The market decorated for Diwali. If you lack a cash in the festive season, do not worry. State Bank of India (SBI) has come up with a special offer for you. SBI has presented an offer under the festival loan program. Under this, you can take a loan for every small need.
Under the SBI Festive Loan, you can get loan upto Rs.5000 to 50 thousand rupees. You will have to pay this loan through a 12 month EMI. The best part is that if you want to pay the full amount of the loan prematurely, you will not have to pay any kind of fees. That is, the bank will not charge the prepayment charge on the loan.
Now you want to know how much you will get a loan. Let us know that under this offer, a loan of at least Rs. 5000 can be obtained and the formula which has been fixed for maximum loan is that 4x more than your total monthly income will get you a loan.
Another question that may have come to your mind is what documents will be needed for this loan. The answer is that if you do a job, you will have to submit a passport size photograph, salary slip and form 16 to take a loan. If you have your own business, then you have to give information about the IT return, including the establishment certificate or lease deed and telephone bill. The bank will charge Rs.100 under processing fee. Apart from this, you will not get any kind of administrative fee.