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: This personal loan scheme of SBI is the best choice for the people who want money for any sudden need of money like travelling or medical treatment, etc. The interest rate is low ranging starting from 12.90% per annum and processing fee of just 1% of the loan amount.
  2. SBI Saral Personal Loan: SBI Saral Personal Loan scheme can be taken loan for any personal or professional need like clearing debts, starting a new business, etc. Or any legitimate purpose. The interest rates and processing fee charges are low.
  3. SBI Pension Loan / Jai Jawan Pension Loan: SBI Pension Loan is for Pensioners and for Family Pensioners (including Defence Personnel) who were central or state government employees and getting pensions. The interest rates offered for this loan scheme is 12.45% per annum and the processing fee is nominal.
  4. SBI Festival Personal Loan: SBI Festival Personal Loan is dedicated to the festival season. This personal loan scheme is mostly taken by the people who have made big plans to celebrate but suddenly face the shortage of money.

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.

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.