If you have that itch for travel, and shortage of finances are holding you back from being the globetrotter, then availing Personal Loan has the power to turn your dreams into reality.
In the past decade, Personal loans has come as a huge relief, for people to get their to do tasks done, in their bucket list. It was a dream few years back, to even give it a thought about investing on travelling. Even today, with the regular pay-checks, it becomes a struggle to work things out. But with Personal loans gaining momentum, travelling anywhere in India or abroad is possible.
You can now, avail Personal Loans and achieve your long-awaited dream of travelling to exotic places and create memories for lifetime. Take a break from the monotonous hectic day to day schedules, for exploring the exotic beaches, or the serenity of the mountains and rejuvenate your soul.
With SBI Personal loans, you can get personal financing options, customized as per your need, at attractive interest rates. Travel anywhere to places, which your heart is set out to. SBI personal loan interest rates are very much consumer friendly and have gained popularity among masses.
But before going to avail Personal Loan, consider few points which will serve as a guide.
- Evaluate your eligibility- The most important factors to consider while applying for Personal loan is to find out if you are meeting the eligibility criteria or not. These include your age, citizenship, stable income and your Credit score. All the lenders are majorly concerned about the repayment capability. Your credit score, majorly plays the role in successfully providing you with the approval. Make sure, you pay all the debts, EMIs keeping the record clear. Keep an eye on your CIBIL score, and keep updating frequently.
- Amount to be borrowed and at what cost- Before you go ahead with the documentation part, with the chosen lender of your choice, you will have to question yourself. How much is the requirement and how much you can afford to repay? Your debt to income ratio will be the major driving factor in answering your query to yourself.
Keep the ratio to 30%, so that you will not be burdened with other obligations. If the requirement of loan amount is higher, check for other income sources which will reduce the ratio. You will have to reconsider the loan amount, if it does not meet the criteria.
- Considering repayment options – Chalk out your repayment options wisely. Filing application from the comfort of your home with just few clicks, has definitely lessened doing rounds of banks.
All lenders at the time of granting loan, look out for the income sources, to understand the borrower’s capacity to repay the amount borrowed. Before availing for the loan, it is therefore advisable to access yourself whether you will be able to repay the amount borrowed on time or not?
All the lenders in the market have come up with EMI calculator on their respective websites. Going for the shortest possible tenor has its advantages of reducing the amount overall. Longer the tenor, decreases the EMIs but overall increases the net amount you will have to pay over the term as interest.
The amount which you will be paying for EMIs will be calculated on the basis of the loan value, tenure of loan, rate of interest. The actual applicable interest rates vary according to the credit score of the individual, company you work for gets you the leverage of reducing the rate of interest to some extent, loan amount and tenure and finally on the discretion of the bank.
- Lenders offering the deals– Due to tough competition in the market, possibility of getting the best deals are on high. Your credit score is the major factor in deciding your eligibility score. A score of 750 or above should make you eligible for negotiating best interest rates for yourself. Look for the ones offering best USP’s and go ahead with them wisely.
Analyze which lender is offering lowest pre-payment charges. You should be aware that banks charge a fee, if you are closing the loan early. This process is generally followed by lenders as it prevents them from earning the interest rates as it was expected, when the application for loan was pitched.
- Analyzing Fine Print – There are other legal charges, which you might miss to understand before availing the loan. To save yourself time, while opting for loans online, you might go ahead clicking and agreeing to all the check boxes as you proceed ahead. However, it is of great importance to go through in details about the various fore closure, pre-payment, late fee, loan cancellation, EMI bounce fees are included. To save yourself later against all such fees and charges, give yourself the time to go through each and every detail minutely.
Now that you are aware what points are necessary to understand before availing for Personal loan, the hassle and inconvenience will be avoided to a large extent.
Let us have a glance at the features and benefits of SBI Personal Loan
Personal loan eligibility for SBI
State Bank of India (SBI) provides the best Personal Loans to the citizens of India.
SBI personal loan calculator helps us to know an approximate EMI and the eligibility and it also helps to manage the future expenses.
- Processing fees up to 1 % (excluding taxes) of the loan amount.
- SBI offers various Personal Loan plans including SBI Xpress Power Personal Loan and SBI Xpress Credit Personal Loan.
- All the salaried and self-employed individuals in India can apply for these Personal Loans up to Rs.15 Lakhs (For other persons), for pensioners (14 lakhs).
- The SBI personal loan interest rates range from 11.00 % to 15.55 %.
- SBI offers the loan tenure up to 60 months.
Factors to be taken into mind before choosing the bank for a personal loan are:
- Interest rates 2. Processing fees charges 3. Pre-closure 4. Repayment flexibility 5. Eligibility criteria
Personal loan eligibility
Checking of personal loans eligibility is one of the most important factors for availing a personal loan, apart from the eligibility various factors are also taken into consideration. In India, any individual who is an Indian citizen or national and has income qualifies for the personal loan.
Below can see few major eligibility criteria:-
|Age limit||Minimum- 21 years
Maximum- 58 – 65 years
|Employment Status||Employed/In-business for at least 2 years to 5 years|
|Maximum Loan Amount||Up to Rs. 15 lakh|
|Credit Score/CIBIL score||750 or more|
|Repayment Tenure||Up to 5 years|
If you meet the above criteria, and all the documentation is in place, you can get the amount disbursed in your account within 2-3 working days. You can even apply the loan online from the comfort of your home with few clicks from your smartphone or login to the website.
When it comes to meeting the expectations of the esteemed customers, SBI has always been the leader in the market. With SBI personal loans for travel, make your travel trips all the more exciting and the fulfilling.