SBI Personal Loans help you avail of up to INR 20 Lakh without any collateral. So, if you are in debt and need a lump sum of money to pay off the same, consider this SBI Loan product. Among its loans, this is SBI’s most popular one because of the attractive features like – interest rate, tenure, etc. Learn more about the SBI Personal Loan in this article below.
Wide Range of Loans to Meet Both Short Term and Long Term Needs
From INR 50,000 to INR 20 Lakh can be borrowed from the bank under the SBI QUICK Personal Loan scheme. For this, you don’t need to be a regular SBI customer. If you are in need of a lump sum amount, SBI will help you.
The loan limit of the applicant is based on his/her credibility. This is determined by credit records and income proof. These documents help SBI know how much you earn, what you are capable of paying and do you have a good repayment history.
If the answer to these questions is in your favor, you could borrow the desired amount. But if not, the loan limit won’t be what you have expected.
What to do to Get the Desired Loan Amount?
To boost your eligibility for the SBI Personal Loan, check out the tips mentioned below –
Borrow Loan Jointly
When you borrow an SBI Personal Loan with your spouse or parent, there is less risk. How? The bank will be assured that the loan will be repaid by the co-borrower in case you are unable to do so. So what happens here is both you and the co-borrower are liable for the repayment of the loan amount in a joint loan. In the beginning, the primary borrower pays the EMI and in case he/she loses his job and is unable to continue with the payment, the co-borrower steps in.
Note – If the co-borrower doesn’t pay the EMIs, there will be legal action against both of them.
Improve Credit Score
A credit score is a three-digit number that lets you know the repayment history. So if your score is 500 or below, you need to improve the same to get the desired amount from SBI to pay off your debt. To make your score 700 and more what you have to do is see which makes your score porter. If it is the due payment of your previous loan or credit card bills, pay them off. Don’t pay the due immediately, because it won’t make your score improve instantaneously.
Your score will grow gradually as you pay the due. Once you reach the score which will be enough to get you the desired loan amount, apply.
Use the EMI Calculator
SBI gives access to an online tool. So if you are having trouble getting the loan amount, manage your repayment in a way that fits your budget. To use the calculator, visit the SBI official website on your smartphone or laptop. Go to the calculator section and select ‘EMI calculator’. Now enter the loan amount you want, select the interest rate and choose the tenure.
You should know the longer the tenure, the lower will be the EMI. But this could increase your interest payment. So using the tool, find which tenure will be suitable for you to pay off the loan without any benefit and you can meet the need as well.
Now that you learn what SBI Personal Loan is and the list of benefits it provides, apply for the loan. You can do this at home by visiting the SBI website. So enjoy the lowest rate of 9.60% per annum SBI Personal Loan Interest Rate on your borrowed money and pay the debt you are in. This is the most convenient way to get rid of the burden and manage the daily budget at the same time.