Everybody needs additional funds every now and then for many reasons. It may be for personal use, children’s education, paying off debts, vacations, marriage or even for death ceremonies.
If you are looking for a personal loan and want to know the details about it. You sure are in the right place.

We get to see a range of personal loans which fall under mentioned categories
- Pension loan
- Personal loan for salaried
- Loans against securities
Let’s see what’s in it for us.
Pension loan.
Pensioners who are in need of quick funds can opt for a pension loan. It’s available in all the public sector as well as private sector banks. Documents that require to apply are quite simple and minimal.
Pension paid by the banks as well as by the treasury is eligible for pension loans. Normally the rate of interest is in the range of 9 to 11% per annum.
State Bank of India, the Country’s largest bank serves a large number of central and state government pensioners. SBI Pension loan is quite popular and is amongst the best pension loan scheme offering many attractive offers.
To know more click the links.
Personal loans for salaried
If you are a salaried person working in a state/central government department, you can get a personal loan against your salary pretty easily.
It’s a security-free term loan. Normally the loan tenure is 6 months to 6 years with an interest rate of 9 to 12% per annum.
In this category of personal loans, documents requirement is minimal as this loan will be against your salary.
Bank might ask to provide your salary slip for the last 6 months along with your ITR. Besides your office ID and normal KYC.
It is seen that rate of interest in public sector banks is lesser than that of private sector banks. So, preferably one should always look out for what rates are being offered. Also to see if there is any hidden cost.
State Bank of India, has a very good scheme under this category. It’s called SBI Xpress Credit.
It’s being given to State/central government employees and many other private as well as government departments where a bank has tie-ups.
To know more click the links
Paperless online personal loan.
A lot of loans and advances are now offered on the online platform. You must have seen if you have an internet banking facility.
Almost all commercial banks have the facilities in their online platform. Here things are simplified in such a way that you do not even require to visit the bank.
Another additional benefit is that it’s totally paperless and you can get it instantly if you are eligible under the scheme.
There is also another type of personal loan, in which you initiate your application through online mode but ultimately you will have to visit the bank and submit your papers accordingly.
After meeting up all the terms and conditions, your application gets processed.
SBI has YONO PAPL as well as online Xpress credit. YONO PAPL (pre-approved personal loan) scheme is a paperless type of loan that gets sanctioned and disbursed instantly.
Whereas online Xpress credit is a normal personal loan that you initiate your application in online mode. Ultimately you need to submit the paper to your bank.
To know more about SBI YONO PAPL click here.
Loan against securities
Do you know that you can get personal loans against your Fixed Deposit, Gold Sovereign Bond, Mutual Fund, Kishan Vikas Patra, Shares etc.?
In fact, you can get it and that too in very low interest. This will be the lowest rate of interest of all the personal loans you can get.
The amount of eligible amount depends on the bank’s discretion. SBI used to give 90% of the face value FD amount if it’s a demand loan and it’s 85% if it’s an overdraft facility.
So, in ₹1 lac, you may get ₹90000 as a demand loan or ₹85000 as an overdraft facility. Other banks are also in the range of 80% to 90%.
Normally the rate of interest is 1% above the FD rate.
Likewise, you can get personal loans against your share upto a maximum of ₹20 lacs. Also, against your mutual fund holdings. But in the case of a mutual fund, only in some funds personal loan is granted.
You can see the list of SBI-approved funds here.
One should always go for a loan against security as it is bundled with lots of benefits. These benefits can be summed up as under.
- Lowest interest rate amongst personal loans.
- Available both online and offline.
- Can get a Demand loan as well as an overdraft.
- Minimal document required. If online mode it’s totally paperless.
- Neutralization of interest difference.
To know more click the links
To sum up, there are varieties of personal loans one can get in the market. But the important factor is which one provides you with the best offer.
Choices are endless, you can go to any commercial bank. You will get a lot of offers. Some banks will sanction you instantly in paperless mode.
It’s who you are going to repay along with interest and that too for about 5 to 6 years. Decide wisely and get your financial needs in very efficient ways.
Last but not least. Things to look out
- Rate of interest.
- Is there any hidden cost?
- Processing fee.
- Pre-payment charges.
- EMI overdue penalties.
- Foreclosure charges.
The rest is good to go. Apply for a personal loan at your ease and make the most out of it.
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