July 27, 2024
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SBI Personal loan related Frequently Asked Questions (FAQ)

Dryadavkanhaiya03 mins
  1. What is the minimum and maximum amount of personal loan that can be availed from SBI?
    • Ans: The minimum amount of personal loan that can be availed from SBI is Rs. 25,000 and the maximum amount of personal loan is Rs. 20 Lakhs.
  2. What is the maximum repayment tenure for SBI Personal Loan?
    • Ans: The maximum repayment tenure for SBI Personal Loan is up to 72 months.
  3. What is the interest rate for SBI Personal Loan?
    • Ans: The interest rate for SBI Personal Loan ranges from 9.60% to 13.60%.
  4. Is it possible to prepay the SBI Personal Loan?
    • Ans: Yes, it is possible to prepay the SBI Personal Loan. The prepayment charges are NIL for floating interest rate loans and 3% of the outstanding principal amount for fixed interest rate loans.
  5. What is the processing fee for SBI Personal Loan?
    • Ans: The processing fee for SBI Personal Loan is up to 1% of the loan amount plus applicable taxes.
  6. What are the documents required to apply for SBI Personal Loan?
    • Ans: The documents required to apply for SBI Personal Loan are Identity Proof, Address Proof, Income Proof, Bank Statement, etc.
  7. What is the eligibility criteria to apply for SBI Personal Loan?
    • Ans: The eligibility criteria to apply for SBI Personal Loan are the age of the applicant should be between 21-58 years, the minimum income should be Rs. 5,000 per month, and the applicant should be a permanent employee of a reputed company or government sector employee.
  8. Can a self-employed person apply for SBI Personal Loan?
    • Ans: Yes, a self-employed person can apply for SBI Personal Loan. The applicant should have a minimum income of Rs. 7.5 Lakhs per annum and should have a minimum of 2 years of business experience.
  9. What is the mode of repayment for SBI Personal Loan?
    • Ans: The mode of repayment for SBI Personal Loan is through ECS, standing instruction or post-dated cheques.
  10. How can I apply for SBI Personal Loan?
    • Ans: You can apply for SBI Personal Loan online through the official website of SBI or by visiting the nearest SBI branch.

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