A personal loan is one of the most trusted and opted alternative for a financially urgent situation. It is an unsecured service as you are not obliged to keep your assets as a guarantee to the lender and have full authority to use the loan amount for whatever or whichever reason you want to. Many a time, in life, some financial issues keep demanding more than your income can comfortably pay for. And a lot of times you are up against your financial obligations which require immediate action. To fulfill such conditions and satisfy these situations takes a lot more than just your earnings. An SBI personal loan can provide you with instant funds and the chance to make things right. So, go on to your trip, buy the house and make it your home, spend money on your wedding to make it memorable, do all you want to with this financial service.
There are various benefits of an SBI personal loan but which are on the top of the list are listed below:
First of all, to avail this loan; lenders do not ask you for your assets to keep as security.
Also, it can raise your CIBIL score more than any other loaning plan in the industry.
Additionally, a personal loan let you use multiple repayment methods that some other financial products fail to do so.
Moreover, with this product, you can satisfy your current financial mess as it has a swift disbursal process.
Furthermore, you are not restricted to tell the moneylender how you will use the loan money.
Besides, it has a manageable loan tenure varying from two years to five years.
Lastly, a personal loan is a more reliable alternative than using your credit cards in case you urgently need money.
The eligibility criteria for availing the service of an SBI Personal Loan is defined as follows:
You should be in between 21 years to 60 years, if you are salaried, to apply for a Personal Loan.
The eligible age if you are self-employed is 25 years to 65 years during which you can apply for the personal loan.
You should be a citizen or permanent resident of India.
Your CIBIL score where CIBIL stands for ‘Credit Information Bureau of India Limited’ should be at least more than 720.
You must hold a stable source of income.
If you are salaried, you should have a salary account.
And if you are self-employed, then you should present a supporting paper which shows that you have filed an ITR of Rs. 2.5 Lakhs.
If you are salaried, then your monthly salary should be Rs.18000/- or more.