Loans to Salaried SBI Customers without SBI Account Online in India - Personal Banking

Eligibility :

• Individuals having Salary Account with any other Bank
• Minimum Net Monthly Income: Rs. 15,000/-
• EMI/NMI Ratio less than 50%
• Employees working with
  • Central/ State/ Quasi Governments,
  • Central & State PSUs
  • Corporate (Private & Public Ltd.)
  • Educational institutions of National Repute
• Age: 21-58 years
• Minimum service of 1 year
• Loan Amount
  • Minimum: Rs. 24,000
  • Maximum: Rs. 20,00,000 / 24 times NMI

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Terms And Conditions:

• Processing fee: 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-) plus GST
• Penal Interest @2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default.
• Prepayment charges of 3% on prepaid amount. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan account under same scheme.
• Repayment Period:
  • Minimum: 6 months
  • Maximum: 72 months or remaining period of service (whichever is lower).
• Checklist of Documents:
  • Income Tax Return (To be uploaded on CLP)
  • Bank Account Statement of last 6 months (To be uploaded on CLP)
  • 2-passport size photographs
  • Latest month Salary Slip
  • Proof of Identity & Current/ Permanent Address, as per Bank’s KYC guidelines
• Authorized Branch: Applicant should select any SBI branch on CLP near to place of his/ her present posting or home