SBI Festive Loan: The Most Perfect Way to Celebrate Your Festival!
Navratri, Dusshera, Diwali, Eid, Christmas and New Year ……we enjoy the festival with our family and near & dear ones. We do shopping, follow rituals and enjoy life. To enjoy it to the fullest and fulfill our aspirations, we need fund.
When it’s a festive season you need money all the time in your hand. You need money for celebration, decoration, gifts, clothes, sweets and many more. For all this matter SBI helps you in providing the funds for tension free celebrations. SBI has come up with a new loan category. Yes, you heard it right. SBI opens up with the new loan category which is “SBI Festive Loan”.
SBI launched Festive Loan to help you in any festive related problems. The bank offers decent interest rates and low processing fees without any hidden charges.
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
- If you are a government employee or working in PSUs, profit making public/private limited companies/ institutions etc with a minimum of 2 year service
- Self employed person with 3 year experience, then you can easily apply for the festive loan.
- An individual having regular source of salary from authorized channels like Pension and interest from TDRs/NSCs/Govt. Securities and so on
- You have a net month to month pay of Rs.3000/ - or more.
- Your spouse salary can likewise be considered in figuring the advance sum gave he/she ensures the loan or the loan is taken together.
The festive loan amount would be determined by your monthly salary or income and your repaying capacity against your loan. The minimum festive loan provided by the SBI is 5000 rupees, and it can go up to 4 times your monthly net income, subject to a ceiling of rupees 50,000.
Documents Required to get SBI Festive Loan
- In the case of self-employed individuals, you will need to provide the IT returns for the last two financial years.
- In the case of salaried person, you need to submit the latest salary slip and Form 16.
- Passport size photograph is required.
- Identity Proof – PAN Card/Voter ID/Aadhaar Card/Driving License/Passport
- Proof of official address for self-employed individuals and professionals. This can include a shop and 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
|Interest rates||10.95% - 15.35%|
|Processing Fees||1% loan amount + applicable service tax|
|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 mentioned above this is the very new category launched by the SBI in order to provide funds to celebrate your festivals. Other banks, generally do not grant festive loans. The scheme provided by the other banks related to this is personal loan. But the Festive loan scheme is far better than personal loan scheme in many ways such as:
There is all out transparency with respect to the rate of interest and the expenses charged by SBI.
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.
Apply for SBI Festive loan online at Afinoz.com. You can call us at +91 9899889816 or email us at email@example.com.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.
Read More : Know More