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financesevas-world · 3 years

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SBI Personal Loan

SBI Personal Loan

SBI offers Personal Loan to customer to best used to improve their finances, like paying off high-interest debt, children's higher studies, cover-up medical expenses or funding a home improvement project.

Personal Loan Features & Benefits

Features

Easy Application

Flexible Tenure

Low processing fee paid

No physical documentation

Benefits

Attractive interest rate

No Collateral required

24*7 availability through SBI YONO APP

SBI Personal Loan Interest Rates, Processing fees & tenure

Interest Rate9.60% p.a. onwards

Loan AmountLoan up to Rs.20 lakhs

Minimum Income RequiredMinimum Income should be above Rs.15,000 p.m

Loan TenureUp to 6 years

Types of SBI Personal Loan

There are majorly 5 types of SBI personal loan offered to customized segment as below mentioned -

SBI Kavach Personal Loan: - SBI offers kavach personal loan that work as a term loan with the motive to help individual/family who were impacted by covid & require finance for treatment expenses & this feature shall be effective from 1st of April 2021. Any salaried & self-employed can get upto 5 lakhs that too with zero processing fees at 80.5% rates.

Key Features: -

No collateral/security required

Zero processing fees

Lowest EMI facility

SBI Personal Loan for Pensioners: -SBI pension loan is offered to state, central, defence and family pensioners to fulfil their personal financial needs whether financing for children higher studies or marriage, planning to purchase new home, covering up medical expenses or paying off existing debts.SBI Pension loan requires only minimal documents even processed in less time as compared to other loans & provide you the comfort of paying affordable EMI as SBI personal interest rates starting from 9.75% onwards with no processing fee are levied.Ensure pensioners age should not exceed 76 years when applying for loan.

Key Features: -

Applicant must have Pension Account in SBI Bank

No processing fee levied

Get easy EMI repayment method

You can apply from any SBI Bank Branches

SBI Xpress Credit Personal Loan: -As the name itself say Xpress credit personal loan that allows applicant to get instant disbursal for covering up all types of financial needs mainly for unplanned expenses. Any salaried individual having salary account in SBI Bank with a regular income of 15,000 p/m can get loan upto 20 lakhs.

Key Features: -

Applicant should have salary account in SBI Bank

Get loan amount from 1 Lakh to 20 Lakhs

Flexible tenure facility ranging 6 months to 60 months

Xpress credit SBI personal loan interest rate starting @10.60% to 13.10% p.a

Pre-Approved Personal Loans on YONO:-SBI Bank offers pre-approved personal loan to their pre-selected existing customer by determining certain parameters if you are a pre-approved applicant can get advantages of Instant loan through YONO App.

Key Features: -

Applicant should have salary account in SBI Bank

Instant disbursement through YONO app in just 4 clicks

Fully Digitally processing & sanction

24*7 support availability in YONO

SBI Quick Personal Loan:- SBI Quick personal loan give you the flexibility of getting loan, whether you maintain a salary account in SBI or with other banks, you have still opportunity to get loan that too in quick time.

Key Features: -

Not Mandatory to have account in SBI

Applicant monthly minimum income should be above 15,000

Salaried Employee must have at least 2 years of work experience

Get Loan at affordable rates with lowest processing fee

No Collateral or Guarantor required to get Loan

State Bank of India Type of Other Charges

Security - NIL

Processing Fees - SBI charges 1% of loan amount + applicable taxes

Part payment charges - 6 months to 60 months (or residual service period whichever is lesser)

Penal charges- 2% p.m. charged

SBI Personal Loan Eligibility Criteria

The applicant should be a permanent employee with a minimum year of service with any of the following employers –

Central and State Government

Private Company

Selected Corporates who have a business relationship with the bank as well as do not have ECR, Subject to certain terms and conditions

Applicant minimum net income should be Rs.15,000/- p.m.

Existing savings account or current account is required for this loan

The customer should maintain the required balance in the account as per the account type.

A pre-approved SBI Personal Loan offer must be available when the applicant logs into YONO app.

SBI Personal Loan Documents Checklist

Document categoryDocuments required

KYC Document

Both salaried as well as self-employed need to provide any one of the following as identity proof.

PAN Card

Aadhaar Card

Drving License

Election/ Voter ID Card

Passporit

Proof of Income

Applicant should require last 3-month payslip.

Applicant should have bank statement of last 6 months.

Financial Documents

Salaried Individuals: salaried individuals required last 3 month's Salary Slips and, Bank Statements of 6 months.

Self-employed individuals: - Self-employed individuals required a last 1-year bank statement for both savings and current account.

Proof of residence

You can summit any one of the following documents as an address proof:

PAN Card

Passport

Aadhaar Card

Driving License

Election/ Voter’s ID Card

Property/ Municipal Tax receipt

Electricity bill, telephone bill, piped gas bill, water bill, post-paid mobile phone bill etc.

How to apply for personal loan from SBI Bank online

You can use SBI personal loan online apply through the SBI YONO app, you can follow the below-mentioned steps by steps points:

See for available pre-approved personal loan offer in your account

Select the loan amount and tenure according to you

Enter the OTP which received on your registered mobile number and submit the application

The amount of loan will be pay out in your account instantly

State Bank of India SBI Personal Loan FAQ

1.How to pay SBI personal loan Emi online?

Borrowers of SBI loans can quickly pay their SBI loan EMI online if they missed it or if they (borrowers) want to prepay some amount. This service entails transferring funds from a savings account to the credit of a loan account via NEFT, which is an instant transfer because the accounts are with SBI.

2.How much personal loan can I get from SBI?

Many factors are considered in terms of determining personal loan amount of an individual, in general you can get maximum upto 20 lakhs.

What is the age limit for borrowers?

SBI personal loan eligibility for age limit set as minimum 18 & maximum 52 years at the time of application.

4.How do I track my SBI personal loan?

To track your SBI personal loan status download the YONO SBI app and know your status easily.

5.How to use SBI personal loan EMI calculator?

State bank of India SBI personal loan EMI calculator is user friendly & ease to use, enter your required loan amount with interest rate & tenure time period required to repay loan amount, within seconds its present overall schedule chart.

6.How can I apply for SBI personal loan online?

For digital process use SBI personal loan online apply through YONO App with just 4 clicks you can get loan without any facing problem.

What is the SBI personal loan interest rate for salary account?

SBI personal loan interest rate for salary account starts from 9.60% to 11.10% per annum which mean to be low rates as compared to other loans.

Which bank personal loan is best?

Every bank is best at their aspects, Choosing the best bank for personal loan online requires research & comparison, to ease your process we have thoroughly researched by determining different factors to filter ideal bank like SBI, HDFC, Kotak, ICICI, Axis. Etc are some of the top best listed banks for personal loan.

How to check SBI personal loan status?

If you want to check SBI personal loan status online, just download the YONO App-Click personal loan- Select availed type of loan-Finally you have to enter application reference number which have been received to your registered mobile number by Bank. If you want to visit your nearest bank branch carry out relevant document & ask the bank representative to look upon it.

10.Is there any SBI personal loan app?

Yes, SBI personal loan app has launched application in the name of YONO App its totally a digital bank where you can easily pay off your bills, book tickets, transfer money, take loan like more & more features.

SBI Personal Loan customer care number

SBI personal loan customer care number can be used for any service-related issue, customer can get in touch with SBI by Calling Customer Help Line Numbers 1800 425 3800

Toll free number: 1800 1234

Toll number: 080-26599990 Toll free number: 1800 425 3800

Toll free number: 1800 11 2211

#personal loan #sbi personal loan #Types of SBI Personal Loan

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radhikaschauhan · 4 years

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Best Online Savings In India

In the era of digitalization, online savings accounts are in trend. You can go through our thorough guide to know all about each of these banks, the features they offer related to savings accounts, and how particularly it can suit your interest. Scroll down to find the best online savings account in India with great features and ease!

From everyday transactions to bill payments, everything can be done with these accounts just in a click. In this article, we will be talking about some of the banks and their services. Find a clear compare and contrast between the interest rate, eligibility, charges, and other characteristics of these trending savings account.

Top 10 Best Online Savings Account in India

Below we have given the ten best online savings accounts in India after referring to various websites. We have taken into account different types of reviews and feedbacks and considering some of the bank’s market reports. So, we have tried to help you out with the best possible ways to create an online savings account in the future.

If you are not willing to maintain a certain/minimum amount in your account, you can open a zero balance savings account, which can be a good option. Now let’s discuss the bank’s policies, primary features, and interest rates for the customers.

1. Savings Account with Signature Debit Card by IDFC First bank

The Savings Account with minimum balance and no other charges. You can also take advantage of the payment of bills, mini statement, money transfer, account balance inquiry, money deposit, and withdrawal, and many more.

So, if you want to open an IDFC First Savings Account immediately, visit the nearest branch or go online by logging in to their official website.

2. Digi Bank by DBS

If you want to open an account with this particular bank, you just need your Aadhaar Card No. Your account will be created in seconds. You just need to verify via an OTP, which will be sent to your Aadhaar Card linked mobile number. Digi savings Account comprises of paperless and hassles free process. You will also be provided with cashback on your shopping, which will be up to 10%, so that you can shop online through various merchants available.

So, if you want to open a Digi Bank by DBS Savings Account immediately, visit the nearest branch or go online by logging in to their official website.

3. Savings Value by YES Bank

With low balance requirements, the YES Bank Savings account also comes with a wide range of customers’ banking services. You can use the ATMs as much as you can without any restrictions or charges. You will also be provided with a single personal identification number for using any type of electronic channels like Mobile, Phone, Internet, and ATM banking.

So, if you want to open a Savings Value Account powered by YES Bank, visit the nearest branch or go online by logging in to their official website.

4. Digital Savings Account by RBL Bank

If you are looking to open digital savings account with the RBL Bank, you have to provide your PAN and Aadhaar Card numbers only. The account provides you with a higher interest rate, anytime/anywhere banking facility, and instant account opening process. To open an instant account, you can physically visit the nearest bank’s branch or install the RBL Mobile Banking App.

5. Kotak 811 Savings Account by Kotak Mahindra Bank (Full KYC)

The Kotak Mahindra Bank online Savings Account keeps in mind the needs of today’s generation. The opening process of this account is straightforward and easy. You just have to provide your PAN Number along with some more details. The account offers you no minimum balance and is packed with other useful banking facilities and services.

So, if you want to open a Kotak 811 powered by Kotak Mahindra Bank (Full KYC) Savings Account, visit the nearest branch or go online by logging in to their official website.

6. IndusInd Online Savings Account by IndusInd Bank (with Premium Debit Card)

For opening an online savings account with IndusInd Bank, you just have to follow a simple application process. The IndusInd Online Savings Account comes with minimum balance requirements and can also be opened by choosing Premium Debit Card. The bank has various types of accounts to facilitate their customers with a broad banking service.

So, if you want to open an IndusInd Online Savings Account, visit the nearest branch or go online by logging in to their official website.

7. Digital Savings Account by Standard Chartered Bank

The Standard Chartered Bank is offering a new generation and all-new modes of Digital Savings Account. Using the online facilities provided by the Standard Chartered Bank, you can instantly open an account by providing the PAN and Aadhaar Number and by completing the e-KYC. After each completed online transaction, you will earn rewards added to you to get a 3 months subscription pack of Saavn Pro.

Note: ‘*’ The repurchase rate or repo rate will be lesser than the rate, which is equal to 25 basis points.

So, if you want to open a Digital Savings Account with Standard Chartered Bank, visit the nearest branch or go online by logging in to their official website.

8. Regular Savings Account by HDFC Bank

The HDFC Bank Regular Savings Account provides an option of a minimum balance requirement. The bank-like free passbook gives many free facilities, 25 leaves checkbook in a financial year free, Balance Certificate and free TDS, unlimited internet banking free, provided free ATM card, and lots more. You will also get safe deposit lockers facilities so that you can save more with the bank’s super saver facilities after creating an account.

So, if you want to open a Regular Savings Account with HDFC Bank, visit the nearest branch or go online by logging in to their official website.

9. Insta Savings Account by State Bank of India

If any customer wants to open an Insta Savings Account powered by State Bank of India, then you have visited the bank’s official website, or you can do it by installing the newly launched SBI YONO APP. Like a normal savings account, you will have to maintain a minimum balance as per the bank’s rules and regulations. You have to include a nominee by using the SBI YONO APP, and it is mandatory.

Pros and Cons of an Online Savings Account

Pros:

If you are thinking of opening a savings account online, you should keep in mind that some benefits can attract you.

Huge interest to be earned: If you have made your mind open an online savings account, your priority list should start with the interest rate. Because the interest rate may go up and down, you will be getting the interest as per the bank’s norms.

Growing your savings account without providing any monthly fees: Once you open an online savings account, then you don’t need to maintain any minimum balance, and your funds will work for you and accomplish your financial goals.

Use your money simply and conveniently way: If any emergency arrives suddenly with your online savings account, you can easily withdraw money, check your balance, and make deposits, etc. anytime, anywhere on-the-go through your mobile device.

Automatic deposits are also available to increase your savings slowly: If you don’t get time or don’t remember to make deposits, the most attractive benefit of an online savings account is that you have just selected a weekly or monthly deposit plan and relax without any headache.

Cons:

Technology and Service interruption: If you are doing transactions online, then you are at the mercy of your network, and if it is slow or out of order, then you can face some bad situations at that particular moment.

Concerns about Security and Identity Theft: If you handle an online savings account, a fear factor works that your account might get hacked. The banks try best to secure their system but still, you have to be more conscious. Don’t share your password and never enter any unsecured site.

Limitations on Deposits: If you are running your online savings account as an individual, then it is ok, but if you are using it for your business purpose, then you should look for physical deposits because some restrictions are there for depositing after a certain amount.

The limited scope of services: You can make bill payments, check balances, transfer money, etc., but if you want to apply for a new account or take a loan, then you have to visit the nearest branch of your bank for signature and documentation purpose. So, there are some limitations on various services if you are online.

India’s Best Online Savings Account

According to market research, India’s best online savings bank is considered to be IDFC First Bank. Because of its seamless services and a wide range of banking facilities, the customer is overall satisfied with their market performance.

The attractions that customers feel are:

Cashback offer after activation of your account. Spend at least Rs. 1000 on your very first transaction through IDFC First Bank Signature Debit Card, and you will get a flat 10% cashback instantly. Follow the terms and conditions.

IDFC First Bank also offers you to spend your money on the BookMyShow app.

IDFC First Bank also gives you the privilege to access airport lounges at free of cost. This is the most interesting and unique facility to attract more customers.

You will also get exclusive offers on any online or offline store if you use IDFC First Bank Signature Debit Card, powered by VISA.

If your debit card got lost or damaged, you will get an insurance cover provided by the bank.

You can also enjoy dining offer with your family with an IDFC First Bank Signature Debit Card.

You will also get a discount on fuel @2.5% if you pay by using IDFC First Bank Signature Debit Card at any petrol pump across India.

Best Online Savings Account for Beginners in India

The most rated bank in India for beginners to make their transactions through opening an online savings account is IndusInd Bank Savings Account (Zero Balance Account).

The IndusInd Bank has a collaboration with Upstox (discount broker Company in India). The bank offers zero minimum balance and other useful features after the creation of the savings account.

No opening charges will be taken on a savings account, trading account, and Demat account if you want to open an IndusStox account.

The customers will also get a titanium debit card and will be rewarded on each debit card transaction. Simultaneously, you can use the rewards you gained by providing the brokerage charges and enjoy a lot more profit in the stock market.

Best Online Savings Account for NRI

So, for NRIs, Axis Bank is the topmost bank in the market and is fully privatized.

Some of the basic facilities provided by Axis Bank NRE account are:

The NRE account of Axis Bank comes with a hand full of facilities like deficient minimum balance, checkbooks for multi-city usage, advises on tax, and online transaction facilities.

The NRE account is structured so that every user can use it, whether it be a student studying abroad, or a businessman in any part of the globe, or any person staying overseas.

If the NRI is absent, then the bank allows residents or relatives to access his account.

Free debit card and checkbook are gifted after opening an account with Axis Bank as a welcome gift.

2 Lakhs accidental coverage is also offered with the debit card, which is free of cost.

10,000 should be maintained in the NRIs account every month.

A personalized relationship manager will be there all time to help you out.

FAQs

Q. List the ways to create a Savings account?

Answer. Some of the basic factors that need to be taken into consideration before opening a Savings account online are the rate of interest provided on deposits, the minimum balance required in a Savings account, 24*7 customer service availability, availability of the nearest branch, and some other factors. If you see that all the factors are covered by a particular branch then you can choose that bank for opening an Online Savings account.

Q. Can you tell me the documents required for opening a Savings account online?

Answer. The documents needed to open a Savings account may differ from bank to bank, but some of the primary documents required are: Voter’s ID. Aadhaar Card. PAN (Permanent Account Number) number. Driving License (permanent). Address certificate issued by Municipal Corporation.

Q. What is the rate of interest upon the balance of my Savings account?

Answer. The Savings account interest rate is calculated and depends completely among the ranges between 4% to 7% per year. The State Bank of India provides 4% interest to its customers while YES Bank, RBL Bank, and Kotak Mahindra Bank give 6% interest.

Q. When my interest will be credited in my Savings account?

Answer. The interest that you will earn upon your savings account will be credited directly to your account following a half-yearly basis. The calculation of interest is done on a monthly or takes an average amount daily.

Q. What are the privileges offered on a senior citizens Savings account?

Answer. There are some benefits that the banks provide to the senior citizens: a. Passbook facility will be free. b.ATM cash withdrawal facility will be free at any bank’s ATM. c.Free of cost SMS alerts so that the senior citizens can track their d. Savings account easily. e.Payments will be much easier by using net banking or online banking facility. f.Discounts will be given at various diagnostic centers and also in hospitals across the country. g.Senior citizens will get priority service at their bank branches.

Via http://invested.in/best-online-savings-in-india/

source https://investedin.weebly.com/blog/best-online-savings-in-india

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