State Bank of Mysore Personal Loan
Established in 1913, State Bank of Mysore has been an associate of State Bank of India in 1960. A traditional go to option for personal banking for most Indians based in South India, State Bank of Mysore is spread over a 1000 locations.
Amid a plethora of loan facilities offered from State Bank of Mysore, personal loans are a hot commodity for people wanting to fulfil any kind of long term or short term financial needs. Since the end use of the loan isn’t bound by any restrictions, these loans can be utilised for a fancy spending spree, home improvement, meeting financial crunches or for sudden occasions like weddings, parties, etc.
Why Choose State Bank of Mysore Personal Loan?
A personal loan is still considered by many to be an eyesore, but availing one in the time of need might not be such a painful ordeal. Especially, State Bank of Mysore is a subsidiary of the State Bank of India and thus, a state owned bank. That makes it one of the most trustworthy banks around to avail a personal loan from. In addition to that, if you have had a good sense of investment or savings in the form of shares, NSC and LIC policies, you automatically get a higher credibility for being a preferred customer for loans. Compared to most other banks, you don’t have to pay a pre-closure fee if you decide to pay up the loan sooner.
Features of State Bank of Mysore Personal Loan
Personal loans are named as such because of the personal touch to them. To emphasize the same, State Bank of Mysore has made the process of availing the loan easy and the list of requirements quite short. The salient features of a Personal Loan from State Bank of Mysore can be mentioned in the following points
Faster Processing Time for Personal Loans - Owing to the lesser documentation and pre-validated eligibility, the time taken to actually receive a personal loan from State Bank of Mysore is shortened by a lot.
Low Interest Rates - Being a state owned bank, State Bank of Mysore offers a lower interest rate than most other banks in the market which allows for an easier and hassle-free repayment without an overload on your finances.
Zero Prepayment Charges - Since the personal loan availed from State Bank of Mysore is for a maximum term of 36 months, prepayment charges are waived off, thus reducing the burden of the loan even further.
State Bank of Mysore Personal Loan Interest Rate
State Bank of Mysore’s personal loans come with a low interest rate and even lesser hassles, which make it an eye-catching deal. A standard rate of 17.25% is applicable for all loan seekers. In addition to that, a processing fee of 1% is also levied on the loan.
| Rate of Interest (floating) | 17.25% |
| Processing Fees | 1% of loan amount |
| Loan Tenure | 36 months |
| Prepayment Fees | None |
| Guarantor/Security Required | Guarantor and Security (NSC, LIC policies, shares etc.) required |
State Bank of Mysore Personal Loan Eligibility
All citizens of India are eligible to apply for a personal loan from State Bank of Mysore provided they fulfil the following criteria -
- Age limits -
- Minimum - At least 21 years
- Maximum - Less than 58 years
- Income criteria (Net salary - Rs. 6000 or above) subject to at least 2 years of employment for
- Self-employed professionals
- Salaried individuals under state/central governments, public or private companies and multinational companies
- Loan Amount - A maximum loan amount of Rs. 1,50,000 can be availed as a personal loan from State Bank of Mysore (subject to the repayment capability of the loan seeker)
State Bank of Mysore Personal Loan Required Documentation
A set of documents is required by State Bank of Mysore in order to effectively process the loan application and allow for faster availability of the loan. They are listed as below -
- Signed application form with photograph
- A copy of a valid national ID (Passport/Voter ID/Driving License)
- Processing fee cheque
- Latest 3 months’ bank statement or passbook details
- Latest bank statement (self employed) or salary slip (salaried)
- Latest salary certificate or copy of Income Tax Returns along with Form 16
State Bank of Mysore Personal Loan FAQs
- Am I eligible for State Bank of Mysore personal loan?
- How do I repay State Bank of Mysore Personal loan?
- What is the maximum loan one can get from State Bank of Mysore?
- What is the tenure for State Bank of Mysore personal loan?
State Bank of Mysore offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for State Bank of Mysore personal loan is Rs. 6,000 per month. If you fall into this group, you can definitely apply for a State Bank of Mysore personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
State Bank of Mysore offers personal loans as high as Rs. 1.50 Lakhs depending on repayment capacity of the individuals for successful applicants depending on their financial record and repayment history.
State Bank of Mysore offers personal loan with a tenure period ranging from 12 months to 36 months making it suitable for all loan seekers.
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