₹1 Lakh Festive Credit For SBI, PNB, And Bank Of Baroda Customers: Eligibility, Rates, How To Apply, And FAQs

As the festive season ramps up, State Bank of India, Punjab National Bank, and Bank of Baroda are promoting quick, small ticket credit so customers can spread big purchases into easy EMIs. If you already bank with any of these lenders, you can typically apply fully online, see an instant decision, and receive up to ₹1,00,000 directly in your account, subject to eligibility and bank policy. This guide explains who can apply, documents required, typical pricing, repayment options, and smart safeguards so you borrow confidently and repay comfortably.

What Exactly Is The ₹1 Lakh Festive Credit

It is a short term, unsecured personal credit offered to pre qualified or eligible retail customers for seasonal expenses like appliances, electronics, travel, home improvements, or gifting. Depending on your bank and profile, it may appear as an instant personal loan offer in your app, a pre approved limit visible in net banking, or a quick apply journey that gives a decision after a few digital checks. The entire journey is designed to be fast, paper light, and transparent on pricing before you accept.

Use cases
Festival shopping, ticketed travel, education fees due this season, small home repairs, health expenses not covered by insurance, and balance consolidation of costlier short term dues.

Short Summary

Who Can Apply

• Existing savings or salary or current account customers with SBI, PNB, or BOB
• KYC compliant profile with active mobile number and email for OTP based consent
• Clean repayment history and adequate repayment capacity under the bank’s internal scorecard
• Minimum age 21 years and within the bank’s maximum age at loan maturity
• Indian resident with a verifiable address and active bank account for EMI auto debit

Note: Pre approved offers may be visible only to select customers. Others can still apply from the app or branch and may receive a tailored limit based on underwriting.

Documents You Will Need

• PAN and Aadhaar for e KYC
• Latest photograph if prompted in app
• For non pre approved cases, recent income proof such as salary slip, Form 16, or bank statements may be requested
• Cancelled cheque or confirmation of the linked account for NACH or e mandate
• Any additional documents the bank requests during verification

For many pre approved journeys, no uploads are required beyond digital consent and mandate setup.

How To Apply Online

1. Log in to your bank’s mobile app or net banking
   Navigate to Loans or Pre Approved Offers or Festive Credit.
2. Check your eligibility
   If a limit is shown, tap View Offer to see sanctioned amount, tenure choices, APR, processing fee, net disbursal, due date, and EMI.
3. Select amount and tenure
   Use the EMI calculator in app to choose a comfortable payment schedule.
4. Confirm KYC and bank details
   Verify PAN, Aadhaar, and the account to be credited and debited.
5. Set up e mandate
   Authorize NACH or UPI AutoPay for EMI. Read charges and penalties before accepting.
6. Accept and e sign
   You will receive a sanction letter and repayment schedule. Funds are credited after final checks.

Prefer branch help
Visit the nearest branch with your ID proofs. Staff can run eligibility, print a sanction letter, and help submit the mandate.

Interest Rates, Fees, And Example EMI

• APR: Bank specific festive pricing is usually lower than standard personal loan slabs for the same profile. Final APR depends on credit score, income, employer category, and internal risk grade.
• Processing fee: Often discounted for festive campaigns. GST is applicable on fees.
• Prepayment: Many banks allow part prepayment or foreclosure after a lock in period. A nominal charge may apply.
• Penalties: Late payment fee and bounce charges apply if an EMI is missed.

Illustration
If you borrow ₹1,00,000 for 12 months at a sample APR of 15 percent, the EMI is roughly ₹9,028 and total interest around ₹8,336. Your actual numbers will be shown by the bank before you e sign.

Repayment And Flexibility

• Tenure options: Commonly 3, 6, 9, or 12 months with fixed EMIs.
• Auto debit: EMIs are collected via NACH or UPI AutoPay on a fixed date each month. Keep sufficient balance a day in advance.
• Part prepayment: If permitted, you can reduce interest by prepaying a portion. Ensure you request an updated schedule.

Smart Borrowing Tips

• Borrow only what you can comfortably repay within 6 to 12 months. A good rule is to keep all EMIs under 35 percent of monthly take home.
• Compare offers across SBI, PNB, and BOB if you bank with multiple lenders. Focus on APR and total cost, not just monthly EMI.
• Avoid stacking multiple short loans. One well priced facility is simpler and cheaper than several costlier ones.
• Turn on payment reminders in your app and maintain an emergency buffer so EMIs never bounce.

Common Mistakes To Avoid

• Accepting an offer without checking APR, processing fee, and prepayment rules
• Proceeding with an outdated KYC or a dormant debit account, which can cause mandate failures
• Ignoring add on charges such as insurance or convenience fees if you do not need them
• Setting an EMI date too close to payday when salary often arrives late

How This Credit Helps During Festivals

• Lets you capture limited time discounts and cashbacks without draining savings
• Smooths irregular expenses like travel and gifting into predictable monthly EMIs
• Can consolidate high cost revolving dues from cards into a fixed rate schedule, if the offered APR is lower

Official Site Link

Product details, eligibility disclosures, and application entry points are available on the bank portals:
https://sbi.co.in | https://www.pnbindia.in | https://www.bankofbaroda.in

Frequently Asked Questions

1. Will I definitely get ₹1,00,000

The sanctioned amount depends on your credit profile and internal limits. Some customers may see a lower or higher pre approved limit.

2. How fast is disbursal after I accept the offer

Many journeys disburse the same day once the e mandate is active and bank checks are complete. Delays can occur if KYC or mandate validation needs follow up.

3. Can I foreclose early without charges

Banks usually allow foreclosure after a lock in. A small fee may apply. Check the sanction letter for exact terms.

4. Is income proof required

Pre approved offers typically do not require uploads. Fresh to bank or non pre approved cases may need income proof or bank statements.

5. What happens if an EMI bounces

Bounce charges and late fees apply, and your credit score can be affected. Pay immediately and request a temporary reschedule if your bank offers it.

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