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Published On: Fri, Dec 21st, 2018

5 Advantages of Taking an SBI Personal Loan

Before discussing the advantages of taking a Personal Loan, the types of personal loan and more so specifically SBI Personal Loan, let us discuss what exactly a Personal Loan is.

What is a Personal Loan?

A Personal Loan which by implication is an unsecured loan that assist you in meeting your financial needs at present. In the case of Personal Loans, you do not need to pledge any collateral or security mostly. When you avail a Personal Loan your lender shall provide the flexibility of making use of the funds in accordance with your needs. More often than not, a Personal Loan can help manage your wedding expenses and travel costs. Moreover, it also helps you cover the funds required during a medical emergency, debt consolidation, or perhaps even a home renovation among many other reasons.

Now, that we have understood what exactly is a Personal Loan, lets us learn a little more about the State Bank of India, which is more popularly known in India by its abbreviation, SBI.

The State Bank of India is a public sector Indian Bank that has its presence in majority of the country. It is predominantly listed as a financial service and banking company. The corporation is completely owned by the Government of India and it has its headquarters in the city of Mumbai, located in Maharashtra. As of the year 2017, on the Fortune Global 500 list of the world’s biggest corporations, the company is ranked 216th. The State Bank of India is the largest bank in the country, having a 23% market share with respect to assets and a 25% market share in deposits and loans market in India.

photo/Gerd Altmann

SBI Personal Loan

The State Bank of India offers various Types of SBI Personal Loans for the salaried class and even self-employed individuals. This helps them to cater to sudden or unforeseen financial requirements. While sanctioning a Personal Loan, the bank does not demand any kind of security. One can visit the State Bank of India website for eligibility of a Personal Loan and an EMI calculator.

Advantages of Availing an SBI Personal Loan

The advantages of choosing a Personal Loan from State Bank of India:

  1. The bank is the biggest one in the country and there cannot be a more stable and reliable lender across the whole country that can cater to your needs the way SBI does.
  2. The entire process of applying for a loan, to getting it approved, and eventually receiving the desired funds takes not more than a few minutes if the necessary requirements are met with ease.
  3. The customers who have to pay off the loan can do so in the form of simple monthly installments, via PDC, auto debit, or even ECS.
  4. There is no elaborate process of documentation that is required while applying for a loan; it is a simple process that has only a handful of steps.
  5. The biggest advantage of a loan from the State Bank of India is that the interest percentage throughout the duration of the loan remains to be the same.

Types of SBI Personal Loan

The State Bank of India has various types of Personal Loan schemes which are available for both salaried individuals and professionals. The amount which is borrowed in the form of a loan can be used for either specific purposes or multiple purposes.

 

  • SBI Xpress Credit Loan: The above type of loan is given to employees who have an impeccable repute such as quasi-government, state government, central government, PSUs, etc. The employees must have a salary account with the State Bank of India in order to avail this loan. There is no margin requirement for the above-mentioned type of loan.
  • SBI Saral Personal Loan: This particular type of loan is for individuals who have a particular legitimate reason for availing the loan, such as medical expenditure, educational expenditure, purchasing assets, hospitalization, wedding, home renovation, vacations, etc. The entire loan can be paid back within 48 months by the individual.
  • SBI Career Loan: The State Bank of India helps young aspirants in building a career by lending extensive financial support. If a particular individual is focused to achieve their career goals, the bank assists them with the financial aspect and they do not need to worry about the monetary hardships. One can now achieve their goals even if they lack the money to finance the academic course they desire to enroll in. To apply for such a loan, all one needs to do is, get your property mortgaged on the name of the State Bank of India branch from which the loan is to be availed. It may be any immovable property such as NSCs, LIC policies, RBI bonds, bank’s time deposits, KVPs (Kisan Vikas Patras), public sector bonds, government securities, etc. The above-taken loan has to be repaid via 36 installments.
  • SBI Festival Loan: Festivals in India are a big deal. To top that, there are almost 12 major festivals that are celebrated across the country in any given calendar year. The importance of these festivals is understood by the State Bank of India and thus, they have the SBI Festival Loan which enables individuals to cater to the financial needs during these festivals so that the wishes of near and dear ones do not remain unfulfilled. This particular loan is exclusively designed for an individual to meet all the expenses related to festivals, ensuring that the festival period is worry-free for every single individual.

 

In conclusion, the above-mentioned points do make a solid case for an individual to choose SBI personal loan, as these are not just in the best interest of the borrower, but they also serve a wide variety of borrowers. Additionally, there are more personal loan options for borrowers who are from different backgrounds, such as SBI Personal Loan for Pensioners; there is also SBI Personal Loan for Family Pensioners and most importantly, SBI Personal Loan for Defense Pensioners. The biggest guarantee of these loans is that they are offered by the biggest bank in the country, spearheaded by the Government itself.

Author: Soniya Kulkarni

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    […] your liabilities in an efficient manner without exhausting your savings. Personal Loans such as SBI Personal Loan are disbursed swiftly and allow you the flexibility to take care of the urgent expenses without any […]

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