For a Hassle-free SBI Personal Loan Journey Read This

Do you like to shop via your credit card? Are you a travel freak and love to explore new destinations? Willing to live in a beautiful home? Want to drive a stylish and classy car? Well, all this and many more wishes of different individuals can easily be fulfilled with the help of a personal loan. Yes, those who don’t have enough cash/savings to fulfill their goals or wishes in life, for them taking a path of personal loan is surely one of the smartest and best options. But, availing the loan is something which is not everyone’s cup of tea as it requires thorough knowledge and expertise to find the best lender, offering your type of deal. However, to keep you away from that hassle, we are going to tell you which lender is best for you when it comes availing this credit facility.

I am sure you must have heard the name-State Bank of India (SBI), one of the renowned and leading banks of the country, worldwide known for offering the best financial products and services to the people across the globe. So, if we talk about SBI personal loan, it would not be wrong to say that this bank via offering a personal loan ensures to meet your various needs. Yes, be it travelling, medical emergency, wedding, home renovation, credit card debt or could be anything else, this lender caters all your needs in the best possible way. However, let’s get into the detail and discuss the insights of this credit facility being offered by the lender…

Well, let’s just start from the beginning and firstly discuss the most important factor i.e. the interest rates. Yes, the rates are undoubtedly the most crucial yet an important aspect that can either make or break the situation for your loan journey. Go for a lender that offers you the credit at lower rates so that your EMI and interest burden can also be reduced. In order to grab the best deal from a lender, you need to do a thorough research and look out for a lender, offering you the best deal at competitive rates. If the rates are lower, it will automatically reduce your monthly installments and interest outgo as well. Currently, this lender offers the credit at an interest rate of 11.90%-15% per annum to all its esteemed customers.

Next in line is the tenure and loan amount that also matters a lot in your overall loan journey. The bank offers this credit facility for a tenure of upto 5 years by giving the loan of amount upto ₹15 Lakh. You can avail the loan from the bank easily by meeting the eligibility norms. Do check the loan amount and tenure before saying yes to the lender as it is crucial for you to know whether your favorite lender offers the loan amount that you are looking or not so as to avoid the further confusion.

Keeping an eye on EMIs and interest outgo is also an essential weapon that can lead you towards a smooth journey. With the help of an EMI Calculator you can easily know the exact calculations of the monthly instalments that you are going to pay to your lender. These installments should be pocket-friendly and should not harm your monthly budget, and that you can easily know with an Personal loan EMI calculator that actually allows you to plan your monthly budget accordingly.

Another biggest parameter is the fee & charges that you need to look at while availing SBI personal loan. If you have already availed a loan, you must be aware with the fact that there are certain fee and charges that lender usually take from the borrower while processing the loan application further. There is a processing fee, which is nothing but a one-time fee that a borrower needs to give to the lender that usually ranges between 0.50%-1.50% of the loan amount. It is a one-time fee that lenders take from the borrowers, along with the same there are prepayment/foreclosure charges that an applicant also need to pay, if he/she prepays the loan early from the said repayment period.

So, if you keep these key essentials in mind, it would not be wrong to say that availing a loan would be much easier and a hassle-free task for you in the future.