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How to Get a Loan From SBI Loan: Changes are happening very fast in the present era, the way changes are coming, in the same way, inflation is also increasing, in this era of inflation, people take loans from different banks to fulfill their needs, so that Our money problem goes away. Today we will tell you about such a bank which is the only bank of the Indian Government, in which you can take a SBI Loan very easily.
Definition of a Loan
A loan is an amount given to a company or any human through a bank or any NBFC. At the time of returning it, that company or that human also has to pay some interest on the loan amount.
- The loan amount has to be returned after some time.
- State Bank of India also gives loans to people like all banks.
Types Of Loan
1. State Bank of India Home Loan
SBI gives home loans to its customers for taking home or for home manufacturing. Less interest is charged on the loan given through SBI as compared to other banks.
2. State Bank of India Personal Loan
If you want to take a personal loan for yourself problem, which you think will help in taking a loan from the bank that problem will be solved. SBI Bank gives you a personal loan at minimum interest. In SBI Personal Loan, the amount is given by looking at your credit score. Winning Good Your Credit Score will get you the maximum amount in the form of a loan.
3. Education Loan
If you are a student and you want to take a loan from any bank for your higher studies, then you can get an SBI education loan in a very easy way. A minimum interest rate is also imposed on this loan.
4. Business Loan
If you want to start your business or want to increase your old business, then the State Bank of India Business Loan can help you.
How To Apply For a Loan Through State Bank of India (Loan From SBI)?
SBI Se Loan Kaise Le Let’s know – You can apply in 2 ways to take a loan from the State Bank of India. Both the options are given to you below –
1. Apply Online
- First of all, you have to visit the official website of SBI.
- After this you will see the option of Loan on the homepage, you will have to click on it.
- After this, you will get all the instructions related to the loan, which you will have to read and move forward.
- Now you have to fill in all the information asked by clicking on Apply Option.
- After filling out the SBI Loan Form, you have to submit the Loan Form.
- After some time of submitting the form, you will have to go to SBI Bank and contact the loan department, then the verification of your documents will be done.
- If Document Verification is found correct then the loan will be approved. Otherwise, your loan form will be rejected by the State Bank of India.
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2. Apply Offline
To apply offline for an SBI Loan, you have to go to the nearest branch of SBI and contact the Loan Department. After this, they will tell you all those processes, after which you will have to fill the loan form and in the last step you will get the loan after document verification.
Eligibility For Getting Loan From State Bank of India (Loan From SBI )
[State Bank Of India Se Loan Kaise Le] To take a loan from the State Bank of India, you have to go through some criteria, after which you get the loan. The Criteria for SBI Loan are given below:
- To get a loan from the State Bank of India, your Minimum Age should be 18 Years and your Maximum Age 70 Years.
- You must have the income to repay the loan amount. Like your own business or your job which you have to submit documents to prove and if you fail in Document Verification then your loan will be rejected.
- To take a loan from the State Bank of India, your CIBIL score should be high. Generally, 750 credit score is considered a good CIBIL score.
Documents Required For State Bank of India – SBI Loan
To take a loan from the State Bank of India, you will need some important documents –
- Loan Application Form
- Aadhar Card
- PAN Card
- Bank Statement of Last 6 Months
- Salary Slip / ITR Return
State Bank of India Loan Interest Rate
- If you have a business or a private job, then you will get an interest rate of 9.60% to 15.65% per annum for a loan amount ranging from 25 thousand to 20 lakh rupees.
- If you are a Pensioner then you have to Approx for Loan Amount of 25 thousand to 20 lakh rupees. Interest will have to be paid from 9.75% to 10.25% per annum.
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How to Get a Loan From SBI – Important Links
SBI Loan interest rate calculator
By using the SBI Personal Loan EMI Calculator, you can know what will be the EMI of the loan you are going to take. The advantage of knowing the EMI before taking an SBI personal loan is that you can decide the tenure and EMI in advance depending on your repayment capacity. Please note that SBI does not approve the personal loan application if the applicant’s estimated EMI is more than 50% of his net income.
Penalty for non-payment of EMI on time
- In case of a Standing Instruction (SI)/Cheque/ECS bounce of ₹250 (for non-payment of EMIs on time), legal action can be taken under section 138 of the Negotiable Instruments Act, 1881.
- check bounce charge: ₹ 250 Note: If a check bounces due to technical reasons, where there is no fault of the customer, then no fee will be charged as per RBI guidelines.
- Pineal interest: For loans above ₹25,000, a penal interest charge will be charged at the rate of 2% per month on the applicable interest rate. This charge is applicable to the amount owed for the default period.
- Note: If only a part of the EMI remains outstanding, then penal interest will not be applicable.
FAQ How to Get a Loan From SBI
Which formula does SBI use to calculate interest on a personal loan?
SBI uses a reducing balance formula to calculate interest on a personal loan. In this, the interest is calculated on the outstanding loan amount and not on the entire loan amount borrowed initially. It has a lower interest cost to pay as compared to loans taken at flat rates.
Can I prepay my SBI personal loan?
Yes, you can prepay or foreclose your SBI personal loan. You may have to pay some prepayment fee for this.
Will SBI Personal Loan EMI change on prepayment?
When you prepay, the outstanding amount gets reduced. In this case, customers can be asked to either reduce their loan EMI or the tenure of the loan. So, if you want to change your EMI in terms of loan prepayment, the choice is yours.
How to get the right amount of EMI?
Check your monthly budget, which includes all your expenses, pre-existing EMIs, and credit card dues, so that you can decide and pay the appropriate EMI amount. If you want your loan application to be approved, make sure that your total EMIs to be paid, including SBI personal loan EMIs, should not exceed 50% of your net monthly income.