SBI offers a range of loans that can be used to consolidate your debts.
Let us list a few of them for your reference.
First, the Unsecured Loans:
State Bank of India Xpress Credit (Loans to Salaried Employees Having Salary Accounts with SBI)
This loan helps borrowers to get funds to meet their urgent financial needs including expenses for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, etc. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. drawing salary through SBI bank account are eligible for this loan.
State Bank of India (Personal Loan to Salaried Customers not Maintaining Salary Account with SBI
This loan is specifically designed for salaried employees of govt. organisations to help them get funds to meet their urgent financial needs. This personal loan can also be repurposed into a consolidation loan to pay off high-interest credit card debts and loans.
State Bank of India Pension Loan
This loan helps pensioners to get funds to meet their urgent financial needs expenses for a child’s wedding, domestic/overseas travel, medical emergency, etc. This loan can also be availed to pay off high-interest credit card debts and loans thereby consolidating debt. Only the pensioners maintaining a pension account with SBI are eligible for this loan.
Now, the Secured Loans:
State Bank of India Personal Gold Loan
This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 20 lakh.
State Bank of India Loan Against Sovereign Gold Bonds
This scheme helps borrowers access funds for personal needs by pledging their Sovereign Gold Bonds in the favour of SBI. This loan can be used to meet any personal needs such as a child’s wedding, overseas travel, child’s higher education, etc. as well as to consolidate debts.
State Bank of India Loan Against Term Deposit
This loan helps borrowers to get funds against Time Deposits such as Fixed Deposits (FDs), Recurring Deposits (RDs), etc. to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. This scheme can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts.
State Bank of India Loan Against Shares
This loan helps borrowers get access to funds by pledging their shares to the bank. While this secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education and so on, it can also be used to consolidate high-interest debts.
State Bank of India Loan Against Mutual Funds
This loan helps borrowers get access to funds by pledging their equity and debt funds to the bank. While this secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education and so on, it can also be used to consolidate debts.
State Bank of India Loan Against SBI Dual Advantage Funds
This loan helps borrowers get access to funds by pledging their equity and debt funds to the bank. While this secured loan can be used to meet any financial needs, it can also be used to pay off debts.
State Bank of India SBI Loan Against Property
This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.
State Bank of India Reverse Mortgage Loan
SBI Reverse Mortgage Loan helps senior citizens who want to meet their living expenses or supplement pension income by pledging their self-occupied, residential property for this loan. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts. It cannot be availed for trading or speculative purposes.
State Bank of India Balance of Transfer Home Loan
This loan scheme helps people looking for a relatively low-interest home loan transfer their home loan from private banks, other public-sector banks, foreign banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), etc. to SBI. Employees of central government, state government, other government undertakings and Public Sector Units are eligible for this loan scheme.
State Bank of India Smart Top-up on Home Loan
This top-up loan helps borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to pay off debts.
State Bank of India Top-up on Home Loan
This loan helps borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to pay off 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. Purportedly, 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
Something important for you to note:
State Bank of India may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for State Bank of India Consolidation Loans
The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR)/External Benchmark based Rate (EBR) and (Strategic) Spread. The MCLR of SBI is usually in the 6.60-7.30% range and EBR is 6.65%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
For more details on these loans, please click on this link: Consolidation Loans from State Bank of India (SBI)
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