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

Today, loan has become a necessity. It is hard to afford huge amount of money at a time to fulfill our all need. Personal loan facilitates us to fulfill our requirement instantly. A personal loan is what you borrow from a bank, or a building society or institution, or from any other lender as a lump sum of money.

Personal Loans give us the freedom to use it for any personal purposes like, making an improvement of house, buying the car of our choice, going out for an exotic holiday, financing our education, getting a medical surgery done, debt consolidation.

While applying for the loan you need to consider two things. The first one is the Annual Percentage Rate (APR) and the period of time over which you want to repay the loan. APR i.e. the annual percentage rate is the real cost of the loan to the borrower. When choosing the loan one must pay attention on the APR as it includes all the charges incurred on a loan including charges and fee.

SBI SARAL PERSONAL LOAN

Do you want funds readily available to you whenever you 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!!

Enjoy the SBI Advantage :

·  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.

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 Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing.

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
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

Margin
We do not insist on any margin amount.

Interest Rates
3.25% above SBAR FLoating i.e. 15.50% 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 industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.

Sources : http://www.statebankofindia.com