SBI Personal Loan - Eligibility, EMI, Documents Required, Interest Rates
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.
SBI Personal Loan Details |
|
Interest rate |
11% onwards |
Loan Amount |
₹24,000 to ₹20 Lakhs |
Minimum Income for Eligibility |
₹15,000 per month |
Eligibility Age |
Minimum 21 years and up to 58 years at loan maturity |
Processing Fees |
Up to 1.50% of the loan amount plus GST (Subject to minimum ₹,1000 to maximum ₹15,000) |
Loan tenure |
6 months to 72 months |
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:
Types of SBI Personal Loans |
Interest Rate |
XPRESS CREDIT |
11.00% - 14.00% per annum |
XPRESS ELITE |
11.00% - 11.75% per annum |
XPRESS FLEXI SCHEME (Overdraft Facility) |
0.25% higher than XPRESS CREDIT for Diamond Salary packages and XPRESS ELITE for Platinum Salary Package |
XPRESS LITE |
1% higher than XPRESS CREDIT for all salary brackets |
SBI Quick Personal Loan Through CLP Portal |
0.25% higher than XPRESS CREDIT for all salary brackets |
XPRESS CREDIT INSTA TOP-UP |
12.10% per annum |
SBI Pension Loan |
11.15% per annum |
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.
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:
You can avail of loans ranging from ₹24,000 to ₹20 Lakhs
The loan tenure can extend from 6 months to 72 months
Available for central, state government, defence, and PSU employees
The loan amount is based on your monthly pension
Available to those who do not have a salary account with SBI
The maximum EMI to Net Monthly Income ratio is 50%
Available through YONO mobile app or internet banking in just 4 clicks
No physical documentation is required
You can avail of loans up to ₹20 Lakhs
The loan repayment tenure can extend up to 72 months
You can avail of a loan amount of up to ₹20 Lakhs to meet your immediate expenses.
If you get a personal loan from SBI, you can choose to repay it between a fixed tenure of 6 months to 72 months.
You can apply for SBI Personal Loan online without any hassle. The process requires minimal paperwork and the loan gets approved as early as possible.
The following are the main SBI Personal Loan eligibility requirements for the various types of SBI Personal Loans that are currently available:
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%
Your monthly income should be at least ₹50,000
Your EMI/NMI ratio should be at least 50%
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
SBI may request more documentation regarding your identity or income
The State Bank of India (SBI) allows you to apply for a personal loan both by offline and online methods. However, if you wish to apply for SBI Personal Loan online, here are some easy steps that you need to follow:
Visit the official SBI Personal Loan webpage
Select the suitable personal loan option and click on “Apply Now” or “Avail Now”
Fill out the application form and upload the scanned copies of the required documents
The bank will approve your application if you fulfil their criteria
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
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
To avail of SBI Personal Loan, you must have a minimum CIBIL score of 750.
If you are a corporate employee, you can avail of XPRESS CREDIT, XPRESS ELITE, and XPRESS LITE personal loans from SBI.
No, you are unable to select the method of computation. The loan comes with a set interest rate.
Personal loan balance transfer offers may be sent to SBI account customers on a regular basis. Such deals can be found by going onto your online banking account, using the YONO mobile app, or calling SBI customer service.
The SBI offers a pension loan of up to ₹12 Lakhs.
SBI presently calculates personal loan interest using the declining balance technique. The full terms of the same, on the other hand, can only be found in the personal loan agreement.
The State Bank of India does not mention how long it takes to disburse a personal loan after it has been approved. SBI normally completes the disbursement of a personal loan within 2-4 working days following the application's approval.
With SBI Personal Loan, you can get a loan of up to ₹20 Lakhs.
On a loan of ₹2 Lakhs at an interest rate of 11% for a tenure of 36 months, the interest payable is ₹35,719.
The maximum tenure can go up to 6 years.
SBI offers various repayment options for personal loans, including Standing Instruction (SI) and post-dated cheques.
Yes, you can prepay your SBI personal loan, and the bank may charge a prepayment penalty of up to 3%. However, it is advisable to check the terms and conditions before making any prepayments.
Yes, it is possible to get a personal loan from SBI with a salary under ₹20,000. However, ensure that you also meet the eligibility criteria set by the bank.
You can reduce the installment amount of your SBI Personal Loan by making part prepayments. This can also help you save on interest costs.