Personal Loans India | Best Personal Loan Interest Rates in India | Easy personal Loans

Features of SBI Personal Loan :

·  Low interest rates. Further, we 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…something that you had always wanted.

·  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.

Company
State/Central/Govt. employees, employees of public sector undertakings, reputed profit making Public Ltd. companies, Multinational Companies

Experience
A total work experience of minimum 2 years

Designation
You should be in the managerial/officer cadre

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  subject to a ceiling of Rs.10 lacs in all centres

Documents Required
Documentation

Income Proof
# Salary Slips for last 3 months
# Form 16 of latest year
# Bank Statements of last six months

Signature Verification
# Passport copy
# Banker’s Verification

Proof of Identity/Residence
Any one of the following
# Passport
# Ration Card
# Utility Bill
# Voter’s ID
# Driving License

From salaried individuals
Latest salary slip and Form 16

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 industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

Sources : http://www.statebankofindia.com/