The loan schemes offered by the State Bank of India are extremely popular among the Indian citizens due to the higher facilities and features associated with them. The SBI is considered to be the most trusted bank available within the country of India. It is also the largest government bank the country has. The bank has also a large number of customers who are from different corners of the country. There are several loan facilities and schemes available from the house of SBI which are prepared keeping in mind the needs and requirements of different customers and people of the country.
Let us have a look at the different loan schemes available with the State Bank of India.
- SBI Loan for Pensioners
- Loan against Mortgage of Property
- SBI Housing Loan
- Loan against Shares & Debentures
- SBI Car Loan
- SBI Educational Loan
- SBI Personal Loan
A little bit of detailing is required to understand each of these schemes.
SBI Loan for Pensioners
This service can be availed by those customers who enjoy higher pension rates due to high salary during their employment days.
The normal pensioners who had been government employees (central/state) or even SBI employees and have their pension accounts created with any of the SBI branch. Also those pensioners (age limit within 72 years) receive pension through Cheque facility that needs to be drawn in the favor of SBI (any branches) are eligible to avail the loan scheme. The loan amount that can be claimed is a maximum of twelve months net pension plus a ceiling of three lacs INR. Third Party Guarantee of the pensioner, who is eligible for the family pension scheme.
The family of the deceased pensioner is also eligible for the loan but the candidate (spouse/sibling) need to be within an age limit of 65 years. The loan amount that can be claimed is a maximum of nine months net pension plus a ceiling of one lac & fifty thousand INR. Third Party Guarantee of the family member, who is drawing the pension, who has an account with the bank without any defaulter issue.
While availing the loan, the pensioner needs to submit either form 15H or PAN card photocopy to the bank authority. Processing fee is NIL.
Note: If a pensioner avails the 36 month EMI facility, then he/she should not be greater than 70 years of age. However, if the repayment method is for a period of 24 months, then the age limit should be within 72 years.
Have a glance at the interest rate chart (courtesy SBI website): Base Rate = 8.25 %
Loan against Mortgage of Property
This scheme lets the customers avail loan for simply any purpose against mortgage of property that you own. The property can be either gold ornaments or any other immovable ones. Those branches of SBI that has personal banking facility are the ones where these loans can be availed from. If the loan is below twenty-five lacs of rupees, then no specification is required. If the amount reaches the twenty-five lacs figure or above, then specification on the purpose for which the loan is taken needs to be done.
Any person who has a fixed monthly income of twelve thousand INR or more is eligible to avail the scheme. However, if the annual income is >1, 50,000 INR, then also he/she is eligible.
The maximum age limit that is required to avail this specific loan scheme is sixty years. The minimum loan amount that can be availed is 25,000 INR and the maximum is 100, 00,000 INR (conditions apply). Processing fee is two percent of the total sanctioned loan amount.
The repayment (or EMI) will be a maximum for one hundred and twenty months while dividing the installment to sixty numbers.
Let us have a look at the interest rates:
| Loan against | Credit limit size | Interest Rate percent |
| Gold Ornaments & Jewelry | < 1,00,000 | 12.50 (4.25 % + 8.25 % (base rate)) |
| > 1,00,000 | 13.00 (4.75 % + 8.25 % (base rate)) | |
| Immovable property mortgage | < 1,00,00,000 | 13.50 (5.25 % + 8.25 % (base rate)) |
| > 1,00,00,000 | 13.70 (5.50 % + 8.25 % (base rate)) |
SBI Housing Loan
This scheme helps the customer in receiving easy loan facility in order to build that fantastic house he/she ever dreamed of.
There are four types of categories available under this scheme: Let us have a look.
EASY HOME LOAN
ADVANTAGE HOME LOAN
PREMIUM HOME LOAN – I
PREMIUM HOME LOAN – II
Let us have a look at the distinctive features available in each of these different categories:
| Home Loan Type | Minimum Loan Amount (INR) | Maximum Loan Amount (INR) | Interest Rate | Processing Fee (INR) |
| Easy | Up to 30,00,000/- | 8.75% P.A. (1st year) 9.50% P.A.(2nd & 3rd year) 9.75% P.A. (4th year onwards) |
1,000/- for < 5,00,000 2,000/- for > 5,00,000/- & < 10,00,000/- 5,000/- for > 10,00,000/- & < 20,00,000/- 7,000/- for > 20,00,000/- & < 30,00,000/- |
|
| Advantage | Above 30,00,000/- | 75,00,00/- | 8.75% P.A. (1st year) 9.50% P.A.(2nd & 3rd year) 10.00% P.A. (4th year onwards) |
7,000/- for > 30,00,000/- & < 50,00,000/- 8,000/- for > 50,00,000/- & < 75,00,000/- |
| Premium-I | Above 75,00,00/ | 5,00,00,000/- | 10% P.A. | 8,000/- for < 1,00,00,000/- 10,000/- for >1,00,00,000/- & < 5,00,00,000/- |
| Premium-II | Above 5,00,00,000/- | As per circumstance and condition | 10.25% P.A. | 20,000/- |
Loan against Shares & Debentures
This type of loan scheme can be availed against the shares, bonds, debenture or any other government security policies you are currently holding. A maximum loan of 20, 00,000/- INR can be availed from the SBI branches. The interest rate is 14.75% P.A. The EMI is for a period of thirty months.
However, only fifty selected city branches have this facility to avail. The cities where this facility can be availed are Ahmedabad, Baroda, Surat, Gandhinagar, Rajkot, Bangalore, Mysore, Bhopal, Indore, Jabalpur, Raipur, Gwalior, Bhubaneswar, Cuttack, Sambalpur, Chandigarh, Jalandhar, Ludhiana, Amritsar, Chennai, Coimbatore, Tirupur, Guwahati, Shillong, Hyderabad, Visakhapatnam, Karimnagar, Tirupati, Kolkata, Siliguri, Asansol (Bardhhaman), Lucknow, Varanasi, Kanpur, Allahabad, Mumbai, Pune, Panjim, Aurangabad, Nagpur, New Delhi, Jaipur, Agra, Udaipur, Patna, Ranchi, Bhagalpur, Thiruvananthapuram, & Cochin.
SBI Car Loan
How about purchasing that extravagant vehicle? Having financial problem? Don’t worry as the SBI CAR LOAN is there to help you out. Have a look at the different schemes available under this category:
| Car Loan Type | Loan Amount (INR) | Interest Rate | Repayment Time |
| EZEE | Less than 5,00,000/- | 9.25% P.A. (1st year) 10.25% P.A.(2nd & 3rd year) 11.25% P.A. (4th year onwards) |
7 years |
| ADVANTAGE | 5,00,000/- & above | 9.25% P.A. (1st year) 10.25% P.A.(2nd & 3rd year) 11.00% P.A. (4th year onwards) |
7 years |
SBI Educational Loan
This scheme can be availed for higher studies. However, the customer needs to produce before the bank suitable proof of education. Let us have a look at the interest rates. The maximum loan amount that is provided to students studying in India is 10, 00,000/- INR while those studying abroad is 20, 00,000/- INR.
| Loan Amount (INR) | Interest Rates | Repayment Time |
| Up to 4,00,000/- | 12.00% P.A. | 5-7 years |
| Above 4,00,000/- & < 7,50,000/- | 13.50% P.A. | 5-7 years |
| Above 7,50,000/- | 12.50% P.A. | 5-7 years |
SBI Personal Loan
This scheme can be availed by any customer who is a salaried professional of good stature. The self- employed doctor, engineer, architect, etc. can also avail this scheme after providing suitable proof of annual income policy. The minimum loan amount that can be availed by people residing at metro and urban places is 24,000/- INR while the amount is 10,000/- for rural and semi-urban places. The interest rate is 16.75% P.A. and the net amount is repayable in 48 easy monthly installments.
For more information, visit the SBI website or rush to the nearest SBI branch. Details regarding SBI home loan calculator and SBI two wheeler loan will be coming soon.