✓ SBI Festival Loan ✓ Offers ✓ Eligibility ✓ Interest Rates ✓ Documentation ✓ Processing Fee ✓ Low EMI ✓ Tenure
The festive season of 2019 is well and truly on with the onset of the 9-day Navratri fest. It will be soon followed by Dussehra, Diwali, Christmas, and the new year celebration. But the question remains, whether you have the funds to make most of the festive season? If not, then you can apply for SBI Festival Loan and spend on the festivities with ease. The best part is that an individual even with a monthly income of as low as ₹3,000 can be eligible for the loan. Lower interest rates and processing fees would further make it an exciting proposition for all those wanting a loan to celebrate the festivities with elan. Sounds interesting, isn’t it? So, what are you waiting for? Let’s read on the fine details of the loan before applying for it.
Purposes of SBI Festival Loan
- You can get the loan for expenses related to the festivals that would come one after another from now onward.
How Much SBI Can Provide You to Celebrate the Festivals?
- The minimum loan that SBI can offer you for the festivals amounts to ₹5,000. On the other hand, the maximum loan will be 4 times of your net monthly income, subject to a cap of ₹50,000. The bank will take into account the income and repayment capability of an applicant before deciding on the loan amount it can disburse.
SBI Festival Loan Interest Rates, Processing Fee & Other Key Details
|Interest Rate||10.95% – 15.35% p.a|
|Processing Fee||1% of the loan amount plus applicable Goods and Services Tax (GST)|
|Security||No Security Required|
Who is Eligible for SBI Festival Loan?
- The festival loan is applicable to the following applicants, take a look.
- Employees of government units, PSUs, profit-making public or private limited companies are eligible for the loan. These employees, however, must have a minimum work experience of 2 years.
- Self-employed individuals must have been in their business or profession for at least 3 years.
- Individuals earning pension and interest from National Savings Certificate (NSC), Term Deposit Receipts (TDRs), Government Securities, etc, are also eligible.
- The minimum net monthly earnings should be ₹3,000
How Can You Increase the Loan Eligibility?
The expenses can so easily go past your estimations in the festive season. Even the loan amount you get for the festive expenses could fall short of meeting the requirements. Keeping such a possibility in mind, you can club the income of spouse to increase the loan eligibility, helping you celebrate the festivities with an enhanced purchasing power.
Submit the following documents for a hassle-free approval of the loan application.
Identity Proof – PAN Card/Voter ID/Aadhaar Card/Driving License/Passport
Address Proof – Voter ID/Aadhaar Card/Driving License/Passport/Utility Bills
Official Address Proof – Shop and Establishment Certificate, telephone bill or lease deed (For self-employed individuals and professionals)
Income Proof – Latest Salary Slip & Form 16 (Salaried), Income Tax Return (ITR) for the last 2 financial years for self-employed individuals and professionals
Passport size photographs
How to Apply for SBI Festival Loan?
You can apply on the official website of SBI or at its nearest branch. Irrespective of the modes by which you want to apply, you need to furnish the personal and professional details with absolute precision. Also, there’s a need to submit the required documents mentioned above for a hassle-free loan approval.