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Looking to opt for a personal loan to fulfill any of your personal financial needs? An SBFC Personal Loan could be the best choice for both salaried and self-employed individuals. Why? Affordable Interest rates, lenient eligibility criteria, higher loan amount are some of the features that make SBFC Personal Loan as one of the popular options among individuals. SBFC is one of the leading financial institutions that has been growing at a very fast pace. A personal loan from SBFC can be taken for various purposes such as travel, marriage, health-related expenses, education, or any other personal needs.
SBFC Personal Loan Interest Rates vary from one individual to another based on a variety of factors. If you are looking to opt for a personal loan and want to know more about SBFC Personal Loan then this read can be helpful to you. We will be telling you about everything about this loan facility, such as Interest Rates, Tenure, EMI Calculator, Eligibility, Documentation, etc. So, keep reading!
SBFC Personal Loan Interest Rates February 2023
Interest Rates directly affect your repayment amount in case of a personal loan or any other loan. SBFC Personal Loan Interest rates are pretty affordable and depend on several factors such as your age, monthly income, employment type, employment history, credit score, etc. SBFC provides you a maximum period of 5 years (60 months) to repay the loan amount. You can repay it via Equated Monthly Installments (EMI) without any trouble.
We are showing some of the important details related to the SBFC Personal Loan Interest Rates. Have a look!
|Minimum Loan Amount||Customized|
|Maximum Loan Amount||INR 10 lakh|
|Rate of Interest||Customized|
|Tenure||5 years or 60 months|
|Repayment Method||Equated Monthly Installment (EMI)|
|Prepayment Charges||As Applicable|
Features of SBFC Personal Loan
After knowing the important details about the SBFC personal loan, it’s important to know some of the amazing features that make it popular among the customers. Have a look at them below.
Affordable Interest Rates
Lower SBFC personal loan interest rates make so many applicants opt for this loan as it will result in pocket-friendly EMIs. With the lower EMIs, an applicant can easily repay the loan on time. Interest rates also depend on your loan amount, job type, job history, and credit score.
No Need for a Collateral
The best thing about the SBFC personal loan is that you don’t need to pledge any kind of collateral or security to get the required loan amount. Because this loan is an unsecured loan, you don’t need to worry about this. The bank will approve the loan amount after assessing factors such as your age, monthly income, employment type, job history, and most importantly, your Credit Score.
Flexibility in Repayment
If you are worried about how you will be able to repay the loan amount then you should know that you will have a flexible tenure of a maximum of 60 months to do the same. You can choose the tenure according to your repayment capacity and monthly income. A tenure when decided upon carefully can help you repay the loan easily via monthly installments. You need to remember that choosing a long tenure will make you pay a higher interest amount and vice-versa.
Instant Loan Approval
On fulfilling the eligibility criteria and submitting the required documents, you will be able to get the loan instantly. Also, you don’t require to submit any kind of collateral or security, so the overall process is quicker. As soon as your loan gets approved, the amount will be transferred digitally into your account.
SBFC Personal Loan EMI Calculator
As we said, SBFC personal loans can be repaid via Equated Monthly Installments. And while taking any personal loan, there is one important question that a lot of individuals ask – What will be the EMI amount I will be paying towards the repayment of the personal loan.
You can get the answer to this question by using the SBFC Personal Loan EMI Calculator. This is an amazing tool by which an applicant knows his/her monthly installments. And not only this, you can get to see your interest outgo and the total amount payable. To use this tool, you will need a few basic details such as Required Loan Amount, Rate of Interest and Tenure. On feeding these details into the calculator, you will get the results instantly.
Let’s understand this through an example. Suppose an individual wants to opt for a personal loan of INR 3 lakh for 5 years at an interest rate of 15% per annum. On feeding these details into the calculator, you will get the EMI amount, interest outgo, and the total amount payable.
A lower tenure can help you in reducing the interest amount that you will pay over your tenure but your EMI amount will be higher. Whereas on choosing a longer tenure, your EMI amount will be lower but your interest amount will be higher as compared to a short tenure. But you should always choose your tenure according to your repayment capacity and monthly income.
Apart from the EMI amount, Interest Outgo, and the total amount payable, SBFC Personal Loan EMI Calculator also provides an Amortization Table with which you can know your interest amount and principal outstanding balance at different points in your tenure.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 3,00,000||15%||1||₹ 27,077||₹ 24,930||₹ 3,24,930|
|₹ 3,00,000||15%||2||₹ 14,546||₹ 49,104||₹ 3,49,104|
|₹ 3,00,000||15%||3||₹ 10,400||₹ 74,386||₹ 3,74,386|
|₹ 3,00,000||15%||4||₹ 8349||₹ 1,00,763||₹ 4,00,763|
|₹ 3,00,000||15%||5||₹ 7137||₹ 1,28,219||₹ 4,28,219|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 43,557||₹ 42,086||₹ 2,56,442|
|2||₹ 50,559||₹ 35,084||₹ 2,05,882|
|3||₹ 58,687||₹ 26,956||₹ 1,47,194|
|4||₹ 68,121||₹ 17,522||₹ 79,072|
|5||₹ 79,160||₹ 6571||₹ 0|
SBFC Personal Loan Eligibility Criteria
SBFC has set a fixed set of eligibility conditions that an individual has to qualify to get the personal loan amount. Without meeting these conditions successfully, an individual cannot get the loan amount. So, you need to know these conditions so that you can prepare beforehand. You can look at the eligibility criteria mentioned below.
- Both Salaried and Self-employed applicants can apply for SBFC Personal Loan.
- The applicant must have a regular source of income to keep a smooth repayment track.
- Though the maximum loan amount can be upto INR 10 lakh, the final loan amount will be decided by the lender according to your monthly income and credit score.
- Credit Score of the applicant must be good which is considered to be 700 or above among all the lenders.
Other than this, if you want to know the maximum loan amount that you can get, you can use the SBFC Personal Loan Eligibility Calculator. Just put a few details into the calculator, such as your monthly income, monthly expenses, and other existing obligations (current loan EMIs, credit card outstanding balance, etc). Based on these details, you will be able to know your maximum personal loan amount. You need to remember that with higher monthly income and less obligation, you can get a higher personal loan amount.
Documents Required to Apply for SBFC Personal Loan
Apart from the eligibility criteria, there is one more important thing that you need to keep in mind – Documentation. There is a fixed set of documents that you need to submit at the time of the loan application for authentication purposes. If you know the documents beforehand, you will be able to prepare accordingly. You can check the list of documents below.
- Signed Loan Application Form
- Two Recent passport-sized Photographs
- KYC Documents – Valid Passport/PAN card/Voter ID Card/Driving Licence
- Address Proof – Electricity Bill/Telephone Bill/Property or Municipal Tax Receipt
- Income Proof
How to Apply for SBFC Personal Loan?
Now after knowing so many details about the SBFC personal loan, you must have wanted to know about how you can apply for the loan. Well, the loan can be applied online from anywhere. There are a few steps that you need to follow to apply for SBFC Personal Loan. All of them are mentioned below. Check them out.
- First, you will need to go to the official website of SBFC.
- There, you will see the Personal Loan section. On reaching there, you will see a button ‘Apply Now’.
- After the previous step, you will be redirected to a form where you will need to fill in a few details such as required loan amount, required tenure (in months), monthly income, and the purpose of your loan.
- After filling your loan details, you will need to fill a few personal details such as your name, email ID, mobile number, PAN, Date of Birth, Gender and Marital Status. After filling all the details, submit the form and your loan application is complete.
- The representatives of SBFC will soon contact you regarding your loan application.
How to Get in touch with SBFC Personal Loan Customer Care?
In case of any query regarding the SBFC personal loan, you can get in touch with the customer representatives of the SBFC by calling 1800-102-8012. The representatives will hear all your problems patiently and will resolve it in the shortest time possible.