SBI - Festival Loans

FESTIVAL LOANS:

It is the festive season!!! Is the unavailability of ready funds, dampening the celebrations?

Avail of SBI's Festival Loan and bring back the cheer and celebrate in style!!! Hurry, the gifts and the sweets are waiting….

SBI offers you the unique facility of Festival Loans to help you meet any kind of festival related expenses.

Enjoy the SBI Advantage :
Low interest rates, currently 15.50% p.a.(compare with the 18.00% - 30% p.a. charged by others for personal loans/credit card companies.)

Low processing charges; 1.10% of loan amount(inclusive of service tax) per application.

No hidden costs or administrative charges.

No security required if check off is available….. which means minimal documentation…. something that you had always wanted.

No prepayment penalties.

Repayment period of upto 12 months.

Complete Transparency.

The Scheme :

Purpose

To meet any kind of festival related expenses.

Eligibility :

You are eligible to avail a Festival Loan if you are:

An Employee of Govt., PSUs, profit making public/private limited companies/ institutions etc with a minimum of 2 years service OR

Self employed person with minimum 3 years standing/experience OR

A person having regular source of income from verifiable channels like Pension and interest from TDRs/NSCs/Govt. Securities etc

You have a net monthly income of Rs.3000/- and above.

Your spouse's income can also be considered in calculating the loan amount provided he/she guarantees the loan or the loan is taken jointly.

Loan Amount:

Your festival loan limit would be determined by your income and repayment capacity.

Minimum : Rs.5000/-
Maximum : 4 times your Net Monthly Income, subject to a ceiling of Rs.50,000/-.

Documents Required :

Passport Size Photograph

Proof of official address for self employed individuals and professionals. This can include shop and establishment certificate/Lease deed/Telephone Bill.

Latest Salary Slip and Form 16, in the case of salaried persons IT returns for the last two financial years, in the case of self employed individuals and professionals

Margin :NIL

Interest :2.50% above SBAR Floating i.e. 15.50% p.a

Repayment :
You can repay the loan over a period of 12 months through Equated Monthly Installments (EMI). Should you wish to deploy your surplus funds towards prepayment of the loan, feel free to do so without any prepayment penalty.

Security :
Personal guarantee of the spouse or any other person of adequate worth where check off facility is not available.

Processing Fee :
You need to pay only a nominal processing fee of 1.10% of the loan amount.

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