State Bank of India Personal Loan
State Bank of india offers floating-rate packages on their home loans. SBI interest rates are pegged to floating interest card rate which currently stands lowest at 7.55% p.a for the tenure of 30 years
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Check State Bank of India Personal Loan Eligibility
Features and Benefits of SBI Personal Loan
State Bank of India, or SBI, is the largest public sector lender in the nation, with over 45 crore customers worldwide. The bank has a long history dating back over 200 years, and through its subsidiaries, it facilitates various operations. The bank provides pre-approved personal loans at competitive interest rates. The institution also offers unique programmes for various income groups. You can submit your KYC information and papers through the online channels established by the bank.
A lower SBI personal loan interest rate isn’t the only deal-breaker for the bank. The following features and benefits must be considered when choosing the State Bank of India.
- SBI provides the "Kavach Personal Loan," a collateral-free loan, for medical care for oneself and immediate family. Up to INR 5 lakh in personal loans are available at an attractive interest rate of 8.5% over 60 months.
- The SBI offers customised personal loans to pensioners, government employees and salaried employees that maintain a salary account with the SBI. The Bank also offers loans for cancer treatment and pre-approved loans to cater to diverse requirements.
- If you have extra money, you can lower your interest rate by paying the minimal prepayment penalty of 2% annually and terminating your loan account.
- SBI loan interest rates are subject to change throughout the repayment tenure. When you pay off your EMIs or make prepayments, your EMI is reduced because it is calculated daily on the remaining balance of your principal amount.
Eligibility Criteria of SBI Personal Loan
SBI personal loan eligibility criteria must be met by individuals seeking personal loans. A borrower must fulfil the following SBI personal loan requirements:
- Salary account with SBI
- 50% or lesser EMI/NMI ratio
- The applicant must have a minimum income of INR 15000 per month.
- An employee of Central/State/Quasi government, PSUs, and selective corporates.
Factors Affecting SBI Personal Loan EligibilityThe factors affecting SBI personal loan eligibility are explained below:
The applicant must produce salary proof to the bank to ensure punctual repayments. The criterion for income also depends on location. Major cities like Mumbai, Delhi, and Bengaluru often have higher interest rates due to the high cost of living.
It allows the lender to assess your prior credit usage for items like loans and credit cards to determine how responsible you have been. For instance, most lenders in India refer to the CIBIL score of the applicant, which ranges from 300 to 900. A high credit score would better the chances of approval.
The lender uses your age to estimate the number of remaining working years. Lenders frequently prefer employed candidates between the ages of 23 and 58. The applicable age for self-employed professionals and non-professionals generally ranges from 28 to 65 years.
Your current financial obligations must be fully disclosed to the lender, including any mortgages, school loans, and other debts. The lender would want to ensure that you are eligible to maintain the repayment of the loan and existing debt simultaneously.
Candidates who have held jobs longer are often seen to have a more secure financial future than those who have only recently begun working. Depending on the lender you select, the industry you’re employed in, and other factors.
SBI Personal Loan Fees and Charges
SBI Bank charges no fees when you apply for SBI personal loan. However, the bank may charge an amount when processing the loan, or a fee may be levied. The applicant may have to bear the following charges on the SBI personal loan:
|Loan Scheme||Processing Fee||Prepayment charge||Penal Interest|
|Xpress Credit||Processing fee waived off till January 31, 2022||3% on the prepaid amount||2% p.a.|
|SBI Pension||Processing fee waived off till 31 January 2022||-||-|
|Pre-approved personal loan||At the discretion of the bank||-||-|
|SBI Quick Personal Loan||1.5% of the loan amount||3% on the prepaid amount||2% p.m.|
|Xpress Bandhan||1% of the loan amount||-||-|
|SBI Kavach Personal Loan||-||-||-|
Note: The fees mentioned above are subject to the discretion of the Bank.
Documents Required for SBI Personal LoanThe documents required for SBI personal loan are given below:
- Two passport-size photographs.
- Documents such as PAN card, driving license, aadhaar card, passport and voter ID card verifying the applicant's identity proof.
- Documents such as utility bills, ration cards, passports, voter ID cards, landline bills, and electricity bills can be produced to authenticate the address proof.
- Documents such as the bank statement for the last six months, salary slip, and ITR return for the past two years can be submitted for income proof.
- Other documents may include a check-off letter from your employer.
How does the EMI Calculation Work for SBI Personal Loans?
You can employ the various SBI personal loan EMI calculators available online to compute the monthly EMIs on the personal loan. The calculator gives the user an accurate result by taking into account crucial parameters, which are the principal amount, interest rate, and tenure. However, if someone is determined to figure out their EMIs manually, they can apply the formula below.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here, "EMI" is for Equated Monthly Instalments, "N" stands for the number of monthly instalments, "P" stands for the loan's principal, and "R" stands for the interest rate.
How SBI Compares with Other Lenders?
Opting for a perfect bank to assist with your personal loan requirements is tedious. So, we have researched on your behalf and drawn up a table comparing SBI personal loans with other banks.
|Banks||Interest Rate||Processing Fee||Foreclosure Charges||Late Payment Fee|
|SBI||9.60% p.a. onwards||Up to 1.5% + GST||3% of the outstanding loan amount||2% of the overdue amount|
|HDFC Bank||10.50% p.a. onwards||2.5% + GST||2% to 4% of the outstanding loan amount||2% of the overdue amount|
|Axis Bank||12% p.a. onwards||At the discretion of the bank||2% -5%||2% of the overdue amount per month|
|Citibank||9.99% onwards||Up to 2.5% of the loan amount||Up to 4% of the outstanding principal amount||No late payment charges|
SBI Personal Loan Customer Care Number
Get speedy approval and instant disbursement with little documentation through SBI personal loan, whether for your wedding or a trip, an unexpected emergency or a planned purchase.
For further information or in case of any queries, one can dial the customer care number at 1800-11-2211. For a callback, leave a missed call at 7208933142 or send a text message with the keyword "PERSONAL" to 7208933145.
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- State Bank Of India Delhi
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- State Bank Of India Gujarat
- State Bank Of India Haryana
- State Bank Of India Himachal Pradesh
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- State Bank Of India Jharkhand
- State Bank Of India Karnataka
- State Bank Of India Kerala
- State Bank Of India Lakshadweep
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- State Bank Of India Maharashtra
- State Bank Of India Manipur
- State Bank Of India Meghalaya
- State Bank Of India Mizoram
- State Bank Of India Nagaland
- State Bank Of India Odisha
- State Bank Of India Puducherry
- State Bank Of India Punjab
- State Bank Of India Rajasthan
- State Bank Of India Tamil Nadu
- State Bank Of India Telangana
- State Bank Of India Tripura
- State Bank Of India Uttarakhand
- State Bank Of India Uttar Pradesh
- State Bank Of India West Bengal
Personal Loan By Other Banks
- Axis Bank Personal Loan
- Bank of Baroda Personal Loan
- HDFC Bank Personal Loan
- ICICI Bank Personal Loan
- Bajaj Finserv Personal Loan
- IndiaBulls Personal Loan
- Canara Bank Personal Loan
- CITI Bank Personal Loan
- DHFL Personal Loan
- YES Bank Personal Loan
- Union Bank of India Personal Loan
- Federal Bank Personal Loan
- IndusInd Bank Personal Loan
- IDFC FIRST Bank Personal Loan
- Punjab National Bank Personal Loan
- Hero FinCorp Personal Loan
- IDBI Bank Personal Loan
- Kotak Bank Personal Loan
- Deutsche Bank Personal Loan
- Shriram Urban Co Operative Bank Limited Personal Loan
- Tata Capital Housing Finance Limited Personal Loan
- InCred Financial Services Personal Loan
- Standard Chartered Bank Personal Loan
- Punjab & Sind Bank Personal Loan
- Reliance Capital Personal Loan
- Ujjivan Small Finance Bank Personal Loan
- Indian bank Personal Loan
- Capital First Ltd. Personal Loan
- Muthoot Finance Ltd Personal Loan
- RBL Bank Personal Loan
- Clix Capital Personal Loan
- Aditya Birla Finance Limited Personal Loan
- L&T Finance Personal Loan
- Loantap Credit Products Private Limited Personal Loan
- Paysence Service Pvt Ltd Personal Loan
- Poonawalla Fincorp Limited Personal Loan
- Fullerton India Personal Loan
- Tata Capital Financial Services LTD Personal Loan
- IIFL Finance Personal Loan
- Edelweiss Financial Services Personal Loan
- Bank of India Personal Loan
- DCB Bank Personal Loan
- Bank of Maharashtra Personal Loan
- karnataka bank Personal Loan
- AU Small Finance Bank Personal Loan
- karur Vysya Bank Personal Loan
- HDFC Sales Personal Loan
- FT Cash Personal Loan
- HSBC Personal Loan
- MoneyWide Personal Loan
From refinancing to reducing your interest, we have the answers right here.
Does SBI provide personal loans at the best rate?
Yes, SBI provides personal loans to its customers at attractive interest rates.
What is the interest rate of a personal loan in SBI?
The SBI personal loan interest rate ranges between 10.30% to 15.10%.
What are the benefits SBI provides on a personal loan?
Low interest rates and impeccable customer support are the benefits SBI provides to its customers of personal loans.
Does SBI have a fixed rate of interest on a personal loan?
No, various factors such as income, credit score and other parameters influence your SBI personal loan interest rates.
What are the documents required in SBI for a personal loan?
You must follow the ‘Documents Required’ section of the guide to know the documents required in SBI for a personal loan.
How to apply for a personal loan in SBI online?
You can begin by logging in to your account with SBI. The next step will be to visit the ‘Personal Loan’ window and click on ‘Apply.’
How to check personal loan status in SBI?
You can contact customer care or log in to the official portal of the bank to check your loan status in SBI.
Does SBI checks for CIBIL score for a personal loan?
Yes, SBI evaluates the CIBIL score of the applicant before granting a personal loan.
What is the maximum and minimum personal Loan amount I can get from SBI?
The maximum amount that one can avail is INR 20 lakhs.
What are the KYC documents I will have to submit to apply for a personal loan from SBI?
The KYC documents you must submit when applying for a personal loan are documents supporting identification such as a PAN card, aadhaar card, driving license etc., And two passport-sized photographs.
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