The minimum salary for seeking personal loan in urban and metro areas is Rs 24,000 and Rs 10,000 in rural or semi urban area. One can seek a personal loan of 12 monthly income for salaried individuals and pensioners subject to the ceiling of Rs 10 lakh. The documents required for seeking personal loan for the existing bank customers are passport size photograph, and latest salary slips and form 16.
The personal loan is repayable in 48 EMIs. One can pay more than the EMI if you wish to, without having to pay any prepayment penalty. The processing charges of SBI personal loan are anywhere between two to three percent of the loan amount, with service tax applicable.
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