INSUBCONTINENT EXCLUSIVE:
The State Bank of India (SBI), like other
financial institutions, offers personal loans for the needs that range from travel expenses (domestic or foreign), medical treatment of self
or family member, financial liability such as marriage of son or daughter, meeting margins for purchase of assets etc
To be able to seek personal loan, you should be a salaried individual engaged in a good corporate, self employed, engineer, doctor,
architect, chartered accountant, MBA with a minimum of two years of experience.The minimum salary for seeking personal loan in urban and
metro areas is Rs 24,000 and Rs 10,000 in rural or semi urban area
One can seek a personal loan of 12 monthly income for salaried individuals and pensioners subject to the ceiling of Rs 10 lakh
The documents required for seeking personal loan for the existing bank customers are passport size photograph, and latest salary slips and
form 16.The personal loan is repayable in 48 EMIs
anywhere between two to three percent of the loan amount, with service tax applicable.One can even make the prepayment of EMIs in full or in
part and closure of account before the end of term
But one is supposed to pay the prepayment charges of 3% on the prepaid amount
But no prepayment charges will be applicable if the account is closed from the proceeds of a new loan of a new scheme.
