SBI loan scheme for Salaried account holders:Â If you have only salary account, then State Bank of India (SBI) can help you up to Rs 20 lakh in emergency.
 It is not necessary that your salary account should be in SBI, just your salary account should be maintained in any bank. Actually, SBI offers a customized personal loan product for the salaried account holders. In this, personal loan is approved immediately according to the eligibility for wedding, holidays, emergency, planned expenses. The specialty of the product is that you will get its approval through the Contactless Lending Platform (CLP). Let us tell you everything about this scheme.
Who gets the benefit of this loan
For this customized personal loan from SBI, the customer should have a salary account with any bank. His minimum Net Monthly Salary (NMI) should not be less than Rs 15,000. The bank says that the person applying for the loan should be an employee of the Central, State or Semi-Government, Central or State PSU, Corporate or National Level Educational Institutions. The age of the loan applicant should be between 21 to 58 years and he should have worked for at least 1 year. In this, the EMI / NMI ratio will be less than 50 percent.
how much loan will you get
SBI can get a minimum loan of Rs 24,000 and a maximum of Rs 20 lakh in this personal loan scheme. In this, the maximum loan cannot exceed 24 times the net monthly income of the customer or Rs 20 lakh. According to SBI, these personal loan products designed for salaried customers will not require any kind of security or guarantee.
Know what will be the interest rates
The interest rates on SBI Personal Loan for Salaried Customers will start from 9.85-11.35 per cent per annum. The bank says that there is no hidden charge to the customer in this. The processing fee will also be very less. This will be 1.5 percent of the loan amount (minimum Rs 1,000 and maximum Rs 15,000 plus GST). There is also a provision to take a second loan in this.
These documents will be needed
For SBI Salaried Personal Loan, copy of income tax return, last six months bank statement, latest salary slip, 2 passport size photographs and identity proof and address proof as per bank’s KYC guidelines will be required.
(Note: This information has been taken from the official website of SBI. Before applying for the loan under the scheme, do check the interest rate, penalty, processing fee and other KYC related information from the bank.)
