Here are different types of loans provided by SBI under its personal finance portfolio:
1. Housing loan: The housing loan is a product, where one gets loan to buy house property, renovate the property and mortgage loan against the owned property, said SBI. On housing loans up to Rs 30 lakh, for example SBI charges an effective interest rate of 8.35-8.50 per cent, according to its website - sbi.co.in. SBI's home loan portfolio includes regular home loan, balance transfer home loan and NRI home loan.
2. Education loan: SBI offers different types of loans for education, including student loan, scholar loan and loan to study abroad. Under scholar loan, loans are provided for courses at select leading institutions in India like IITs, IIMs, NITs, AIIMS and other premier institutions. The loan amounts up to Rs. 30 lakh. Education loan exclusively for full-time regular courses at foreign colleges/universities amounts from Rs 20 lakh up to Rs 1.5 crore, said SBI. Under student loan, loan is given for pursuing higher education in India or abroad which amounts up to Rs 10 lakh for studies in India and Rs 20 lakh for studies abroad.
4. Loans against property: SBI offers loans against property for cash requirements against the individual's asset (or property). Loan against property can also be called an all-purpose loan. In case of a cash crunch, customer can leverage a property and avail this loan. Repayment to the bank is to be done in form of EMIs ( Equated Monthly Instalments) at an interest rate pre-decided by the bank. The minimum loan amount that can be taken is Rs 10 lakh and maximum limit is Rs 7.5 crore, subject to location of property, said SBI.
5. Personal loans: SBI offers a range of personal loan schemes for different needs. A borrower can apply for a State Bank of India personal loan without requiring any kind of security or collateral. An individual can get a loan of up to 12 times of his net monthly income when applying either online or at a bank branch, said SBI.
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