Bank
State Bank of India

About Home Loan

A home loan is a secured loan wherein a bank or a financial institution lends you money to help you purchase your dream home. It is generally given for a longer duration compared to other loan types because the amount borrowed is usually higher and requires a longer repayment plan.

Eligibility Criteria

  • Please refer bank’s specific website for eligibility criteria.

Documents Required

  • Duly signed and filled application form
  • Passport-size photograph
  • Statements of investments, if any
  • Copy of plan approved for the proposed construction/extension
  • Cost estimation or valuation report from the bank's (or finance company's) panel CA
  • Allotment letter of housing board/NOC of the society/builder etc.
  • Bank statement and salary slips

      In addition to these, you will have to also submit the following documents:

  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.

· 
 

Do's and Don'ts

Do’s

  • Make your mortgage or rent payments on time
  • Stay current on all existing accounts
  • Continue to work for the same employer
  • Continue living at your current residence
  • Keep credit card balances at or below 40% of credit limits
  • Call us before doing anything regarding your employment, credit cards or assets.

 

Don't

  • Don’t make a major purchase (car, boat, etc.)
  • Don’t apply for new credit or loans of any kind
  • Don’t change bank accounts or banks unless advised
  • Don’t consolidate your debt into fewer accounts
  • Don’t Deposit cash or non-traceable funds
  • Don’t close credit card accounts
  • Don’t borrow money
  • Don’t transfer checking or savings balances from one account to another
  • Do not give notice to your landlord before consulting with your loan officer

 

About Personal Loan

Please refer bank’s specific website for about loan.

Eligibility Criteria

  • Please refer bank’s specific website for eligibility criteria.

Documents Required

  • Duly signed and filled application form
  • Passport Size Photograph
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Adhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Adhar Card, pension payment order or receipt of LIC policy.
  • Income proof

     Salaried Individuals

  • Latest 3 months salary slips
  • Form 16 with proper computation of income
  • Salary account bank statement for six months
  • Latest acknowledged IT return


 

    Self-employed persons

  • Last two years' computation of income, Profit and Loss statement, and balance sheet certified by a C.A.
  • Latest six months' bank statement
  • Last two years' sales and copies of acknowledged IT returns as proof of turnover

Do's and Don'ts

Do’s

  • Make your mortgage or rent payments on time
  • Stay current on all existing accounts
  • Continue to work for the same employer
  • Continue living at your current residence
  • Keep credit card balances at or below 40% of credit limits
  • Call us before doing anything regarding your employment, credit cards or assets.

 

Don't

  • Don’t make a major purchase (car, boat, etc.)
  • Don’t apply for new credit or loans of any kind
  • Don’t change bank accounts or banks unless advised
  • Don’t consolidate your debt into fewer accounts
  • Don’t Deposit cash or non-traceable funds
  • Don’t close credit card accounts
  • Don’t borrow money
  • Don’t transfer checking or savings balances from one account to another
  • Do not give notice to your landlord before consulting with your loan officer

 

About Car Loan

SBI Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All their branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes.

Eligibility Criteria

  • Please refer bank’s specific website for eligibility criteria.

Documents Required

  • Residence proof
  • Photo ID and age proof
  • Signed application form with photograph
  • Last 6 months bank statement
  • Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
  • Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

 

Do's and Don'ts

Do’s

  • Make your mortgage or rent payments on time
  • Stay current on all existing accounts
  • Continue to work for the same employer
  • Continue living at your current residence
  • Keep credit card balances at or below 40% of credit limits
  • Call us before doing anything regarding your employment, credit cards or assets.

 

Don't

  • Don’t make a major purchase (car, boat, etc.)
  • Don’t apply for new credit or loans of any kind
  • Don’t change bank accounts or banks unless advised
  • Don’t consolidate your debt into fewer accounts
  • Don’t Deposit cash or non-traceable funds
  • Don’t close credit card accounts
  • Don’t borrow money
  • Don’t transfer checking or savings balances from one account to another
  • Do not give notice to your landlord before consulting with your loan officer

 

About Education Loan

Education loan supports students who want to pursue higher education in India or abroad. It allows students to focus on studies without worrying about the money.

Eligibility Criteria

  • Please refer bank’s specific website for eligibility criteria.

Documents Required

  • Application form and photographs
  • Letter of admission received from the college/institution
  • Fee breakdown, stating the tuition fees and other charges
  • Education marksheets, starting from class 10th to the last qualifying exam cleared
  • A declaration/affidavit to confirm no other loan has been availed
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
  • Age Proof- Voter ID card, Secondary School Certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Income proof
  • Salaried individual 
  • Latest salary slip with Form 16
  • Salary account bank statement for the six months prior to applying for loan
  • Self-employed businessmen/professionals
  • Latest ITR, computation of income, Profit & Loss and Balance Sheet certified by a CA
  • Business continuity proof
  • Qualification proof of highest professional degree

Do's and Don'ts

Do’s

  • Make your mortgage or rent payments on time
  • Stay current on all existing accounts
  • Continue to work for the same employer
  • Continue living at your current residence
  • Keep credit card balances at or below 40% of credit limits
  • Call us before doing anything regarding your employment, credit cards or assets.

 

Don't

  • Don’t make a major purchase (car, boat, etc.)
  • Don’t apply for new credit or loans of any kind
  • Don’t change bank accounts or banks unless advised
  • Don’t consolidate your debt into fewer accounts
  • Don’t Deposit cash or non-traceable funds
  • Don’t close credit card accounts
  • Don’t borrow money
  • Don’t transfer checking or savings balances from one account to another
  • Do not give notice to your landlord before consulting with your loan officer

 

About Loan Against Property

Loans Against Property (LAPs) are loans offered by banks and financial institutions after mortgaging freehold property, both residential and commercial. These loans are much better options than personal loans or gold loans during times of financial crises or when you need money to expand your business.

Eligibility Criteria

  • Please refer bank’s specific website for eligibility criteria.

Documents Required

Depending on whether you are salaried, or a self-employed professional, or a self-employed businessman, banks ask for different set of documents when offering an LAP. 
The documents to be submitted when applying for an LAP are as follows:

  • For salaried individuals:
    • Proof of identity or residence
    • Latest salary slips
    • Form-16 issued by present employer
    • Bank statements of six months preceding the month in which loan is applied for
    • A cheque covering the administrative costs incurred by the bank in processing the application
    • A cheque covering the processing fee charged by the bank
  • For Self-employed Professionals:
    • Proof of identity or residence
    • Educational qualification certificates, degrees, diplomas, and other academic credentials
    • IT Returns of the three years preceding the one in which loan is applied for
    • Bank statements of six months preceding the one in which loan is applied for
  • For Self-employed Businesspersons:
    • Proof of identity or residence
    • Educational qualification certificates, degrees, diplomas, and other academic credentials
    • Proof of existence of business
    • Detailed business profile
    • Profit and loss sheet and balance sheets of the company for the three years preceding the one in which loan is applied for
    • IT Returns (of both self and the company) of the three years preceding the one in which loan is applied for
    • Bank statements of the six months preceding the one in which loan is applied for

Do's and Don'ts

Do’s

  • Make your mortgage or rent payments on time
  • Stay current on all existing accounts
  • Continue to work for the same employer
  • Continue living at your current residence
  • Keep credit card balances at or below 40% of credit limits
  • Call us before doing anything regarding your employment, credit cards or assets.

 

Don't

  • Don’t make a major purchase (car, boat, etc.)
  • Don’t apply for new credit or loans of any kind
  • Don’t change bank accounts or banks unless advised
  • Don’t consolidate your debt into fewer accounts
  • Don’t Deposit cash or non-traceable funds
  • Don’t close credit card accounts
  • Don’t borrow money
  • Don’t transfer checking or savings balances from one account to another
  • Do not give notice to your landlord before consulting with your loan officer