SBI loan: Get personal loan 24 times your net monthly income! Know how

SBI loan: Are you a salaried employee and want personal loan of an amount 15-20 times or even higher of your net monthly income (NMI)? The State Bank of India (SBI) offers personal loans which are 24 times your net monthly income. The state-run lender has customised personal loans for salaried employees irrespective of the fact that the potential customer has a salary account with the bank or not. You can take personal loan for a wedding or a vacation, unplanned emergency or planned purchase. Bank claims to give quick approval with minimal documentation through its Contactless Lending Platform (CLP).

Eligibility :
-- Individuals having Salary Account with any other Bank
-- Minimum Net Monthly Income: Rs 15000 per month
-- EMI/NMI Ratio less than 50 per cent
-- Employees working with - Central/ State/ Quasi Governments, Central & State PSUs, Corporate (Private &
Public Ltd), Educational institutions of National Repute
-- Age: 21-58 years
-- Minimum service of 1 year
-- Loan Amount: Minimum: Rs 24000 and Maximum is Rs 20,00,000/24 times NMI

The bank offers different rates of interest for different categories of employees:

-- For Defense/ Para-Military/ Indian Coast Guard Salary Package Applicants:  Effective interest rates is
between 11-11.5 per cent. The loan period is 2 years. There is also an overdraft facility with interest rates between 11.5-12 per cent

-- For other applicants: Effective interest rates is between 11-13 per cent. The loan period is 2 years. There is also an overdraft facility with interest rates between 11.5-14 per cent

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The rates mentioned here are available on SBI website (https://sbi.co.in/web/interest-rates/interest-rates/loan-schemes-interes...). It is advisable to contact the bank for detailed information.