State Bank of Patiala Personal Loan Approval Process

State Bank of Patiala Personal Loan Approval Process

About State Bank of Patiala Personal Loan Approval Process

State Bank of Patiala Personal Loan Approval Process

During an emergency, a Personal Loan from the State Bank of Patiala might assist you to fulfil your numerous financial needs. It’s known as an unsecured loan, and it can be used for a variety of activities, including managing expenses, paying medical bills, realising dreams, upgrading homes, and so on.

We should not be hesitant to take out a personal loan if we are in need of one. Dialabank.com’s knowledgeable staff is always available to assist you in obtaining the greatest prices in the least amount of time. Time is of importance, and financial resources are limited. As a result, you can always count on us to keep our word and assist you with any loan, including personal loans, in a hassle-free manner.

  • Most banks offer low-interest pre-approved personal loans to customers who already have an account with them and have a good credit history.
  • They also have an online application/portal where you can submit your eligibility and relevant documents digitally.
  • On the bank’s website, by calling them, or by contacting our customer service helpline, you can simply check the status of your State Bank of Patiala personal loan application in real-time.
  • The State Bank of Patiala Personal Loan Approval Process is well-known, and it also offers special discounts and bargains for people of all income levels and occupations. State Bank of Patiala Personal Loan Eligibility

State Bank of Patiala Personal Loan Eligibility

Are you unsure if you qualify for a personal loan? There’s no need to seek further because we’ve compiled a list of the requirements for obtaining a personal loan:-

 

Particulars Salaried Self-Employed
Age 21 – 60 years 21 – 65 years
Minimum Income Rs.15,000* Rs.5 Lakh p.a.
Co-applicant Not mandatory Not mandatory
Loan Tenure 12 – 60 months 12 – 60 months
Maximum Loan Amount Rs.40 Lakh Rs.40 Lakh
Employment Type Employees of private limited companies and public sector undertakings
Self-employed individuals
Employment/Business Continuity At least 2 years; minimum 1 year with current employer
4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score 750 and above 750 and above
Residential Status
Resident Indian staying in own house or a rented house

 

*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

*Note: The eligibility criteria vary from lender to lender.

Check Personal Loan Eligibility with Top Lenders in 2021

Bank Age Limit Minimum Work Experience
Minimum Income (Per Month)
SBI Up to 76 years NA** Rs.15,000
HDFC 21 to 60 years 2 years Rs. 20,000
ICICI 23 to 58 years 2 to 5 years Rs.17,500
Axis 21 to 60 years NA** Rs.15,000
Kotak Mahindra 22 to 55 years 1 year Rs.25,000
Tata Capital 21 to 58 years 1 year Rs.15,000
IndusInd 21 to 60 years 2 to 5 years Rs.25,000
Ujjivan Small Finance 22 to 58 years NA**
Above the minimum wage limit
India Infoline Finance Limited 25 to 60 years 6 months to 2 years Rs.35,000
HDBFS 21 to 65 years 1 year to 3 years
Rs.15,000 for salaried
Rs.1 lakh p.a. for self-employed
Indian Overseas Bank Up to 58 years NA* Rs.5,000
IDFC First Bank 23 to 68 years 3 years NA*
Federal Bank 21 – 55 Years 3 years Rs.25,000
Punjab National Bank 21 – 58 years 2 years for doctors Rs.15,000
Andhra Bank 21 – 55 years NA** NA*
Canara Bank NA** NA**
Salaried: Rs.6,000 & above
Self-employed – Rs. 1.5 lakh
IDBI Bank Up to 75 years for Pensioners NA** Rs.1.5 lakh p.a.
Fullerton India 21 to 55 years 1 to 2 years Rs.15,000
RBL Bank 25 to 60 years 1 to 3 years Rs.25,000
Bank of Baroda 21 to 60 years 1 year to 2 years
60% of gross monthly income
Deutsche Bank 25 to 60 years NA** Rs.25,000
Karnataka Bank NA** 3 years NA*
United Bank of India up to 75 Years 2 years NA*
UCO Bank 21 to 65 years 1 year to 5 years Rs.20,000

 

*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions

Learn More about Personal Loan: Click Here

 

Documents Required for State Bank of Patiala Personal Loan Approval Process

Certain documents are always required to be supplied as verification for every financial service that you use. In the case of a personal loan, they are as follows:

 

List of Documents Required for Salaried Applicants

Salaried individuals must submit the following documents in addition to a completed personal loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhar Card
Driving License
Address Proof (Any one)
Passport
Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Aadhaar Card
Driving License
Ration Card
Income Proof
Salary slips (Last 3 months)
Bank statements for the last 3 to 6 months (showing salary credit)
Tax Paid (Any one
IT returns (for 2 years)
Form 16
Residence Ownership Proof (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Job Continuity (Any one)
Current employment certificate
Current job appointment letter (if more than 2 years have been spent in the same organisation)
Experience certificate (previous employer’s relieving or appointment letter along with job certificate)
Proof of Investment (if any)
Fixed assets, fixed deposit, shares, etc.
Existing Loans (if any)
Payment Track Record & Sanction letter
Photograph
One coloured passport size photograph

 

List of Documents Required for Self-employed Applicants

Self-employed personal loan applicants must submit the following documents in addition to a fully completed loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhaar Card
Driving License
Address Proof (Any one)
Passport
Aadhaar Card
Driving License
Utility Bill (telephone, water, electricity, gas) – less than 2 months old
Ration Card
Proof of Residence Ownership (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Office Address and Ownership (Any one)
Maintenance bill
Property documents
Electricity bill
Proof of Business Existence (Any one)
Copy of GST registration
Company registration license
Shop establishment proof
Income Proof
Last 2 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
Bank statement
Savings/current account bank statement/ bank passbook for the past one year
Proof of Investment (in case any)
Investments such as fixed deposit, fixed assets, shares, etc.
Existing Loans (in case any)
Payment Track Record and sanction letter
Professional Degree Certificate
In case of professionals
Photograph
One coloured passport size photograph

 

List of Documents Required for NRI Applicants

When applying for a personal loan, NRI candidates are typically required to submit the following documents:

Identity Proof Copy of the passport
Copy of the visa
Employment Proof Letter of Appointment
Job contract
Labour/ Identity card (if applicable)
Official email ID or the HR’s email ID
Income Proof Last 6 months’ bank statements
Last 6 months’ salary slips or salary certificate
Photograph Passport size photographs

 

List of Documents Required for Pensioners

When applying for a personal loan, a pensioner must submit the following documents:

Identity/Age Proof (Any one)
Ration card
Passport
PAN card
Aadhar card
Voter ID card
Driving licence
Birth certificate
School leaving certificate
Address Proof (Any one) Passport
Aadhaar card
Utility bills
Ration card
Driving licence
Income Proof (Any one)
Last 6 months’ bank statements/salary slips
Bank passbook
Form 16
Copy of pension payment order
Income tax returns
Photographs
Passport size photographs

 

Know More About: Personal Loan Eligibility Criteria

 

State Bank of Patiala Personal Loan Approval Process

What is the approval process for getting a personal loan at the State Bank of Patiala?

Step 1: Determine your requirement
Determine why you require a Personal Loan and how much you require.

Step 2: Check loan eligibility
Once you’ve determined how much money you’ll need, make sure you meet all of the conditions for the State Bank of Patiala Personal Loan Approval Process that we’ve provided above.

Step 3: Calculate monthly instalments 
Calculate your monthly loan repayments with an online EMI calculator. This EMI calculator is highly recommended because it can rapidly give you information such as the total interest payable on your personal loan.

Step 4: Approach the bank
The State Bank of Patiala Personal Loan Approval Process can be applied for in a number of ways: You can do it using Net banking, the bank’s website, an ATM, or a branch, or you can just contact us at 9878981144 and we’ll walk you through the procedure.

Step 5: Submit documents
Submit the required documents listed above, and then wait for monies to be deposited into your account. Customers receive monies for pre-approved loans from the State Bank of Patiala in the quickest time possible.

*Personal loan disbursement is at the sole discretion of the bank and is subject to the bank’s terms and conditions.

Learn More about Personal Loan: Click Here

Steps to Apply for State Bank of Patiala Personal Loan Approval Process

If you want to apply for the State Bank of Patiala Personal Loan, you can do it online or directly visit the branch. We will enlighten you on both the online and offline processes. If you are planning to apply, then you have to follow the steps mentioned below:-

  • Visit the State Bank of Patiala’s website or call the bank’s nearest branch for further information.
  • Fill in the bank’s personal, professional, and financial information and submit the form.
  • After you complete the form online, the bank will verify your eligibility and inform you of the amount that you are qualified for.
  • You must submit the required documents, which can be uploaded online, once you agree to complete the application.
  • Finally, the State Bank of Patiala Loan Approval Process will process your paperwork, and if the loan is approved, the funds will be released to your State Bank of Patiala account instantly.

If you want to get straight to the branch, you must complete the steps outlined below:-

  • Fill out the application form with the relevant personal information, occupation information, and contact information at the appropriate bank branch. The State Bank of Patiala Personal Loan Approval Process will prioritise this factor.
  • For the State Bank of Patiala Personal Loan Approval Process, their representative will explain the loan’s eligibility, as well as the loan rates, terms, processing costs, prepayment, and foreclosure clauses.
  • You will be given an application reference number after submitting the application form and relevant documents. This number can be used to check on the progress of your State Bank of Patiala Personal Loan application.
  • After successful verification, the loan can be disbursed as soon as the loan is approved and the agreement is signed.

All this can be a little tricky if you’re doing it for the first time, so to avoid having doubts at each step you should directly reach out to us at 9878981144 or send a mail to us at booking@dialabank.com

State Bank of Patiala Personal Loan Approval Process FAQs

✅ How does a personal loan work?

When you submit a personal loan application to a lender, the lender verifies and authorises it based on the institution’s requirements. The loan amount is then immediately transferred to your bank account. As part of your loan repayment, you will be expected to pay the EMIs on a monthly basis.

✅  What is the maximum amount of loan I can get if I clear the State Bank of Patiala Personal Loan Approval Process?

The amount of loan you can get completely depends on your income. In India, there are lenders who are offering up to Rs.50 lakhs.

✅ What credit rating should be required to get a personal loan?

For personal loan approval, a CIBIL score of 700 or more is regarded as good. A credit score of 800 or higher, on the other hand, will put you in good standing with lenders. It may also help you receive better loan interest rates and repayment choices.

✅ What is the best mode to apply for the State Bank of Patiala Personal Loan Approval Process?

The most efficient approach to apply for a loan is to use DialaBank.com’s online loan application tool. The portal can be accessed from this page, offering users the option of selecting PLs from a variety of lenders based on their requirements.

✅ How can I repay my Personal Loan?

You can repay your Personal Loan by setting up an auto-debit instruction through your HDFC Bank account on a monthly basis to pay off your EMI.