Planning a big fat wedding? SBI is here to offers top up loan - Check interest rate, eligibility and other details
The State Bank of India provides its customers the option of Top Up Loans, where the individual can borrow a certain amount, for any personal purpose.
SBI Top Up Loans: Wedding season has already kicked off in India. This is one of the most important occasion in a family and is celebrated with great enthusiasm. However, weddings can be quite costly especially when you have shortage of funds. Hence, to organise a big fat Indian wedding, many individuals either borrow from relatives or banks. Borrowing from relatives can look like a very safe deal, as it can be paid anytime needed without interest rates. But this also depends upon financial assistance available with others, hence, here borrowing from bank is one of the ideal option. Interestingly, the largest public sector bank, the State Bank of India provides its customers an option of a Top Up home loans, where the individual can borrow a certain amount, for any personal purpose. This top up loan can be loaned to customers who already have a home loan from SBI.
SBI via its twitter account said, "A wedding in the family should be a cause for joy, not stress. With hassle-free top-ups loans from SBI Home Loans, yeh bhi #HoSaktaHai!"
A wedding in the family should be a cause for joy, not stress. With hassle-free top-ups loans from SBI Home Loans, yeh bhi #HoSaktaHai! Apply Now: https://t.co/nZOwgDmTV5#SBI #StateBankOfIndia #SBIHomeLoans #HomeLoan #HoSaktaHai pic.twitter.com/owVko5IFRO
— State Bank of India (@TheOfficialSBI) March 13, 2019
1. The customer should be a resident Indian or NRI
2. Should be between the age of 18-70 years
3. The loan tenure should be up to 30- years
For salaried individuals, SBI levies an interest between the range of 9% per annum to 9.95% per annum on home top up loans. The loans amounts between Rs 5 lakhs to Rs 5 crores. Moreover, loans above 5 crores have an interest rate between 11.05-11.55% p.a.
In the case of Home Top up Loans as an overdraft, interest rates vary from 9.90% p.a to 10.25% p.a , for loans between Rs 20 lakhs to Rs 2 crores.Above 2 crores, SBI levies an interest rate ranging from 10.25%-10.35% p.a.
Non-salaried customers on loans between Rs 5 lakhs to Rs 5 crore, get the benefits of interest rates starting from 9.15% per annum to 10.10% per annum. Over Rs 5 crore, SBI charges an interest rate ranging between 11.30-11.80% p.a.
When it comes to the Home Top up Loans as an overdraft, interest rates fall between 10.05% p.a to 10.40% p.a, for loans varying from Rs 20 lakhs to Rs 2 crores. Further, loans above Rs 2 crores have an interest rate of 10.40-10.45% p.a levied on them.
1. The benefit of the top up loan is that the interest rates are much lower than usual personal loan interest rates.
2. The processing fee for the loan is low. Customers can, however avail free processing charge for loans applied before March 31 2019.
3. There are no hidden charges
4. No penalty is levied on pre-payment
5. Interest charges on Daily Reducing Balance
6. The Home loan is available as overdraft
7. Repayment is for a duration for up to 30 years