Why Take SBI Tatkal E Personal Loan for your Personal Finance Needs?

The need to take a personal loan can arise at any point of time; whether you want to buy your favourite or pay for some medical emergency or meet wedding expenses. So, it is necessary to know which personal loan will be a great fit to meet your needs-in-hand. There are zillions of personal loan options in the market. Not all options provide loans instantly. This is because some lenders have a complex verification process which makes loan disbursal a lengthy affair. But there’s one player who has addressed this issue. State Bank of India is providing instant personal loans through the SBI Tatkal E Personal Loan scheme. The name of this scheme has been recently changed to SBI Xpress Credit Personal Loan. Let’s discuss some of the features of this personal that make it an attractive option for financing your unexpected needs.

What are the Features of the SBI Tatkal E Personal Loan?

Instant Funds: Whether you have to take an unexpected vacation or meet any immediate medical expense, the Xpress Credit Personal Loan ensures that you have the funds at your disposal. The funds are released faster than other loans out there in the market.

Low Interest Rates: Once you have spent the amount on fulfilling your dreams, repaying the loan amount shouldn’t feel like a burden on your present life - the State Bank ensures this. This is the reason why SBI provides Tatkal loans at really low interest rates. It ensures that the interest shouldn’t deter you from living your present life freely.

No Hidden Costs: SBI being a renowned and trusted play in the banking industry makes sure that all the costs are kept before the customer so that the customer doesn't feel deceived at any point of time. The processing fee charged by SBI on the Tatkal loan is 1% of the loan amount plus applicable GST. In case of EMI payment default, a penal interest of 2% per annum will be charged over and above the applicable interest rate

No Collateral: SBI doesn’t ask you to pledge any type of securities in order to avail the personal loan. Because the verification and authentication check of the securities defeats the whole purpose of the Tatkal loan as it will take more time for it to get approved.

Minimum Documentation: Similarly, carrying out a lengthy document procedure also increases the time of loan approval and disbursal process. Thus, SBI follows a minimum documentation process for the fast disbursal of loan amount.

Loan Amount: SBI Tatkal E Personal Loan extends loan amount of upto INR 15 lakh to its customers. The minimum loan amount that is disbursed under this scheme is INR 25,000. Such high loan amounts are extended so that you don’t have any problem meeting your needs and dreams.

Loans for Everyone: All that is required to be eligible for the SBI Xpress Credit Personal Loan is that you should have an account with SBI. Some banks ask you for your employer details and only extend the loan if you work in renowned MNC or high profile public sector undertaking. But this loan gives leeway on the employer details and extends instant personal loans to undernoted entities also. And the minimum income requirement that is considered before giving the Sbi Tatkal E Personal Loan is INR 5000.