SBI's Processing Fee-Free Personal Loan Scheme Ending Soon; Details Here

New Delhi: Personal loans are useful for many things, such as building the pool your family has always wanted or consolidating debt. However, since they are private, your motivations are unique. If you're considering applying for a personal loan, SBI has good news for you.

State Bank of India (SBI) is currently offering a special deal for individuals seeking personal loans, making borrowing easier and more affordable. (Also Read: Customer Orders Nothing Phone (2a) Priced Rs 20,000, Receives Device Worth Rs 45,00: Read More Details Here)

Deadline

Until March 31, 2024, SBI is waiving the processing fee on personal loans of up to Rs 20 lakh. This offer presents a significant saving for borrowers, as the usual processing fee for such loans is 1.5 percent of the loan amount. (Also Read: Meta Offers To Almost Halve Facebook, Instagram Monthly Fees)

Festive Dhamaka Offer

SBI has dubbed this promotion as a "festive dhamaka."

Eligibility Criteria

If you want to avail the benefit of this special offer, individuals must meet certain eligibility criteria:

Minimum Monthly Income

The minimum monthly income of an individual trying to avail of the offer should be Rs 15,000.

Age Criteria

One should be aged between 21 to 58 years.

Employment

Individual should  be employed by Central/State/Quasi Governments, PSUs, Corporates, or Educational Institutions. They minimum one year of service.

EMI/NMI Ratio

The EMI/NMI ratio must be less than 50 percent.

Loan Amount

The loan amounts ranging from Rs 24,000 to Rs 20,00,000 or 24 times the net monthly income

Key Features Of The Loan

This loan offer comes with several attractive features, including:

- The loan comes with low-interest rates.

- Option for a second loan, providing additional financial flexibility.

- Minimal documentation is required, streamlining the application process.

- Loans available up to Rs 20 lakh.