Loan Details

Bank Name

SBI

Minimum Loan Amount

INR 20 Lakhs

Interest Rate

11.25%-13.50% for government employees. 12.25% 14.25% for private sector employees.

Minimum CIBIL Score

N.A.

Minimum Loan Tenure

Upto 2 years.

SBI Quick Personal Loan

Fees and Charges

Processing fee: 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-) plus GST
Penal Interest @2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default.
Prepayment charges of 3% on prepaid amount.
No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan account under same scheme.

Eligibility

Individuals having Salary Account with any other Bank.
Minimum Net Monthly Income: Rs. 15,000.
EMI should be less than 50% of your income.
Borrower should have completed atleast one year of service.
Age 21-58. Minimum loan amount should be INR 24,000, maxium can be INR 20,00,000.

Special Concession

Yes for government employees.

Fees, Eligibility and Concession

Pros

Lower interest rate in comparison to other banks.
Concession for government employees.
Low processing fee charges.
No annual maintainence charges.
Low salary threshold.

Cons

None.

Pros and Cons

Purpose

Loan can be used for any purpose.

Special Features

Lower interest rate in comparison to other banks, especially for government employees.

Purpose and Features

How to Apply?

You can apply online through SBI website.

Documents Required

KYC documents.

Account Opening and Procedures

Application Procedure

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