We all have pending tasks that we would like to complete, but we need the appropriate amount of money to do so.
It is not always possible to get the required money at the time of need. like if you want to go on a vacation, buy a gadget, meet any other personal needs, etc.
But nowadays you do not feel the necessity to pressurize yourself and cut down on something else you might need for the sake of one. Y
ou can easily apply for a loan on SBI (State Bank of India). Today we will be talking about the personal loans available at your service by SBI and how you can avail of them.
How do we apply for the loan?
There are two ways through which loans can be taken-
- Online
- In-person
For doing it online you have to do the following-
- Visit the SBI website and fill in personal details like name, income, and type of employment.
- After filling on the information, the bank will see if you are eligible to get the loan and then offer you a loan quote.
- Then the required documents are to be produced for the bank.
- If necessary you can ask for a representative to ask for to give you the required information on the loan procedure.
For doing it personally you can go through the following procedure-
- You will have to visit the SBI branch.
- Meet a representative to explain the procedure.
- Submit your application with the required document. This would be done manually.
TYPES OF LOANS
Xpress credit personal loan
These are the points you should be learning in order to know about this loan-
- The eligibility for this loan is basically for those who are employees f central and state government.
- It is a compulsory point to be noted that there is a minimum income criterion that you should fulfill and also the EMI/NNI should not be more than 50% of the net annual income.
- The maximum amount of loan that you might get is 24 times your NMI.
Loan to pensioners
- The eligibility to apply for such a loan is for retired central and state government employees. They should be getting a pension and the age should not exceed 76 years. Also if the deceased pensioner’s spouse is authorized to draw a pension then that spouse will also be eligible for this loan.
- In this loan, the maximum that you might get is 18 months pension.
SBI Saral personal loans
- Both salaried, as well as self-employed professionals, are eligible for this loan.
- Depending upon the repayment capacity and the income the amount of the loan to be advanced to the applicant will be seen.
- The maximum amount is 12 times the monthly salary of the customers, which limits up to 10 lakhs!
Festival Loans
When the season is for the festival, you might want to spend some extra bucks on it. For such occasions also now have the facility to get loans.
- Central or State government/PSUs/both public or private limited companies employees whose minimum years of service is 2 years, 3 years of experience, and also there should be a regular source of income.
- A certain minimum income is required. The income of the spouse can be included too.
- Depending upon your credibility you can get the loan and also the income that you do.
So we have discussed the different types of loans that are available at your disposal. Depending upon your requirement of yours and also the eligibility and other criteria if satisfied, now you can go with your loan advancement.
