Documents Required to Apply for SBI Quick Personal Loan
Before knowing how to get your SBI Quick personal loan, it is important that you pay attention to the necessary documentation.
✔️ Income Tax Return (to be uploaded on CLP)
✔️ Last 6 months’ bank statements (to be uploaded on CLP)
✔️ Two passport-sized photos
✔️ Latest month’s salary slip
✔️ Identity and current/permanent address proof as per bank KYC norms
Interest Rate and Fees
✔️ Processing Fee: 1.50% of loan amount (minimum ₹1,000/- and maximum ₹15,000/-) + GST
✔️ Penal interest @2% p.a. over applicable rate on overdue amount for the period of default
✔️ 3% prepayment penalty on prepaid amount. No penalty if closed through a new loan under the same scheme
✔️ Repayment Tenure:
✔️ Minimum: 6 months
✔️ Maximum: 72 months or remaining service period (whichever is lower)
I. Express Credit
A. Applicants from Defense/Central Armed Police/Indian Coast Guard
i) Term Loan Facility:
This timely financial product by SBI functions as a smart solution under versatile banking, offering beneficial interest rates. The MCLR (Marginal Cost of Lending Rate) forms the benchmark, with 2-year MCLR rates ranging from 7.90% to 10.30%. The extended 2-year MCLR evaluation ranges from 2.40% to 3.90%.
Overdraft Facility
B. Central/State Government, Police, Railway, CPSUs (with ‘Ratna’ status)
i) Term Loan Facility:
2-year MCLR shows interest rates without resets, from 7.90% to 10.30%, with annual MCLR spread from 2.40% to 4.90%, reaching up to 12.80%. This diversity in rates gives customers options and shared benefits.
Overdraft Facility is available at 0.50% higher interest than term loan.
C. Other Corporate Applicants
i) Term Loan Facility:
2-year MCLR interest rates without reset start at 7.90% and end at 5.40%, with extended evaluations ranging from 3.40% to 5.40%. This empowers customers with investment options in interest rate schemes for mutual benefits.
Overdraft Facility available at 0.50% higher than term loan.
Express Elite Scheme (Term Loan/Overdraft)
For SBI salary account holders:
2-year MCLR starts at 7.90% and goes up to 11.80%, with extended evaluations from 2.40% to 3.90%.
For salary accounts with other banks:
2-year MCLR starts at 7.90% and reaches 12.05%, with spreads from 2.65% to 4.15%.
How to get your SBI Quick personal loan?
✔️ Visit the SBI website or apply via phone or email.
To better understand how to get your SBI Quick Personal Loan, ensure all required documents are submitted on the CLP. If you’re eligible, the approval is swift and hassle-free. Knowing how to get your SBI Quick Personal Loan empowers you to respond to financial needs without delays. Don’t miss your chance, explore now how to get your SBI Quick Personal Loan.