SBI personal loans are available to both salaried and self-employed customers who want to meet their unexpected financial requirements. A borrower can take a personal loan from SBI for any budget needs like wedding related expenses, foreign travel, foreign education, health related expenses or any other monetary expenses. The loan has attractive interest rates to serve you. The rate varies depending on the type of job and your credit history. SBI provides personal loan for maximum 6 years which is one year more than other lenders. Let’s read more about SBI Personal Loan.
State Bank of India offers personal loan under schemes namely Xpress Credit, Xpress ELITE Scheme and SBI Pension Loan. It has low interest rates, requires no collateral for higher loan amounts, and charges zero prepayment fees, making it more affordable for borrowers.
Why Choose SBI Personal Loan?
Personal loans are unsecured loans, which means they do not require any collateral or collateral. Also, it is provided without collateral. Some of the key factors that make SBI Personal Loan Scheme unique are given below.
- Attractive Interest Rate : SBI charges one of the lowest personal loan interest rates and hence is customer friendly. SBI personal loan interest rates are on daily balance basis thus ensuring maximum benefit to borrowers.
- Timely Discount Schemes : SBI is one of the few banks that offers personal loan offers from time to time like Diwali offers along with discounts for government employees, doctors and other professionals.
- No Hidden Charges : There are no hidden charges or penalties for any SBI personal loan scheme.
- No Prepayment Penalty : State Bank of India does not charge prepayment or foreclosure charges for personal loans. However, if the loan is repaid before six months from the date of loan approval, the bank charges 1% of the outstanding loan amount.
- Instant Loan Approval : Since there is no collateral required for taking a personal loan from SBI Bank, loan approval is faster and smoother.
- Online Loan Submission : Nowadays, people look forward to doing everything online. By keeping this requirement in the notice, State Bank of India provides online loan application which saves the time of the borrower.
SBI personal loan interest rates in January 2023
| more details | more details |
|---|---|
| Interest rate | 9,60%–13,60% |
| Loan amount | Term loan:
Overdraft Dam:
|
| Term of the loan | 5 years or 60 months |
| Processing fees | Zero – 1% of the loan amount + GST |
| Prepaid fees | Zero – 3% of the outstanding principal amount |
| Security | No need |
SBI Xpress Credit Personal Loan
Xpress credit loan is one such type of loan that you can easily avail whenever you need it. Be it a sudden vacation or urgently needed funds for medical expenses, this loan is suitable to meet all your immediate needs. The loan is easy with minimal documentation, no hidden and upfront costs and low processing fees. Know more about SBI Xpress Credit Personal Loan Online here.
| Criteria | more details |
|---|---|
| Interest rates | 11.35% – 14.75% per year |
| Loan amount | (i) Term Loan – Minimum: INR 25,000 Maximum: 24 times NMI subject to INR 20.00 (ii) Overdraft – Minimum: INR 5.00 Maximum: 24 times NMI subject to INR 20,000 |
| Repayment period | 6 months to 72 months (6 years) |
| Processing fees | 0.50% – 1% of the Loan amount |
| Prepaid fees | 3% of the prepaid amount |
SBI Xpress ELITE Scheme
Those who have a salary account with SBI or any other bank can avail this personal loan scheme to meet their various needs. The effective interest rate for this scheme is a combination of the applicant’s credit ratings in addition to the difference in the 2-year MCLR. Check out the table below to know more about this scheme.
| Criteria | more details |
|---|---|
| Interest rates of SBI salary packages for air conditioner owners | 10.35% – 11.85% per year |
| Interest rates for non-SBI Salary A/C holders | 10.60% – 12.10% per year |
| Loan amount | (i) Term Loan – Minimum: INR 24,000 Maximum: 24 times NMI subject to INR 15.00 (ii) Overdraft – Minimum: INR 5.00 Maximum: 24 times NMI subject to INR 15.00 |
| Minimum monthly income | 15 000 ₹ |
| Repayment period | 6 months to 72 months (6 years) |
| Processing fees | 1.50% of the loan amount plus applicable GST charges with a minimum of INR 1,000 and a maximum of INR 15,000 |
| Prepaid fees | 3% of the prepaid amount |
| Penalty interest payments | 2% per month of the overdue amount above the applicable Interest rate |
SBI Pension Loan
SBI pension loan is provided to those pensioners who are getting pension through central or state government. These senior citizens can easily avail this loan to meet their urgent or unexpected personal financial needs. This loan has a nominal processing fee, no hidden and upfront fees.
| Criteria | more details |
|---|---|
| Interest rates | 11.30% – 11.80% per year |
| Loan amount | (A) For Central and State Government Pensioners Maximum: 18 months Pension subject to ceiling: ₹ 14.00 Lattis: For pensioners who are up to 72 years of age. ₹ 12.00 Ls: for pensioners older than 72 years and up to 74 years. ₹ 7.50 Lattis: For senior citizens above 74 years and up to 76 years.(B) For Defense Pensioners Maximum: 36 months Pension subject to ceiling: ₹ 14.00 Lats: For pensioners below 72 years. ₹ 12.00 Ls: for pensioners older than 72 years and up to 74 years. ₹ 7.50 Lattis: For senior citizens above 74 years and up to 76 years.(C) For family pensioners (including defense pensioners): Maximum: 18 months pension subject to a ceiling of: ₹ 5.00 Ls: For pensioners up to 72 years of age. ₹ 4.50 Lattis: For senior citizens above 72 years and up to 74 years. ₹ 2.50 Lattis: For senior citizens above 74 years and up to 76 years. |
| Repayment period | 24 months to 84 months (7 years) |
| Processing fee for family pensioners | 0.50% of the loan amount with a minimum of INR 500 plus GST and a maximum of INR 2500 plus GST |
| Processing fee for all other pensioners | 1% of loan amount with a minimum of INR 1000 plus GST up to INR 10,000 plus GST |
| Prepaid fees | 3% of the prepaid amount |
SBI Personal Loan Eligibility Criteria
State Bank of India has set basic eligibility criteria based on which it grants loans to individuals. An individual can easily check whether he/she is eligible for a personal loan from SBI or not by using the SBI Personal Loan Eligibility Calculator . If we talk more about this device, it lets you know the approximate loan amount that you are eligible to receive from the lender. The device provides a quick check and lets you know the loan amount you can get from the lender based on your income, existing loan/credit card EMIs, etc. The calculation is based on the following factors:
- Personal income
- Monthly expenses
- Other Financial Liabilities (Existing Loans/EMIs, Outstanding Credit Card)
| Eligibility criteria | more details |
|---|---|
| Minimum age | 21 years |
| Maximum age | 58 years |
| Minimum monthly income | 15 000 INR |
| Total work experience | 2 gadi |
| Years in current residence | 1 year |
SBI Xpress Credit Personal Loan Eligibility
If a person wants to take Xpress Credit personal loan from SBI, he/she must meet the following eligibility criteria:
- The borrower should have a minimum net monthly income of INR 15,000 per month
- EMI/NMI (equal monthly installments / net monthly income) ratio of the applicant should not exceed 50%
SBI Pension Loan Eligibility
The persons who can avail the benefits of SBI Pension Loan are:
- The maximum age of the applicant should not be more than 76 years
- There is no minimum age limit for defense pensioners seeking SBI pension loan.
- The individual must be in receipt of pension from the central or state government and must have a pension account with SBI
- If the family pensioner is the spouse of a pensioner who has the right to receive a pension, then he too must not be older than 76 years.
Documents required to apply for SBI Personal Loan
The list of documents that a person needs to carry while applying for an SBI Personal loan is as follows:
- Signed loan application form
- Identity document – PAN card/voter ID card/passport/driving license etc.
- Processing Fee Check
- Last 3 months bank statement or 6 months bank passbook
- Latest salary slip and current dated salary certificate with latest Form 16 for salaried persons
- For self-employed, latest bank statement or latest ITR in Form 16
SBI Personal Loan Calculator
SBI Personal Loan EMI Calculator is a tool used to calculate the monthly installments of a personal loan. If a person wants to take a personal loan, he would be concerned about the monthly installments that he will have to pay to the bank. To find out the monthly payments of an individual loan, the following information is required:
- Loan amount
- Interest rate
- Due date
For example, if a borrower wants to take a personal loan with the following information:
- Aizdevuma summa – INR 15 000 000
- Term of operation – 5 years
- Interest rate – 11.05% per year
The EMI details will be as follows:
Table showing EMI, outgoing interest and total repayment amount
| LOAN AMOUNT | INTEREST RATE | DUE DATE | MONTHLY INSTALLMENT | TOTAL INTEREST AMOUNT | SUM |
|---|---|---|---|---|---|
| 15 00 000 ₹ | 11,05% | 1 | 1,32,607 Indian Rupees | 91,290 Indian Rupees | 15,91,290 Indian Rupees |
| 15 00 000 ₹ | 11,05% | 2 | 69,947 Indian Rupees | 1,78,718 Indian Rupees | 16,78,718 Indian Rupees |
| 15 00 000 ₹ | 11,05% | 3 | 49,144 Indian Rupees | 2,69,170 Indian Rupees | 17,69,170 Indian Rupees |
| 15 00 000 ₹ | 11,05% | 4 | 38,805 Indian Rupees | 3,62,626 Indian Rupees | 18,62,626 Indian Rupees |
| 15 00 000 ₹ | 11,05% | 5 | 32,651 Indian Rupees | 4,59,063 Indian Rupees | 19,59,063 Indian Rupees |
EMI, Total Outgoing Interest, Total Repayment (Interest + Principal)
| YEAR | DIRECTOR | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | 2,37,870 Indian Rupees | 1,53,942 Indian Rupees | 12,62,129 Indian Rupees |
| 2 | 2,65,528 Indian Rupees | 1,26,284 Indian Rupees | 9,96,601 Indian Rupees |
| 3 | 2,96,401 Indian Rupees | 95,411 Indian Rupees | 7,00,199 Indian Rupees |
| 4 | 3,30,864 Indian Rupees | 60,948 Indian Rupees | 3,69,334 Indian Rupees |
| 5 | 3,69,632 Indian Rupees | 22,478 Indian Rupees | 0 ₹ |
What is the EMI for 3 lakhs personal loan?
EMI 3 lakh for SBI Personal Loan depends on interest rate and loan tenure. So we have shown you the lowest and highest EMIs charged on SBI personal loans and for 3 years and 5 years:
| Loan amount | IA 9.60% (3 year EMI) | IA 9.60% (5 year EMI) | IA 13.60% (3 year EMI) | IA 13.60% (5 year EMI) |
|---|---|---|---|---|
| INR 1 lakh | 3208 INR | 2105 INR | 3398 INR | 2306 INR |
| INR 2 lakhs | 6416 INR | 4210 INR | 6797 INR | 4612 INR |
| INR 3 000 000 | 9624 INR | 18 315 INR | 10 195 INR | 18 918 INR |
Features of SBI Personal Loan
SBI personal loan scheme has many benefits like low interest rates, low processing charges and higher loan amount etc. Here are some of the key features of SBI Personal Loans:
- Large amount of loan
- Low interest rates
- Quick loan processing
- Specialized loan schemes
- 24×7 customer service
How to apply?
State Bank of India provides facility to submit application online. You just need to visit the website, go to the personal loan section and fill the online application form with all the required personal as well as professional details. You have to submit the form by clicking the submit button. Soon after receiving your application and evaluating your profile, bank managers will contact you about the further loan procedure. However, you can also visit the nearest bank branch and complete the necessary formalities.
SBI Personal Loan Application Form Download
If you are interested in availing SBI Personal Loan, the first step is to fill the application form. It is mandatory for the applicant to submit the required form to receive the loan. However, to avoid long queues at the bank, all you have to do is download the form online. You can visit the official website of SBI and easily download the form from there. Fill the form and submit it online or visit the nearest branch to continue processing the loan application.
SBI Personal Loan Status
Applicant can check personal loan status online anytime. All the customer needs to do is to log into the respective account and in a few seconds the exact status of the loan can be found online.
SBI Personal Loan Customer Care Contact Number
If the borrower has any queries related to SBI personal loan, he/she can contact the bank on toll free number: 1800 425 3800. When you dial this number, the bank managers will surely solve all your queries and complaints and provide the best solution.
SBI Personal Loan for Government Employees
If you are a government employee, you would be glad to know that State Bank of India offers the best personal loan schemes for all government employees. For such employees, the bank offers special offers with minimal documentation, attractive interest rates and flexible working hours. These employees can get the best deal and enjoy many other benefits.
A brief look at the SBI profile
SBI is the 45th largest public sector bank in the world and the largest in India with an asset size of INR 37 lakh Crore and a customer base of 500 million. It is known for its customer friendly services in all departments and personal loans is one of them.
State Bank of India moratorium process
You can suspend your loan EMI from 1 March 2020 to 31 May 2020 by following the steps below.
- Download Annexure I or II form from SBI official website
- Fill in Annex I with the term loan or account number
- Mention the name of the branch and sign above it
- If the loan is borrowed together, the signature of the 2nd applicant is mandatory
- You can submit the form online without going anywhere on the email id given in Appendix II
- If the user uses SBI’s Standing Instruction service to make the payment, he can submit a handwritten application at his SBI branch.
SBI Personal Loan FAQs
1. How to Apply for SBI Personal Loan Online?
You can apply for SBI personal loan through the official website of State Bank of India. On the other hand, you can fill the form given above to apply for a personal loan online. The form will require you to provide some basic information such as name, date of birth, salary and your contact number.
2. How much time does SBI take to approve a personal loan?
If you are eligible for SBI personal loan and the bank verifies all the documents submitted by you, then it will take 3 days for approval of SBI personal loan.
3. How long does it take to get a personal loan from SBI?
It will take 3 days to get your personal loan from SBI. As soon as you submit all the valid documents required by the bank and their verification, you will get a personal loan from SBI.
4. What is the minimum personal loan amount in SBI?
Minimum personal loan amount with SBI is INR 24000.
5. Can I take 2 personal loans from SBI?
Yes, you can take two personal loans from SBI. But make sure you have high income and high Cibil score to apply for another loan from State Bank of India.
6. What documents are required to apply for SBI personal loan?
To apply for an SBI personal loan, you will need the following documents:
– signed application form
– identity proof – PAN card
– address proof – Aadhar card or voter ID card or passport or electricity bill
– income proof – 3 to 6 months bank statement. or payslips or latest ITRs
– multiple passport size photographs
7. Who is eligible to take SBI personal loan?
A person who meets the following criteria is eligible for SBI Personal Loan: –
– Age between 21 years to 58 years.
– INR 15000 monthly income.
– Total work experience 2 years.
– 1 year of current residence.
8. Can I get a personal loan if my salary is 20,000?
Yes, you can apply for SBI Personal with a salary of INR 20000, but you will have to submit your income proof to the bank.
9. What are the prepayment charges for SBI Private Loan?
SBI personal loan prepayment fee is 3% of the prepayment amount.
10. What documents are required for SBI personal loan?
For SBI Personal Loan you will need:
– Identity Proof (PAN Card)
– Address Proof (Aadhar Card, Voter ID Card, Passport, Electricity Bill)
– Income Proof (3 to 6 Months Bank Statement, Salary Cheques, Latest ITR)
– Several passport size photographs
11. Does SBI provide instant personal loans?
Yes, you can get SBI Personal Loan instantly if you meet all the eligibility criteria and submit the supporting documents to the bank. Payment will be made within 24 hours.
12. What securities and collateral are required for SBI personal loan in India?
You will not need to keep any collateral or security with State Bank of India if you apply for a personal loan from them.
13. Can you have a co-borrower for a personal loan?
Yes, if your application is repeatedly rejected due to low credit score, you may have a co-borrower who receives the loan.
14. Who can be your co-borrower in SBI personal loan application?
Your spouse, parents, children or your siblings can be co-borrowers in your SBI personal loan.
15. What is the minimum CIBIL score required for SBI Personal Loan in India?
The minimum Cibil score required for SBI Personal Loan in India is 750 and above. You can get a personal loan with a score below 750, but the interest rate will remain high.
16. What are the prepayment charges for SBI Personal Loan?
The prepayment fee for SBI personal loan is 3% of the prepayment amount.
17. How can a government employee take a personal loan from SBI?
A government employee simply needs to submit an online personal loan application to SBI. After that, the bank will ask the applicant for necessary documents, such as proof of income, address and identity document. After verification and authentication, a government employee can take a personal loan
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