Looking for a way out of your financial rut? Consider getting an SBI personal loan online. These are usually unsecured loans that offer you a lump sum amount. That means you do not have to provide any collateral or security deposit to acquire the loan and you get the money at once. If you want a quick injection of funds, these personal loans will be perfect as they have a fast approval process. Here at Loan Sumo, we can help you find the personal loans of your choice. You can also check eligibility & interest rates online on our website.
Being one of the largest government-owned banking entities in the country, State Bank of India offers a ton of financial products to meet the everyday needs of its customers. SBI personal loans are highly sought after because of their quick approval speed, low processing fees, and attractive interest rates. You can repay the loan in small fixed monthly instalments over a tenure of one to five years. Lending platforms such as Loan Sumo may also be able to get you seasonal offers that will reduce the overall cost of the loan significantly.
With an SBI personal loan online, you can get up to 12 times of your net monthly income. Unlike home loans or business loans, these instant personal loans are not designed for any specific purpose. You can use the money anyhow you like. Whether you need to pay for an emergency such as sudden medical costs, rent or utility bill payment, or vehicle repair or you want to get over a short-term cash crunch, an SBI personal loan will fulfil your needs. You can also use the money to sponsor a much-awaited vacation or a home improvement project.
When looking for personal loans online from traditional lending institutions, you are sure to come across numerous banks and their offerings. However, it is important to choose the right one for your needs. As with any financial product, personal loan terms and rates vary from lender to lender. That is why it is crucial to carry out a thorough comparison before taking the final decision. For starters, you need to find out about the features and benefits of SBI personal loans online.
Being a public sector bank, SBI offers some of the most affordable personal loans. However, before you apply for an SBI personal loan online, you should find out about what kind of interest rates would apply and how much. Here are two of the most common types of interest rates that are levied on SBI personal loans.
Fixed interest rate: These types of interest rates do not fluctuate over the loan term, which means that you need to pay the same amount of interest every month for the entire duration of the loan tenure.
Floating interest rate: Floating interest is also called an adjustable or variable rate. Here the interest is charged with a prevailing 1-year MCLR and a daily reducing balance. The interest rate is also designed for a reset 1 year after the loan disbursement.
Here’s a quick chart of the interest rates and charges that come with SBI personal loans.
For salaried individuals
For self-employed individuals
|Loan amount||Rs. 24,000 – Rs. 15 lakhs||Rs. 25,000 – Rs. 15 lakhs|
|Loan tenure||Up to 5 years||Up to 5 years|
|Interest rate||10.75% onwards||11.00% onwards|
|Processing fee||Up to 1% + taxes||Up to 1% + taxes|
|Foreclosure charges||3% of the outstanding principal||3% of the outstanding principal|
|Pre-payment charges||3% of the prepaid amount||3% of the prepaid amount|
Are you wondering if you are eligible for SBI personal loan online application? Here at Loan Sumo, we are dedicated to helping you find all the necessary information related to personal loans. To qualify for an SBI personal loan online scheme, you need to meet the following requirements:
The personal loan amount and interest rate will depend on your eligibility. If you meet all of the requirements that the lender has put forth, your chances of getting a fast approval increase significantly. Get in touch with Loan Sumo and apply for an SBI personal loan online by submitting our quick application form.