SBI Festival Loan

As the festive period approaches, the State Bank of India (SBI) is providing a range of discounts on its house loan, vehicle loan, gold loan, and personal loan products. There is never a shortage of celebrations in India. As Indians, we love to celebrate each festival since it is a time for family to gather and create memories. It is critical that we have enough money to support our huge celebrations. So, if you haven’t saved up enough money in time for the celebrations, SBI has a wonderful option in the form of a Festival Loan that will assist you in meeting all of your festival-related expenses.

SBI festival loan is a form of personal loan that is given in the same way as any other loan, with specific eligibility conditions and other fundamental criteria.

Details of SBI Festival Personal Loan

Interest Rates9.60% - 15.65%
Processing charges1% of the loan amount + GST
Prepayment Charges and Hidden CostsNIL
Repayment PeriodUp to 12 months or 1 year
Minimum Amount5000 INR
Maximum Amount4 times x your monthly income

Features of SBI Festival Loan

The SBI Festival Loan was created to help with festival costs. It has the following qualities and benefits:

  • Interest rates are competitively priced.
  • Processing fees are quite cheap. It costs 1% of the loan amount plus any service tax.
  • There is little documentation.
  • There are no hidden prices or administrative fees.
  • No requirement for collateral if the bank is confident in your ability to repay.
  • No Pre-payment or foreclosure fees.

SBI Festival Loan Eligibility Criteria

  • You must have a net monthly income of Rs.3000/- or more. The income of your spouse might also be included when determining the loan amount. However, he or she must guarantee the loan or apply for it jointly.
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You must fall into one of the following categories to be eligible for an SBI Festival Loan:

  • An employee of a PSU, the government, a profit-making private/public limited institution/company, etc. with at least two years of service.
  • An individual who receives a regular stream of income from a verified source, such as government interest, TDRs, NSCs, or a pension.
  • Self-employed individual with at least three years of experience.

SBI Festival Loan Charges and Fees

Processing Fee

  • 1% of the loan amount + applicable Service Tax

Prepayment Fees

  • If you choose to prepay your EMIs in full or in part, you will be charged a 3 percent prepayment charge on the prepaid amount. The same is true for closing an account before the end of the term. If you opt to terminate the account using the funds of a new loan account created under the same plan, you will not be charged any prepayment or foreclosure fees.

Loan Limit

  • The festival loan maximum is decided by your income and payback capabilities. The smallest loan amount is Rs.5000/-, and the maximum loan amount is 4 times your net monthly income, with a maximum loan sum of Rs.50,000.

Documents Needed for a Festival Personal Loan from SBI

  • You will need to submit proof of official address if you are self-employed or a professional. This might be a business and establishment certificate, a phone bill, or a lease agreement.
  • You will also be required to furnish IT returns for the previous two continuous years.
  • In the case of salaried individuals, you must supply the most recent Salary Slip and Form 16.
  • Photograph in Passport Size.
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Offers on SBI Personal Loan

  • The SBI offers a car loan at INR 1539 per lakh, a gold loan at 7.5% p.a., and a personal loan at INR 1832 per lakh.
  • Customers of SBI should be aware that they may apply for loans via the SBI YONO app. They can also access
  • The SBI has previously stated the home loan advantages that it will be giving this holiday season. The bank informed its clients of the home loan offers in a recent post from its official Twitter handle.
  • This holiday season, SBI is giving home loans with no processing costs. Furthermore, regardless of loan size, SBI offers credit score related house loans at just 6.70 percent. Previously, a borrower who took out a loan of more than INR 75 lakh had to pay an interest rate of 7.15 percent. With the advent of the Festive deals, a borrower may now obtain a house loan for any amount at a rate as low as 6.70 percent.
  • It should also be highlighted that the offer results in a 45 basis point savings, which equates to a large interest savings of more than INR 8 lakh for a INR 75 lakh loan with a 30-year term. Furthermore, the interest rate for a non-salaried borrower was 15 basis points higher than the interest rate for a salaried borrower. The SBI has abolished the difference between salaried and non-salaried borrowers.

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