SBI Personal loan
This is a loan given to a person for expenses like travel, medical treatment, marriage or asset acquisition. These loans are for personal use expenses and hence, they are called personal loans. Once you have those in place then things will be much easier. In times of Crisis, SBI personal loan is one of the best ways to take the loan and that also in quick time. There is various type of personal loans. Based on that the interest rate is defined. There are lots of people who are in need of money in quick time. Once they have money in quick time then things will become much easier.
In the secured loan, you will get the loan against the asset that you have. For instance, you can take the loan against property, vehicle that you have owned, jewelry etc. Suppose you’re not able to pay the loan money that you have taken, the financial institution may sell that asset or recover their amount. Interest rates might be lower for the secured loans compared to the unsecured loans. Financial organization from where you take secured loan generally estimates the market value of an asset that you keep as the security. There are lots of people, who need money and various people who are interested.
Unsecured: Suppose you don’t have any asset that you can keep as your security, then you can get the unsecured loan. But, to qualify for such loan, you will need to have good credit history and good income. Rates of interest for the unsecured loans are generally much higher when compared to the secured loans. There are lots of people who are in needs of lots of money. People have the need for lots of money and that is a serious issue and once you have the money in the time of crisis there can be nothing better, than that.
SBI Personal Loan Eligibility:
- A self-employed professional. Example an engineer, architect or medical doctor.
- An individual who earns a steady salary income.
- A comprehensive statement of bank accounts by the applicant.
Calculation of SBI Persona loan eligibility:
- The amount that would be given you as the personal loan by SBI would be calculated by your capacity to pay back the loan based on the applicant’s personal income.
- A maximum of 12 times the amount earned as salary by the applicant as income on monthly basis.
SBI Persona Down Payment & EMI Calculation:
- When it comes to the personal loan, there is no need for a down payment. If you are asked for a down payment, it most certainly could be a scam.
- The loan should be repaid in a duration of 48 EMI. But should the applicant want to pay more than that, it would be received without any charges attached to it.
SBI Personal loan Interest Rate
- The interest rate of the personal loan account offered by SBI is 9.30% as a range.