SBFC provide numerous loans and one of them is personal loan which is offered when an individual is in need of money urgently to deal with various situations like a medical emergency, long- due vacation, home renovation, making an expensive purchase and a lot more. If you meet the eligibility criteria, SBFC ensures to offer the funds quickly and has a very simple and quick process to apply for a personal loan.
Features and Benefits of SBFC Personal Loan
The benefits that are provided by SBFC on personal loans are mentioned here.
- Availability: SBFC personal loan is available for both self- employed as well as salaried individuals.
- Flexible tenure: The tenure for SBFC Personal loan goes upto 60 years and can be decided by an individual according to his repayment ability.
- Loan amount: The loan amount for SBFC personal loan goes upto Rs. 10 lakh and your loan amount eligibility is calculated considering your income and credit history.
- Quick disbursal: Once the SBFC personal loan is approved, the loan amount is disbursed instantly to your account.
Interest Rate of SBFC Personal Loan
SBFC Bank offers a personal loan with an affordable interest rate. The interest rate is influenced by various factors like your credit score, income, employer, repayment ability, etc. and ensures that your monthly EMIs are stress- free.
Eligibility Criteria to Avail SBFC Personal Loan
The eligibility criteria set by SBFC to avail a personal loan are as follows:
- You should either be salaried professional or a self employed individual.
- You should meet the minimum and maximum age criteria set by the bank.
- You should meet the minimum salary criteria set by the bank.
Documents Required to Avail SBFC Personal Loan
The documents required particularly for these loans are mentioned below:
- Copy of one of the following documents.
- Valid Passport
- PAN Card or Form 60 as applicable as per the policy
- Voter’s Identity Card issued by Election Commission
- Valid Driving License
- A job card issued by NREGA and signed by a State Government Officer.
- Letter issued by Unique Identification Authority of India (UIDAI) with the details of Aadhaar number, name and address.
- Other documents that are needed for the internal policies for the verification of some policies are:
- ID card with the photograph of the applicant issued by the Central/ State Government, Statutory/ Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions.
- Letter issued by gazetted officer with the photograph of the borrower.
- For the proof of address the documents required are:
- Bills like electricity bill, telephone bill, water bill, piped gas bill and others that come under the category of utility bill.
- Property or Municipal Tax receipt.
- Bank account or Post Office savings bank account statement.
- Pension or Family Pension payment orders (PPO’s) provided by State or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation.
- Documents provided by Government Departments of foreign jurisdiction and letter provided by foreign embassy or mission India.
Customer Care of SBFC Personal Loan
If you have any question or query regarding your personal loan application, you can call SBFC at 1800-102-8012. You can also email at email@example.com.
Frequently Asked Questions (FAQ’s)
Ques. Who can apply for a personal loan with SBFC and what are the tenures offered?
Ans: The salaried employees and the self-employed can apply for a personal loan with SBFC and the tenure offered is 60 months.
Ques. What is the maximum personal loan amount one can avail from SBFC?
Ans: The maximum loan amount that one can avail is 10 lakh and the actual loan amount will be assigned only after considering income and credit history.
Ques. How will the loan be disbursed?
Ans: After the approval the amount of loan will be transferred digitally directly to the account.
Ques: Is it possible to prepay a personal loan?
Ans: Yes, you can prepay the personal loan along with pre-payment fees.
Ques: What will happen if I miss an EMI?
Ans: If you miss an EMI, you will have to pay a bounce fee and a late payment penalty. Also, your credit score will be impacted.