Why Can You Choose SBI Personal Loan?

sbi personal loan

The State Bank Of India is the largest and reliable bank in the country and well-known for providing best services. In the market, SBI has various financial product and services for every different person. SBI personal loan is one of the product which takes care of the urgent financial requirement of the individual.

Whether you need for celebration or any other personal things want to do, the bank has approved quickly as per your documentation part. For your information, the bank offers a personal loan at an interest rate ranging between 11. 35% to 15.10% along with Nil to 0.5% of the loan amount plus GST processing fee charges.

To get a personal loan SBI, then follow the eligibility factors carefully which can be set by the bank, needs to be satisfied before loan applications are approved. As per personal loan you should be in 21 to 65 years age bracket with clear credit history. A salaried and self-employed both can apply for the personal loan application.

You can get Rs 70 lakhs based on your repayment capability. When you are applying for a card, then make sure credit score should be 750 or above. If you scored less than 650 in CIBIL, then you are automatically in reject list. Your CIBIL score can decide approval of personal loan form.

For KYC, you should share recent passport size photograph, bank statement, photo ID, address proof. For salaried person need to provide Form 16 and self-employed can deposit income tax return copy.

How Can You Apply For Personal Loan?

If you are existing customers can apply for an SBI personal loan online or visit a nearby branch for the application. Just download the application form from the SBI official website, complete the form and submit it. Due to the already existing scenario, the chances of approval of the application will be high.

When you are a new customer of SBI, don’t worry the process to apply for personal loan application is same as with existing customers. The only difference is due to lack of the previous relationship the loan approval process will take some time for all the verification procedure.

When you applied for a card and now don’t have an idea, where it has been stuck or in the process? For all type of query just download application tracker system and enter your application number, within a second can know the application status.

See, if all the documents which shared by you are correct so within a week can receive your card.

Should Your Income, Credit History Or Rest Things Affect Personal Loan SBI Application Form Processing?

Apart from eligibility criteria, below factors are also can affect personal loan application processing

Income: The higher your income, the better your loan amount, your income can decide your loan amount because this shows your repayment capacity.

Way Of Living: After listing this maybe you can think, how lifestyle make any difference for a personal loan? Yes, your way of living matters a lot. Do you have own house or in rent? If you live in a rental property than automatically that can reduce your income and, it means yours repay capacity little in dicey condition. That’s the reason they ask about housing situation also.

Employment Information: If you are working in a well-known company, it indicates to the bank you are in a stable job, the better the rating of the company the better the SBI personal loan interest rate can be negotiated.

Existing Credit: If you already have loan or credit card that will indicate in determining your loan amount and interest rate.

Credit History: In a case, your previous credit score is not satisfied, then the bank will reject personal loan SBI application automatically. That’s why always try to pay bills before the due date and clear your outstanding amount on time.

For personal loan approval, you just remember fewer things, which can give instant approval if you can planning to apply for a loan. Few things you can take care and take many facilities to a bank, a great combination of giving and take.

If you have some queries related to SBI personal loan, you can contact the bank at the toll-free number 1800 425 3800. The moment you call the number the bank executives make sure to have a prompt response all your queries and complaints and give the best solution. They provide you 24*7 service without any fail.

Banty Chakraborty is a professional Finance writer who has introduced the reader about various credit card products like how to apply for credit card, different types of cards, home loans, personal loan and mutual fund investment etc. She believes in delivering best of her knowledge to the readers.

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