State Bank of India(SBI) is probably the largest bank in India with branches in almost everywhere in India. It is a government bank and is operated by government itself. SBI provides many services for its customers such as accounts, merchant banking, mutual funds, security tradings, loans, life and non-insurances etc. The bank has a network of 18,266 branches including 4,724 branches of its five associate banks. It offers almost all types of loans. Personal loan is also amongst one of its loan facilities for its customers.
SBI offers the personal loan facility by the name of SBI Saral – personal loan. First of all, you can obtain a personal loan from Rs 24,000 up to Rs 10,00,000 from SBI for urban areas with a flexible repayment tenure of upto 48 months. It offers personal loan at a rate of interest on daily reducing balance. To have this loan you should be a salaried person with a very good company or a government servant. For the self-employed person he should be a self-employed engineer, doctor, chartered accountant or MBA with a minimum of two years of standing. The processing fees for the loan is 2% to 3% of the loan amount. Rate of interest on this loan is 18.50% reducing.
The loan from SBI is quite a good one and also at a quite low rate of interest on the loan.