Personal Loan

SBI Saral Personal Loan

04 Jul 2019 3 min read
Personal Loan: SBI Saral Personal Loan

When it comes to availing personal loans in India, the first name that comes to our mind is SBI. The State Bank of India has been a preferred choice for ages when people want to avail a personal loan. SBI is India’s largest public sector bank, with over 24000 branches across the country. SBI personal loan products are designed to cater to the distinct needs of a diverse set of people (salaried, self-employed, pensioners etc). SBI Personal loan is known to offer facilities such as zero prepayment, minimum processing fees, low SBI Personal Loan Interest Rate and so on and no wonder why it is one of the largest lenders in the country.

In this blog, we will talk about SBI Saral Personal Loan, a usually designed keeping in mind the distinct needs of the salaried /self-employed class or people with a continuous source of income.

Features for SBI Saral Personal loan -

  • You can avail this loan on an urgent basis for any purpose, be it for medical emergencies, travel, education, wedding and so on.
  • The loan amount you can avail depends on your income and repayment capacity. Here, you can get a loan up to 12 times your NMI (Net Monthly Income) which is required to be paid off in 48 EMIs.
  • The minimum loan amount you can borrow is Rs 24000 for metro/urban areas and Rs 10000 for rural/semi-urban areas.
  • No security/collateral will be asked for.
  • You need to go through minimal documentation only.  For example, a passport size photograph will do for an existing SBI customer. For salaried employees, Form 16 and latest salary slip will be required, in addition.
  • The bank does not levy any additional prepayment charge upon you.
  • The processing fee is charged in the range of 2% to 3%, in addition to the applicable service tax.

SBI Personal Loan Eligibility for Saral Personal Loan

You are eligible for this personal loan by SBI, if you are one of those salaried employees in a reputed government/corporate institution. Self-employed individuals (engineers, doctors, chartered accountants etc) can also avail this loan but they need to show a minimum of 2 years of experience in their relevant fields.

Fees of SBI Saral Personal Loan

You will be required to pay certain fees for the processing of the SBI Saral loan. The processing fees are 2% - 3% of the loan amount and 18% GST on the same. There is also a prepayment charge associated with the loan. You can pay your EMIs in part or full before the loan tenure ends. You can also close the account before the term ends. However, there is a 3% prepayment charge on the amount. Incase of the closure of the account from the proceeds of a new loan account, there will be no prepayment charge. 

Documents required for the loan

For salaried person

For self-employed

Application form with photograph

Application form with photograph

KYC documents

KYC documents

Last 6 months bank statements

Last 6 months bank statements

Last 3 months salary slip

Residence Proof

Form 16(ITR)

Form 16(ITR)

Residence Proof

Proof of business existence

 

Profit/loss statements of business

 

Last 3 years income tax returns

Contact Us

Afinoz.com can help you get an SBI Personal loan online.  You can apply for an SBI personal loan from us and can also check your tentative EMI or SBI Personal Loan Eligibility using our utility tools such as Personal Loan EMI calculator and Personal Loan Eligibility calculator. The dedicated experts in Afinoz will provide you with the best possible financial advice, tailored to your specific needs so that you can avail the Best Personal Loan Interest Rate. Our best services are offered to you absolutely free of cost.

Why Afinoz

Afinoz.com, one of the India's leading personalized financial marketplace has framed a personal loan platform which lets you choose the best personal loan from the options that match your specific needs and most convenient for your personal requirements.

  • Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
  • Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
  • Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Axis bank for your personal financing.
  • Secure Environment - Afinoz.com has a built-in security for your personal information which is stored in a secure environment in our system with your consent. This information then sent to the bank in an encrypted format digitally and is very secured and scripted.
  • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss the loan specifications with the bankers.
  • No third-party agent  Afinoz.com online loan application process is free from any unneeded expenses and delays. One can approach bank online directly without having to involve any agent.

FAQs-

Query-  For what purpose can I use the sbi saral  personal loan?

Reply- sbi saral personal loan offers the most flexible personal loans as per the requirements and needs of the borrowing individuals. You can sbi saral personal loan apply online  pretty much for any genuine credit need of yours including but not limited to wedding expenses, educational expenses, emergency medical needs, travel expenses and so on. You can do an sbi saral personal loan online apply  to  get a personal loan very easily with attractive interest rates.

Query- How does the sbi saral personal loan decide on the maximum loan amount for a borrower during the sbi saral personal loan online apply  ?

Reply- When an individual sbi saral personal loan apply online, the maximum loan amount for him is decided on the basis of a number of factors, such as his monthly income, credit history, credit score and so on. The  number and nature of other active loans availed by him and the current amount paid by him towards the EMIs are also considered during approval process. More details regarding the application procedure are available in the sbi saral personal loan application form pdf which can be downloaded from sbi onine website.

Query- Are there any additional charges associated with the loan?

Reply- You will be required to pay processing fee of 2% to 2.5% based on the company you are employed in. This will be your loan processing fee that will be deducted from the loan amount payable to you. 

Query- Do I have to provide a security for the SBI Saral Personal loan?

Reply- There is no requirement of security or guarantors for the loan. 

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