What is the SBM Boost?
The SBM Boost is a personal loan up to Rs 750,000 without security and it is offered to finance any personal project that the customer wishes to pursue e.g. travel, renovation and wedding among others.
How much can a customer borrow?
Minimum is Rs 50,000 and maximum is Rs 750,000
What is the maximum repayment period?
Up to 7 years
Who is eligible to apply for SBM Boost?
Borrower must be a confirmed employee in present employment for at least one year.
Does salary need to be credited at SBM?
Yes salary has to be credited at SBM.
What is the type of security required?
A salary pledge from customers employer
Can a non-SBM customer apply for the loan?
Of course you can. You will have to provide a confirmation of salary pledge from employer with 1 month banking at SBM and 3 months statement from existing bankers.
Can the customer apply for SBM Boost jointly with another person?
Yes
What is the interest rate?
SBM PLR + 7.25% p.a.
What are lump sum payment, monthly repayment adjustment and loan tenure adjustment?
Lump sum payment is simply an advance payment by the customer at no early repayment fee.
Customers are given the flexibility to reduce or increase their monthly repayment and reduce or extend the period of the loan up to 7 years.
What is pre-approved credit card?
For all boost loan applications and a credit card application to be taken and to be run in transact. Following boost loan approval and subject to repayment capacity credit card limit up to Rs 10,000 will be automatically approved and given to the customer.
What is financing of other bank pre-payment charges?
For loan transfer from other bank to SBM, Sales Persons are being offered the flexibility to include the prepayment charges to other bank in the loan amount offered at SBM.
Which documents are required?
Birth certificate
National Identity Card
Marriage Certificate
Recent proof of address (utility bills - MT or CEB or CWA)
Terms and conditions apply |
