SBI is founded in 27 Jan 1921 as Imperial Bank of India and then it renamed as State Bank of India in 1955. SBI got nationalized in 1956.

State bank of India is having almost all banking features from traditional banking to new form of banking i.e. internet banking, IVR Banking. Products range vary from home loan, car loan, personal loan, business loan, credit card, fixed deposit schemes and mutual funds.

SBI PERSONAL LOAN

MOST IMPORTANT TERMS & CONDITIONS

1. PURPOSE:
Personal Loan is granted for marriage/medical treatment/ education/ foreign travel or any other general purpose except for any speculative activities.

2. ELIGIBILITY:
Salaried employees, pensioners of central/state government/armed forces, self employed businessmen and professionals with a regular source of income are eligible to avail Personal Loan.

3. RATE OF INTEREST:
Floating Rate of Interest: (For all Loans except Loans against Bank’s own Time Deposit) Interest on the loan will be charged at prevailing floating rate of interest on a daily reducing balance at monthly rests. The rate of interest is subject to revision from time to time due to (i) changes in Base Rate or (ii) revision even without change in Base Rate and the Bank has the option to reduce or increase the EMI or extend the repayment period or both consequent upon revision in interest rate.

Fixed Rate of Interest:- Only for Loan against Bank’s own Time Deposit Calculation of interest:-
Interest on the amount of the loan will be applied at the prevailing rate per annum on daily reducing balance with monthly rests.
4. INTIMATION OF CHANGE IN INTEREST RATE:
The borrower shall be deemed to have notice of changes in the rate of interest whenever there are changes in Base Rate or increase in interest rates where there is no change in Base Rate are either displayed on the Notice Board of the Branch or published in news papers or made through entries of the interest rate charged in the passbook/statement of account furnished to the borrower and the borrower is liable to pay such revised rate of interest.
5. MODE OF REPAYMENT:
Check-off facility or Post Dated Cheques for the Repayment period given or SI from the borrower’s salary/ pension a/c with our Bank. In case of Rent Plus the lessee(s) can pay the monthly rent to the Bank directly if the agreement so specifies.
6. MARGIN:

Product Margin
Loan against Mortgage of Immovable Property 40%
Rent Plus 40%
Gold Loan 30%
Loan against Shares/ Debentures 50%
Loan against units of MF (Equity) 50%
Loan against TDR/ STDR 10%
Loan against NSC/ KVP/ RBI Relief Bonds 40%

Loan against LIC Policies

5%
SBI GETS SDL/ LDL 50%
SDFS SDL / LDL 30%
SBI Career Loan As Per Secutriy Offered
Education Plus 10%
Others NIL

7. PROCESSING FEES*:

Product Processing Fee
Xpress Credit 1% of the Loan Amount
SBI Saral 2% - 3% of the Loan Amount
SBI Career Loan 0.5% of the Loan Amount
Loan for ESOPs Rs 2000 per application
Equity Plus Rs 2000 per application
Festival Loan 1% of the Loan amount
Loan against Mortgage of Immovable Property 2% of the Loan amount ; Max Rs 50000
Rent Plus 2% of the Loan amount; Max Rs 100000
Gold Loan For Loan up to Rs 25000: Rs 500 per application
Loan against units of MF (Equity) 1% of the Loan amount
Loan for application to IPOs 1 st Loan: Rs 500 ; 2nd & 3rd Loan : Rs 100; After 3 Loans: Nil
Advance against RBI Relief Bonds 1% of the Loan Amount
Others NIL
Bounced cheque/ECS or SI dishonours:-
A penalty of Rs 250/- will be charged for every bounced cheque/ECS or SI dishonours. The rate may vary from time to time. In the event of bouncing of cheque, legal action under section 138 of the Negotiable Instrument Act, 1881 will be initiated.
8. REPAYMENT:
The loan is to be repaid in Equated Monthly Installments over the tenure of the loan or in Lump sum at the end of the tenure depending on the product. The repayment installment commences from a date specified in the sanction letter. The liability to the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of residual amount, if any.
9. PRE-CLOSURE CHARGES:
Loans on Fixed and Floating rate of interest:
No pre-payment/ Pre-closure penalty will be levied except for Rent Plus in which 1% of the loan amount prepaid will be charged as prepayment penalty.

10. OTHER FEE/CHARGES:
Particulars Amount (Rs)
Collected for payment to empanelled Advocate/ Valuer for Legal opinion, Search Report and Valuation Fee As per Actual
Any Other Fee, if any As per Actual

11. DEFAULT:
In the event of default i.e. if the amount due is not paid by due date, the customer will be sent reminders from time to time for payment of any outstanding on his loan account, by post, fax, telephone, email, SMS messaging and/or through third parties appointed for collection purpose to remind, followup and collect dues. Any third party so appointed, shall adhere to the Indian Banks Association’s (IBA) code of conduct on debt collection.
12. SECURITY: As per the Scheme.
13. INSURANCE: As per the Scheme.
13. PENAL INTEREST:
Penal Interest will not be charged for loans up to Rs 25000. For Loans above Rs.25000/- , if the irregularity exceeds EMI or Installment amount, for a period of one month ,then penal interest would be charged @2% p.a.(over and above the applicable interest rate) on the overdue amount for the period of default. If part installment or part EMI remains overdue, then penal interest should not be levied.
15. CUSTOMER SERVICE
For any service related issue, customer can get in touch with SBI:
• Calling Customer Help Line Numbers
• Contact Customer Grievance Cell at our Local Head Offices
• Write to Grievance Cell at our Local Head Offices
(Details on Help line Numbers and Grievance Cell available on www.sbi.co.in)
In case a customer is not satisfied with the handling of grievance by the Local Head Office, a communication may be sent (enclosing the message sent earlier to Local Head Office) to the -
Deputy General Manager (Customer Service),
Customer Service Dept, State Bank of India;
State Bank Bhawan, 4th floor;
Madame Cama Road,
Mumbai-400 021,
Telephone No. (022) 22029456, 22029451 22740432, 22740431, 22740433
Fax no. (022) 22742431.
E-mail address - dgm.customer@sbi.co.in.
DISCLOSURE
State Bank of India is authorized to disclose from time to time any information relating to the loan to any credit bureau (Existing or Future) approved by Government of India and Reserve Bank of India without any notice to the borrower. State Bank of India is also authorized to make inquiries with the Credit Information Bureau of India (CIBIL) and get the applicants Credit Information Report

What is personal loan?
Personal loan is one of the most expensive loan available in market. Rate of interest of personal loan vary from 14% to 18% depends up on financial institute. One can avail personal loan in emergency situation. The biggest benefit of personal loan is? There are no questions asked, no proof required, no conditions to be met. This is unlike other loans, such as those for education, where you need to show proof of admission, or a home loan, where the house is used as security.
The very high interest rates are justified because the borrower doesn't need to provide a security. The amount of loan is calculated by taking into consideration the current financial status of the borrower and his cash flow, such as salary, rental income, profit and loss in business, servicing of other loans, etc.

List Of document for Personal loan

List of documents for Salaried:
  • 1. Proof of Identity:- Passport / Driving License / Voters ID / PAN Card (any one)
  • 2. Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • 3. Latest 3 months Bank Statement (where salary/income is credited).
  • 4. Salary slips for last 3 months.
  • 5. Passport Size photographs.
List of documents for Self-Employed:
  • 1. KYC Documents : Proof of Identity; Address proof; DOB proof.
  • 2. Proof of Residence:- Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • 3. Income proof (audited financials for the last two years).
  • 4. Latest 6 months Bank statement.
  • 5. Office address proof.
  • 6. Proof of residence or office ownership.
  • 7. Proof of continuity of business.

Personal Loan Tenure is?
Minimum tenure for personal loan is 1 year and maximum tenure is 5 years.

Personal Loan part Payment is Allowed?
Most of the bank's don't allow personal loan part payment. One has to pay loan in full to foreclose loan.

What is personal loan insurance?
Personal loans are a great lifestyle convenience. But if you become sick or injured and can’t work or suddenly lose your job that debt could quickly get out of control. Having Personal Loan Safety to help cover your repayments means you’ll have one less thing to care about. So it is always advised to guard your personal loan with insurance.
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