State Bank of Patiala Personal Loan
State Bank of Patiala was founded in the year 1917, by Late His Highness Bhupinder Singh, the then Maharaja of Patiala state. The bank, owned by the state, was established with the intentions to bring growth and development in the fields of agriculture, industry and trade in the region. At the moment, the bank is being controlled by Reserve Bank of India and is recognised as a subsidiary of State Bank of India in the year 1960.
Currently, the bank boasts of networking in all its branches with the aid of Core Banking Solutions as of 2005 and became India's first fully networked Public Sector Bank of the nation. State Bank of Patiala personal loans is a simple way to fulfil an individual's financial requirements. From gratifying desires of a dream vacation abroad to buying a electronic gadget at home for convenience, State Bank of Patiala personal loans help make things happen, without worrying about cash.
Why Choose State Bank of Patiala Loan?
State Bank of Patiala personal loan, makes borrowing money for an individual's or family's need a cake-walk. With floating interest rates, flexible payment tenures of up to 5 years and with a flexible loan amount of upto Rs 10 lakhs. SBP's personal loan schemes are easy to apply for and worry-free with several advantages to make some of your life's small dreams come true such as buying a music system or gifting that piece of jewellery, that you have noticed your wife staring, at the mall.
Enticing Rate of Interest: State Bank of Patiala offers reasonably competitive and attractive interest rates for personal loans. The financial institution also offers a flexible loan tenure of up to 60 months to pay the loan amount so that an individual does not have to think twice before borrowing. SBP personal loans interest rates, range from 3% above base rate (current base rate - 9.95% and applicable rate - 12.95% for Check off Facility. For other categories,an interest rate is charged at 5% above base rate (current base rate - 9.95% and applicable rate 14.95%)
Flexible Personal Loan Amount: Individuals can take a loan of up to Rs.10 lakhs while the lowest loan amount that can be availed is only Rs. 1 lakh making it convenient for customers to choose their desirable loan amount based on their personal financial needs.
Floating Interest Rates: Though SBP does not offer fixed interest rates for its personal loans, it is good to know that in the long-run floating interest rates allow more savings and cheaper rates as compared to fixed rates.
Easy Access to Interest Rate Changes: State Bank of Patiala makes it convenient for customers to take personal loans and access inormation in changes of rate of interest online, at https://www.sbp.co.in/
Features of State Bank of Patiala Personal Loan
State Bank of Patiala personal loans offer the freedom of a worry-free personal financial solution without any hassles. Whether it is a new LED television or a roof-top renovation that needs to be done, the SBP personal loan has simplicity and flexibility as it leading features. Read on to know more:
Floating and Competitive Interest Rates: Interest rates for State Bank of Patiala personal loans are reasonable and affordable. The floating interest rates offered by the bank allows its customers to enjoy saving, as compared to fixed interest rates.
Flexible Tenure: A borrower can choose up to 60 months for repayment of the loan amount.
Flexible Loan Amount: An individual can take a loan of Rs. 1 lakh up to Rs. 10 lakhs, allowing flexibility in choosing loan amount.
Eligibility for Personal Loan Application: Here are a few parameters that are required to be eligible for availing personal loan from :
- He/she should be at least 21 years of age at least, but less than 60 years.
- The individual should be an existing customer of the State Bank of Patiala.
- The individual applying for the loan should be an Indian resident.
- The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed.
- He/she should meet the income bracket requirements assigned by the bank.
Documents Required: To avail a personal loan from State Bank of Patiala, you would require the following documents:
- Filled and signed application form, along with photograph
- Copy of ID and address proof: passport/voter ID card/driving license
- Processing fee cheque
- Bank statement for the last 3 months or 6 months record on passbook
- Documentation for salaried individuals:
- Latest salary slips
- Current dated salary certificate with the latest Form 16
- Documentation for self-employed individuals:
- Latest bank statement
- Latest ITR or Form 16
State Bank of Patiala Personal Loan Interest Rates
State Bank of Patiala Personal Loan interest rates are reasonably competitive and are floating in nature. This makes taking a personal loan from this bank quite convenient both on the pocket and in terms of hassles:
The basic interest denominations are as given below:
| Loan Parameter | Value of Parameter |
| Interest rate | 3% above base rate (current base rate - 9.95% and applicable rate - 12.95% for Check off Facility. For other categories,an interest rate is charged at 5% above base rate (current base rate - 9.95% and applicable rate 14.95%) |
| Loan Processing Charges | 1.01% of the loan amount, payable during the term of the loan |
| Late Payment Fee | If irregularity exceeds EMI or Installment amount, for a period of one month: penal interest will be chargeable at 1% p.a (over and above the applicable interest rate) on the entire loan outstanding for the period of default. Bank also charges penalty: the rate of which shall be at the discretion of the bank for every bounced cheque for any reason whatsoever in addition to the enhanced rate of interest as applicable (current rate -Rs.281/- for every bounced cheque) |
State Bank of Patiala Personal Loan Eligibility
In order to apply for a personal loan with State Bank of Patiala has certain eligibility criteria set to ensure that the individual may be able to afford the repayment of the loaned amount. Here are the basic eligibility criterias set by the bank
| Job Segment | Any salaried or self-employed customer of the bank is eligible to apply |
| Age | Individual should be more than 21 years and less than 60 years of age |
| Maximum Loan Amount | A loan of Rs. 10 lakhs can be taken by an individual |
| Job Continuity | The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed |
State Bank of Patiala Personal Loan FAQs
- Am I eligible for State Bank of Patiala personal loan?
- How do I repay State Bank of Patiala Personal loan?
- What is the maximum loan one can get from State Bank of Patiala?
- What is the tenure for State Bank of Patiala personal loan?
State Bank of Patiala 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 Patiala personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a State Bank of Patiala 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 Patiala offers personal loans as high as Rs. 10 Lakhs for successful applicants depending on their financial record and repayment history.
State Bank of Patiala offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
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