Information about SBI Saral Personal Loan
State bank of India is a largest bank of India.The bank offers Personal loan Product name is SBI Saral Personal Loan.the Information about this Personal loan is following
SBI Saral Personal Loan
Do you want funds for your 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
the Advantage of SBI Saral Personal Loan :
· Low interest rates. Further, SBI charge interest on a daily reducing balance!!
· Low processing charges; only 1%-2% of loan amount
· No hidden costs or administrative charges.
· No security required ……which means minimal documentation…
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· 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)
· 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 any financial 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 Resident Indian National having capability to repay a loan, except agriculturists. (At present, only salaried individuals are covered under the scheme).
Salient Features
Loan Amount
Your 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 and 1 year’s Net Annual Income in case of others, subject to a ceiling of Rs.10 lacs in all centres
Documents Required
Important 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
From Self-employed individuals and Professionals
IT returns for the last two financial years,
Proof of Professional Qualification
Copy of highest professional degree held
Proof of official address. This can include shop and establishment certificate/Lease deed/Telephone Bill.
Margin
the bank not insist on any margin amount.
Interest Rates
3.25% above SBAR Floating i.e. 16.00% p.a.
Repayment
The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you wish to, without attracting any prepayment penalty.
Security
NIL
Processing Fee
Processing charges are 1-2% of the loan amount. This is amongst the lowest fees in the bank industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.
So, this Personal Loan is available for your urgent and Personal needs.the required documents is very simple and Processing is very easy the customer should check their eligibility and Further Information with nearest SBI Branch.