SBI Personal Loan

About 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. One thing that needs to be mentioned here is the fact that now your favourite SBI personal loan is going to be a bit expensive. Yes, you read that right! Post GST the service tax of 15% levy on loans will now be replaced with the GST rate of 18%. Well,  as a result of GST impact on personal loan, the processing fee and the prepayment charges of your personal loan will also be increased a bit, hence allowing you to pay little more while applying for the SBI personal loan.

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.

SBI Personal Loan Interest Rates Details

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.

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.

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