SBI Personal Loan Scheme
State Bank of India grant Personal Loan for marriage/medical treatment/ education/ foreign travel or any other general purpose except for any speculative activities.
SBI provide two types of Personal Loan : (click on below the Loan scheme to get full details)
Eligibility : All salaried employees, pensioners of Central/State Govt./Armed Forces, Self-employed businessmen and professionals with a regular source of income are eligible to avail Personal Loan.
Rate of Interest :
Floating Rate of Interest: Interest on the loan will be charged at prevailing 1 year MCLR on a daily reducing balance at monthly rests. The rate of interest is subject 1 year reset from the date of disbursement. Bank has the option to reduce or increase the EMI or extend the repayment period or both consequent upon
revision in interest rate.
revision in interest rate.
Fixed Rate of Interest: Interest Rate on the loan will be charged at prevailing 2 year MCLR as on the date of sanction on a daily reducing balance with monthly rests. The rate of interest will be fixed for the entire tenure of the loan Interest rate on Loan against Time Deposit [except against FCNR (B)] is 1% above the relative Time Deposit rate.
Calculation of interest:
Interest on the amount of the loan will be applied at the prevailing rate per annum on daily reducing balance with monthly rests.
Repayment:
The loan is to be repaid in Equated Monthly Installments over the tenure of the
loan or in Lump sum at the end of the tenure depending on the product. The
repayment installment commences from a date specified in the sanction letter.
The liability to the bank will be extinguished only when the outstanding in the
loan account becomes Nil, on payment of residual amount, if any.
MODE OF REPAYMENT:
Check-off facility or Post Dated Cheques for the Repayment period given or SI from the borrower’s salary/ pension a/c with our Bank.
Check-off facility or Post Dated Cheques for the Repayment period given or SI from the borrower’s salary/ pension a/c with our Bank.
PRE-CLOSURE CHARGES:
Floating rate of interest: No pre-payment/ Pre-closure penalty will be levied for any of the schemes
Floating rate of interest: No pre-payment/ Pre-closure penalty will be levied for any of the schemes
Fixed Rate of Interest: (i) Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
(ii) No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme
Click here to view the full term & conditions of the Loan scheme or visit the official website.
Source : sbi.co.in
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