SBI Personal Loan
SBI is the 45th largest public sector bank in the world and the largest in India with an asset size of ₹37 Lakh Crore and a customer base of 500 million. It 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.
Personal Loan
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State Bank of India offers personal loan under the schemes, namely Xpress Credit 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.
Table of Contents
- 1 SBI Personal Loan Interest Rates Details
- 2 Why choose SBI Personal Loan?
- 3 SBI Personal Loan Schemes
- 4 SBI Personal Loan Eligibility
- 5 SBI Personal Loan Eligibility Calculator
- 6 Documents Required for SBI Personal Loan
- 7 How to Apply for SBI Personal Loan?
- 8 SBI Personal Loan Interest Rate
- 9 Features of SBI Personal Loan
SBI Personal Loan Interest Rates Details
| Particulars | Details |
|---|---|
| Interest Rate | 11.90% - 15.00% |
| 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 which mean there are no security or collateral required to get it. Similarly, SBI personal loan is also given without any collateral. Some of the main factors that make SBI personal loan scheme unique have been given below.
- 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 therefore, 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:
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 | 11.90%-15% 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% of the loan amount |
| Prepayment Charges | Nil |
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 | 12.45% 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 | 0.5% 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 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
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:
- Loan Amount
- Interest Rate
- Tenure
For e.g., 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%p.a.
The EMI details will be as follows:
Table Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term Amortization Schedule of Loan Repayment
Loan Amount
Interest Rate
Tenure
Monthly Instalment
Total Interest Amount
Total Amount
Year
Principal
Interest
Balance Amount
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. The interest rates range from 11.90% to 15% 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.