Apply For SBI Personal loan – How to

In this article, we are going to talk about how to apply for sbi personal loan and discuss eligibility, documents, interest rate,s, etc.

let’s start, with how to apply for SBI personal

Eligibility

For Central & State Government Pensioners

• The pensioner should be below 76 years of age.
• A pension payment order is maintained with SBI.
• The pensioner is to furnish an irrevocable undertaking not to amend his mandate to the Treasury during the tenure of the loan.
• The Treasury to give consent in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued
• All other terms and conditions of the Scheme will be applicable, including a guarantee by the spouse (eligible for family pension) or by a suitable third party.

Defense Pensioners

• Pensioners of Armed Forces, including Army, Navy, and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles, and Assam Rifles.
• The pension payment order is maintained with SBI.
• No minimum age bar under the scheme.
• The maximum age at the time of processing the loan should be less than 76 years.

For Family Pensioners

• Family pensioners include authorized members of the family to receive a pension after the death of the pensioner.
• Family pensioners should not be more than 76 years of age.

SBI personal loan interest rate

When the bank gives a loan to its customer, then the customer has to pay the interest charged by the bank on the loan in the EMI of the loan.

Personal Loans Schemes – Interest Rates; 8.75%* p.a

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SBI personal loan processing fee

Just as we have to pay some portal fee during an application, while taking a loan in this bank, the bank charges a loan processing fee from you.

Documents Required for Availing SBI Personal Loan

The documents required for a personal loan may differ depending on the type of personal loan you are applying for. At present, only salaried individuals/professionals and pensioners can avail of SBI Personal Loan. The major documents required to apply for SBI Personal Loan are as follows:

• Application form duly filled by the borrower and submitted along with 2 Latest Passport size photographs.
• Proof of identity (Photocopies of PAN/Passport/Driver’s License, Voter ID card/ Aadhar Card)
• Proof of Residence (photo copies of recent Telephone Bills/ Electricity Bills/Property tax receipts/ Passport/ Voters ID card)
• Copy of identity card issued by the employer.
• Latest six months’ Bank Statement of the account where salary is credited.
• Last 6 months’ salary slip (optional*).
• Irrevocable Letter of Authority addressed to disbursing authority
• Irrevocable Letter of Authority from the person authorized to disburse Salary and allowances

How to Apply For SBI Personal loan 

Now let us discuss the important issue of our article how to apply for a loan.