State Bank of India has a special offer for home loan seekers. Home buyers will now have to pay only 8% interest for a loan taken from the bank.

The new rate will be offered between Feb.2 and April 30, 2009, the bank said in a statement.

SBI had previously charged 9.75 percent on a floating basis for home loans, and 11.25-12.25 percent on a fixed basis.

Under a special scheme announced in December, it rolled rates back to 8.5-9.25 percent for loans up to 2 million Indian rupees ($41,000).

However, this facility would be available to the extent of 10 per cent of their home loans but up to a maximum of Rs. 5 lakh, an SBI release says.

The new scheme of eight per cent interest rate will be offered for loans taken during February 2 and April 30, the release says.

The bank would reset the interest rate after the freeze period to the same rate as originally applicable under the the respective schemes, the release adds.

The bank’s existing borrowers under the two home loan schemes — loans up to Rs. 5 lakh and Rs. 5-20-lakh bracket — would also be given loans at eight per cent for one year.

Here as well, after the freeze period the originally contracted rate will be applicable, the release says.

Private sector banks charge between 9.75 percent and 12.50 percent interest on home 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

Many of us worry about finding solutions to our problems and dealing with personal loans is not an exception. Some of us land on giving up to those problems when we find time to quit and stop solving those problems. Others simply keep on trying and do not rest until they find the exact solution to their financial problems. They do not understand the change of approach that is necessary at this certain points.
The Interest Rates
Interest rates charged on loans can be different from one lender to another. The first thing to remember, it is worthy enough to make comparisons for you to be able to get the best deal. Generally, the definite amount that a lender can borrow is depending on the actual range of circumstances which includes your personal income, your outgoing expenses, credit rating and also the status of your present employment.

Choosing the Best Solution
The type of loan you will take will entirely depend on you. It will be wise to examine all the necessary aspects when you are planning to apply for one. Applying for a personal loan will require you to present information that will prove your qualifications. Secured loans will always ask for collateral and homeowners are the best for this type of loans. Bank statements, proof of earnings and identification are the basic requirements when applying for a personal loan. Choose a provider that will offer you the lowest interest rate in the market. The most competitive interest rate a loan provider can offer you is around 7 to 8%. There are also loan companies which can provide quick methods of releasing your loan.

Probing on the Details
Asking will always get you the answers you all need. When you are applying for a personal loan, it is always wise to ask about all the necessary details regarding your loan. There are many things that you all probably miss if you disregard even the smallest of detail. Repayment terms are one of the important things you should be well aware of. The methods on how you are going to pay back your loan should always be within your capacity. You can always ask your loan provider if you are applying for a personal loan if they include insurance and get the cheapest rate they have in offer. It will never hurt to ask if there are ways of repaying your loan earlier than scheduled without getting redemption penalties. The details on your loan as well as the rules and condition are very important; better put them on top of your checklist.

Shop Until You Find
If you have time to spare to shop for the best deal on your personal loan, you better take it. Shopping for the best personal loan provider and stopping only when you have finally find the best is the only way to get the best deal in town. Comparing loan quotes between several providers before applying for a personal loan will help you end up with the one that can offer you the cheapest loan with the lowest interest rate as well. Today, applying for a personal loan is made even easier with the help of the internet and comparing interest rates are faster with financial comparison sites. These days, applying online is one of the quickest ways of securing a loan.

Finding a Reputable Loan Provider
When applying for a loan, one of the things to put on top of your list is the reputation of the loan company you are going to deal with. The search for the best loan deal should always go with finding a reputable loan company as well. The checklist of necessary things when you are applying for a personal finance related product can go on and on. As long as you prioritize the most important things, you can’t go wrong. Applying for a personal loan can be as easy as ABC, as long as you know exactly how to go through with it.

The Repayment Periods
Amongst other things to remember and to consider is that repayment periods are not the same with every lender. Most lenders propose repayment conditions of between one and five years. Nonetheless, you will find others that offer mainly up to seven or even ten years. Take into consideration that the longer your repayment period is, the lesser are your monthly repayments and then you could be able to extend your payments for a longer period of time.

Comparing Lenders
Many people think that they cannot afford to take out a loan but it is merely not the truth. There are so many low interest rates and inexpensive loan offers that you can avail of, you only have to find and search for it. You also have to know what you are looking for and where you can be able to save at every loan offers.

Loans are not at all too costly to obtain them, you just have to remember and understand every loan offer that will suit and will work best for you. As long as you recognize what you are capable of, in terms of payments, you will be able to find for personal loans with assurance and get something that in terms of personal finance actually works.

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/

If you need some extra money, then borrowing from your bank might be the answer. If you use a bank simply for savings and a current account, then perhaps it is time to look at other financial products that your bank can offer. If you want to borrow from your bank, here are some of the possible options and benefits.

Why borrow money?

People borrow money for all sorts of reasons, and in all different ways. If you are finding it hard to make ends meet at the moment then getting a credit card or loan may help you out over the next few months. Also, if you need to make a large purchase but you need to spread the cost, then borrowing from your bank is a good option.

Credit cards

Perhaps the most common way to borrow from your bank is to get a credit card. A credit card gives you a certain amount of money or credit that you can spend, which you have to pay back with interest. Bills are paid monthly and you can choose to pay the full amount or just the minimum payment each month. Borrowing money on a credit card is expensive, but for short-term purchases they can be great if you pay the balance back in full each month.

Loans

Loans are another common way to borrow from your bank. Your bank is likely to have a variety of loans on offer, ranging from small personal loans to much larger loans for business or home improvements. If you need to pay off high interest debts or make a large purchase and pay it back slowly, then loans might be the right option for you.

Advantages of using your bank

The main advantage of using your bank to borrow money is that they know what sort of spending patterns you have, and if you have built a rapport with them they are likely to be more generous than other lending institutions. It may also be convenient to use the same bank that you do now, as all your accounts are in one place and you can manage your money more easily.

Disadvantages

There are also a number of disadvantages to using your own bank. Although your bank may give you a good deal, it may not be the best deal you can possibly find. Although speaking to your own bank is a good idea, you should shop around and look at other lenders in order to get the best possible terms. You should also make sure that borrowing money is right for you, and that you can make any repayments that are required.

Now Indian Banking  industry is growing and there are several banks Public sector Banks,Private sector Banks,and cooperative Banks are working in India.There was 14 major banks nationalized in 1969.this step led to a shift from class Banking to Mass Banking.

Indusland Bank was the first private bank to be set up in India. IDBI, ING Vyasa Bank, SBI Commercial and International Bank Ltd, Dhanalakshmi Bank Ltd, Karur Vysya Bank Ltd, Bank of Rajasthan Ltd etc are some Private Sector Banks. Banks from the Public Sector include Punjab National bank, Vijaya Bank, UCO Bank, Oriental Bank, Allahabad Bank, Andhra Bank etc.

ANZ Grindlays Bank, ABN-AMRO Bank, American Express Bank Ltd, Citibank etc are some foreign banks operating in India.

Some Major Banks of India are Listed Below

* ALLAHABAD BANK

* AMERICAN EXPRESS BANK LTD

* BANK MUSCAT (S A O G)

* BANK OF AMERICA

* BANK OF INDIA

* BARCLAYS BANK PLC

* CENTURION BANK LTD

* CITIBANK N A

* CORPORATION BANK

* DHANLAKSHMI BANK LTD (THE)
* DEUTSCHE BANK INDIA
* EXPORT-IMPORT BANK OF INDIA

* GLOBAL TRUST BANK LTD

* HONGKONG & SHANGHAI BANKING CORPORATION LTD (THE)

* ICICI BANK LTD

* IDBI BANK LTD

* INDUSIND BANK LTD

* SYNDICATE BANK INDIA

* INDUSTRIAL DEVELOPMENT BANK OF INDIA

* ING VYSYA BANK LTD

* JP MORGAN CHASE BANK

* PUNJAB NATIONAL BANK

* STANDARD CHARTERED GRINDLAYS BANK LTD

* STATE BANK OF INDIA

* STATE BANK OF INDORE

* CANARA BANK INDIA
* PUNJAB TRACTORS
* RESERVE BANK OF INDIA
* BANK OF BARODA INDIA
* FEDERAL BANK INDIA
* HDFC BANK INDIA
* UNION BANK OF INDIA
* YES BANK INDIA

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…
.0 .

· 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.