Personal Loan
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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.
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.
SBI Personal Loan Interest Rates January 2023
| Particulars | Details |
|---|---|
| Interest Rate | 9.60% - 13.60% |
| Loan Amount | For Term Loan:
For Overdraft:
|
| 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 | 11.35% - 14.75% 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 | 0.50% - 1% of the Loan Amount |
| Prepayment Charges | 3% of the Prepaid Amount |
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 for SBI Salary Package A/C Holders | 10.35% - 11.85% per annum |
| Interest Rates for other than SBI Salary A/C Holders | 10.60% - 12.10% 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 |
| Minimum Monthly Income | ₹15,000 |
| Repayment Period | 6 Months to 72 Months (6 years) |
| Processing Fees | 1.50% of the Loan Amount plus Applicable GST Charges With Minimum of INR 1,000 and Maximum of INR 15,000 |
| Prepayment Charges | 3% of the Prepaid Amount |
| Penal Interest Charges | 2% per month on the overdue amount over the applicable Interest Rate |
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 | 11.30% - 11.80% per annum |
| Loan Amount | (A) For Central and State Government Pensioners 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 Defence Pensioners Maximum: 36 months Pension with a ceiling of: ₹14.00 lacs: For Pensioners who are below 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. (C) For Family Pensioners (including Defence Pensioners) : 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 to 84 Months (7 years) |
| Processing Fees For Family Pensioners | 0.50% of the Loan Amount with minimum of INR 500 plus GST to a maximum of INR 2,500 plus GST |
| Processing Fees For All Other Pensioners | 1% of the Loan Amount with minimum of INR 1,000 plus GST to a maximum of INR 10,000 plus GST |
| Prepayment Charges | 3% of the Prepaid Amount |
SBI Personal Loan Eligibility Criteria
State Bank of India has set basic eligibility criteria based on which it gives personal loans. 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)
| Eligibility Criteria | Details |
|---|---|
| Minimum Age | 21 Years |
| Maximum Age | 58 Years |
| Minimum Monthly Income | INR 15,000 |
| Total Work Experience | 2 Years |
| Years in Current Residence | 1 Year |
SBI Xpress Credit Personal Loan Eligibility
If a person wants to take Xpress Credit Personal Loan from SBI, he/she must meet the following eligibility criteria-
- Net Monthly Income of the borrower must be at least INR 15,000 per month
- The applicant’s EMI/NMI (Equated Monthly Installments / Net Monthly Income) ratio must not exceed 50%
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
- There is no minimum age limit for the Defence Pensioners who want to get a SBI Pension Loan.
- 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
Documents Required to Apply for SBI Personal Loan
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
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- INR 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 |
What is the EMI for a 3 lakhs personal loan?
The EMI for a 3 lakhs SBI personal loan depends on the interest rate and loan tenure. So we have shown you the EMIs at the lowest and the highest Rate of Interest charged on SBI Personal Loans and for the tenure of 3 years and 5 years:-
| Loan Amount | ROI 9.60% (3 Years EMI) | ROI 9.60% (5 Years EMI) | ROI 13.60% (3 Years EMI) | ROI 13.60% (5 Years EMI) |
|---|---|---|---|---|
| INR 1 Lakh | INR 3,208 p.m. | INR 2,105 p.m | INR 3,398 p.m. | INR 2,306 p.m |
| INR 2 Lakhs | INR 6,416 p.m | INR 4,210 p.m. | INR 6,797 p.m. | INR 4,612 p.m. |
| INR 3 Lakhs | INR 9,624 p.m. | INR 6,315 p.m. | INR 10,195 p.m | INR 6,918 p.m |
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
How to Apply?
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 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 Status
The applicant can any time check the status of the personal loan 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 Customer Care 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 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 INR 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.
SBI Personal Loan FAQs
1. How to apply for an SBI personal loan online?
You can apply for the SBI personal loan through the official website of the State Bank of India. On the other hand, you can fill out the form given above to submit the online personal loan application. You will have to provide some basic details in the form like Name, Date of Birth, Salary, and your contact number.
2. How much time does SBI take to approve a personal loan?
If you are eligible for the SBI Personal Loan and the bank verifies all the documents submitted by you then it will hardly take 3 days for the SBI personal loan approval.
3. How long does it take to get a personal loan from SBI?
It will take 3 days to take a personal loan from SBI. As soon as you submit all the valid documents asked by the bank and their verification, you will get the personal loan from SBI.
4. What is the minimum personal loan amount in SBI?
The minimum personal loan amount in SBI is INR 24000.
5. Can I take 2 personal loans from SBI?
Yes, you can take two personal loans from SBI. But make sure you have a high income and a high Cibil Score to apply for another loan from the State Bank of India.
6. What are the documents required to apply for SBI personal loan?
You will need the following documents to apply for the SBI Personal Loan:-
– Signed Application Form
– Identity Proof- PAN Card
– Address Proof- Aadhar Card or Voter’s ID Card or Passport or Electricity Bill
– Income Proof- 3 to 6 Months Bank Statement or Salary Slips or Latest ITR
– Multiple Passport Size Photographs
7. Who is eligible to take SBI personal loan?
The person who fulfills the following criteria is eligible for the SBI Personal Loan:-
– Age of 21 years to 58 years.
– Monthly Income of INR 15000.
– Total Working Experience of 2 years.
– 1 year of current residence.
8. Can I get a personal loan if my salary is 20000?
Yes, you can apply for the SBI Personal at a salary of INR 20000 but you will have to submit the income proof to the bank.
9. What are SBI personal loan preclosure charges?
The preclosure charge of the SBI personal loan is 3% of the prepaid amount.
10. What documents are required for SBI personal loan?
You will need the following for the SBI Personal Loan:-
– Identity Proof (PAN Card)
– Address Proof (Aadhar Card, Voter’s ID Card, Passport, Electricity Bill)
– Income Proof (3 to 6 Months Bank Statement, Salary Slips, Latest ITR)
– Multiple Passport Size Photographs
11. Does SBI give instant Personal loans?
Yes, you can get an SBI Personal Loan instantly if you fulfill all the eligibility criteria and submit the supporting documents to the bank. The disbursal will be made within 24 hours.
12. What securities and collateral are required for SBI personal loan in India?
You will not have to keep any collateral or security with the State Bank of India if you are applying for a personal loan from it.
13. Can you have a co-borrower on a personal loan?
Yes, you can have a co-borrower on a personal loan if your application is being rejected again and again due to a low credit score.
14. Who can be your co-borrower in SBI personal loan application?
Your spouse, parents, children, or your siblings can be a Co-borrower in your SBI personal loan.
15. What is the minimum CIBIL score required for SBI personal loan in India?
The minimum Cibil Score required for SBI Personal Loan in India is 750 and above. You might get a personal loan at a score of below 750 but the interest rate will remain high on such a score.
16. What are the pre-payment charges of an SBI personal loan?
The pre-payment charge on the SBI personal loan is 3% of the prepaid amount.
17. How can a govt employee take a personal loan from SBI?
A government employee has to simply submit an online personal loan application to SBI. Then the bank will ask for the necessary documents like income proof, address proof, and identity proof from the applicant. After the verification and authentication, the government employee can take a personal loan