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We take a look at the eligibility criteria for the loan and its features:
Eligibility:
- Minimum Net Monthly Income: Rs 15,000/-
- Age: 21-58 years
- Employees working with Central/ State/ Quasi Governments, Central & State PSUs, Corporate (Private & Public Ltd.) and Educational institutions of National Repute
- Minimum service of 1 year
- EMI/NMI Ratio less than 50%
- Individuals having Salary Account with any other Bank
- Loan Amount: Minimum: Rs 24,000 and Maximum: Rs 20,00,000 / 24 times NMI
Features:
- Low interest rates
- Provision for second loan
- Minimal documentation
- Loans up to Rs 20 lakhs
- Interest on daily reducing balance
- No hidden costs
- No security, no guarantor
Documents required:
- 2-passport size photographs
- Latest month Salary Slip
- Income Tax Return (To be uploaded on CLP)
- Bank Account Statement of last 6 months (To be uploaded on CLP)
- Proof of Identity & Current/ Permanent Address, as per Bank’s KYC guidelines
The repayment period for the personal loan by SBI is a minimum of 6 months and a maximum of 72 months or remaining period of service, whichever is lower.
In case of default, a penal interest rate of 2% per month will be levied on the overdue amount, in addition to the applicable interest rate. Prepayment incurs a 3% charge on the prepaid amount. However, no prepayment or foreclosure charges will be applied if the account is closed using the proceeds from a new loan account under the same scheme. Before zeroing in on a loan, it is advisable to visit the nearest bank branch to understand the terms and conditions completely.
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