Personal loan usually comes with a high interest rate as it is an unsecured loan. Good news is on the cards for the individuals who are planning to apply for personal loans through State Bank of India, the largest bank in the country. You can now get up to 100% of processing fee of personal loan waived off in SBI. Read on to know more about SBI personal loan.
State Bank of India
The State Bank of India, founded in 1806 is one of the oldest commercial banks in Asia. It is a major banking and financial services public sector company with more than 24,000 branches and 59,000 ATMs. It is the largest bank in India which has a 20% market share in deposits and loans among commercial banks, truly being a bank for every Indian.
SBI Personal Loan
Being the largest bank in India, SBI offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by SBI.
Types of Personal Loans
Following are the types of personal loan products offered by SBI.
1. SBI Xpress Credit Personal Loan
2. SBI Pension Loan
3. SBI Saral Personal Loan
4. SBI Festival Personal Loan
5. SBI Career Personal Loan
6. SBI NRI Personal Loan
Processing Fee Waiver
With the festival season around the corner, SBI has announced processing fee waiver for personal loans. Now, SBI Xpress Credit personal loan will get 50 percentage of fee waiver on current processing fee.
The processing fee under SBI pension loan for state and central pensioners is 0.25% of the loan amount and defence pensioners are levied no processing charges. Under SBI Saral personal loan, the processing fee is 2-3% of the loan amount.
The processing fee for SBI Career personal loan is 0.50% of the loan amount and 1% for SBI Festival personal loan.
With the so many personal loan products catering to the needs of different sections of people, SBI remains a competitive lender in the personal loan market. The processing fee ranges between 0 to 2% of the loan amount which is among the lowest fees in the industry. Low interest rate with no hidden charges makes SBI personal loans a prospective and viable option for borrowing for your urgent financial requirement. Overall, SBI personal loans do not impose much burden during repayment.