7 Reasons Why it is Important to have SBI Personal Loan

Are you planning to study abroad? Want to go to an exotic destination for a vacation? Have a dream for a big fat wedding? Do you want to renovate your home? Or any other thing you are willing can achieve with SBI Personal Loan. SBI Personal Loans are offered to meet the diverse financial needs of the borrowers.

SBI offers a diverse range of personal loans to meet the varied financial requirements be it for a vacation, medical emergency, wedding, travel, etc. The SBI loan application process facilitates borrowers with simplified documentation and quick approvals.

Personal loans from SBI are categorized into different sectors. Let’s have a look at them:

SBI Xpress Power

Ø SBI personal loan can be availed at a low rate of interest.
Ø Minimal documentation is required for the SBI Xpress Power.
Ø To avail SBI Xpress Power a borrower is not required to maintain a salary account in SBI.
Ø A borrower can avail a minimum loan amount of Rs. 25,000 up to Rs. 15 lakhs/ 24 times NMI (Net Monthly Income).
Ø The repayments can be done through NACH / SI.

Xpress Credit Personal loan

Ø A borrower can avail loan up to 20 lakhs.     
Ø It requires minimum documentation.
Ø No hidden costs are charged from the borrowers.
Ø The rate of interest is charged on the daily reducing balance.    
Ø No collateral is required for the Xpress Credit personal loan.
Ø A borrower can avail a minimum loan amount of Rs. 25, 000 up to Rs. 20 lakhs.

SBI Pension Loan

Ø SBI offers fast loan procedures.
Ø Low Processing Fees are involved in SBI pension loans.
Ø SBI facilitates with the easy EMIs payment through SI.
Ø Zero hidden costs are charged.
Ø Simple documentation process.
 Reasons why it is Important to have SBI Personal Loan?

v Fast Loan Process: A borrower can get a personal loan in a short time. SBI offers pre-approved loans to customers much faster than this.

v Collateral-free Loan: SBI personal loans are unsecured, which means no security or collateral is required to back up the loan. The loan approval is based on the applicant’s earnings, cash flows, strength or stability in business or employment. Minimum documentation or sometimes no documentation is required for the SBI personal loan.

v  Competitive rate of interests: SBI personal loan interest rates are charged on the daily reducing balance. If a borrower has a good credit score, income proof, and a long relationship with the bank, he/she can avail it at good terms.

v Customized repayment terms: A borrower can manage repayment tenures to make EMIs pocket-friendly. SBI personal loan calculator can be used to calculate the monthly EMI. This facilitates the borrower to have a rough about the monthly required amount.

v Easy loan Processing: SBI personal loan process is easy and simple. The procedure even simpler if a borrower has a good credit score. A borrower can apply for an SBI personal loan online, or by visiting the nearest branch.

v Low Processing Fees: SBI personal loan interest rate and processing are varies based on the availed type of personal loan and the loan amount.

v Fast Loan Disbursement: SBI Personal Loan gets disbursed directly in the borrower bank account in a short period.