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Simple online loan applications, no collateral requirements, and funds disbursement in less than a week significantly have increased the access to funds whenever needed. Not only has system-driven processes improve transparency and convenience, but they also enabled the bank to make loans ranging from Rs 2 lakhs to Rs 50 lakhs with tenures as short as a few months.  Take, for instance, SBI offers a variety of online personal loans, including Xpress Credit Loans, SBI Pension Loans, Xpress Elite Personal Loans, and Pre-Approved Personal Loans. SBI currently offers personal loans up to Rs 20 lakh at an interest rate of 9.60% per annum onwards. SBI loan tenure ranges up to 72 months

SBI offers personal loans for a variety of purposes, including business expansion, debt consolidation, international vacation expenses, marriage, house improvement, and medical emergencies. The bank recently announced the SBI Kavach Personal Loan scheme to assist consumers in meeting the costs of Covid-19 treatment for themselves or family members who tested positive on or after 1 April 2021. Let’s take a look at what are the benefits of online loan requests?

Accessibility

Online loan application is just a click or swipes away with online loan applications. You can access these loans 24 hours a day, from any device with an internet connection and from any location.

Affordability

Online loans are simple to apply for and offer businesses credit at competitive interest rates. Further, individuals and businesses can borrow the amount they require and return the loan at their convenience. With SBI, while applying for an online personal loan, one should note that the minimum income for eligibility is one should have an income of Rs 15,000 per month.

The procedure for applying for a loan online

SBI offers specialised loan programmes for several types of borrowers, including retirees, salaried employees, and self-employed individuals. Without any effort, an SBI Personal loan can be applied for online. The process requires minimal documentation and is completed quickly.

Step 1: Determine the appropriate loan for you

Make no mistake, do not be persuaded by assurances of the lowest interest rates or the simplest repayment arrangements. Interest rates should be compared, and the small print should be examined. Being aware of the loan’s terms might assist you in making an informed selection. All necessary information is easily accessible online.

Examine the lender’s fees and additional expenses. Almost every sort of loan is subject to fees such as processing fees, service taxes, and late payment penalties. The processing fee is typically between 1% and 3% of the loan amount. Additional charges may apply, such as an arrangement fee and handling fees. These factors can significantly increase the cost of obtaining a loan.

That said, with SBI Online Personal loan, the processing fees ranges from 1.50% of the loan sanctioned. However, there are no prepayment/foreclosure charges if the account is closed from the proceeds of a new loan obtained under the same scheme.

Step 2: Make an informed decision using an EMI calculator

An online equated monthly installment (EMI) calculator is a highly beneficial tool for determining the monthly repayment amount, the repayment term, and the loan amount that you can afford to repay. Additionally, it can assist you in determining your eligibility for a specific loan amount based on your monthly salary or cash flow.

Step 3: Important documents that are required for SBI online personal loans

Apart from the loan application form, you will need to submit the following documents to complete the Know Your Customer (KYC) process. These documents are required for personal loans and contain the following:

• Income documentation, such as payslips, income tax returns, Form 16, and bank statements.

• Age verification (passport, birth certificate, Aadhaar card, Voter ID card, or PAN card.)

• Address verification (Aadhaar card, electricity bill, passport, ration card, or telephone bill.)

• Photographic identification (Aadhaar card, PAN card, voter identification card, passport, or driver’s licence.)

• Permanent account number (PAN).

Step 4: Complete the online application form

• Visit the lender’s/Bank’s website. For SBI, you can go to onlinesbi.com.

• Navigate to the page for the loan type you desire.

• Click on “Apply Now.”

• Complete the form with the required personal information, such as your complete name, date of birth, and contact information.

• Complete and submit the application form.

That said, individuals who already have a personal loan with the State Bank of India can access their loan statement by connecting to their online banking account.

Step 5: Instant loan approval

India’s financial sector has seen substantial changes. It’s encouraging to see how simple it has become to obtain financial services. Technological improvements have effectively eliminated geographical obstacles to financial services while also providing features such as loan application tracking, EMI reminders, and much more.

Borrowers can apply for a personal loan with SBI either online or in person at a branch. Such loans can be applied for online via the YONO app as well. For other types of loans, you can visit a branch and apply for the scheme that best meets your needs. In the end, once you apply for an SBI personal loan, an application reference number is generated, and through that, you can determine the status of your loan application.