SBI
Personal loan is a loan given to come out from financial emergency. It is easy
to obtain because of low interest rates and no hidden charges. SBI Personal loan is a straightforward loan which can
be availed at any time. A borrower can utilize this amount for medical
emergency, to pay off debts or to purchase a new house, jewellery or car.
Information of personal loan is secure in the bank.
SBI personal loan is
a 3 step road-
1.
Person can give his basic information to the bank.
2.
Compare all the interest rates and review the personal loan details.
3.
Once the bank approves the loan money gets disbursed into the bank account.
The
EMI amount will remain constant, and the money is itself deducted from bank
account. The interest rates will remain fixed, and there will be no prepayment
charges or hidden fees.
Unsecured loan - No
Collateral Required
SBI
Personal loan is of two classes- unsecured loan and secured loan. Secured
personal loan requires a pledge of an asset or property. In this there is a
need of collateral, though, interest rates are low. In unsecured personal
loan, there is no requirement of pledge of any asset or property. There is no
requirement of collateral. People will clear credit score easily get this loan
SBI Personal loan
can be used in a variety of ways.
1.
Debt Consolidation Loans- It frees a person old debt.
2.
Business loan- To increase or start the new business.
3.
Auto Loan- To purchase a new or second hand car.
4.
Green loans- Finance for eco-friendly projects.
A
person needs to submit all the necessary details required by the bank.
Processing of SBI personal loan application includes the verification of all
the details and documents. SBI personal loan required minimal documentation.
The documents include employment proof, identity proof, salary slips, residence
proof and bank statements. It all depends on credit track record. If the credit
track is clear, the person will easily get the amount on low interest rates due
to less financial risk. If a person has poor credit score, the person will get
the loan, but at slightly high rates. The financial risk is high to the lender if the person does not pay
off. The lender has the only option of legal means. With the help of personal
loan, a person can improve the credit score and financial status of the family.
