SBI Personal Loan

State Bank of India
4.5

The SBI personal loan is one of the most reliable and trusted products the well-reputed financial institution offers. Customers can obtain personal loans from SBI with competitive interest rates, little administrative costs, and flexible payback terms. Customers can apply for a personal loan online with the assistance of online loan experts. Customers who match their requirements can also get pre-approved personal loans from SBI. Customers can apply for a loan of up to INR 20 lakhs for a tenure of up to 6 years. The bank also provides loans of up to INR 14 lakh for a tenure of up to 7 years.

SBI Personal Loan Overview
Interest rate Starting at 11.05% P.A
Loan Amount Rs. 25,000 to Rs 20 lakh
Tenure Up to 6 years
Minimum Monthly Salary Rs 15,000
Processing Fee Up to 1.50% (Rs 1,000-Rs 15,000)
Pre-closure Charges NIL
CIBIL Score 720+
Eligibility Any salaried employee or self-employed individual with a regular income of at least Rs. 15,000.

Unlock Best Personal Loan Offers From State Bank Of India

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State Bank of India

State Bank of India Personal Loan

  • Interest Rate

    11%

  • Loan Amount

    -

  • EMI Per Lakh

    ₹2,174

  • Processing Fees

    NIL
  • Pre-Payment Charges

    NIL

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.

SBI Personal Loan Schemes Details

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 type:

SBI Xpress Credit Personal Loan

Interest Rates Stating From 11.05% to 14.05% p.a.
Loan Amount
  • Minimum: Rs. 1,00,000
  • Maximum: Rs. 25,00,000
Tenure 6 months-6 years
Minimum Monthly Salary Rs 50,000
Repayment Period 6 Months to 72 Months (6 Years)
Account Type Salary Package Account with SBI  
Employees working with
  • Central/ State/ Quasi Governments,
  • Defense/ Central Armed Police/ Indian Coast Guard,
  • Central & State PSUs
  • Corporates (Private & Public Ltd.)

SBI Xpress ELITE Scheme

Category Interest Rate (%) Loan Amount (₹) Minimum Monthly Income (₹) Repayment Period Processing Fees Prepayment Charges Penal Interest Charges
SBI Salary Package A/C Holders 10.35% - 11.85% per annum Term Loan - Min: ₹24,000 ₹15,000 6 Months to 72 Months 1.50% of Loan Amount + GST (Min: ₹1,000, Max: ₹15,000) 3% of Prepaid Amount 2% per month on overdue amount
Overdraft - Min: ₹5.00 lacs (6 years) over applicable rate
Max: 24 times NMI (Max: ₹15.00 lacs)
Other than SBI Salary A/C Holders 10.60% - 12.10% per annum Term Loan - Min: ₹24,000 ₹15,000 6 Months to 72 Months 1.50% of Loan Amount + GST (Min: ₹1,000, Max: ₹15,000) 3% of Prepaid Amount 2% per month on overdue amount
Overdraft - Min: ₹5.00 lacs (6 years) over applicable rate
Max: 24 times NMI (Max: ₹15.00 lacs)

SBI Pension Loan

Category Interest Rate (%) Loan Amount (₹) Repayment Period Processing Fees Prepayment Charges
Pensioners (Central and State Govt.) 11.30% - 11.80% per annum Max: 18 months Pension 24 Months to 84 Months 0.50% of Loan Amount + GST (Min: ₹500, Max: ₹2,500 + GST) 3% of Prepaid Amount
Ceiling: (7 years)
₹14.00 lacs (Age ≤ 72 years)
₹12.00 lacs (Age > 72 & ≤ 74 years)
₹7.50 lacs (Age > 74 & ≤ 76 years)
Pensioners (Defence) 11.30% - 11.80% per annum Max: 36 months Pension 24 Months to 84 Months 1% of Loan Amount + GST (Min: ₹1,000, Max: ₹10,000 + GST) 3% of Prepaid Amount
Ceiling: (7 years)
₹14.00 lacs (Age < 72 years)
₹12.00 lacs (Age > 72 & ≤ 74 years)
₹7.50 lacs (Age > 74 & ≤ 76 years)
Family Pensioners (incl. Defence) 11.30% - 11.80% per annum Max: 18 months Pension 24 Months to 84 Months 0.50% of Loan Amount + GST (Min: ₹500, Max: ₹2,500 + GST) 3% of Prepaid Amount
Ceiling: (7 years)
₹5.00 lacs (Age ≤ 72 years)
₹4.50 lacs (Age > 72 & ≤ 74 years)
₹2.50 lacs (Age > 74 & ≤ 76 years)

Note: The fees mentioned above are subject to the discretion of the official Bank.

SBI Personal Loan Documents Required

The 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 to calculate EMI interest for SBI personal loan?

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.

Compare SBI Personal Loan 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 Contact Details

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.

FAQs

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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