An online top-up loan scheme from SBI to meet financial needs of home loan borrowers
A special online loan scheme to help SBI home loan borrowers meet their personal needs or pare down their debts
State Bank of India Insta Home Loan Top-up Loan
This loan helps SBI home loan borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses, this loan can also be used as a consolidation loan to pay off debts.
Features of SBI Insta Home Top-up Loan
Why this Loan?
- The State Bank of India Insta Home Top-up Loan is meant for borrowers who need assistance to meet financial needs for personal needs such as child’s wedding expenses, education expenses, travel expenses, debt consolidation, etc.
- No paperwork is required to avail this loan since this is a digital loan scheme offered exclusively to SBI home loan borrower through internet banking service
Loan Amount
- The maximum loan amount offered under this loan scheme is Rs. 5 lakh
Interest
- The interest rate for this loan is defined as the sum of two factors: External Benchmark based Rate (EBR) and Spread
- As of October 2020, the applicable interest rate to this loan is 8.20%
Repayment
- This loan must be repaid within 5 years
Eligibility
- The borrowers should have availed a home loan from SBI but not any other top-up loan scheme
- The borrowers should have a CIBIL score of 550 or higher
- Borrowers should have a satisfactory repayment track record of three years or more
Security Needed
- The bank asks for an extension of charge on residential property funded by the SBI home loan under this scheme
Margin Money (Borrowers Contribution to Total Cost)
- As of October 2020, this information is not mentioned on the bank’s website. Please talk to a bank representative before applying for this loan
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
Processing Charges
- The bank charges a flat rate of Rs. 2,000 for processing this loan
Documents Needed
- This loan is offered online to SBI home loan borrowers who avail the bank’s internet banking service. Borrowers do not need to submit documents to avail this loan
Reference Facts
- State Bank of India Website: www.sbi.co.in and www.onlinesbi.com (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 11 2211, 1800 425 3800