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Do you want funds readily available to you whenever you desire or need, be it a sudden vacation that you plan with your family or urgent funds required for medical treatment? SBI Saral - Personal Loan is the answer to your questions. Access this facility from over 3000 branches across the country and confidently face the challenge of meeting any kind of personal expenses!! Enjoy the SBI Advantage : Low interest rates. Further, we charge interest on a daily reducing balance!! Low processing charges; only 2%-3% of loan amount No hidden costs or administrative charges. No security required ……which means minimal documentation…something that you had always wanted. No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan (1% of the loan amount will be charged if you repay the loan before 6 months) Long repayment period of up to 48 months.
The Scheme Purpose The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability, such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets etc.)
Eligibility You are eligible if you are a Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing. Salient Features Loan Amount Your personal loan limit would be determined by your income and repayment capacity. Minimum : Rs.24,000/- in metro and urban centres Rs.10,000/- in rural/semi-urban centres Maximum : 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lacs in all centres Documents Required Important documents to be furnished while opening a Personal Loan Account:
For existing bank customers Passport size photograph From salaried individuals Latest salary slip and Form 16
Margin We do not insist on any margin amount. Interest Rates: Click here for Interest Rates Repayment The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you wish to, without attracting any prepayment penalty. Security NIL Processing Fee Processing charges are 2-3% of the loan amount. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.
w.e.f. 29.06.2009 (SBAR 11.75%) Other Loans Type of Facility Clean Overdraft Personal Loans Scheme (SBI Saral) SBI Loan to Pensioners Festival Loan Scheme Loans to Employee to Subscribe to ESOPs Loan against Bank Time Deposit Rate of Interest 4.00% above SBAR i.e. 15.75% p.a. 4.25% above SBAR i.e. 16.00% p.a. 0.50% above SBAR i.e. 12.25% p.a. 2.50% above SBAR i.e. 14.25% p.a. 2.25% above SBAR i.e. 14.00% p.a. 1.00% over the rate paid on Relative time deposit
Rent Plus Scheme Centre Loan Amount Metro Loan upto Rs. 7.50 Crores Above Rs. 7.50 Crores Non Metro Loan upto Rs. 5.00 Crores Above Rs. 5.00 Crores
Rate of Interest 1.00% above SBAR 1.25% above SBAR 1.00% above SBAR 1.25% above SBAR
i.e. i.e. i.e. i.e.
12.75% 13.00% 12.75% 13.00%
p.a. p.a. p.a. p.a.
XPress Credit Type Facility Demand Loan Check-off from Employer Overdraft Where salary A/C is with us
Rate of Interest 0.75% above SBAR i.e. 12.50% p.a. 1.25% above SBAR i.e. 13.00% p.a.
NOTE: ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.
SBI provides SBI Saral personal loan to help you in meeting any kind of personal expenses whenever you need it to meet your requirements. Loan is provided at low interest rates, no hidden costs or administrative charges, no prepayment penalties and comfortable repayment tenure.
Salaried Loan Scheme Loan Type Loan Amount Tenure Interest Rate Time to Process Loan Saral Personal Loan Term Loan Max Loan: 12 times the monthly income Min. - 12 Yrs. Min. - 16 % Max. - 16 % 2 days
Self Employed Saral Personal Loan Term Loan Max Loan: 12 times the monthly income Min. - 12 Yrs. Min. - 16 % Max. - 16 % 2 days
Fees & charges Salaried Processing Fee 2% Self Employed 2%
Eligibility Criteria Salaried: Monthly Income Age Rs 5000 Min.: 21 Yrs. Documents Required: ID Proof Residence Proof Income Proof Telephone Photograph Bank Statement Signature Proof Yes Yes Yes No Yes Yes Yes Max.: 58 Yrs.
Self Employed: Monthly Income Age Rs 7000 Min.: 21 Yrs. Documents Required: ID Proof Residence Proof Income Proof Telephone Photograph Bank Statement Signature Proof Yes Yes Yes No Yes Yes Yes Max.: 65 Yrs.