Tuesday, December 22, 2020

Do you need a personal loan? Check out SBI Saral personal loan


When you are looking for a personal loan, the first thought never comes about any public banks such as SBI. People always give first priority to instant loan apps on the Google play store. However, if you do a research, you will find out SBI also has fantastic personal loans.

SBI saral persona loan is one of those top deals you could check out. So, here we will give you every little deal you needed to about it. By the way there is also SBI personal loan for govt employee, SBI pension loan in case you wanted to check them out.

The loan details for SBI saral personal loan

       The loan could be availed for any emergency purposes. Whether you need it pay medical bills, education fee, wedding shopping or any other emergency you might stumble upon.

       The loan amount will be depended the monthly income, expenses and the repayment capacity. You could get the loan amount up to 12 times of your net monthly income, which had to be repaid in 48 EMS or 4 years.

       The minimum loan amount you can borrower for rural/ semi urban area is Rs 10,000 and for urban area it is Rs 24,000.

       There is no need for collateral or security.

       You will only have to submit minimal documentary to apply for the loan.

       There are no large prepayment charges in SBI saral personal loan.

       The processing fee is from 2% to 3% of the loan amount.

The eligibility criteria for SBI saral personal loan

       If you are a salaried individual working in a government or private company.

       If you are a self-employed professional such as doctor, chartered account with minimum 2 years of work experience

Fee and rate of interest

       The rate of interest starts at 11.60% onwards.

       The processing is 2% to 3% of the loan.

       The prepayment charge is 3% of the loan amount.

Documents required for the loan

There are two sets of documents for salaried individual and self –employed professional .

For Salaried individual

       Application form

       Passport size photograph

       KYC documents ( Aadhar card, PAN Card, Voter ID card, Driving license)

       Bank statement for the last 6 months

       Salary slips for the last 3 months

       Form 16

       Residence proof  ( Electricity bill, rent agreement)

For self-employed professional

       Application form

       Passport size photographs

       Identity proof ( Aadhar card, PAN Card ,Passport, Voter ID card)

       Residence proof ( Electricity bill, rent agreement, post paid bill, telephone bill, water bill)

       Form 16


       Income tax returns for the last 3 years

       Profit/loss statement

       Proof of business existence

How to apply for SBI Saral personal loan?

The best way to apply for the loan is to go  it’s official website, choose the personal loan, fill out the application. A representative will contact you for further information.


So, this everything you needed to know about SBI Saral personal loan. The details are presented in a easily manner to describe it. One last thing, do not sign the loan paper before you read them. There are many things which are mentioned in the documents, which you  about do not know. So ,read it carefully.


Author: verified_user