For availing SBI Bank Personal loan, a list of necessary documents needs to be submitted for easy processing of loan application. Here is the list of documents that you will require -
For salaried employees
- Loan application form with all details
- 2 Passport Size Photo
- Identity Proof - Driving License/ Passport/ PAN/ Voter ID
- Copy of Income Tax PAN
- Residential Address Proof - Registered Rent Agreement/ Passport / Utility Bill (up to 3 months old)
- Income proof Documents - 3-month pay slips of the company you are currently working with, 3 months bank statements showing salary credit EMI debit messages.
Fees and Charges Associated with the SBI Bank Personal Loan
There are several other charges that the bank applies on personal loans, which you need to consider and compare before applying for the loan from SBI. The charges apart from interest rate are
Part Payment Charges - Part Prepayment is allowed on SBI’s personal loans is allowed at absolutely no extra charges.
Pre-closure Charges – Pre closure charge needs to be paid in case you want to repay the entire loan amount before the loan tenure. There are no pre-closure charges levied by SBI on personal loans after the payment of 1 EMI's.
Processing Fee – The processing fees on SBI personal loans ranges from 2% to 3% including the tax. This fee is generally non-refundable for the majority of banks.
Other charges – After the approval of loan application, SBI provides a statement of other applicable charges on personal loan account. Some of the ‘other charges’ interest on late payments, loan cancellation charges applicable on delayed payments or if you want to cancel loan application after approval, EMI cheque bounce charges, etc.