• Personal Loan BYTES FROM OUR KITCHEN

    SBI Personal Loan

    SBI or the State Bank of India is India’s largest state-owned bank and, in Singapore, it offers financial products and services to Singaporeans, foreigners and Permanent Residents. The wide array of products offered by SBI include insurance, investment loans, credit cards, personal banking, and more. Among its various products, SBI’s personal loan is known for its interest rates and ease of application.

    Why Choose SBI Personal Loan?

    With SBI’s personal loan, you will be eligible to receive up to four times your monthly salary and if your yearly income is more than S$120,000, you can even apply for up to six times your monthly salary.

    Types

    With SBI, you can choose between two types of personal loans:

    • Term Loan

    With this type of loan, the monthly repayment amount is fixed.

    • Overdraft

    With this type of loan, the monthly repayment amount varies depending on the amount utilised.

    Features & Benefits

    • With SBI’s personal loan, you will be eligible for a minimum amount of S$5,000 and a maximum amount of S$100,000.
    • You will get personal loans with nominal interest rates starting from 4.27% p.a.

    Eligibility & Documentation

    If you want to apply for a personal loan, you will have to fulfil the following eligibility criteria:

    • You will either have to be a citizen of Singapore or a Permanent Resident.
    • Your annual income should be at least S$30,000.
    • You will have to be at least 21 years old and not more than 55 years.
    • You can be a salaried employee, commissioned employee or be self-employed.

    You will need to submit the following documents to get your personal loan approved:

    • SBIS loan-servicing account that includes either SBI Check Plus Account or Special Savings Account
    • A copy of your NRIC
    • An online or manual application form
    Self-employed
    • A proof of your employment in Singapore for minimum three years
    • Income Tax NOA for the last two years
    Salaried Employee
    • A proof of your employment in Singapore for minimum two years CPF contribution statement of the past 12 months or Income Tax NOA for the last one years
    • Last three months’ payslips
    Variable/Commission-Based Earner
    • A proof of your employment in Singapore for the past two years
    • CPF contribution statement of the past 15 months or Income Tax NOA for minimum two years

    SBI Personal Loan Interest Rates

    Interest rates for a term loan:

    Tenure (in years) 1 2 3 4 5
    Effective Interest Rate 8.5% 8.5% 8% 10% 10.5%
    Nominal Interest Rate 4.66% 4.55% 4.27% 5.44% 5.79%

    Interest rates for an overdraft:

    Tenure (in years) 1 2 3 4 5
    Effective Interest Rate 10.5% 10.5% 10% 12% 12.5%

    You have the option of choosing among a tenure of 1, 2, 3, 4, or 5 years. You can initiate your personal loan application online. You must also go to any of SBI’s branches for getting the approval. With this personal loan, you will also get a debit card. A chequebook is also provided if needed.

    Fees & Charges

    The fees and charges associated with SBI’s personal loan are mentioned below:

    • A processing fee worth S$88 is waived for Term Loan at present. The Processing Fee will be applied for Overdraft.
    • If you make the entire repayment of your personal loan before the tenure period, you will be subjected to prepayment charges as follows:
      • 3% of the unsettled amount or S$300 (the higher amount among the two) if you have made the full payment in the first year of your loan application.
      • 2% of the unsettled amount or S$100 (the higher amount among the two) if you have made the full payment after the first year but before the end of the tenure.
      • There is a notice period of one month for full redemption.

    How to Apply

    You can apply for SBI’s personal loans by either filling up and submitting the application form online or by visiting the bank’s branches.

    FAQs

    1. Can I make a partial repayment during the tenure of the loan?
    2. A. No, partial repayment of the personal loan during the loan tenure is not permitted.

    3. Can the overdraft facility be used to repay any amount owed to the bank?
    4. A. No, the overdraft facility is not meant for paying any amount you owe to the bank.

    5. Is there any fee involved if you fail to pay any interest overdue?
    6. A. S$50 will be charged by the bank on any unsettled principal and/or interest which has not been paid per month.

    7. Can the bank cancel my personal loan?
    8. A. Yes, the bank reserves the right to cancel the Overdraft Facility or the Term Loan offered to you without providing any notice or reason.

    9. What is the notice period for termination of Overdraft?
    10. A. There will be a notice period of 30 business days for termination of Overdraft.

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