Consolidation Loans from SBI
Different types of SBI loan schemes to use for your debt consolidation
State Bank of India (SBI) is one of the largest banks in the country. It offers a range of financial products to different segments of its customer base. Consolidation loans are one of them. These are loan schemes, both secured and unsecured, that can be availed for the purpose of consolidating your different debt under one loan.
However, the bank does not label their loan schemes as consolidation loans. This may make it difficult to find consolidation loans at the first glance but in this page we will tell you about a few SBI loans that can be used to pay off debt, thereby working as a consolidation loan for you.
Let’s get started.
SBI Personal Loans
This is an umbrella loan scheme under which different personal loan products are offered to help borrowers meet their urgent personal needs. These loans can be used to pay off other high-interest debts, thereby acting as consolidation loans. The SBI consolidation loan schemes under this category include:
- SBI Xpress Credit: This personal loan scheme is designed for salaried employees of government organisations, public sector units, and private sector companies and institutions drawing salary through an SBI bank account
- SBI Personal Loan to Salaried Customers not Maintaining Salary Account with SBI: This personal loan is specifically designed for salaried employees of govt. organisations who are not maintaining their salary accounts with SBI
- SBI Pension Loan: This loan scheme helps pensioners maintaining a pension account with SBI to get funds to meet their urgent financial needs. Family pensioners are also eligible for this loan
SBI Loans Against Assets
State Bank of India offers secured loans that the borrowers can use for varied personal needs including wedding expenses, overseas travel expenses, higher education expenses and debt consolidation. The SBI consolidation loan schemes under this category include:
- SBI Personal Gold Loan: This SBI loan scheme helps borrowers get funds to pay off their debts by pledging their gold jewellery or specially-minted gold coins sold by banks
- State Bank of India SBI Loan Against Sovereign Gold Bonds: This loan scheme helps borrowers get financial assistance to pay off their debts by pledging their Sovereign Gold Bonds in favour of SBI
- SBI Loan Against Time Deposit: This loan helps borrowers to get funds against Time Deposits such as Fixed Deposits (FDs) and Recurring Deposits (RDs) to meet their urgent financial needs including debt consolidation
- SBI Loan Against Shares: This SBI loan scheme helps borrowers get access to funds for paying off their high-interest loans by pledging their shares to the bank
- SBI Loan Against Mutual Funds: Borrowers can get financial assistance to consolidate debts under this loan scheme by pledging their equity and debt funds to SBI
- Loan Against SBI Dual Advantage Funds: This SBI consolidation loan helps borrowers get funds by pledging their SBI Dual Advantage funds to the bank
- SBI Loan Against Mortgage of Immovable Property: This loan acts like a consolidation loan if the borrower mortgages their property to the bank to get funds to pay off their debt
SBI Reverse Mortgage Loan
The State Bank of India 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 get financial assistance. 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 debts. The easy payment terms means that senior citizens get to pay off their high-interest debt with this loan and repay it with relative ease.
SBI Balance of Transfer Home Loan
This loan scheme helps borrowers looking for a relatively low-interest home loan transfer their existing home loan from other banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), etc. to State Bank of India. This scheme can help reduce the debt burden on the borrower, thereby acting as a consolidation loan, if the borrower gets better terms such as a lower interest rate on the new loan.
SBI Top-up Loans on Home Loan
This SBI loan helps existing SBI home loan borrowers get funds to meet their personal financial needs. In addition to being used to meet financial expenses directly related to the house such as for home renovation, home extension and home repairs, this loan can also be used as a consolidation loan to pay off debts. The different types of SBI top-up loans on home loan include:
- SBI Home Top-up Loan: All existing SBI home loan borrowers can avail this loan to get funds to meet their personal financial needs including debt consolidation
- SBI Insta Home Loan Top-up Loan: This top-up loan helps SBI home loan borrowers get access to funds for meeting their personal needs. 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
By now, you may have already realised that any loan scheme that you avail to reduce your debt burden can be considered to be a consolidation loan. You may be curious to know more about consolidation loans and how to choose the right one for your needs. Please check out our consolidation loans page for more details. We have discussed the steps to start planning your debt consolidation journey and how to choose the right loan scheme to do so.