State Bank of India has been among the top choices of a loan borrower since its inception. The bank has been able to beat private banks in providing customer-friendly services. Talking about its best-served product, personal loans are among the top choices you have. The product is specially designed for salaried class and pensioners. The personal loan specially designed for both these segments of the society are successfully ruling the market.
A personal loan with lower rate of interest and a higher loan amount is made possible at SBI. In this article, we have provided all the details a person should know who is looking for a personal loan. You would also know about SBI personal loan EMI calculator which is the simplest tool to know your monthly installments.
SBI Personal Loan EMI Calculator
SBI Personal Loan EMI calculator is the tool that is used to calculate the monthly installments of a personal loan. If a person wants to take a personal loan, he/she would be concerned about the monthly installments they will have to pay to the bank. To know the monthly installments of the personal loan, the required details are:
- Loan Amount
- Interest Rate
- Tenure
For e.g., if a borrower wants to take a personal loan with the below details:
- Loan Amount- ₹15 lakhs
- Tenure- 5 Years
- Rate of Interest- 11.90% – 14.90% per annum
EMI-₹1,33,203-₹1,35,317
Total Interest- ₹98,436-₹1,23,800
Total Amount- ₹15,98,436-₹16,23,800
What is the eligibility criteria for SBI Personal Loan?
Here are the eligibility criteria for salaried and self-employed individuals as per the schemes:
SBI Xpress Credit Personal Loan Eligibility
If a person wants to take Xpress Credit Personal Loan from SBI, he/she must meet the below-given eligibility:
- Net Monthly Income of the borrower must be at least ₹7,500 per month
- The applicants EMI/NMI (Equated Monthly Instalments / Net Monthly Income) ratio must not exceed 50
SBI Pension Loan / Jai Jawan Pension Loan Eligibility
The people who can enjoy the benefits of SBI Pension Loan are as follows:
- The maximum age of the applicant is 76 years
- The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
- If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age
What are the documents required to apply for SBI personal loan?
The list of the documents that you must have to apply for a personal loan is as follows:
- Completely filled application form
- Two photographs of passport size
- Proof of Identity- Driving License/ Aadhar card/ Passport/ Voter ID card/ PAN card
- Processing fee cheque
- Proof of Address- Telephone bill/ Ration card/ Passport/ Voter ID card/ Water bill/ rEnt and Lease agreement/ Electricity bill
- Proof of Income- For salaried individuals: Form 16, current dated salary certificate and Salary slips of the past three months. For self-employed individuals: Income Tax returns of the previous two years.
- Bank statement of the past six months
Where to apply for SBI personal loan?
You can either apply for it online or offline. The online procedure is undoubtedly easier as you can do it irrespective of the time and place. You can download the documents, check your SBI personal loan eligibility, calculate EMI and apply online all this in one go. SBI now facilities online loan application to make it convenient for its customers to get their financial needs fulfilled within their comfort level.