If you like to start a new business ,you need finance and for finance you need help of some friend or relative to grant you loan . But you might also agree with the thought that it is not so easy to secure a loan from a relative but you might get many other sources to apply for a loan . A bank is the only institution where you will get a loan at easy installments and minimum terms and too without much formalities . In this post , you will get to know how you can secure a loan from State Bank of India , which the most known bank of India . Also, State Bank of India is backed by government of India , so if you have your bank account in this bank then your investment and savings in this bank is always safe .

If you are looking to apply for SBI Bank Loan then read this post carefully .’We have tried to cover all aspects of SBI Bank loan in this post for you.

STATE BANK OF INDIA – Services and Policies 

State bank of India , is a government owned undertaking which hold more than 1000 bank branches through out in India . Working as bank and government servant , the bank and officials provide necessary saving , investment , exchange and credit facilities in India . More than million people have their bank accounts in SBI in India , as it is secured and backed by government and funds kept with this bank are safer than any other bank . State bank of India other than normal banking services provides SBI Bank loan and credit facilities , where you can apply for different loan schemes issued in public interest either by government or by the bank itself.

SBI is answerable to the Reserve Bank of India and is responsible for all its financial services undertaken . SBI can issue bank loan to any personal being resident or non-resident of India .The credit products offered by SBI include :

1. SBI Bank Home Loan
2. SBI Bank Personal Loan
3. SBI Bank Krishi Loan
4. SBI Bank Loan Against Property
5. SBI Bank Business Loan
6. Credit Card Facilities
7. SBI Shopping Card Facilties
8. SBI Credit limit etc .

You can avail and apply for any loan type prescribed above from SBI . The bank charges a normal rate of interest which is comparatively lower than any other banking company in India .

SBI Bank Loan Application 

SBI Offers easy bank loan , where you can apply for any loan as per your requirements by both means either online or offline . Applying for SBI Bank loan , you shall be provided a loan for a minimum period of 12 months upto to a maximum of 84 months i,e 4 years . SBI offers easy credit terms for longer durations where you have multiple options to pay your SBI Bank loan installments like paying it throught auto debit scheme of SBI , though any other bank account in the same branch or some other branch or some other bank account of some other banking company . It depends on the requirement and terms of the bank and the information sufficed as required by the bank from the applicant to grant loan for upto a specific amount and for a specific period of time .

With SBI , you can secure a home loan at minimum interest of 7% which can range up to 21% depending on the case and risk involved in the case of loan .Risk here mean that bank shall measure the credit score of the applicant and after all background checks an approval for a particular loan amount is granted.

Documents for SBI Bank Loan 

To apply SBI Bank loan online , you can register on their official website by the name of yourself or as a corporate entity where you want to apply for a business loan or in case you require personal loan . After registration on the SBI official portal , all details of the loan applicant shall have to be entered online . The next step would include uploading the relevant documents of the loan applicant on the loan application online , which include :

1. Bank of statement of loan applicant of last 6 months
2. KYC Documents including Adhaar , PAN Details
3. Passport Size Photos of Applicant
4. Income Tax Return / Statement of Income tax or Acknowledgement of Income tax
5. Business or Job Proof including Registration Number of Business , Form 16 etc

All the above documents have to be provided to the bank for verification and a contact number or the contact details shall have to be provided to the bank for verification of the documents , after which the bank shall respond on the contact details of the applicant to  further cooperate in the loan proceedings by visiting the near by bank branch .

Benefits of Taking SBI Bank Loan 

To obtain loan from SBI , you need a credit scrore of minimum 750 points , and your age should be between 21 to 55 where you should be holding a way to earn for repayment of the loan . While applying for a SBI Bank loan is seamless and doesot require much formalities to be done . Applying a SBI Bank loan ,would benefit you in the way that :

1. You can avail multiple credit schemes offered by Government of India , through SBI where you can avail security free loans, loans for agriculture at subsidized interest rates etc
2. You shall not be asked to fulfill multiple formalities , if you have a long track record of transacting with the bank , which is also a plus point .
3. In case of bounce charges and additional charges , SBI charges the minimum of charges for loan installments defaults or for any mistakes in the loan proceedings .

Things to Know !

In SBI bank loan , you have to consider one thing that once you have defaulted in repayment of SBI Bank loan , then you shall be considered as a defaulter in the entire banking system which might make you suffer when availing loan from any other bank as the credit report of a business or an individual prepared by SBI  , is considered as a basis to grant a loan to the person or not .

Hope , you find this post informative and interesting . As you see above , you have been explained in detail about how to secure a SBI Bank loan , if you have any queries related to application of SBI Bank loan or taking loan from any other bank branch like Canara Bank loan , ICICI Bank loan , PNB Bank Loan , then you can place your feedback comments down in the comment section .