Personal loans are the best go top option when you are in need of urgent cash or when you need to cover any unplanned expense. Personal loans can be obtained easily if you fulfil the bank’s loan requirements. SBI offers personal loans ranging from INR 50,000 to INR 5 lakh. However, the loan amount totally depends on the characteristics of the applicant. Some of the common characteristics of the applicant that banks consider are CIBIL score, income level and source and other basic information. Moreover, just like the bank offers SBI saving account interest rate whenever you deposit money in your savings bank account. Similarly, the bank also charges interest rate on its personal loan facility. This interest rate can vary depending on the loan amount, type as well as the credit history and score of the applicant.
Advantages of Applying for SBI Personal Loan
There are numerous advantages that you can benefit from while applying for an SBI personal loan. Some of the advantages are as follows:
Instant Loan Approvals
Generally, an individual applies for a personal loan when he is in immediate need of funds. Getting instant loan approvals for such loans can be a very big advantage. Moreover, banks today also offer pre approved personal loans to individuals who have their bank accounts with them or have exceptionally good credit records. SBI offers an efficient, time saving and simple online loan application procedure with the help of which, an individual can easily apply for a personal loan. You can even track the status of your loan application and get approvals in not time at all. travelworldinfo
Personalised Loan Options
SBI gives the privilege of customising your own personal loan, to the applicant. In other words, an applicant can customise his own personal loan according to his requirements.A few types of personalised personal loans from SBI are briefly explained in this article below.
Types of Personalised Personal Loans
SBI offers a variety of personal loans that the applicant can customise on the basis of his requirements. Some of the common types of personal loan options that are being offered by SBI are as follows:
SBI Kavach Personal Loan
Loking at the COVID 19 situation worldwide, SBI offers the SBI Kavach personal loan to anyone who needs financial assistance during his treatment for thsi deadly disease. SBI offers this loan without having to provide any collateral and for a maximum tenure of 5 years. You can avail this personal loan at an interest rate of 8.5% per annum.
Retirement Loans
Especially designed for people who are about to retire or have retired and need financial assistance in their lives. However, in order to obtain this loan an applicant has to be a senior citizen but not more than 76 years of age and should have an account savings bank account with SBI. marketoinsight
Pre-Approved Personal Loans
For those who require immediate funds without having to worry about any documentation or the loan process. SBI also offers pre approved personal loans to those who have a current account with the bank. Moreover, along with having a current account the applicant also needs to have a consistent payment history and should not have been a defaulter.
Interest Rates
The interest rate on SBI personal loan can be anywhere within the range of 9.60% per annum to 15.65% per annum depending on the traits of the applicant. Apart from the interest rates on the loan application, it is also important to check the hidden charges and costs that the bank might charge on your loan application. Also, the interest rate might vary depending on your credit history and score along with your monthly income and a lot of other factors. Also, just like you check the Saving Account Interest Rate before opening a savings bank account. Similarly, it is also advisable to check the interest rate that is being charged by the bank on your personal loan application.
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