SBI Personal Loan

The SBI Personal Loan is one of easier, more accessible credit instruments you can find in the market. The bank offers personal loans under myriad categories at competitive interest rates, which makes it an attractive option for those looking for quick funds. 

Disclaimer: The details mentioned are subject to change at the lender’s discretion.

 

The SBI offers a personal loan at an interest rate starting from 11.00%. The State Bank of India (SBI) offers different types of personal loans at competitive rates. Before applying for a loan with SBI, check the interest rates that the bank charges provided in the following table:

Disclaimer: The rates mentioned are subject to change at the lender’s discretion.

When it comes to loans, one of the most important components that you must be aware of is the EMIs. These are payable monthly and you are obligated to pay them on time. Hence, understanding the EMI outflow allows you to determine the best option for you. 

So, when deciding on the SBI Personal Loan, use the EMI calculator to find the EMIs and the interest that you will pay. All you have to do is enter the SBI Personal Loan interest rate, loan amount, and loan tenure.  

You can calculate the Equated Monthly Instalments (EMIs) of an SBI Personal Loan with the help of the following formula:

 

SBI Personal Loan EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

 

• EMI is the Equated Monthly Instalment,
• P is the principal amount,
• R is the monthly rate of interest, and
• N will be the SBI Personal Loan repayment tenure (in months).

 

You can use this Personal Loan EMI formula to arrive at an estimate of your SBI Personal Loan outgo but this method is quite cumbersome. Alternatively, you can always use the personal loan EMI calculator available on Bajaj Markets to determine the EMI and SBI Personal Loan interest.

SBI offers different types of personal loans for various categories of customers. Whether you have an SBI account or not, you can apply for an SBI Personal Loan based on your financial needs. 

 

Here are some of the features of these personal loans:

1. SBI Xpress Credit

• You can avail of loans ranging from ₹24,000 to ₹20 Lakhs

• The loan tenure can extend from 6 months to 72 months

2. SBI Pension Loan

• Available for central, state government, defence, and PSU employees

• The loan amount is based on your monthly pension 

3. SBI XPress Bandhan

• Available to those who do not have a salary account with SBI

• The maximum EMI to Net Monthly Income ratio is 50%

4. SBI Pre-approved Personal Loans

• Available through YONO mobile app or internet banking in just 4 clicks

• No physical documentation is required

5. SBI QUICK Personal Loan

• You can avail of loans up to ₹20 Lakhs

• The loan repayment tenure can extend up to 72 months

The following are the main SBI Personal Loan eligibility requirements for the various types of SBI Personal Loans that are currently available:

1. SBI Xpress Credit

• You must have an SBI salary account

• Your monthly income should be at least ₹15,000

• You should have an EMI/NMI ratio of less than 50%

2. SBI Xpress Bandhan

• Your monthly income should be at least ₹50,000

• Your EMI/NMI ratio should be at least 50%

3. SBI Pension Loan 

• You must be a pensioner from the central or state government

• You must be under 76 years of age

• You must have an SBI pension account, which must be kept in good standing throughout the loan term

Depending on the personal loan category you choose, the documentation required to obtain an SBI Personal Loan may vary. The following is a list of essential documents required for an SBI Personal Loan:

• Applicants must submit a completed application form as well as passport-sized pictures

• Ration Card, Bank Account Statement, Passport, Driving Licence, Electricity Bill, Telephone Bill, Aadhaar Card

• Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16

 

SBI may request more documentation regarding your identity or income 

You can contact the SBI customer case through the following channels:

• 1800-1234 / 1800-11-2211 / 1800-425-3800 are toll-free numbers

• You can also use the Online Customer Complaint Form to file a complaint

• Send an email to contactcentre@sbi.co.in describing your request or complaint

• Finally, you have the option of visiting any SBI branch nearby