Get Here The Hidden Facts about SBI Personal Loan Apply

When it comes to availing a personal loan, there are various leading lenders that are well known for offering the best deal for the same. But, among plenty of lenders, it is obvious to get confused as who is the best. Well, one thing that needs to be mentioned here is the fact that selecting the best lender is obviously the most difficult and tedious task. But, nothing to worry as for your reference, here we are helping you in finding the best lender. So, keeping this thing in mind, in this article we will talk about SBI personal loan apply so that you can easily find the best lender without any hassle.

Now, when we say SBI (State Bank of India), it would not be wrong to say that the bank over the years has created its own niche in the banking sector, hence no matter what product it offers, people automatically trust the same. If we specifically talk about its personal loan, the lender offers the same at an interest rate of 11.90%-14.90% per annum for 5 years with 1% of the loan amount being the processing fee along with nil prepayment charges. However, the best thing about this credit facility is the fact that you can avail the same with no collateral i.e. you don't need to give the security to the bank so as to avail this facility.

So, if you want to apply for the same in order to meet your personal loan, this article is worth reading for you. Read it further to know more about the same...

How to Apply?  

If you want to apply for this credit facility, there are multiple ways to do the same. You can apply online for the same by just visiting the site. All you need to do is just open the site, visit the apply now page, feed in all your personal and professional details and click on the apply now button. The moment you do so, you will be redirected towards a page confirming that your loan application has been received by the bank, and if things will be in your favour, the bank will get in touch with you within 5-6 working days.

Apart from this, there is another way that also allows you to avail this facility in the most hassle-free manner. And, for that you need to visit the branch near you with all the required documents such as the most important is the dully filled application form along with various other documents needed. You can easily submit your application for the same at the counter. After that, the bank will cross-check your documents and after a complete evaluation, if things will be in your favour, your application will be accepted by the lender within 5-6 working days.

Well, as you can easily see the process of applying is really easy, simple and quick and the best thing is the fact the bank with its transparent process fulfills your needs in the least time frame. This is the reason that people around the globe have developed a trust against this renowned lender as it always satisfies the needs of one and all. But, here one thing that you should also be aware is the fact that knowing about the eligibility is also important as until you are not aware of the same then how would you apply for this credit facility. So, let's just discuss more of this in the article below.

How to Become Eligible?

Both salaried, as well as self-employed individuals, can go for SBI personal loan apply, but if they meet the below eligibility criteria:

Salaried:

• The minimum age of the applicant should be 21 years at the time of taking the loan
• The maximum age of the applicant should be 58 years at the time of loan maturity
• The minimum monthly income required to be ₹5,000
• An individual must have a total work experience of 2 years
• He/she should be residing in the current residence for the past 1 year

Self-employed:

• The minimum age of the applicant should be 21 years at the time of taking the loan
• The maximum age of the applicant should be 65 years at the time of loan maturity
• The minimum monthly income required to be ₹7,000
• An individual must have a total work experience of 2 years