SBI is the largest public sector bank in India that is known for its customer friendly services in all divisions and personal loans are one of them. The bank understands the needs of a personal loan borrower. SBI Personal Loans are the loans that makes sure the loan borrower gets his/her desirable loan amount without making a hole in their pocket. SBI personal loans can be availed by salaried as well as self-employed customers who want to meet their unforeseen financial requirement. A borrower can take a personal loan from SBI for any budgetary needs like wedding related expenses, foreign travel, abroad education, health-related expenses or any other monetary expenses.

State Bank of India has four personal loan schemes- Xpress Credit Personal Loan, SBI Saral Personal Loan, SBI Festive Personal Loan and SBI Pension Loan/Jai Jawan Pension Loan. SBI personal loan has low-interest rates, higher loan amount facility, needs no collateral and charges zero prepayment fees that make it more feasible for the borrowers. To know more about SBI personal loan, read the article below.

SBI Personal Loan Interest Rates Details

Particulars Details
Interest Rate 11.90%-14.90% p.a.
Loan Amount For Term Loan: Minimum- ₹ 24,000/-
Maximum- 24 times NMI subject to a maximum of ₹ 15 lakhs For Overdraft:
Minimum- ₹ 10 lakhs
Maximum- 24 times NMI subject to a maximum of ₹ 15 lakhs
Tenure 5 Years or 60 months
Processing Fees 1% of the Loan Amount + applicable Service Tax
Prepayment Charges NIL
Collateral Not Required

Why choose SBI Personal Loan?

Personal loans are the unsecured loans that means there are no security or collateral required to get it. Similarly, SBI personal loan is also given without any collateral. However, some of the main factors that make SBI personal loan scheme is unique one are as follows:

  • Attractive Rate of Interest: SBI charges one of the lowest personal loan interest rates and hence is customer-friendly. The personal loan interest rates of SBI are on a daily recurring balance basis thereby ensures maximum benefit to the loan borrower.
  • Timely Discounted Schemes: SBI is one of the first banks that gives offers on personal loans from time to time like there are Diwali offers and also has 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: For personal loans, State Bank of India charges no prepayment or foreclosure charges. However, if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the loan amount.
  • Instant Loan Approval: As there is no collateral required to take a personal loan from SBI bank, the loan approval is quicker and smoother.
  • Online Loan Submission: Nowadays, people look forward to doing everything online. Keeping this demand in the notice, State Bank of India provides online loan submission that saves the loan borrowers time.

SBI Personal Loan Schemes

State Bank of India Personal Loan is popular for its low rates, higher loan amount and easy repayment option. The bank offers personal loans in four different schemes that cover variable customers and their needs. Here are the details of all the four SBI personal loan schemes:

  1. Xpress Credit Personal Loan:

    The Xpress Credit Loan is one such type of a loan which you can easily avail whenever you have the desire. Be it a sudden vacation or urgent funds required for medical expenses, this loan is apt in fulfilling all your immediate needs. To avail this loan, the minimum documentation is required, no hidden  and pre-payment charges are required, and the processing charges are very low.

Criteria

Details

Interest Rates

12.70% – 15.20% p.a.

Loan Amount

(i) Term Loan - Min: ₹24,000/-

Maximum: 24 times NMI subject to maximum of ₹ 15.00 lacs

(ii) Overdraft - Minimum: ₹10.00 lacs

Maximum: 24 times NMI subject to maximum of ₹15.00 lacs

Repayment Period

Minimum 6 months

Maximum 60 months or residual service period whichever is less

Processing Fees

1.01% of the loan amount

Prepayment Charges

Nil


2. SBI Saral Personal Loan:

SBI Saral Personal Loan can easily availed for any legitimate purpose such as expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability like marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets, etc.

Criteria

Details

Interest Rates

17.80% p.a.

Loan Amount

Minimum: ₹24,000/- in metro and urban centres

₹10,000/- in rural/semi-urban centres

Repayment Period

The loan is repayable in 48 EMIs

Processing Fees

2.02%-3.03% of the loan amount

Prepayment Charges

NIL

3. SBI Pension Loan / Jai Jawan Pension Loan:

SBI Pension Loan is one such type of a loan that is provided to such pensioners who are receiving their pensions through central or the state government. The pensioners can easily avail this loan so as to meet their urgent or unexpected personal financial needs. This loan comes with nominal processing fee, no hidden and prepayment charge.

Criteria

Details

Interest Rates

13.20% p.a.

Loan Amount

(A) For Pensioners: Minimum: ₹ 25,000/-

Maximum: 18 months' Pension with a ceiling of:

₹14.00 lacs: For Pensioners who are up to 72 years of age.

₹12.00 lacs: For Pensioners who are above 72 years and up to 74 years of age.

₹7.50 lacs: For Pensioners who are above 74 years and up to 76 years of age.

(B) For Family Pensioners:

Minimum : ₹25,000/-

Maximum: 18 months' Pension with a ceiling of:

₹5.00 lacs: For Pensioners who are up to 72 years of age.

₹4.50 lacs: For Pensioners who are above 72 years and up to 74 years of age.

₹2.50 lacs: For Pensioners who are above 74 years and up to 76 years of age.

Repayment Period

24 months-60 months for Pensioners and Family Pensioners

Processing Fees

0.51% of the loan amount

4. SBI Festival Personal Loan:

SBI Festival Loans help you meet any kind of festival related expenses. In case there is a festival coming up and you are suffering from the shortage of funds or money so as to celebrate it, with the help of festival loans offered by SBI, you can enjoy any festival with your loved ones.

Criteria

Details

Interest Rates

16.05% p.a.

Loan Amount

Minimum: ₹5000/-

Maximum: 4 times your Net Monthly Income, subject to a ceiling of ₹ 50,000/-

Repayment Period

12 months

Processing Fees

1.10% of the loan amount

SBI Personal Loan Eligibility

State Bank of India has set basic eligibility criteria on the basis of which it gives personal loans. Here are the eligibility criteria for salaried and self-employed individuals as per the schemes:

SBI Xpress Credit Personal Loan Eligibility

If a person wants to take Xpress Credit Personal Loan from SBI, he/she must meet the below-given eligibility:

  • Net Monthly Income of the borrower must be at least ₹7,500 per month
  • The applicants EMI/NMI (Equated Monthly Instalments / Net Monthly Income) ratio must not exceed 50

SBI Saral Personal Loan Eligibility.

The personal loan eligibility for SBI Saral Personal Loan is as follows:

  • Self-employed engineer
  • Doctor
  • Minimum 2 years of working experience for an MBA graduate
  • Chartered Accountant
  • Architect

SBI Pension Loan / Jai Jawan Pension Loan Eligibility

The people who can enjoy the benefits of SBI Pension Loan are as follows:

  • The maximum age of the applicant is 76 years
  • The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
  • If the family pensioner is the spouse of a pensioner who is authorised to receive the pension then they too must not be over 76 years of age

SBI Festival Personal Loan Eligibility

The personal loan eligibility for SBI Festival Personal Loan is as follows:

  • Government employees or those working for PSU’s or even private or public institutions/establishments with a minimum of 2 years of working experience
  • Minimum 3 years of working experience for self-employed individuals
  • Individuals with regular source of income like pension or interest from TDR or NSC or Govt Securities
  • Minimum Net Monthly Income of ₹3000

General Eligibility Criteria

Criteria For Salaried Individuals For Self-employed Individuals
Age Minimum- 21 Years
Maximum- 58 Years
Minimum- 21 Years
Maximum- 65 Years
Minimum Income ₹5,000/- per month ₹7,000/- per month
Total Work Experience 2 Years 2 Years
Years in Current Residence 1 Year  

SBI Personal Loan Eligibility Calculator

There are many personal loan eligibility calculators available online, a person can easily check if he/she is eligible for a personal loan from SBI or not with the help of SBI personal loan eligibility calculator. The calculation is based on the following factors:

  • Income of the individual

  • Loan Amount

  • Interest Rate

Documents Required for SBI Personal Loan

The list of documents that a person must carry while applying for SBI Personal loan are as follows:

  • Signed loan application form
  • Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
  • Processing fee cheque
  • Last 3 months bank statement or 6 months bank passbook
  • Latest salary slip & Current dated salary certificate with the Latest Form 16 for salaried individuals
  • Latest Bank statement or Latest ITR of Form 16 for self-employed individuals

How to Apply for SBI Personal Loan?

State Bank of India facilitates the option of online loan submission wherein a person can apply for the personal loan online and submit it as well or go the nearest bank branch and do the formalities. Hence, the process to apply for SBI Personal loan depends on the choice and convenience of the loan applicant.

SBI Personal Loan EMI Calculator

SBI Personal Loan EMI calculator is the tool that is used to calculate the monthly installments of a personal loan. If a person wants to take a personal loan, he/she would be concerned about the monthly installments they will have to pay to the bank. To know the monthly installments of the personal loan, the required details are:

  1. Loan Amount
  2. Interest Rate
  3. Tenure

For eg., if a borrower wants to take a personal loan with the below details:

  • Loan Amount- ₹15 lakhs
  • Tenure- 5 Years
  • Rate of Interest- 11.90% - 14.90% per annum

The EMI details will be as follows:

Table for EMI per month, Total Interest Outgo and Total Amount

Loan Amount
(in ₹ )
Interest Rate (p.a) Tenure (in Years) EMI (in ₹) Total Interest Outgo (in ₹) Total Amount (Principal + Interest) (in ₹)
15,00,000 11.90% - 14.90% 1 1,33,203 - 1,35,317 98436 - 1,23,800 15,98,436 - 16,23,800
15,00,000 11.90% - 14.90% 2 70540 - 72659 1,92,964 - 2,43,809 16,92,964 - 17,43,809
15,00,000 11.90% - 14.90% 3 49750 - 51925 2,90,995 - 3,69,284 17,90,995 - 18,69,284
15,00,000 11.90% - 14.90% 4 39427 - 41670 3,92,503 - 5,00,166 18,92,503 - 20,00,166
15,00,000 11.90% - 14.90% 5 33291 - 35606 4,97,455 - 6,36,372 19,97,455 - 21,36,372

Amortization Table

Year Principal (in ₹) Interest Outgo (in ₹) Balance Amount (in ₹)
1 233451 - 218280 166041 - 208992 1266549 - 1281720
2 262801 - 253120 136691 - 174152 1003748 - 1028600
3 295836 - 293518 103656 - 133754 707912 - 735082
4 333026 - 340368 66466 - 86904 374886 - 394714
5 375213 - 395151 24602 - 32578 0-0

SBI Personal Loan Interest Rate

For personal loans, SBI offers one of the lowest personal loan interest rates in the market India. Having said that, SBI personal loan interest rates are calculated on the basis of the MCLR of the banks that is presently 9.00% for 2 Years. The interest rates range from 11.90% to 14.90% per annum.

Features of SBI Personal Loan

The personal loan scheme of SBI has many advantages like low-interest rates, low processing fees and higher loan amount, etc. Here are some of the main features of SBI personal loans are:

  • High Quantum of Loan
  • Low-Interest Rates
  • Fast Loan Processing
  • Specialized Loan Schemes
  • 24X7 Customer Service

SBI Personal Loan Contact Number

If a borrower has some queries related to SBI personal loan, he/she can contact the bank on the toll-free no.: 1800 425 3800.

SBI Personal Loan Status

The applicant can any time check the status of personal loan, as SBI allows to do the same. The bank permits to check the status of your loan with the help of an easy and quick procedure. All that the customer needs to do is just login to the respective account and within few seconds, can know the exact status of your SBI Personal Loan online.