SBI festive dhamaka scheme: Get personal loan up to Rs 20 lakh with zero processing fee; details here – Times of India

by The Technical Blogs


SBI loan: If you are looking to obtain a personal loan of up to Rs 20 lakh, then you can do so at a zero processing fee till March 31, 2024. According to the State Bank of India (SBI) website, personal loans of up to Rs 20 lakh can be given without any processing fee till the date stated above. Usually the processing fee for personal loans of up to Rs 20 lakh is 1.5% of the loan amount subject to a minimum fee of Rs 1,000 and a maximum of Rs 15,000 plus GST.SBI has called this offer of zero processing fee as a “festive dhamaka”.
We take a look at the eligibility criteria for the loan and its features:

  • 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


  • 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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