If you’ve been struggling to get a loan from a bank, there’s good news for you. India’s largest public sector bank, State Bank of India (SBI), is now offering personal loans of up to ₹20 lakh under a special scheme, with a repayment tenure of up to 6 years.
This loan can help you meet pending financial needs without the hassle of multiple bank visits. You can apply directly through SBI’s official website. One of the most attractive features of this scheme is that there is no processing fee and minimal paperwork involved.
Interest Rate and Charges
SBI’s personal loan comes with a daily reducing balance interest system, ensuring that you pay interest only on the outstanding amount, thus reducing the overall burden. There are no hidden charges and no requirement for collateral or a guarantor. You can even take a second loan under certain conditions.
Eligibility Criteria
- Loan Amount: ₹24,000 to ₹20,00,000
- Minimum Salary: ₹15,000 per month
- Employment Tenure: At least 1 year of continuous employment
- Age Limit: Between 21 and 58 years
You do not need to have a salary account with SBI to be eligible. Even if your salary is credited to an account in another bank, you can still apply for this loan.
Required Documents
To apply for the SBI personal loan, you’ll need the following documents:
- Latest Income Tax Return (ITR) details
- 6 months’ salary slips
- 2 passport-size photographs
- ID proof (Aadhaar, PAN, etc.)
- Residential proof
You can repay the loan over a tenure ranging from 6 months to 6 years.
Separate Loan Scheme for Business Needs
If you’re planning to start your own business, SBI also offers the e-Mudra Loan, which can be a great support system. Through this scheme, you can avail a loan of ₹50,000 to ₹1,00,000 for small business ventures. This facility is available without heavy documentation and can be applied for online from the comfort of your home.
Leave a Reply