SBI Personal Loan of 50000

The State Bank of India (SBI) stands out as a stalwart financial institution, known for its commitment to providing tailored solutions that cater to a diverse spectrum of financial needs. Among its array of financial products, the SBI Personal Loan emerges as a versatile and strategic choice, empowering individuals with the means to promptly address immediate financial obligations. Purposefully designed to bridge the gap between aspirations and reality, this streamlined borrowing option ensures swift access to funds, facilitating the effective management of unforeseen expenses and the pursuit of personal objectives without unnecessary delays. In the following discussion, we will delve into the specifics of the SBI Personal Loan of ₹50,000.

SBI Personal Loan 50,000 – Highlights 

Here are the highlights for SBI personal loan amounting 50,000. 

Loan Amount	50,000
Maximum Loan Tenure	Up to 6 years
Rate of Interest (p.a.)	10.55% p.a.
Overdraft Facility	Available
Pre-Approved Facility	Available

50,000 Personal Loan EMI Up to 6 Years

Take a quick look to learn more about 50,000 personal loan EMIs. 

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	50,000	10.55%	₹4,409
2 Years	50,000	10.55%	₹2,320
3 Years	50,000	10.55%	₹1,626
4 Years	50,000	10.55%	₹1,281
5 Years	50,000	10.55%	₹1,076
6 Years	50,000	10.55%	₹940

Comparing SBI Personal Loan 50,000 With Other Banks and NBFCs 

Here’s a quick comparison of SBI personal loans with other leading banking institutions. 

Bank Name	Interest Rate (p.a.)	Maximum Loan Tenure
SBI	10.55% onwards	6 Years
ICICI Bank	10.50% onwards	7 years
TATA Capital	10.99% onwards	6 years
Kotak Mahindra Bank	10.99% onwards	6 years
Standard Chartered Bank	11.49% onwards	5 years
L&T Finance	12% onwards	4 years

SBI Personal Loan 50,000 – Fees and Charges 

The applicant will need to pay the following as fees and charges for SBI Personal Loan. 

• The applicant is obligated to submit a processing fee equivalent to 1.50% of the loan amount, along with the applicable Goods and Services Tax (GST).
• An 18% GST is levied on the loan amount.
• Additional charges, inclusive of document verification fees and stamp duty charges, may be applicable.

SBI Personal Loan 50,000 Documents Required 

To commence the application procedure for a ₹50,000 SBI personal loan, it is imperative to provide the following documents:

• A completely filled-out loan application form.
• Utility bills, driver’s licences, voter IDs, Aadhar cards, and other officially recognised identification documents are among the required paperwork. 
• Documents such as balance sheet and profit and loss account statements, pay stubs, bank statements, income tax returns, and other relevant financial records must be submitted by applicants in order to verify their income.

50,000 Personal Loan Eligibility Criteria SBI

Eligibility Criteria for the ₹50,000 Personal Loan from SBI:

• Qualified Applicants: This category encompasses self-employed individuals, salaried professionals, pensioners, and government employees.
• Age Criteria: Prospective applicants should fall within the age range of 21 to 76 years at the time of submitting their loan application.
• Minimum Income: The bank will establish a specified minimum income threshold that applicants are required to meet.
• EMI/NMI Ratio: To ensure financial prudence, the EMI/NMI ratio should not exceed 50%.
• Citizenship Requirement: All applicants must possess Indian citizenship to be deemed eligible for the loan.