Here are the important details about SBI's Festival Loans
Loan limit: The festival loan limit would be determined by your income and repayment capacity. The minimum amount of Loan is Rs.5000/- and maximum amount of the loan is 4 times your Net Monthly Income, with a ceiling of Rs.50,000.
Documents needed: You need to show your latest Salary clip and Form 16, in the case of salaried persons. In case of self employed individuals and professionals, IT returns for the last two financial years needs to be presented. SBI will also require a passport size photograph and proof of residence.
Security: SBI said that no primary or collateral security is required if check-off facility is available from your employers. Otherwise, personal guarantee of the spouse or any other person of adequate worth will be required.
Charges: The bank will charge a processing fee of Rs.100 per application. You can prepay the loan partly or fully, at any stage, without any prepayment penalty, SBI said.
EMI Schedule: The loan is repayable in up to 12 equated monthly installments, SBI said.