraying educational expenses, meeting margins for purchase of assets etc. The
maximum loan amount is 12 times the net monthly income (subject to a maximum limit of Rs. 10 lakh),
with a repayment period of up to 48 months.
SBI (for Personal Loan)
Interest Rate: 14.0
Loan Eligibility: 4.39 to 5.85
Emi: 3,418
Tenure 3
Age 30
Processing Fee: 2-3% of loan amount
Prepayment Charges:1% of loan amount if paid
before 6 months
Guarantor: No
Security: No
Margin: Nil
COMPA6
E : PE6
SONAL LOAN
State Bank of India Personal Loan
Introduction
SBI provi SBI Saral personal loan to hel p you in meeting anyk ind of personal expenses whenever you need it to meet your
requirements. Loan is provided at low interest rates, no hidden
costs or administrative charges, no prepayment penalties and
comfor table repayment tenure.
Highlights
Salaried Self Employed
Loan Scheme SBI Saral
Personal Loan
SBI Saral
Personal Loan Loan Type Term Loan Term Loan
Loan Amount Max Loan: 12
times the monthly
income
Max Loan: 12
times the monthly
income
Tenure Min. - 12 Yrs. Min. - 12 Yrs.
Interest Rate Min. - 16 % Min. - 16 %
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Max. - 16 % Max. - 16 %
Time to Process Loan 2 days 2 days
Fees & charges
Eligibility Criteria
Show All Personal Loans
COMPARE : PERSONAL LOAN
Compare Personal Loan Rates (Last Edited: Jul 8, 2010)
Click the column heading to sor t based on your preferences.
Bank
Rate
(%)
Eligibility
Min
Loan
(Rs)
Max Loan
(Rs)
Min
Tenure
(Months)
Max
Tenure
(Months)
HSBC Bank
Scheme: My Terms
Credit
13.00 Age:
21 - 58 Yrs.
Monthly Income:
Rs 7000.00
More
50000.00 600000.00 12 60 Mor
eInfo
Other Banks:
Syndicate
Bank
12.25 50000.00 300000.00 12 60 More
Info
State Bank
of
Hyderabad
12.25 24000.00 300000.00 12 72 More
Info
Bank of
India
Scheme:
star
personal
loans
12.50 50000.00 200000.00 12 36 MoreInfo
Punjab
National
Bank
12.75 Age:
21 - 58 Yrs.
Monthly Income: Rs 7000.00
More
15000.00 400000.00 12 60 More
Info
Indian
Overseas
Bank
12.75 50000.00 1000000.00 12 48 MoreInfo
Karnataka
bank
12.75 5000.00 2500000.00 12 60 More
Info
Allahabad
Bank
13.00 15000.00 75000.00 12 36 More
Info
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Central
Bank of
India
13.00 50000.00 200000.00 12 48 More
Info
Oriental
Bank of
Commerce
13.00 50000.00 150000.00 12 60 More
Info
UCO bank 13.25 50000.00 1500000.00 12 48 More
Info
State Bank
of Bikaner
and Jaipur
13.25 50000.00 900000.00 12 60 More
Info
Jammu &
KashmirBank
13.25 50000.00 700000.00 12 84 MoreInfo
Vijaya Bank 13.75 50000.00 200000.00 12 60 More
Info
ICICI Bank
Scheme:
Personal
Loan
14.00 Age:
25 - 58 Yrs.
Monthly Income: Rs 8000.00
More
50000.00 1000000.00 12 48 More
Info
AXIS BANK
Scheme: Personal
Power
14.00 Age:
21 - 60 Yrs.
Monthly Income:
Rs 7000.00
More
100000.00 2000000.00 12 60 MoreInfo
Bank of
Maharashtra
Scheme:
Mahabank
Personal
LoanScheme
14.00 50000.00 150000.00 12 36 More
Info
State Bankof Patiala
14.00 25000.00 1000000.00 12 60 More
Info
State Bank
of Travancore
14.25 50000.00 1500000.00 12 60 More
Info
Bank of Baroda
Scheme:
BarodaPersonal
Loan
14.50 Age: 21 - 58 Yrs.
Monthly Income:
Rs 8000.00
More
20000.00 200000.00 12 36 More
Info
Indian Bank 14.50 50000.00 1500000.00 12 48 MoreInfo
Kotak
Mahindra
Bank
15.00 Age:
23 - 58 Yrs.
Monthly Income:
Rs 10000.00
More
50000.00 5000000.00 12 60 MoreInfo
CanaraBank
Scheme:
Can Budget
15.00 50000.00 1500000.00 12 60 More
Info
Dena Bank 15.00 15000.00 100000.00 12 36 More
Info
Deutsche
Bank
15.00 50000.00 1500000.00 12 60 More
Info
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State Bank
of Mysore
15.00 50000.00 150000.00 12 36 More
Info
Union Bank
of India
15.00 10000.00 100000.00 12 36 More
Info
HDFC Bank
Scheme:
PersonalLoan
15.50 Age:
21 - 60 Yrs.
Monthly Income:
Rs 7000.00
More
25000.00 1000000.00 12 60 More
Info
AndhraBank
Scheme:
AB PersonalLoan
15.75 50000.00 1500000.00 12 60 More
Info
CatholicSyrian Bank
15.75 50000.00 2500000.00 12 60 More
Info
State Bankof India
Scheme:
SBI SaralPersonal
Loan
16.00 Age: 21 - 58 Yrs.
Monthly Income:
Rs 5000.00
More
24000.00 1000000.00 12 48 MoreInfo
Standard
Chartered
Bank
16.00 Age:
21 - 58 Yrs.
Monthly Income:
Rs 11000.00
More
50000.00 3000000.00 12 60 More
Info
ABN AMRO 16.00 Age: 25 - 70 Yrs.
Monthly Income:
Rs 15000.00
More
25000.00 1500000.00 12 60 More
Info
Citi Bank 16.00 Age:
21 - 58 Yrs.
Monthly Income: Rs 10000.00
More
40000.00 1500000.00 12 60 More
Info
IDBI Bank 16.00 50000.00 1000000.00 12 60 More
Info
Reliance
Capital Ltd.
16.00 50000.00 1700000.00 12 60 MoreInfo
Federal
Bank
16.25 50000.00 200000.00 12 60 More
Info
Centurion
Bank of
Punjab
18.00 50000.00 1500000.00 12 60 More
Info
Barclays 18.00 40000.00 1700000.00 12 84 MoreInfo
Highlights
Salaried Self Employed
Loan Scheme SBI Saral Personal Loan SBI Saral Personal Loan
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Loan Type Term Loan Term Loan
Loan Amount Max Loan: 12 times the
monthly income
Max Loan: 12 times the
monthly income
Tenure Min. - 12 Yrs. Min. - 12 Yrs.
Interest Rate Min. - 16 %
Max. - 16 %
Min. - 16 %
Max. - 16 %
Time to Process Loan 2 days 2 days
Fees & charges
Salaried Self Employed
Processing Fee 2 % 2 %
Eligibility Criteria
Salaried:
Monthly Income Rs 5000
Age Min.: 21 Yrs. Max.: 58 Yrs.
Documents Required:
ID Proof Yes
Residence Proof Yes
Income Proof Yes
Telephone No
Photograph Yes
Bank Statement Yes
Signature Proof Yes
Self Employed:
Monthly Income Rs 7000
Age Min.: 21 Yrs. Max.: 65 Yrs.
Documents Required:
ID Proof Yes
Residence Proof Yes
Income Proof Yes
Telephone No
Photograph Yes
Bank Statement Yes
Signature Proof Yes
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FROM SBI WEBSITE
(FAQ) PERSONAL LOAN[Print Page]
Q. What are my loan limits? A. Your personal loan limit would be determined by your income and repaymentcapacity. Normally you can avail a loan upto Rs.2.50 lacs. However, if in metros of NewDelhi, Mumbai, Bangalore, Chennai, Hyderabad and Kolkata, salaried individuals
or self-employed professionals can avail Personal Loan upto Rs.5.00 lacs. If thesalary of a salaried individual is credited to his/her account with our Bank or a self -employed professional has been maintaining a satisfactorily conducted account with
us, a Personal Loan of up to Rs.10 lacs can be sanctioned.
Q. Can my spouse¶s income be included for calculating the loan amount?A. Yes, your spouse's income can be included provided he/she guarantees the loan
or the loan is taken jointly.
Q. What are the important documents that I need to provide?A. You will need to furnish only the following documents if you are an existing
customer of the Bank:
- Passport size photograph- Proof of official address for self employed individuals and professionals. This can
include shop and establishment certificate/Lease deed/Telephone Bill
- Latest Salary clip and Form 16, in the case of salaried persons- IT returns for the last two financial years, in the case of self employed individuals
and professionals
If you are not an existing bank customer you would also need to establish your
identity and give proof of residence.
Q. Do I have to pledge some form of security?A. No security is required.
Q. What is the repayment schedule like?A. The minimum amount that you are expected to pay every month is the EMI. You
are allowed to pay more than the EMI if you wish to, and we do not charge anyprepayment penalty.
Q. What is EMI?
A. EMI stands for Equated Monthly Installments. This installment comprises both
principal and interest components. Use the EMI calculator to find out your monthlypayments based on the loan amount, the rate of interest and the repayment period.
Choose the combination that best meets your financial resources and requirements.
Q. Can I prepay the loan? Are there any penalties?A. Yes, you can prepay the loan partly or fully, at any stage, without any
prepayment penalty.
Q. What is the processing fee? Are there any other charges?
A. Processing charges are 1 per cent of the loan amount. This is amongst the lowestfees in the industry. Processing fees have to be paid upfront. There are no hidden
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costs or other administrative charges.
Q. Do I have the option of choosing a fixed or floating rate for the loan? A. You have the option to avail the loan with either a fixed interest rate or a floatingone. In the case of a fixed rate loan, the interest rate on the loan will remain fixed
through the entire tenure of the loan, whereas in the case of a floating rate loan, theinterest rate could decline or rise in line with the changes in the Bank's Medium TermLending Rate (SBMTLR).
Q. How does SBI Personal loan compare with those offered by other banks? A. There is total transparency with regard to the rate of interest and the fees
charged by us.- We offer personal loans at the cheapest rates of interest, with no security or
collateral
- We offer loans for the longest tenors (48 months), with the flexibility provided toreduce the tenor by prepaying the loan without any penalty.
- We provide finance for any personal need or requirement, the total amount beingdetermined on the basis of repaying capacity.
- With an SBI personal loan you can choose between fixed rates of interest and
floating interest rates.- We levy interest based on daily/monthly reducing balance, unlike the annual
reducing balance method used by several other banks.
Q. How do I benefit if the interest is calculated on a daily/monthly reducing
balance?A. On an annual reducing balance method, you will continue to pay interest on
amounts you repay during the coming one year as the interest for the year is
determined on the basis of the balance outstanding at the beginning of the year.In the case of the daily/monthly reducing balance, which is the methodology we
employ, your interest is calculated only on the outstanding loan amount, whichreduces every time you pay off your EMIs or make any prepayments. This in essence
lowers your effective rate of interest significantly.
SBI SARAL PERSONAL LOAN[Print Page]
Do you want funds readily available to you whenever you desire or need, be it a sudden
vacation that you plan with your family or urgent funds required for medical treatment?
SBI Saral - Personal Loan is the answer to your questions.Access this facility from over 3000 branches across the country and confidently face the
challenge of meeting any kind of personal expenses!!
Enjoy the SBI Advantage :
y Low interest rates. Further, we charge interest on a daily reducing balance!! y Low processing charges; only 2%-3% of loan amount y No hidden costs or administrative charges. y No security required ««which means minimal documentation«something that you
had always wanted. y No prepayment penalties. Reduce your interest burden and optimally utilize your
surplus funds by prepaying the loan (1% of the loan amount will be charged if you
repay the loan before 6 months)
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y Long repayment period of up to 48 months.
The Scheme
Purpose
The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for
domestic or foreign travel, medical treatment of self or a family member, meeting anyfinancial liability, such as marriage of son/daughter, defraying educational expenses of
wards, meeting margins for purchase of assets etc.)
Eligibility
You are eligible if you are a Salaried individual of good quality corporate, self employedengineer, doctor, architect, chartered accountant, MBA with minimum 2 years
standing.
Salient Features
Loan AmountYour personal loan limit would be determined by your income and repayment capacity.
Minimum : Rs.24,000/- in metro and urban centres
Rs.10,000/- in rural/semi-urban centres
Maximum : 12 times Net Monthly Income for salaried individuals and pensioners subject
to a ceiling of Rs.10 lacs in all centres
Documents RequiredImportant documents to be furnished while opening a Personal Loan Account:
For existing bank customers
Passport size photograph
From salaried individuals Latest salary slip and Form 16
Margin
We do not insist on any margin amount.
Interest Rates:
Click here for Interest Rates
Repayment
The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you wishto, without attracting any prepayment penalty.
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Security
NIL
Processing Fee Processing charges are 2-3% of the loan amount. This is amongst the lowest fees in the
industry. Processing fees have to be paid upfront. There are no hidden costs or other
administrative charges.