Personal Loan Apply138133 views
Highlights
Get SBI Personal Loan at an Attractive Interest Rate Ranges Between 10.35% - 14.75%
Check out the Various Schemes, Eligibility and More
In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability.
Table of Contents
- 1 About State Bank of India (SBI) Personal Loan
- 2 SBI Personal Loan Interest Rate April 2020
- 3 SBI Xpress Credit Personal Loan
- 4 SBI Xpress ELITE Scheme
- 5 SBI Xpress Power
- 6 SBI Pension Loan
- 7 SBI Personal Loan Eligibility
- 8 General Eligibility Criteria
- 9 SBI Personal Loan Calculator
- 10 SBI Personal Loan Eligibility Calculator
- 11 Documents Required
- 12 How to Apply for SBI Personal Loan?
- 13 SBI Personal Loan Contact Number
- 14 SBI Personal Loan Status
- 15 SBI Personal Loan Application Form Download
- 16 SBI Personal Loan for Government Employees
- 17 A Quick Look at SBI’s Profile
About State Bank of India (SBI) Personal Loan
SBI Personal Loans are available for both salaried and self-employed customers who want to meet their unforeseen financial requirements. 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. The loan comes at attractive interest rates for you to service at. The rate varies based on the type of workplace and credit history you have. SBI provides a personal loan for a maximum of 6 years, one year more than what other lenders do. Let’s read about SBI Personal Loan in detail.
Personal Loan
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State Bank of India offers personal loan under the schemes, namely Xpress Credit, Xpress ELITE Scheme and SBI Pension Loan. It has low-interest rates, higher loan amount facility needs no collateral and charges zero prepayment fees that make it more feasible for the borrowers.
Why Choose SBI Personal Loan?
Personal loans are the unsecured loans which mean there are no security or collateral required to get it. Similarly, it 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 benefits to the borrowers.
- Timely Discounted Schemes: SBI is one of the very few 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 outstanding 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.
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
- 24×7 Customer Service
SBI Personal Loan Interest Rate April 2020
| Particulars | Details |
|---|---|
| Interest Rate | 10.35% - 14.75% |
| 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 |
| Loan Tenure | 5 Years or 60 months |
| Processing Fees | Nil - 1% of the Loan Amount + GST |
| Prepayment Charges | Nil - 3% of the principal outstanding |
| Collateral | Not Required |
SBI Xpress Credit Personal Loan
The Xpress Credit Loan is one such type of a loan which you can easily avail whenever you need it. Be it a sudden vacation or urgent funds required for medical expenses, this loan is apt for fulfilling all your immediate needs. The loan comes easy with minimum documentation, no hidden and pre-payment charges and low processing fee. Know more about SBI Xpress Credit Personal Loan Online here.
| Criteria | Details |
|---|---|
| Interest Rates | 11.55% - 14.95% per annum |
| Loan Amount | (i) Term Loan - Min: ₹25,000 Maximum: 24 times NMI subject to maximum of ₹ 20.00 lacs (ii) Overdraft - Minimum: ₹5.00 lacs Maximum: 24 times NMI subject to maximum of ₹20.00 lacs |
| Repayment Period | 6 Months to 72 Months (6 Years) |
| Processing Fees | 1% of the loan amount |
| Prepayment Charges | Nil - 3% of the principal outstanding |
SBI Xpress ELITE Scheme
Those who are having a salary account with SBI or in any other bank can avail this personal loan scheme to meet their varied needs. The effective interest rate of this scheme is a combination of credit score of an applicant in addition to the spread over 2-year MCLR. Take a look at the table below to know more about this scheme.
| Criteria | Details |
|---|---|
| Interest Rates | 10.55% - 12.30% per annum |
| Loan Amount | (i) Term Loan - Min: ₹24,000 Maximum: 24 times NMI subject to maximum of ₹ 15.00 lacs (ii) Overdraft - Minimum: ₹5.00 lacs Maximum: 24 times NMI subject to maximum of ₹15.00 lacs |
| Repayment Period | 60 Months (5 Years) |
| Processing Fees | 1% of the loan amount |
| Prepayment Charges | Nil - 3% of the principal outstanding |
SBI Xpress Power
This unsecured personal loan scheme is offered by the lender to those Salaried Employees who are not maintaining the Salary Account with SBI. Employees working with Central/ State Governments/ Defence Establishments, Quasi Government Bodies, PSUs, Educational Institutions of National Repute, Select Rated Corporates are eligible to apply.
| Criteria | Details |
|---|---|
| Interest Rates | 11.65% to 13.30% per annum |
| Gross Monthly Income | ₹50,000 |
| Loan Amount | ₹25,000 - ₹15 Lakh (24 times of NMI) |
| Repayment Period | 5 Years (60 months) |
| Processing Fee | 1% of the loan amount+GST |
SBI Pension Loan
SBI Pension Loan is provided to those pensioners who are receiving their pensions through central or the state government. These pensioners can easily avail this loan to meet their urgent or unexpected personal financial needs. This loan comes with nominal processing fee, no hidden and prepayment fee.
| Criteria | Details |
|---|---|
| Interest Rates | 11.50% - 12% per annum |
| 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 - 60 months for Pensioners and Family Pensioners |
| Processing Fees | Zero processing fee for defense pensioners. 0.50% of the loan amount + Tax for all other Pensioners including family Pensioners |
SBI Personal Loan Eligibility
State Bank of India has set basic eligibility criteria based on 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 fillowing eligibility criteria-
- Net Monthly Income of the borrower must be at least ₹15,000 per month
- The applicant’s EMI/NMI (Equated Monthly Instalments / Net Monthly Income) ratio must not exceed 50%
SBI Xpress Power Personal Loan Eligibility
Read the eligibility criteria below to apply for this unsecured credit facility
- Net Gross Monthly Income of an applicant should be ₹50,000
- Salaried Employees not maintaining a salary account with SBI
- Employees working with Central/ State Governments/ Defence Establishments, Quasi Government Bodies, PSUs, Educational Institutions of National Repute, Select Rated Corporates
SBI Pension Loan Eligibility
Individuals who can enjoy the benefits of SBI Pension Loan are as follows:
- The maximum age of the applicant must not be more than 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
| Eligibility Criteria | For Salaried Individuals | For Self-employed Individuals |
|---|---|---|
| Minimum Age | 21 Years | 21 Years |
| Maximum Age | 58 Years | 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 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- 11.05%p.a.
The EMI details will be as follows:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 15,00,000 | 11.05% | 1 | ₹ 1,32,607 | ₹ 91,290 | ₹ 15,91,290 |
| ₹ 15,00,000 | 11.05% | 2 | ₹ 69,947 | ₹ 1,78,718 | ₹ 16,78,718 |
| ₹ 15,00,000 | 11.05% | 3 | ₹ 49,144 | ₹ 2,69,170 | ₹ 17,69,170 |
| ₹ 15,00,000 | 11.05% | 4 | ₹ 38,805 | ₹ 3,62,626 | ₹ 18,62,626 |
| ₹ 15,00,000 | 11.05% | 5 | ₹ 32,651 | ₹ 4,59,063 | ₹ 19,59,063 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 2,37,870 | ₹ 1,53,942 | ₹ 12,62,129 |
| 2 | ₹ 2,65,528 | ₹ 1,26,284 | ₹ 9,96,601 |
| 3 | ₹ 2,96,401 | ₹ 95,411 | ₹ 7,00,199 |
| 4 | ₹ 3,30,864 | ₹ 60,948 | ₹ 3,69,334 |
| 5 | ₹ 3,69,632 | ₹ 22,478 | ₹ 0 |
SBI Personal Loan Eligibility Calculator
An individual 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. If we talk more about this device, it lets you know the estimated loan amount you are eligible to get from the lender. The device gives you a quick check and allows you to know the loan amount you can avail from a lender after taking into account income, existing loan/credit card EMI, etc.
The calculation is based on the following factors:
- Income of the individual
- Monthly Expenses
- Other Financial Liabilities (existing loans/EMIs, credit card outstanding)
Documents Required
The list of documents that a person must carry while applying for SBI Personal loan is 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 gives you the option to submit your application online. You simply need to visit the site, go to the personal loan section and fill an online application form by giving all the required personal as well as professional details. You need to submit the form by clicking on the submit button. And, soon after receiving your application and evaluating your profile, the bank executives will get in touch with you for further loan proceedings. However, one can also visit the nearest bank branch and do the required formalities.
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. The moment you dial these number the bank executives make sure to solve all your queries and complaints and give the best solution.
SBI Personal Loan Status
The applicant can any time check the status of the personal loanon online. All that the customer needs to do is just log in to the respective account and within a few seconds, can know the exact status of the loan online.
SBI Personal Loan Application Form Download
If you are someone who is interested in availing a personal loan from SBI, your first step is to fill an application form. It is mandatory for an applicant to submit the required form to get the loan processed. However, in order to avoid long queues in the bank, all you need to do is download the form online. You can visit the official website of SBI and can easily download the form from there. Fill the form and submit the same either online or visit the branch near you to process your loan application further.
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 of personal loan schemes to all the government employees. The bank gives special offers to such employees and with minimal documentation, attractive interest rates and flexible tenures. These employees can get the best deal and enjoy plenty of other benefits.
A Quick Look at SBI’s Profile
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.
State Bank of India Moratorium process
You can stop your loan EMIs falling due from March 1, 2020, to May 31, 2020, using the following steps.
- Download the Annexure Form I or II from SBI’s official website
- Fill up the Annexure I with the Term loan or Account number
- Mention the branch name and put your signature over it
- If the loan is co-borrowed then the 2nd applicant’s signature is mandatory
- You can submit the form online without going anywhere to the mentioned email ID on Annexure-II
- If the user avails the Standing Instruction service of SBI for the payment, he/she can submit a handwritten application to their SBI branch
