(shortly calls as SBI) has the maximum market splits designed for personal loan amongst government division workforce. State Bank of India does not proffer doorstep service, so you will necessitate to visit an SBI branch in order to be relevant for an SBI personal loan. The loan will be decided for any legitimate purpose next to all (e.g. expenses designed for domestic or foreign travel, medical treatment of personality or a family member, gathering any financial liability, such as wedding of son/daughter, defraying educational charge of wards, meeting margins for purchase of assets etc.) waged individual of fine quality corporate, identity employed engineer, architect, chartered accountant, doctor, MBA with minimum 2 years status are appropriate for SBI personal loan.
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Details of SBI Personal Loan.
Interest Rate (Daily reducing balance): 16% fixed (SBAR + 4.25%). SBAR is currently 11.75%
Processing Fees : 2% to 3% of loan amount
Loan Tenure: 1 year to 4 years
Pre-closure Charges: 1% of pre-closed amount
Loan Amount: Metro cities: Up to to Rs. 5 lakhs. Non-metro cities: Up to Rs. 2.5 lakhs
If salary account with SBI, then cap increased to Rs. 10 lakhs
Maximum loan amount cannot exceed 12 times net monthly income
Minimum Income Requirement : Rs.24,000/- in urban centres. Rs.10, 000/- in rural centres
Guarantor Requirement : Guarantor is mandatory
Documents:
evidence of Identity: Passport or voter's card or driving licence or PAN card and photograph
evidence of Residence : Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements
Income evidence: Returns of last 2 years (Self-employed) of candidate and guarantor most recent salary slip and Form 16 (Salaried)
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