SBI festive dhamaka scheme: Get personal loan up to Rs 20 lakh with zero processing fee; details here

Mar14,2024



sbi loan: If you are looking to avail a personal loan up to Rs 20 lakh, you can do so at zero processing fees till March 31, 2024. state Bank of India Personal loan up to Rs 20 lakh can be given without any processing fee on the SBI website till the date mentioned above. Typically the processing fee for personal loans up to Rs 20 lakh is 1.5% of the loan amount, subject to a minimum fee of Rs 1,000 and a maximum of Rs 15,000 plus GST. SBI has called this offer of zero processing fee as a “celebration”. blast”.
Let us take a look at the eligibility criteria for the loan and its features:
Eligibility:

  • Minimum Net Monthly Income: Rs. 15,000/-
  • Age: 21-58 years
  • Employees working in Central/State/Semi Governments, Central and State PSUs, Corporate (Private and Public Limited) and educational institutions of national repute.
  • Minimum service 1 year
  • EMI/NMI ratio less than 50%
  • Persons having salary account in any other bank
  • Loan Amount: Minimum: Rs 24,000 & Maximum: Rs 20,00,000 / 24 times NMI

features:

  • low interest rates
  • provision of second loan
  • Minimum Documentation
  • Loan up to Rs 20 lakh
  • interest on daily reducing balance
  • no hidden costs
  • No security, no guarantor

Required Documents:

  • 2-Passport size photographs
  • latest month salary slip
  • Income Tax Return (to be uploaded on CLP)
  • Bank account statement of last 6 months (to be uploaded on CLP)
  • Proof of identity and current/permanent address as per KYC guidelines of the Bank

The repayment tenure for personal loan by SBI is minimum 6 months and maximum 72 months or the remaining period of service, whichever is less.
In case of default, in addition to the applicable interest rate, a penal interest rate of 2% per month will be charged on the overdue amount. Prepayment charges 3% on the prepaid amount. However, no prepayment or foreclosure charges will be applied if the account is closed using the proceeds from a new loan account under the same scheme. Before taking a loan, it is advisable to visit the nearest bank branch to completely understand the terms and conditions.



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