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How To Use SBI Personal Loan For Personal Crisis?

 At the time of crisis, there is nothing better for you than a personal loan. You can get a personal loan from any lender. The needs can vary from one another. You can be funding your child’s education or buying yourself the newly launched iPhone or anything else. A personal loan is an unsecured type of loan that is given by several banks and financial institutions. But when it comes to a personal loan, State Bank of India (SBI) provides you the best offers. So, if you are someone who is looking to get a loan to fund your personal needs, then an SBI personal loan is a best option for you. In this article, you will know about all the details of the SBI personal loan.

Types of SBI Personal Loan 

Being the largest public sector bank of India, SBI offers a wide range of personal loans to customers. There are mainly three types of personal loans that SBI provides to you. The first is Loans to pensioners where SBI pensioners can borrow funds for their personal needs after retirement period. The second SBI personal loan is SBI Express Credit where every salaried employee can get a pool of funds for their personal needs. You can get a maximum loan amount of INR 20 lakh from SBI under the Express credit scheme.  The third one is a pre-approved SBI personal loan for which you can use the YONO App. But it cannot be applied by everyone. Only the eligible customers will get the pre-approved loan from SBI.  

Features of the SBI Personal Loan

With the SBI personal loan, you can borrow money up to INR 20 lakh by which you can easily achieve your emergency personal needs. The most important thing in any personal loan is the interest rate. SBI personal loan interest rate starts from 10.60% per annum. You need to keep this fact in mind that it will be affected by a number of factors such as your income, credit history and CIBIL score. The processing charge is quite low so you don’t have to bear some extra burden on your pocket while applying for a personal loan. You don’t need any kind of security or any guarantor to get an SBI personal loan because it is an unsecured loan. The documentation process is simple and you need to provide a few ID and income details. So you don’t have to prepare a huge list of documents during the process.

Use SBI Personal Loan EMI Calculator

You just need a few details to know the exact amount which you will be paying every month. This amount is known as EMI. With the help of the SBI personal loan EMI calculator, you can easily have an estimate about it. The details that you will know are required loan amount, rate of interest, and required tenure. When you feed in the details into the EMI calculator, you will get an approximate EMI amount within a second.
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