Do nationalized banks offer personal loans?

Do nationalized banks offer personal loans?

No, not all nationalized banks offer personal loans. With the exception of State Bank of India (SBI), no other nationalized bank offers personal loan. However, you must be aware that all private banks do offer personal loans depending upon your credibility and eligibility.

The legitimate reason why nationalized banks shy away from offering personal loans could be that the banks cannot take any collateral security for this type of a loan. Although, the income criteria is stringent but all banks don't necessarily follow the strict verification process.

Personal loan interest rates can vary a great degree. It will be helpful for you to look at the quotes online at deal4loans.com to gain perspective.

The process of application to a personal loan at SBI is similar to applying at a private bank except that the verification might be stricter at a nationalized bank.

After you finalise between the lenders, the following steps are required to take place:

Document collection: When you have chosen the bank you want to opt for,the bank's representative will collect the following documents from you:

Identity proof like passport, driving license, PAN card, voter's card Address proof like electricity bill, ration card, or life insurance premium receipt

Income proof like latest salary slip showing the deductions, Form 16, latest IT return acknowledgment, bank statements of the past 3 or 6 months

The above requirements could vary from bank to bank.

Field investigation: After submitting the documents, an official from the bank comes for a field investigation to your house to double check the facts provided in the documents, like your place of residence, tenure at work place etc. It is essential that you are present during this visit or else the official will have to come until you are found at the residence.

1. Loan approval: If the bank is satisfied with all the documents and has conducted the verification, then your loan will get approved. Within 4 days of approval, you should receive the amount sanctioned in your bank account which was collected from the bank at the time of document collection.

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