State Bank Of India (SBI) offers personal loans by which its customers can meet their financial needs. How? The bank lends them a lump sum amount at a fixed rate. And for the repayment, the bank gives you an option from six months to six years. You can choose the tenure as per your choice. The bank also provides you access to online tools to help you make a decision. Let’s read this page further and know about the SBI personal loan repayment in detail.
What Methods are Available for SBI Personal Loan Repayment?
The bank has allowed both offline and online payment services for personal loan repayment. Let’s learn about each one of them –
This feature facilitates periodic scheduled payments for your SBI Personal Loan EMIs. in this, you can do funds transfer, third party payment, and RTGS, NEFT, or State Bank Group transactions. To activate this service, you need to log in to your account and do the same.
You can activate this service on your savings or current account. Multiple standing instructions can be activated for different accounts at different frequencies. So, this way, you can manage multiple loan EMIs if you’re tackling such a situation.
You will receive an SMS on your registered mobile about such standing instructions related to EMI payments. You can register standing instructions for one to six months and from 5 to 30 days based on your EMI gap.
Advantages of Using this SBI Personal Loan Payment Method
When you activate this service, there will be fewer chances of missed payments. How? A standing instruction service helps you pay the EMIs automatically. Yes, it means, you don’t have to keep a tab on your EMI payments. Just have the required amount in your savings or current account for a hassle-free EMI deduction. Spotless EMI payments help you avoid the unnecessary charges that borrowers incur when doing so later than the due date.
Post Dated Cheques
Write a cheque in favour of the bank mentioning the EMI due date. So, on that future date, the cheque will be cleared and your EMI is paid to the bank. What’s the difference between a regular and post-dated cheque? Instead of writing a cheque for the current date, you need to write for a future date. Ensure you have enough funds in your bank account till that date to cover the EMI payment. Otherwise, your cheque will bounce and a penalty of 2% will apply.
Benefits of Using this Payment Service
The advantage of using this service for SBI Personal Loan Repayment is that you will have everything planned for the repayment period. As you know from the above, cheques are written for future dates. So, payments are fixed and so is the repayment method. All you need to do is ensure a regular source of income that covers the cost of EMI each month.
SBI Personal Loan Tools to Help You in the Repayment
An SBI Personal Loan EMI Calculator generates your EMI amount. Using that data, you can choose a suitable period for your repayment. The longer the repayment period, the lower will be your EMI amount.
Insert your loan amount, interest rate and the repayment period. Now, you can see your EMI amount. If the amount is higher than what you have expected, raise the tenure. Get the desired EMI and choose that tenure for your repayment.
So, as you can see repayments can be planned for an SBI Personal Loan with the help of this online tool. You can use the calculator on your smartphone, laptop or desktop by visiting the bank’s official website.
And once you get the right EMI amount for yourself, apply for the loan online by filling in an online form. Upload a few KYC documents and click on the ‘submit’ button. The bank will then proceed with your application and approve the loan after successful verification.