Personal loans are truly multi-purpose loans. Such loans take care of your financial needs – as strange as buying a leopard or as mundane as purchasing regular store items. Different types of personal loans are available for different situations. You can apply for such loans whenever you need money. Most people take this option because personal loans are easily accessible and quickly dispersible. Both homeowners and tenants can take recourse to these loans in times of need.

Personal Loans From State Bank of Patiala
Purpose 
General-purpose loan for individuals for meeting their varying needs.

 Eligibility    
# State/ Central Govt. employees, employees of Public Sector Undertakings/reputed profit making public limited companies, reputed institutions and MNCs with a minimum service of 2 years.
# Self employed engineers, doctors, architects, chartered accountants, MBAs with a minimum 2 years’ standing and aged 60 years or below.
# Pensioners of PSUs/Govt. (Central/ State)/public sector banks including those who have taken premature voluntary retirement and are 60 years of age or below.
# Agents of insurance/KVP/Mutual Funds etc. with 3-5 years’ standing who are tax assesses and whose gross annual income exceeds Rs.2.00 lacs and are 60 years of age or below.

 Minimum Monthly Income     
# Rs 6000/- per month for employees/ pensioners and
# Rs. 60000/- p.a. for professionals and self employed individuals as per latest income tax return.

 Minimum Loan Amount     
Rs.25, 000/-

Maximum Loan Amount 
18 months Net Monthly Income (NMI)/1.50 time of Net Annual Income (NAI), subject to the Equated Monthly Instalment (EMI) not exceeding 50% of NMI.

Maximum Rs. 10.00 lacs in six metros (Delhi, Mumbai, Kolkatta, Chennai, Banglore and Hyderabad)

and

Rs. 7.50 lacs in other centres.

Other conditions:
# In the metros of New Delhi (including areas of Gurgaon in Haryana), Mumbai, Bangalore and Hyderabad where a self employed professional maintains satisfactorily conducted account with the branch or salary of individuals is regularly credited to their account with our Bank, a ceiling of Rs.20 lacs would apply, provided all other terms and conditions are satisfied.
# For persons who have taken early retirement – Rs.1.5 lacs.

 Processing Fee       
1.00% of the loan amount + service tax

Repayment period
Up to 60 months in equated monthly instalments

 Interest Rate     
2.25% above BPLR (where check off facility is not available)

1.75% above BPLR (where check off facility is available)

 Documents 
From salaried individuals:

· Latest salary slip and form 16.

· Letter of Authority from Employee authorising the employer to deduct monthly instalment out of salary for remitting to bank and

· Letter of Undertaking from the employer for check off facility OR

· Letter of Authority from employee/ applicant authorsing the Bank to deduct the loan instalment out of the salary routed through branch.

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 office/commercial address.

Sources : http://www.sbp.co.in/