February 23, 2024

Types of loans offered by the SBI

India’s largest lender, State Bank of India (SBI) is renowned for its diverse range of loan products that cater to customers with different requirements. The affordable interest rates charged by the bank make SBI a popular choice among customers for various loan schemes. Among the loans offered by the bank, the most popular consumer loans are personal loans, auto loans, education loans, and home loans. Let’s take a look at different aspects of these loan products from the country’s top lender.

SBI personal loans
Personal loans are typically unsecured loans that help people take care of their emergency financial requirements. SBI is one of the top banks in India that offers different types of personal loans. The bank offers personal loans specifically designed for defense personnel, IT employees, non-permanent employees, etc. Personal loan schemes are offered by SBI under different names including Xpress Credit, Xpress Power, Xpress Lite, etc. Some of the key attributes of SBI personal loans are listed as follows:

  1. Interest rates for SBI personal loans start from 12% onwards.
  2. Customers can avail a maximum personal loan amount of Rs.15 lakh from the bank.
  3. The tenure ranges from 1 year to 6 years.

SBI auto loans
Auto loan is one of the major products offered by the bank. The bank offers loans for both two-wheelers and four-wheelers. The bank offers special loan schemes for certified pre-owned cars and superbikes. One of the notable features of SBI auto loans is that women customers can get a small discount on the interest rates for various products. Some of the key attributes of SBI auto loans are listed as follows:

  1. Interest rates for new cars start from 9.45% p.a.
  2. Interest rates for certified pre-owned cars start from 11% p.a.
  3. Interest rates for new two-wheelers start from 17.70% p.a.
  4. The loan application process is hassle-free with minimal documentation.

SBI education loans
Under the education loan ambit, SBI offers a multitude of loans for both domestic as well as foreign education. For education within the country, you may avail loans up to Rs.7.5 lakh depending upon the type of course. For education in a foreign country, you may avail loans up to Rs.1.5 crore based on the type of course you choose. The documentation process may vary depending upon whether you are studying within India or going abroad for your education. For instance, if you are going abroad, you need to provide your passport details during the application stage. Some of the notable aspects of SBI education loans are listed as follows:

  1. Interest rates for student loan schemes start from 10.50% p.a.
  2. Interest rates for scholar loan schemes start from 8.70% p.a.
  3. Girl students can avail a discount of 0.50% on most loan products.
  4. A reset period of 1 year is applicable for all loan products. It means that the interest rate is likely to change after 1 year.

SBI home loans
Home loan is one of the major products offered by SBI. Here, the cost of a loan product is influenced by various factors like loan tenure, loan amount, employment type, the credit score of the borrower, etc. You may opt for a home loan from SBI for buying a new home or constructing one. You may check out the interest rates for various categories before choosing a loan product. Some of the key attributes of SBI home loans are listed as follows:

  1. Interest rates for salaried borrowers start from 8.60% p.a.
  2. Women customers can get a small discount on their interest rates.
  3. Customers can choose the loan amount based on their eligibility criteria and requirement.

Other loans of SBI
SBI also offers loans against properties for its customers. Here, a customer can mortgage his/her property in exchange for the loan. Since these loans are protected by the mortgage value of the property, it is possible to get an affordable interest rate on the loan amount. Customers can also avail loans against various securities including mutual funds, equity shares, debt funds, fixed deposits, etc. To avail these loans, you need to provide the documents related to these securities during the application stage.

The loans offered by SBI come with attractive interest rates and minimal process fees. Being a premier banking institution of the country, SBI has the trust of millions of customers in the country. The bank has also set up operations in various foreign countries to help Indian customers living abroad. If you need any of the loans listed above, you may approach a branch office of the bank and file an application. To Know more about personal loans visit https://www.bankbazaar.com/personal-loan.html