The country’s biggest lender, State Bank of India offers personal loans to meet your expenses. SBI provides various types of personal loans such as SBI Quick Personal Loan, SBI Xpress Credit Personal Loan, Pre Approved Personal Loans on YONO and SBI Pension Loan. In this post, I will tell you about SBI Quick Personal Loan Scheme.
SBI Quick loan may be taken for your wedding or sudden vacation, unplanned emergency, or planned purchase. You can get quick approval with minimum documentation through the Contactless Lending Platform (CLP).
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SBI Quick Personal Loan
SBI Quick loan is a personal loan scheme offered by the State Bank of India through CLP portal. This is an unsecured loan to salaried customers not maintaining a salary account with SBI. You can apply for this loan if you are salaried and your minimum net monthly income is Rs. 15,000/-.
Under this scheme, you can get a loan of up to 24 times your NMI (Net Monthly Income). You can avail this loan for a tenure up to 72 months at an affordable rate of interest.
Eligibility for SBI Quick Personal Loan
State Bank of India offers this loan to salaried individuals having a salary account with any other bank. Employees working with the following entities can avail this loan:
1. Central/ State Governments
2. Quasi-Government Bodies
3. PSUs (Central & State)
4. Educational Institutions of National Repute
5. Corporate (Private & Public Ltd.)
Income Requirement
The minimum net monthly income must be Rs. 15,000 to avail this loan from State Bank of India.
EMI/NMI ratio should be less than 50%.
Age Requirement
Age should be between 21-58 years.
Service Period
The minimum service must be of 1 year.
Documents Required
1. ITR (Income Tax Return) to be uploaded on CLP.
2. Bank Account Statement of the last 6 months to be uploaded on CLP.
3. Two passport size photographs.
4. Latest month Salary Slip.
5. Proof of Identity and Current/ Permanent Address as per Bank’s KYC guidelines.
Features & Benefits of SBI Quick Loan
1. This is an unsecured loan to salaried employees not maintaining a salary account with SBI.
2. A processing fee of 1.50% of the loan amount (subject to minimum Rs.1000/- and maximum Rs.15000/-) + GST.
3. There is no hidden cost in granting the loan under this scheme.
4. The loan tenure is up to 72 months or the remainder of service (whichever is lower).
5. The minimum net monthly income must be Rs. 15,000 to avail SBI Quick loan under this scheme.
6. You should select any SBI branch on CLP near to place of your present posting or home.
Minimum and Maximum Loan Amount
You can avail of a minimum Rs. 24,000/- and maximum 24 times of NMI (Net Monthly Income) subject to a maximum of Rs. 20 lakhs.
Applicable Charges & Fees
Processing Fees
The processing fee is 1.50% of the loan amount (subject to minimum Rs.1000/- and maximum Rs.15000/-) + GST for availing SBI Instant Personal Loan from SBI.
Penal Interest
The bank will charge a penal interest of 2% p. m over and above the applicable interest rate. It will be charges on overdue amount for the period of default.
Prepayment Charges
Prepayment charges of 3% will be applicable on the prepaid amount. However, there will be no prepayment/ foreclosure charges if the account is closed from the proceeds of a new loan account under the same scheme.
SBI Quick Personal Loan Interest Rates
Click here for the latest interest rates
Repayment Period
The loan amount repayment tenure is up to 72 months or the remainder of service (whichever is lower).
Final Thoughts
State Bank of India offers SBI Quick Personal Loan through CLP portal. This scheme is for salaried individuals having a salary account with any other bank. The loan amount under this scheme of personal loans can go up to Rs.20 lakh. The repayment period ranges between 6 months and 72 months.
Related post: SBI Xpress Credit Personal Loan to Salaried Employees having salary accounts with SBI
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