SBI offers personal loans so that you can meet your financial emergencies. This product helps you borrow money without collateral. To apply for this loan, you don’t have to visit the bank branch as there are online application services. To do SBI Personal Loan Apply Online, read this article below.
Steps to Follow to Do SBI Personal Loan Apply Online
You can apply for SBI Personal Loan Online by following these steps –
- Visit the SBI official website on your smartphone
- Go to its ‘Product’ Section and select ‘Personal Loan’
- Click on the ‘Apply Now’ button
- Now, you’ll be redirected to an online application form
- Select the purpose of the loan
- Answer this question ‘Do you have an existing relationship with SBI?’
- Choose from the option ‘Yes’ or ‘No’
Now, if you choose ‘Yes’, mention the type of relationship. You can select from the following –
- Xpress Credit
- Salary account
- Other deposit or loan account
Enter the account number and mobile number. Agree to the terms and conditions and click on the ‘Submit’ button
Shortly, you’ll receive a call from the SBI representative. He/she will take you through the loan application process and help you know how much you can borrow. As you already have a relationship with SBI, the bank representative won’t be needing many documents. All your data is stored in the bank system and the same will be used to check your eligibility for SBI Personal Loan Apply Online.
If you’re satisfied with the loan offer of SBI, proceed to the next step. Choose the tenure for repayment. Now, you’ll receive an OTP, enter the same and complete the process. Now, the money will be disbursed to your account.
How to Do SBI Personal Loan Apply Online if I am not an Existing Customer of SBI?
In this case, you need to answer the question ‘Do you have an existing relationship with SBI?’ with ‘No. If you do so, the following details will need to be entered by you –
- Date of birth
- Type of resident
- Employment nature
- Organization type
- Experience in the current organization
- Gross monthly income
- Existing EMIs (if any)
- Retirement age
- State or City you live in
- Mobile number and email address
- Captcha
Now, agree to the terms and conditions and click on the ‘Get Loan Quote’. You’ll receive an OTP on your entered email or mobile, enter the same and check out the available loan offers for you.
Select one offer from the available options and complete the application process by submitting documents like –
- KYC proof
- Address proof
- Income proof
For the KYC, you can submit any of the following –
- Aadhaar Card
- PAN Card
- Passport
- Driving License
- Voter ID Card
To prove your permanent residency, submit any of the following –
- Utility bills like electricity, phone, etc.
- Aadhaar Card with your address on it
- Rent agreement
For the income verification, the bank would require the following –
- Salary slip
- Bank statement
- Form 16
- Income tax return report
As you’re doing SBI Personal Loan Apply Online, so upload these documents by clicking their pictures. You can also check for the SBI Personal Loan Interest Rate Online. Make sure the size or format matches the requirement mentioned in the application form.
My SBI Personal Loan Apply Online is Successful – What Will happen Next?
If you have followed every step carefully and uploaded the documents correctly, wait for the SBI’s response via call or SMS. In the case of rejection, the reason will be mentioned in the SMS or told to you on call. Whereas if your loan application is approved, you just need to wait for the loan disbursement.
When the money is transferred to your account, you can meet your financial obligations and repay the same in equated monthly installments as per the tenure chosen by you during the loan application.