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.
|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|
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:
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:
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:
If a person wants to take Xpress Credit Personal Loan from SBI, he/she must meet the below-given eligibility:
The personal loan eligibility for SBI Saral Personal Loan is as follows:
The people who can enjoy the benefits of SBI Pension Loan are as follows:
The personal loan eligibility for SBI Festival Personal Loan is as follows:
|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|
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 list of documents that a person must carry while applying for SBI Personal loan are as follows:
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 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:
For eg., if a borrower wants to take a personal loan with the below details:
The EMI details will be as follows:
Table for EMI per month, Total Interest Outgo and Total 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|
|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|
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.
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:
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.