Business

Apply SBI Personal Loan to Get Rid of Financial Crisis

Published on June 4, 2022

Are you having financial problems? If yes, visit the SBI official website on your smartphone or laptop and check out the loan offers. One of its most promising loan products is its personal loans. In this, you get to borrow up to INR 20 Lakh without any collateral pledging, so your assets are safe and secure. Plus you can meet your financial need in equated monthly installments. Check out this article below for more details on the SBI Personal Loan.

For What Purpose Do I Need an SBI Personal Loan?

You can borrow a personal loan from SBI for any need. There aren’t any limitations on the usage of money and the bank won’t track your usage of money. So, whatever is the thing you need money for, just apply for it with SBI. Let’s take a look at the common scenarios wherein this SBI Loan will come in handy.

Medical Emergencies Like – Accident, Diagnosis of a Major Illness, etc.

If you or your loved ones are ill or suffered an accident and the treatment costs more than your savings, in situations like this apply SBI Personal Loan. By doing so, you can easily afford the hospital bill and the everyday expenses won’t get disturbed by it. The money you save each month from your salary will come into use to pay the EMI of the SBI Loan. That’s why it is affordable and comes to your rescue whenever you need a lump sum of money. And if you are an SBI customer, there might be a pre-approved offer for you.

If that’s the case with you, the amount will be disbursed early in your account and you can immediately meet your requirement.

Wedding Gone Out of Budget

We Indians are known for our grand weddings and functions, but sometimes things could go wrong and the cost would increase. In situations like that, manage your wedding expenses with the help of an SBI Personal Loan. Borrow the amount from SBI and pay the caterer, wedding planner, book banquet hall, etc. Your special day will stay special and this will be done with the help of a personal loan SBI.

What Do I Need for an SBI Personal Loan?

As discussed above it doesn’t require your collateral. But you do need to meet the below requirements of SBI in order to borrow money –

Age

21 year and above individuals are allowed to apply for the loan. Because at that age one can earn a fixed income, there will be less chance of non-payment of EMI. The upper age limit is 58 years for SBI Personal Loan. So, if you are 60 years old, you can’t apply for a loan.

Income

A minimum INR 15,000 per month salary is mandatory to apply for the loan. If you don’t meet this criterion, your loan application will be rejected. The income requirement of SBI may vary based on the amount you apply for. Suppose you need a loan of INR 10 Lakh, INR 15,000 income won’t be enough to pay SBI Personal Loan EMI Calculator of such an amount and as a result of that, your application will be rejected. So, make sure the EMI and income ratio are maintained.

How to Apply for an SBI Xpress Credit Personal Loan?

You can apply for the loan online without going to any bank branch, so follow the steps shown below –