SBI offers personal loans when the user has instant funds requirements. The personal loans are offered with flexible repayment terms and at affordable interest rates. These are unsecured, personal loans, which means there is no security or credit check involved. This personal loan is specially designed for borrowers at an attractive interest rate so, they can meet their personal needs without hassles. 

SBI Personal Loan interest rate

SBI Personal Loan EMI calculator 

A personal loan through any bank helps a woman establish her own small business. With this personal loan, a person can purchase tools or machinery required for her small business, pay for educational expenses or take a vacation. The loan is also offered with various EMI schemes to help the individuals attain their desires. All these are offered with flexible repayment terms so that a borrower may choose the option which suits her best.

For example: If a person is taking a loan of Rs. 4.5 lakhs at the rate of 15.5% with the repayment tenure of 3 years, the EMI amount will be Rs. 15,710. The total payable amount at the end of the 3 years of loan repayment would be Rs. 5,65,553. Thus, you have to pay the loan amount of Rs. 115,553. This makes the charges applicable as under: 

Loan processing charge@2% is Rs. 90,000, documentation charge is Rs. 500, and amortization schedule charge is Rs. 200. 

Details required for applying for SBI personal loan 

In order to avail the loan, the mentioned detail is required for the loan approval:

• The applicant fills up an application form with necessary details such as personal details, employment status, banking details, etc. 
• The online application form for instant online personal loans can be easily filled up and submitted. 
• Within few hours, the details will be reviewed and the loan application approved. 
• The approval rate is generally high on these loans, as there is no collateral or credit check involved. 
• Therefore, the amount of loan approved is directly proportional to the amount of effort put in.

Eligibility criteria for SBI personal loan  

Generally, personal loans are sanctioned based on the individual’s income of the borrower. Several banks are offering a personal loan with common eligibility checks. The generic criteria are mentioned as follows: 

• The income of a person does not include the dependants. Hence, if a borrower has another form of income, but with the same income (or higher), she is eligible for these loans. SBI also provides separate category based loans as per the need of each customer.

• Before approving the personal loan interest rates, the finance company does some analysis and takes into consideration various factors. These factors include the borrower’s repaying capacity (the repayment capacity of the borrower including her monthly income), the business plan, repayment capacity, etc. 

• Some other factors such as bank statements and the credit score of the borrower are also taken into consideration by the bank. 

All these factors are analyzed by the bank after verifying the requisite data in the form.

There are several other banks which provide the unsecured type of loans such as a personal loan. However, the interest rate and other charges levied on these loans are usually high. Due to this reason, it is advised to go with secured types of loans. The best way to look for a good secured personal loan is to go online. There are various online financial companies that offer secured loans at very attractive rates.

An ideal way to search for an appropriate personal loan in India is to take help from online financial sites. These sites are full of information about various lenders. Users just need to fill up a simple application form with personal details and personal loans for women are offered right away. This helps one to compare the various personal loans offered by various lenders. It is advisable to go for an online personal loan as the application process here is simple, faster, and less time-consuming.

One can apply online for personal loans in India through various financial websites that do not charge any fees. One need not personally visit the offices of the lenders. This saves both time and money. After applying through an online application, the money is directly deposited in one’s account. Personal loans for women in India are the best options for meeting the monetary needs.

There are various personal loans available to meet different individual’s requirements. Some of them are payday loans, personal loans for women, overdrafts, debt consolidation, and so on. One can opt for secured and unsecured personal loans in order to avail of low interest rates and a high amount of money. The best option to apply online is through the debt consolidation scheme. A debt consolidation scheme works through combining the multiple debts into one single manageable monthly payment.

The interest rates of this particular loan amount are highly subsidized, which makes it highly beneficial. A good repayment strategy is highly recommended in order to benefit fully from this plan. The repayment of this loan is also flexible, which allows one to choose a suitable time for repayment.

Conclusion:

One can opt for various personal loans from reliable and dependable financial companies like HDFC Bank, ICICI Bank, HSBC India, and others. These reputed financial companies offer different schemes like Personal Gold Loan, Personal diamond loan, etc. Based on the financial need of an individual, the company awards a personal loan for women through their respective outlets. It is very important to compare the interest rates and loan amounts of different companies before choosing the best deal.