State Bank Of India (SBI) Background 

The bank traces its origin to the first decade of the 19th century. Later on, it was merged with the Imperial Bank. In the year 1955, the Government of India nationalized the Imperial Bank along with the Reserve Bank of India. Ever since that time, the bank acquired its present name that is SBI. State Bank Of India, Popularly known as SBI, is the country’s premier financial institution. SBI has been adjudged the Best Bank 2009 by Business India and it has also been ranked as No.1 in the 4Ps B & M & ICMR Survey on India's Best Marketed Banks.

 

Leading Products Of State Bank Of India (SBI)

  1. SBI Personal Loan(Apply)
  2. SBI Home Loan(Apply)
  3. SBI Education Loan(Apply)
  4. SBI Car Loan(Apply)

 

State Bank Of India (SBI)  Branches

State Bank of India has 131 foreign offices in 32countries across the world. It has about 25,000 ATM’s and its associated banks have about 45,000 ATM’s. It has about 26,500 branches out of which some of the branches are related to its associated banks. State Bank of India Includes about 99345 offices in India.

The presence of State Bank of India has also been felt at the international level as well. From December 2009, the bank had around 151 overseas offices spread over 32 countries. Its branches lie in capital’s of different countries like Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, London, Los Angles, Muscat, New York, Osaka, Sydney and Tokyo.

It has offshore banking divisions in the Bahamas, Bahrain, and Singapore and representative offices in Bhutan and Cape Town. It also has an ADB in Boston, USA.

 

State Bank Of India (SBI)  and Its Associates

SBI has five associate banks:

  • State Bank of Bikaner & Jaipur
  • State Bank of Hyderabad
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Travancore
  • State Bank of Saurashtra - merged with SBI in 2008.
  • State Bank of Indore - merged with SBI in 2010.

 

State Bank Of India (SBI)  Personal Loan

A personal loan is an unsecured loan, meaning the borrower does not place up any collateral or security to Personal Loan is an Unsecured Loan. Kit means a borrower will not have to pledge anything as collateral to the lender. In this loan,  one will not have to provide any sort of guarantee to the lender. This loan is used to serve all sort of long-term as well as short-term needs.  One can use this loan for any legitimate purpose like expenses for travelling, medical expenses, meeting any financial liability such as marriage, educational expenses, etc.

 

Salient features of SBI – Saral Personal loan

  • SBI Saral Eligibility:  All Salaried individual of good quality corporate, Self employed engineer, Doctor, Architect, Chartered accountant, MBA with minimum 2 years standing.

  • Minimum loan amount : Rs.24,000/- in metro and urban centres, Rs.10,000/- in rural/semi-urban centres

  • Maximum loan amount: For Salaried Individuals: 12 times Net Monthly Income, For Pensioners: subject to a ceiling of Rs.10 lakh

  • Documents required: For existing bank customers: passport size photograph, For salaried individuals: latest salary slip and Form 16

  • SBI Saral Interest Rates: 8.50% above Base Rate floating, currently 18.50% p.a.

  • Processing fees: 2-3% of the loan amount

 

State Bank Of India (SBI) Home Loan

SBI Home Loan is a package of exclusive benefits including low interest rates. Further, we charge interest on a daily reducing balance, Low processing charges, No hidden costs or administrative charges, No prepayment penalties. SBI Home Loans are available to the customers under three categories: SBI Easy Home Loan, SBI advantage home loan, SBI premium home loan.

 

State SBI Home Loans: Loan Amount and Interest Rates

Card Rate applicable for the tenor of the loan – 1.50% above Base Rate, Present effective rate being 9.75% p.a.

(Base Rate: 10.00% p.a.)

 

Product Name

Loan amount

Duration

Interest Rate

SBI easy home loan

Up to 30 lakh

 

(floating rate)

1st year

1% discount for Card Rate, present effective rate being 8.75% p.a

2nd year

0.25% discount for Card Rate, present effective rate being 9.50% p.a.

3rd year

4th year onwards

Card Rate

SBI Advantage Home Loan

30-75 lakh

1st year

1.25% discount for Card Rate, present effective rate being 8.75% p.a

2nd year

0.50% discount for Card Rate, present effective rate being at 9.50% p.a

3rd year

4th year onwards

Card Rate

SBI Premium Home Loan

Above 75 lakh

 

Card Rate applicable for the tenor of the loan is 1.75% over the Base Rate, present effective rate being 10.00% p.a.

 

 

 

State Bank Of India (SBI) Education Loan

SBI offers Education Loans for pursuing higher education in India or abroad where admission has been secured. The courses covered under this loan facility by SBI have been categorised under two broad categories: For Studies in India and For Studies Abroad. SBI offers Education Loan for studies in India with the maximum amount of Rs.10 lakh and for study abroad Rs. 20 lakh.

 

State Bank Of India (SBI) Education Loan Interest Rates

  • Base Rate 8.25 % w.e.f. 14.02.2011

Loan Amount

Interest Rates

Up to Rs.4 lacs

12.50% p.a

Above Rs.4 lacs and upto Rs.7.50 lacs

13. 75% p.a

Above Rs.7.50 lacs

11.75% p.a

*above rates are subject to change without notice

 

State Bank Of India (SBI) Car Loan

State Bank of India offers SBI Ezee Car Loan for the purchase of new brand car, MUV’s (Multi Utility Vehicles) and SUV’s with a minimum loan amount of Rs 5 lakhs and above. It provides loan amount of 85 % of the (on road car price) to the consumer. In case of the corporate salary package accounts, the amount is given about 90 % of the market price of the car. It also offers flexible monthly repayments.

 

State Bank Of India (SBI) Education Loan Interest Rates

 

Type Of Loan

Term

Interest Rate

Term Loan

1st year

9.25% p.a

For 2nd & 3rd year

10.25% p.a

For 4th to 7th year

11.25% p.a

Overdraft

0.50% more than the existing rate for Term loans