sbi Personal Loan

Due to the uncertainty of moment and no reliance on the wheels of fortune, many a times we are confronted with situations where we require a substantial amount of money. We cannot ignore them, neither do we want to, but sometimes we just lack the adequate monetary resources required to handle a situation properly during the course of our lives. This is where personal loans come in.

A blessing in disguise, a personal loan is basically meant to cater to an individual's need during any requirement, urgent or otherwise. Be it the purchase of a television or refrigerator, paying off your credit card dues, wedding of your children, etc. you can use it for anything you want. The major advantage of taking a personal loan is the fact of it's all purpose utility for one's personal use. To add to its benefits, there is no need for any clarification to the lending party regarding as to how one would use would this borrowed money (unlike specific loans like car loans and education loans, where you need to provide details for the purpose of the loan).

Another advantage is that the processing is also faster when compared to other loans. What's more, you don't even need any security, collateral or guarantor for the same. While personal loans are the seemingly perfect solution to one's needs, proper care must always be to compare all options before taking the final leap. The most important factor, as always, is the rate of interest being charged. Many times, banks might look like giving cheaper interest rates but might cover-up the costs under the heads of processing fee and other charges. Hence, one should always look at the effective rate of interest.

• Applicant should be Indian Citizens Working and residing in Mumbai.
• Mininimum age required is 21 years and Maximum 58/60 years.
• Minimum Work Experience-1 month in current company and 3 years overall.
• Minimum Net Take Home - Rs.20,000/- per month .
• Residence-either Owned,rented or company provided.
• Telephone/mobile mandatory at residence.
• Currently most of the banks are providing unsecured personal loans only to employees of Private Ltd and multinational companies.

• Applicant should be Indian Citizens Working and residing in Mumbai.
• Mininimum age required is 23/25 years and Maximum 65 years.
• Minimum 3 years experience in same business.
• Minimum income Rs.2.50 lakh per annum.
• Residence/Office -either Owned,rented or company provided.Either residence or Office should be self owned.
• Telephone/mobile mandatory at residence and office.
• Partnership firms ,Private Ltd.companies and deemed Limited companies are eligible.

Diffferent banks have different ways of calculating the eligibility.In the case of Salaried, generally most of the banks would calculate eligibility to be 1/1.5 times of annual income.Factors such as existing loan liabilities ,avg bank balance,track record on existing loans loan,companty profile & loan tenure also plays a part in deciding eligibility.

In the case of Self Employed's the eligibility would depend on the turnover, existing track record,net profit, cash credit /overdraft limit enjoyed, line of business,cash flow,bank statement,existing loan liability amongst other things.Generally the loan amount is limited 1.25 to 4 times of cash profit generated less existing liabilities or a certain percentage of turnover less existing liabilities.

SALARIED

• Photograph.
• Pan Card Copy.
• Current residence Proof.
• Salary Slips for 3 months.
• Bank statement for 6 months.
• Appointment letter and proof of work experience.
• Sanction letters of existing/Closed loans.

SELF EMPLOYED

• Photograph
• Pan Card Copy.
• Residence and Office address proof(Either residence or office should be self owned).
• IT Returns CA certified copies for 2 years complete set.
• Business Continuity/existence proof 3 years old.
• Business banking 6 months.
• All existing loan sanction letters.
• Qualification proof for professionals.

sbi personal loan