SBI is giving loan of Rs 20 lacs without any guarantor and security, Click here to Apply

Certain individuals find it challenging to cover all their domestic expenses solely from their income, leading them to rely on borrowing to make ends meet. Unfortunately, this reliance on loans can eventually ensnare them in a cycle of debt, making it difficult for them to repay throughout their lifetime. If you’re currently facing a financial need, SBI Bank is offering a loan of Rs 20 lakh without requiring a guarantor or charging a processing fee. Find out the necessary documents needed to apply for this loan.

You can get loan without having account in SBI

No matter where you maintain your Salary Account, SBI has customized a Personal Loan for you. Whether it’s your wedding or a vacation, unplanned emergency or planned purchase, get quick approval with minimal documentation through Contactless Lending Platform (CLP).

Features of SBI Personal Loan:

• Loans up to Rs. 20 lakhs
• Low interest rates
• Interest on daily reducing balance
• Low processing charges
• Minimal documentation
• No hidden costs
• Provision for second loan
• No security, no guarantor

What is the EMI for a 3 lakhs personal loan?

Loan Amount	ROI 13.60% (5 Years EMI)
INR 1 Lakh	INR 2,306 p.m
INR 2 Lakhs	INR 4,612 p.m.
INR 3 Lakhs	INR 6,918 p.m

SBI Personal Loan Interest Rates

Particulars	Details
Interest Rates	11.00% – 14.00%
Loan Amount	For Term Loan: Minimum – INR 24,000 Maximum – 24 times NMI subject to a maximum of INR 15 lakhs For Overdraft: Minimum – INR 10 lakhs Maximum – 24 times NMI subject to a maximum of INR 15 lakhs
Loan Tenure	5 Years or 60 months
Processing Fee	Nil – 1% of the Loan Amount + GST
Prepayment Charges	Nil – 3% of the principal outstanding
Collateral	Not Required

SBI Personal Loan Eligibility

Particulars	Details
Minimum Age	21 Years
Maximum Age	58 Years
Minimum Monthly Income	INR 15,000
Total Work Experience	2 Years
Years in Current Residence	1 Year

Documents Required to Apply for SBI Personal Loan

The list of documents that a person must carry while applying for SBI Personal loan is as follows:

• Signed loan application form
• Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
• Processing fee cheque
• Last 3 months bank statement or 6 months bank passbook
• Latest salary slip & Current dated salary certificate with the Latest Form 16 for salaried individuals
• Latest Bank statement or Latest ITR of Form 16 for self-employed individuals

Why Choose SBI Personal Loan?

Personal loans are the unsecured loans which mean there are no security or collateral required to get it. Similarly, it is also given without any collateral. Some of the main factors that make SBI personal loan scheme unique have been given below.

• Attractive Rate of Interest: SBI charges one of the lowest personal loan interest rates and hence is customer-friendly. The personal loan interest rates of SBI are on a daily recurring balance basis, therefore, ensures maximum benefits to the borrowers.
• Timely Discounted Schemes:SBI is one of the very few banks that gives offers on personal loans from time to time – like there are Diwali offers and also has discounts for government employees, doctors and other professionals.
• No Hidden Charges:There are no hidden charges or penalties for any SBI personal loan scheme.
• No Prepayment Penalty:For personal loans, State Bank of India charges no prepayment or foreclosure charges. However, if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the outstanding loan amount.
• Instant Loan Approval: As there is no collateral required to take a personal loan from SBI bank, the loan approval is quicker and smoother.
• Online Loan Submission: Nowadays, people look forward to doing everything online. Keeping this demand in the notice, State Bank of India provides online loan submission that saves the loan borrowers time.