Join WhatsApp
Join Telegram
SBI, PNB and Bank of Baroda : In today’s time, whenever there is a sudden need for money, the first thought that comes to mind is taking a loan from the bank. But many people think that taking a loan involves too much process and requires a guarantee. To remove this worry, the country’s three major banks – State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BOB) – are now offering a special facility to their customers. These banks together have started giving customers a Personal Loan of up to ₹70,000, that too without any guarantee and with very less paperwork.
The purpose of this facility is to provide instant relief to those who need money for purposes such as weddings, medical expenses, children’s education, or home repairs. Now customers do not need to go through long procedures or search for a guarantor. The most important thing is that you can repay this loan through easy EMIs for up to 5 years. If you have an account in any of these three banks, then this Personal Loan can prove extremely useful for you.
Loan amount, interest rate, and EMI information
The loan amount of SBI, PNB and Bank of Baroda Personal Loan is decided based on the customer’s profile. Under this scheme, you can get a maximum Personal Loan of up to ₹70,000. Talking about the interest rate, it usually starts from 10.50% to 11.50% annually, depending on your CIBIL Score and income. The special thing is that the EMI for this loan has been kept very affordable so that it does not create a burden on the customer. Customers can repay this loan comfortably from 1 year to up to 5 years.
Benefits of SBI, PNB, Bank of Baroda Personal Loan
The Personal Loan started by SBI, PNB and BOB is beneficial for customers in many ways. First of all, it is given without any guarantee, meaning you do not need to worry about any collateral or security. Apart from this, the paperwork is also very simple — only basic documents are required, and approval is received quickly.
The loan amount is transferred directly to your bank account, which saves a lot of time. Along with this, you can use this loan for any personal need such as marriage, education, medical expenses, or any other requirement. With the flexible EMI option, it has been ensured that customers can repay installments comfortably without any additional pressure.
Eligibility for SBI, PNB, Bank of Baroda Personal Loan
- The applicant’s minimum age should be 21 years and maximum age should be up to 60 years.
- The applicant’s monthly income should be between ₹15,000 to ₹20,000 or more, depending on the bank’s conditions.
- The applicant’s CIBIL Score must be 700 or above so that the bank can trust your repayment capability.
- The applicant must have a bank account in SBI, PNB or BOB, and this account should be active for at least 6 months.
- Salaried individuals, businessmen, or self-employed people are eligible for the loan, provided their income is regular.
Documents required for SBI, PNB, Bank of Baroda Personal Loan
- Aadhaar Card / PAN Card
- Ration Card / Voter ID / Electricity Bill
- Bank Statement (last 6 months)
- Salary Slip (last 3 months)
- Passport size photo
How to apply for SBI, PNB, Bank of Baroda Personal Loan?
- First go to the official website of the bank in which you have an account, such as SBI, PNB or Bank of Baroda.
- On the homepage, go to the “Personal Loan” section and select the “Apply Now” option.
- Now an online form will open where you have to fill in details like your name, mobile number, email, income details, and Aadhaar number.
- After this, you have to scan and upload all the required documents.
- After submitting the application, the bank will check your profile and CIBIL Score.
- If you are found eligible, you will receive an approval message or call from the bank shortly.
- Once approved, the loan amount of up to ₹70,000 will be directly transferred to your bank account.
- Customers can also apply offline by visiting the nearest branch and filling out the form.