State Bank of India (SBI) is the largest public sector bank in India. The bank has played a pivotal role in establishing the organized banking sector in India by offering a wide range of services to individuals as well as businesses. It has its headquarters in Mumbai, Maharashtra and after its merger with five of its associate banks it now operates through a network of more than 24,000 branches and 59,000 ATMs across the country. The State Bank of India has 20 percent market share in deposits and loans in the Indian commercial banks arena.
SBI presents a wide range of products and services for its customers. It includes savings account, credit cards, fixed deposits, home loan, personal loan, debit card, loan against property, car loan, gold loan and more. Let us learn about these in some detail.
There are two types of loans that SBI offers to help small businesses expand to newer horizons. These include asset backed loans and collateral free loans.
Asset Backed Loans- These loans are secured against property and the proceeds can be used for business purposes such as purchasing of fixed deposits, working capital requirement, capacity expansion and more. Up to Rs. 20 crores can be borrowed under this for repayment tenure of up to 180 months. Loan can be availed up to 60% of the value of property.
Collateral Free Loans- SBI offers loans to businesses without the need to put up any asset as collateral. Just like asset backed loans, these can be utilized for business purposes like those mentioned above. The amount of loan depends on the credit profile of the borrower.
Apart from these, SBI also offers SBI e-Smart for e-Commerce, SME credit card and SBI Fleet Finance Scheme.
With savings bank account, SBI customers get a complimentary debit card. The type of card depends on the type of savings account that they have. All debit cards are internationally accepted and offer different types of rewards and benefits. SBI Classic Debit Card, SBI Silver International Debit Card, SBI Gold International Debit Card, SBI Platinum International Debit Card and SBI Global International Debit Card are some of the popular debit card options by SBI. It also offers Mumbai Metro Combo Card which helps in easy recharge and convenient commuting in Mumbai Metro Trains.
When you require urgent cash, State Bank of India can help you with its personal loan offerings. This loan can be utilized to pay for huge medical bills, wedding expenses, international vacation or for debt consolidation. No security is required for taking personal loans and the application process is also simple. The minimum loan amount has been set as Rs. 25,000 and the maximum amount has been capped at Rs. 15 Lakhs. The processing fee on SBI personal loans is equal to 1 percent of the loan amount and prepayment of loan is also possible at the rate of 3 percent on the amount prepaid. This loan is available for salaried individuals as well as self-employed.
Any individual with steady source of income can avail the loan.
The minimum age for availing the loan is 21 years.
The minimum amount of loan is Rs. 20,000.
The repayment of Principal and Interest will begin from the next month of disbursement.
Margin in case of gold loan is 25 percent.
Pledged gold ornaments are kept safe in secure bank vaults.
State Bank of India offers you the best deal in the market when it comes to financing your new car. It can be taken for the purpose of buying a new passenger car, a multi-utility vehicle (MUV) or a Sports Utility Vehicle (SUV). To make it even simpler for people to purchase their dream car, SBI has kept the interest rates lower and application process hassle-free. The longest repayment tenure has been set at 7 years and the loan amount will depend on the on-road price of the vehicle. Moreover, there is no penalty for prepayment or foreclosure of the loan before maturity. The minimum age to avail SBI car loan is 21 years and the maximum age is 65 years.
Several facilities are offered with SBI savings accounts such as auto-sweep facility, mobile banking, internet banking, rewards program, personal insurance and health insurance. Any queries or complaints regarding your savings accounts can be resolved by calling 24×7 contact centres.
SBI also offers education loans to help students fulfil their dreams of studying in a top institute. This loan covers the tuition fees, exam fee, lab fee, purchase of books/uniform/equipment, travel expenses to study abroad, cost of a two-wheeler up to Rs. 50,000 and more. For studies in India, the maximum amount of loan is Rs. 10 Lakhs and the same for education in a foreign country is Rs. 20 Lakhs. No tangible security is required unless the loan is above Rs. 7.5 Lakhs and the margin is nil for loans below Rs. 4 Lakhs. There is a moratorium period of one year in which the borrower does not have to pay any amount to the bank; loan repayment will begin once the moratorium period is over.
03-Sep-18: SBI has increased the MCLR rate by 0.2%, thus making home loan, auto loan and several other loans to become costlier. The new interest rates will be effective from Sep 1st, 2018. SBI has increased its lending rates by 20 bps (basis points) throughout all tenors upto three years. Currently, the MCLR rate is 8.1% against 7.9%, which was earlier. SBI has hiked one year tenor MCLR rate from 8.25% to 8.45% and for three-year tenor, MCLR has increased from 8.45% to 8.65%. Since, RBI has hiked the lending rate by 25 bps to 6.5%, approximately after a month SBI has also decided to put a hike on the MCLR.