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SBI Festive Loan: The Most Perfect Way to Celebrate Your Festival
05 Apr 2019 | 4.3 min read
SBI Festive Loan: The Most Perfect Way to Celebrate Your Festival!
We live in a country with rich and diverse cultural presence, which brings along a lot of occasions to celebrate in harmony. We observe festivals like Navratri, Dussehra, Diwali, Eid, Christmas and New Year and we love to enjoy these festivals with our family and near & dear ones. In India, especially on a festival as widely celebrated as Diwali, we wait for an entire year to buy our household things, gifts for family and friends to fill our festival with all the glory and valour. In order to fulfil our desires, there is one important constraint, which is handful of money or funds.
During a festive season like Diwali, one needs liquid money available all the time for most of the miscellaneous expenses. Expenses which are meant to incur for celebrations, family get-togethers, household decorates, gifts for our loved ones, clothes, sweets and the list goes on. For all such needs which are vital to our happiness, SBI ensures that you get all the help you would need with the funds for stress-free festivities.
SBI has come up with a new loan category especially made available for the festivals. Yes, even if you don’t believe it but you heard it right. SBI has opened up a new loan category which they call as “SBI Festive Loan”
SBI has launched the Festive Loan to help its customers for all their festive needs this season. The bank is offering a decent rate of interest with the lowest processing fees and that too without any hidden charges. Now, lets talk about some basic features and benefits of this customized product being offered by SBI;
Product features of SBI Festive Loan
- Low-interest rates,
- Low processing charges,
- No hidden costs or administrative expenses.
- No security required if check off is available which means minimal documentation something that you had always wanted.
- No prepayment penalties
Eligibility to take SBI Festive loan
- Government employees working with the Central or State Govt, Public Sector Undertakings, profit making public/private limited companies/ institutions with minimum 2 years of service
- Self-employed professionals with at-least 3 years of experience in their field of expertise
- Any individual having a regular source of income from other authorized channels like Pension or interest from TDRs/NSCs/Govt. Securities and others
- Applicant can also have a net month to month pay of Rs.3000/ - or more
- Spouses salary can likewise be considered for the eligibility, given that he/she ensures the loan or in case the loan is taken together by both
Eligibile Loan amount
The eligible loan amount is based on various factors and would be determined according to your monthly income as well as your repaying capacity. The minimum amount that is being provided by the bank is ₹ 5,000, and it can be as high as 4 times the net monthly income, and is also subject to a cap of ₹ 50,000.
Documents Required to get SBI Festive Loan
Here you can find a list of relevant documents required to apply for an SBI Festive Loan: -
- For Self-employed professionals, one will need to provide the IT returns for the last two assessment years
- For Salaried employees, one will need to submit the latest salary slip and the Form 16 issued by the employer for the last assessment year
- 4 Passport size photographs
- Identity Proof – PAN Card/Voter ID/Aadhaar Card/Driving License/Passport
- For Self-employed professionals a proof of official address which can include a shop or an establishment certificate/Lease deed/Telephone Bill
Charges/ Fees, Terms and Conditions imposed by SBI on Festive loan
- Processing fees: It is 1% of the loan amount plus the service tax applicable on it.
- Prepayment charges: Any prepayment of EMIs in full or in part and closure of account before the end of the term will attract the prepayment charges of 3% on the prepaid amount
- No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme
SBI Festival Loan Interest rates, Processing fees and other details in brief
| Loan Particulars | Details |
| Interest rates | 11.55% - 14.55% |
| Processing Fees | 1% loan amount + applicable service tax |
| Prepayment charges | NIL |
| Administrative Charges | NIL |
| Security | No security required |
How to apply for SBI Festive loan?
You can apply for the festive loan in SBI in two ways: Online and offline.
For offline ways, you can visit your nearest bank branch and fill the form and provide the personal and professional details with absolute precision. Along with these details give the copy of all the documents which are mentioned above in this blog to get the hassle-free festive loan at your best time of enjoyment.
For the online way you can visit the SBI corporate website, and in the category of personal loan online, you can apply for the festive loan easily. But before using it, please be ready with the personal and professional details of yourself and other documents mentioned above.
How SBI Festive loan scheme is different from other banks
As it has been mentioned above that SBI has recently launched this product in order to provide funds at relatively lower cost to celebrate your festivals without any monetary restrictions. However, most banks do not offer loans especially designed for festivals. The loans being offered by other banks are the usual personal loans, however the Festive loan scheme is a lot better as compared to other personal loan scheme in many ways such as:
- There is an all-out transparency with respect to the rate of interest being levied and the added expenses as part of the processing and disbursement of loan amount
- SBI festive loans are being offered at the lowest interest rates, as low as 11.55%
- Festive Loan scheme enables you to prepay with no prepayment penalty. This particular facility in turn enables you to keep your expenses in balance with your net monthly income
- SBI levies the interest dependent on a day by day or a month to month diminishing balance, not at all like the yearly decreasing balance scheme utilized by a few different banks
SBI offers low interest rates.
Festive Loan scheme enables you to prepay your advance with no prepayment penalty. This encourages you decrease interest trouble on the account.
SBI demand interest dependent on day by day/month to month diminishing balance, not at all like the yearly decreasing balance scheme utilized by a few different banks.
In case of daily/monthly reducing balance the methodology applied by the SBI to customers helps you in a very decent way. Here, your interest is calculated only on the outstanding loan amount which gets reduces on each of your EMI or the payment you have done. This helps you to lower down your interest rates significantly which in turn reduce your full payment.
You can check your eligibility and provisional EMI for SBI individual credit utilizing our utility apparatuses like personal loan eligibility calculator and personal loan EMI calculator. We guarantee you of our best administrations with no problem and exertion at the snap of a catch from the comfort of your home or office. When you complete and present your SBI bank loan application through Afinoz.com, you can easily follow your advance application status on our site consistently, 24x7.
Don’t’ worry. Just relax. If you have any questions regarding How To Apply Personal Loan By SBI, feel free to connect with us. We value your requirements and are dedicated to helping you in the best possible manner.
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