New Delhi, Oct 5: Here is a bumper Diwali bonanza for you. It is an offer that you should not miss, at such offers are not common. If you are planning to take a loan, then here's a great opportunity for you. You can get up to Rs 50,000 loan by spending just Rs 100.
While shopping for this festival season if you have exhausted your credit card limit, then don't worry. State Bank of India has a solution for you with its Festival Loans Programme. The highlight of this offer is minimum paperwork and zero administration charges.
Here are the important details about SBI's Festival Loans
1 Loan Limit: You can borrow up to 4 times your net monthly income, with a ceiling of Rs 50,000. The minimum loan amount is Rs 5,000.
2. Documents: In case of salaried people, latest salary slip and Form 16 will be required. If you are self-employed individual, you would need IT returns for the last two financial years. The bank will ask you for your passport size photographs and address proof.
3.Security: Bank would not need any primary or collateral security you if your employer will give check-off facility. If this facility is not available then a personal guarantee will be needed, and the guarantor can be your spouse too.
4. Charges: There is no pre-payment penalty, and you can partially or fully repay your loan at any point of time. The bank will charge processing fee of just Rs 100.
5. EMIs: You will have to repay the loan in 12 EMIs.