State Bank of Travancore Personal Loan

State Bank of Travancore (SBT) Personal Loan

State Bank of Travancore is a subsidiary of the State Bank Group. It is one of the most prominent banks in the state of Kerala where it has majority of its business. The bank has a wide network of ATMs and branches. State Bank of Travancore has 1157 branches and 1602 ATMs spread across various states of the nation.

State Bank of Travancore was established in the year 1945 under the name of Travancore Bank Limited. At that time the Travancore government put in 25% of the capital after which the bank started undertaking a lot of government treasury work and foreign exchange transactions along with its normal business work. In the year 1960, the Travancore Bank was taken under the State Bank of India group under the SBI Subsidiary Banks Act, 1959, enacted by the government of India.

Currently the bank has around 2 million savings accounts of customers out of which 90% are from the state of Kerala. The bank envisions to become the most trusted banking partner for customers with creative and transparent banking principles.

Why choose State Bank of Travancore Personal Loan?

Personal loan from State Bank of Travancore is a great financial instrument to address any urgent financial need. Be it a wedding in the family or a long-pending exotic vacation or even an unforeseen medical emergency, personal finance scheme from State Bank of Travancore makes sure lack of funds is never a reason to compromise on your commitments. SBT personal loan scheme is comprehensive, flexible as well as affordable.

State Bank of Travancore offers personal loan schemes to applicants from almost all types of job backgrounds and income strata. Here are some of the most amazing SBT personal loan schemes which can be your sure bet.

• Personal Loan for existing govt./PSU/corporate employees
  This personal loan scheme is aimed at providing financial assistance to customers who are either government employees or are working in the corporate sector. Permanent employees of government schools, colleges, universities, offices, defence personnel and all those who work in state and central government offices can apply for this loan. The applicant should have completed at least one year of service at any of the above stated organizations.
• Jai Jawan Personal Loan
  As indicated by the name, this personal loan scheme aims to cater to the personal financial needs of young defense pensioners. These include pensioners of armed forces including navy, air-force, coast guards, and para-military forces and so on. The age of the applicant should be under 50 years to avail this loan scheme.
• New Prasanthi Elite
  The New Prasanthi Elite scheme is offered to meet the personal financial needs of elite pensioners. This includes all central, civil, defence, railways and state pensioners whose pension accounts are maintained with State Bank of Taravancore. To avail this loan the monthly pension of the applicant should not be less than RS.20,000.
• New Prasanthi Loan
  This is a form of demand loan where the pensioners need to meet their short-term financial needs. The list of eligible borrowers includes all central, civil, defence, railways and state pensioners whose pension accounts are maintained with State Bank of Taravancore. 12.90% - 13.90%

Features of State Bank of Travancore Personal Loan

State Bank of Travancore personal loans come with the strong backing of the State Bank Group which is the topmost bank of India. There are several features that make these loans extremely lucrative to avail. No matter what is the personal reason that you need funds for, SBT loans help you sail smoothly through. Avail SBT personal loans to fulfill monetary commitments that are well-planned expenses or even sudden urgent financial requirements.

Low Rate of Interest: The rate of interest for personal loan of SBT varies depending upon the monthly income and the job status of the loan applicant. However, the interest rates are quite competitive and range between 12.90% - 13.90% per annum. These are subject to fluctuations depending upon changes in the base lending rate of the bank.

Flexible Tenure: The loan repayment can be made in a maximum of 60 months that is 5 years. Loan repayment period differs for various loan applicants depending upon the personal loan scheme availed by them.

• Personal Loan for existing govt./PSU/corporate employees
  Maximum repayment period of 60 months
• New Prasanthi Loan
  For normal pensioners the maximum loan period is 60 months
  For family pensioners the maximum loan period is 36 months
• New Prasanthi Elite Loan
  Maximum loan period allowed is 60 months which is to be completed before the pensioner attains the age of 80 years
• Jai Jawan Personal Loan
  Maximum allowed loan tenure is 84 months, payment starts one month after disbursal of the personal loan

Eligibility for State Bank of Travancore Personal Loan: Eligibility criteria for personal finance scheme of State Bank of Travancore is as follows:

• Applicant should be an existing customer of SBT
• Applicant should be an Indian resident
• Applicant should have a regular income and should be a salaried employee or a pensioner (Government service or a regular corporate job)
• Loan applicant’s minimum age should be 21 years

Documents required for State Bank of Travancore Personal Loan:

Following are the documents that SBT will ask its customers to furnish in case they are looking for a personal loan

• A duly-filled personal loan application form
• Proof of identity, for e.g. Voter’s Card/ Passport/Aadhar Card/Photo Ration Card or any other ID proof
• Residence Proof such as gas bill, passport and so on
• Proof of age such as driving license, birth certificate
• Latest salary slips or form 16
• Account statements of last 3 months
• A couple of passport sized photographs
• Investment and savings proof, if required by the bank

Additional documents can be asked by the bank depending upon the type of personal loan being availed and the loan applicant who is making the request.

State Bank of Travancore Personal Loan Interest Rates

Rate of interest for SBT personal finance varies with the type of loan availed and also with the monthly salary of the applicant. Here is a table depicting the various rates that apply to customers.

Personal Loan Type	Interest Rate
Personal Loan for existing govt./PSU/corporate employees	Full Check-off – 13.40%-13.65% p.a. No check-off – 13.90%-14.15% p.a.
New Prasanthi Loan	13.40% p.a.
New Prasanthi Elite Loan	13.65% p.a.
Jai Jawan Personal Loan	12.90% p.a.

How to calculate EMI for State Bank of Travancore Personal Loans

Whether you have availed personal loan from State Bank of Travancore or are still contemplating your decision to avail, calculation of personal loan EMI is now a piece of cake. Online EMI personal loan calculators are useful and timesaving tools that help users calculate their loan EMIs. These online calculators take in as input the personal loan amount, the applicable rate of interest, the corresponding loan tenure and the processing charges and process all this data to yield the personal loan EMI. Along with this an amortization table depicting the entire repayment schedule is also furnished. Reading this table you can know the exact amount of money that will go towards loan repayment each month and the outstanding loan balance at each point of time during the loan schedule.

Knowing the EMI amount beforehand helps customers plan their finances better. Also, customers can zero down on a bank by inputting the processing charges and rates and checking the EMI difference.

State Bank of Travancore Personal Loan FAQs

1. How much time will my personal loan take to get sanctioned?
   Once you have submitted your loan application along with all the required documents, SBT goes through and verifies all the information furnished by you. Then, depending upon your monthly salary, the bank sanctions your loan amount. Usually, the whole process takes a few days after which the loan amount is credited directly to your SBT account.
2. How do I apply for SBT Personal Loan?
   You can apply for the State Bank of Travancore personal finance scheme by visiting your nearest bank branch. The application form and other details pertaining to the loan are furnished by the customer representative of the bank.
3. How much does State Bank of Travancore charge for processing personal loans?
   Processing charges vary with the type of personal loan availed. For regular personal loan a processing fee of 1% of the personal loan amount while the other personal loan schemes charge a processing fee of 0.50%.
4. What is the maximum loan amount that can be availed via SBT Personal Loan?
   The maximum loan amount that can be availed under the SBT personal loan scheme depends upon the monthly salary of the applicant as well as the loan scheme availed.

Loan Type	Maximum Loan Amount
Personal Loan for existing govt./PSU/corporate employees	Up to 10 Lakhs
New Prasanthi Loan	Pensioners - Up to Rs.3 lacs Family pensioners – Up to Rs.1 lacs
New Prasanthi Elite Loan	Maximum of Rs.7.5 lacs
Jai Jawan Personal Loan	Maximum of Rs.3 lacs

5. Is a guarantor required for availing personal loan from State Bank of Travancore?
   Yes. A loan guarantor is required to sign your personal loan application with State Bank of Travancore.
6. What is meant by moratorium period and how much is it for SBT personal loans?
   Moratorium period is the period for which you might not be required to pay any loan repayments. The Moratorium period for SBT Personal Loans is nil.
7. What collaterals do I need to submit to the bank as security for SBT personal finance?
   Depending upon the type of personal loan availed SBT will ask you for security deposit. In some cases a guarantor is all that is required while others may be required to submit a collateral as security.
8. Can I choose partial disbursement of personal loan availed from SBT?
   No. Partial disbursement of personal loans is not an available feature of State Bank of Travancore personal loans.
9. Will I get a written proof when I have re-paid the entire State Bank of Travancore personal finance?
   Yes. SBT will furnish a “No-Due” certificate to you once you have repaid the entire personal loan amount.
10. How will I repay the personal loan availed from State Bank of Travancore
    Your personal loan will be repaid in a certain number of fixed monthly installments. These installments could be 60 or 36 depending upon the type of personal loan scheme availed. The money can be deposited by you in your SBT personal loan account either via online banking or by visiting a bank branch.

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