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SBI Personal Loan Compared With Instant Personal Loan Virtual Platforms

Instead of approaching a bank or a financial institution, one can, at times, reach out to virtual loan giving platforms that lend money instantly

If you want to raise personal loan without having to go through the hassle of cumbersome loan seeking process, there is a help available online. There are virtual financial institutions or loan aggregators that disburse loan through virtual interface.

These portals work as loan aggregators and connect borrowers to lenders. There are several such portals that include Finzy, Quick Rupiya, KreditBee, InstaPaisa, cashe.com, among others.

It is noteworthy that one can seek loan from State Bank of India (SBI) for various purposes for which the minimum salary for seeking personal loan in urban and metro areas is Rs.24,000 and Rs. 10,000 in rural or semi urban area. One can seek a personal loan of 12 monthly income for salaried individuals and pensioners subject to the ceiling of Rs. 10 lakh.

The SBI personal loan requires relatively more documents than required by these loan aggregators. For instance, in order to seek personal loan, CASHe, virtual loan platform, requires just salary slip, bank statement, PAN card and address proof clicked on a self-signed white paper for the personal loan approval.