SBI customer? Know types of loans provided by State Bank of India

SBI Loans: Banks are the financial institutions that provide their customers with various range of facilities. Among the benefits that the customers enjoy are make deposits, open accounts and of course, availing loans. The State Bank of India, the largest public sector bank in India, provides various loan schemes considering the needs and requirements of every customer that apply for a loan. Among the loans are personal loans, home loans, auto loans, education loans, loans against property and loans against gold ornaments.

The interest rates levied on the loans are subject to the tenure duration and the type of loan the individual applies for. In certain kinds of loans such as home loans and auto loans, women benefit with lower interest rate.

Here are the different loans that are offered by SBI:-

Personal loans:

These loans can be used at the discretion of the borrower. SBI imposes an interest rate of between 12.50%-15.50% per annum on such kind of loans. When it comes to defence, para military or the Indian coast guard individuals, then the rate of interest varies between 12%-13% p.a . The maximum loan amount here is Rs 15 lakh, with repayment up to 5 years.

Home Loans:

Many individuals apply for home loans to get financial support to acquiring their property. SBI levies an interest rate between 8.65% to 9.30% for individuals. When it comes to women applicants, the rate of interest varies between 8.60% to 9.20%. The interest rates is determined by the bank in accordance to the amount applied for, tenure and the applicant.

Education loans:

For the purpose of higher education and college, SBI provides with education loans, with interest rates falling between 8.70% to 10.75%. female students benefit from a 0.50%concession on the interest rate. The interest rates are subject to the course the applicant is pursuing, the institute for which the loan is required and the amount applied for. SBI also has special schemes under its hat for higher education and college funding overseas.

Auto Loans:

Buying a vehicle is a once in a lifetime investment that individuals make and SBI caters for the same. SBI has a loan tenure up to 7 years for both the new and second hand auto loans. The interest rates fall between the range of 9.25% to 10.75%, depending on the scheme under which the applicant is acquiring a loan.

Loans against property:

In this loan, the applicant can use his or property as a leverage to pay for the loan amount. The interest rate of this type of loan is between 1.45% to 3%+ 1 year MCLR.