SBI Personal Loan Quick Review – Advisor Forbes INDIA

Eligibility

Age: Between the age group of 21 to 58 years old.

Employment with:

  1. Central, state, quasi-government (state-supported agencies)
  2. State and central government public sector enterprises
  3. Private and limited companies (corporations)
  4. Recognized educational institutions

Minimum benefit: 1 year

Minimum income: INR 15,000 per month

EMI/NMI report: The monthly payment should not exceed 50% of the income.

Repayment

  • EMIs can be read through online banking, debit cards, and the Unified Payments Interface (UPI) offered by any bank.

Assurance

SBI Life, another subsidiary of SBI specializing in insurance, provides insurance covers for loans, including personal loans known as RiNn Raksha. This coverage provides full coverage for a loan in the event that a person suffers a serious injury, illness or accident.

Complementary loans

One can obtain a larger amount in the form of a loan in addition to the existing loan depending on the credit history of the applicant.

Things required to qualify

Applicants will be required to provide identification and proof of current address.

To prove the identity, we can give:

  • PAN card
  • If the person does not have a PAN card, the option of Form 60 with one of the three documents below will work:

1. Passport

2. Voter ID card

3. Driving license

As proof of address, you can provide one of the following:

  • voter identification card
  • Driver’s license
  • Passport
  • Government House Award Letter
  • Property tax receipt

Bank statement: For the applicant’s last 6 months
Payslip: Last
Photographs: 2 passport size

We considered the main factors that help consumers decide whether to opt for a specific loan offer. We have ranked the SBI Quick personal loan based on these factors which include:

Ease of access: 20%

Interest rate: 15%

Other costs and fees: 20%

Borrowing limit: 15%

Additional benefits: 20%

Loan transfer facility: 10%

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