Why Covid Crisis is the Best Time to Take a Personal Loan?

Currently, due to the Covid crisis, many people lost their jobs because business were not doing well. They had difficulty in paying the EMIs or fees. To resolve these financial issues,  taking a personal loan is the natural thing to do.  However, many people do not want to apply for it due to its  high-interest rate. 

But as people say, a  crisis also brings us an opportunity. Because this is the best time to take a loan since the rate of interest is lower. You may not believe it right now, but after checking out SBI personal loan, you will know what we are talking about. 

SBI Personal loan

The state bank of India is a mammoth financial institution catering to different products. From the Insurance policy to an unsecured personal loan, it’s offers everything. Here are the online personal loan details. 

  • SBI offers a personal loan of up to R.S. 15 lakhs. 
  • SBI Personal loan interest rate starts at 9.60% P.A. It is one of the lowest rates, hence a good reason to choose SBI as your next lender. 
  • The processing fee is only 1% of the loan amount. 
  • The loan tenure could go up to 7 years. It is one of the longest loan tenure offered by a lender. 
  • The penal interest is 2% per month on the overdue amount. 
  • The prepayment charge is 3% on loan principal prepaid. 

The low-interest-rate will help you in getting a lower EMI and a longer tenure. Overall, it is a good deal. Now, let’s check out the different types of SBI Personal loan. 

Types of SBI personal loan

  • SBI Pension loan
  • SBI Xpress credit personal loan
  • SBI Xpress power loan

Why should you choose SBI online instant personal loan? 

  • It offers a high loan amount. 
  • The rate of interest is by far the lowest in the finance industry. 
  • There are specialized personal loans. 
  • Collateral is not required to apply for the loan. 
  • There are no prepayment penalties. 

The eligibility criteria for SBI personal loan

  • The application should be a salaried individual or self-employed professional.
  • The applicant age for a salaried individual is between 21 years and 58 years. For salaried professionals, the age is from 21 years to 65 years. 
  • The minimum income should be at least Rs 24,000 per month. 
  • For self-employed, it is Rs 5 lakh gross annually. 
  • The applicant should have a minimum of 2 years of work experience. 

The required documents for SBI personal loan

  • Passport size photographs
  • Identity proof – Aadhar card, Passport, PAN Card, Voter ID card
  • Address proof – Lease agreement, utility bill, telephone bill
  • Proof of income – Bank statement and salary slips, Passbook statement, 
  • Check-off letter from employer 

SBI Customer care number

For any query or question regarding SBI personal loan, you can reach out to SBI at these toll-free numbers, 1800 11 2211, 1800 425 3800, and 080 26599990. The email id for its customer care is customercare@sbi.co.in.

Comparing SBI personal loan interest rate with other lenders

Banks Rate of interest

SBI Personal loan     9.60%

ICICI Bank personal loan   10.99%

Fullerton Personal loan     12.99%

PNB Personal loan     12%

TATA capital personal loan     11.25%

How to apply for an SBI Personal loan? 

To apply, head to the nearby SBI Official branch or visit’s official website. Whatever way comfort you, choose it to apply.  Both ways are an easy and quick thing to do. 

ConclusionOverall, SBI Personal loan good deal if you are looking for a reliable lender for the loan. The loan is processed quickly, without any hidden charges, and has a transparent process.

Read More: Things to consider before applying for a personal loan


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s