SBI Saral Personal Loan
Do you need 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? State bank of India (SBI) bring saral personal loan as the answer to your questions. With this special personal loan scheme, you can confidently face the challenge of meeting any kind of personal expenses, be it marriage, education of your child or to settle your previous debts. Following are the advantage of sbi saral personal loan:
· Loan is offered at low personal loan interest rates
· Personal loan interest is charged 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
· No prepayment penalties
· Long repayment period of up to 48 months
The loan will be granted for any legitimate purpose whatsoever for example, 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.
You are eligible if you are a salaried individual of good quality corporate, self-employed professional with minimum 2 years standing. Your personal loan limit would be determined by your income and repayment capacity as per the standard norms and regulations. An applicant’s minimum monthly income should be rs. 24, 000 in metro and urban centers and rs. 10, 000 in rural or semi-urban centers. Maximum loan amount equal to 12 times of net monthly income for salaried individuals and pensioners subject to a ceiling of rs.10 lakhs in all centers.
This special type of sbi personal loan can be repaid in 48 easy equated monthly installments (EMIs). You also have a flexibility to pay more than the fixed personal loan emi if you wish to, without attracting any prepayment penalty. You can also reduce your interest burden and optimally utilize your surplus funds by prepaying the loan. 1% of the loan amount will be charged as prepayment penalty, if you repay the loan before 6 months. You can also use sbi personal loan emi calculator, which will help you in making all the hard calculations related to your borrowed finance on the basis of which you can plan your convenient loan tenure.
