SBI Bank Personal Loans

The Indian economy has witnessed a phenomenal growth since reforms were introduced quite sometime ago. A big factor, which is responsible for this growth, is the policy of banks such as SBI to lend money. Earlier people had to buy everything with there own hard earned money. Today if you have the capacity to repay availing loans is no big deal. The State Bank of India provides personal loans to people to fulfill there dreams or helps them to come out of tricky financial situation. The rate of interest is a very important factor when you want to apply for a personal loan. SBI is a trusted name in the Indian economy. It has thus kept the rate of interest at a competitive level so that the normal person can avail loans.

SBI Personal Loans

Some of the most popular loans the bank is offering are the house loans, car loans, loans against property, or shares and debentures. The most important thing about loans from SBI is that they do not have any hidden costs. The process is in fact very transparent. Interest rate is charged on a daily reducing basis. Let us now discuss in detail some of the major loan schemes the bank has to offer.

The SBI car loan is one of the best loan schemes the bank has to offer. The rate of interest charged here is very lucrative. Other than the cost of the car, the bank also pays for various other expenses. These include one-time registration costs, insurance, and one time road tax. SBI offers loans to purchase commercial as well as private vehicles.

The SBI home loan is also an important loan as it helps the customer to purchase is own house right at the start of his career. The rate of interest here is very reasonable. Here you will have to submit your proof of income and if it is above a certain limit you will be sanctioned the loan. If you are salaried, you will have to show them your pay slip. However if you are a business person you will have to show them your income tax returns filed over the last three years.

The SBI education loan is a major service the bank is doing towards society. It provides Indian citizens loans to study abroad.

The loan which is sanctioned includes traveling, cost of books, tuition fees, and if necessary a two-wheeler to travel. The two-wheeler should be bought at a maximum Rs 50,000.

Loan against security is another loan the bank offers to its clients. Here security can mean shares, debentures, or even property. The maximum amount the bank can sanction is upto Rs 20 lakhs. However, the bank can only lend you upto 75% of the value of your property.

The rate of interest as discussed above is highly competetitive and keeping in mind the ordinary citizen. Besides there are many banks operating in India today. This has helped the common person a great deal. Therefore, he has plenty to choose from. Taking all this into account the rate of interest is highly competitive and prepared keeping the common person in mind.