State Bank of India (SBI) Personal Loans

SBI Xpress Credit Personal Loan

Interest Rate
11.90% - 15%

Processing Fee
1.01

Tenure
1 - 5 Years

SBI Pension Loan

Processing Fee
0.51

Tenure
1 - 7 Years

Description:

SBI Personal Loan SBI personal loan can be availed for any legitimate purposes such as expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets and other financial requirements if the borrower has the ability to pay back. SBI offers personal loan to salaried individuals and self-employed professionals such as chartered accountants, architects and doctors etc. with minimum two years work experience. The loan amount which you can get as SBI personal loan is dependent on your income and repayment capacity. Do you have sufficient amount of fund for any sudden event or expenses required to be met for some medical emergency? No? Or do you think that your Child?’s education or marriage budget may exceed which are termed as one of the most special moments in your life but funds are not sufficient in your saving bank account? What should you do to meet this additional requirement of funds? The most viable option is to go for personal loan for any such requirement for an emergency. SBI Personal Loan is the solution to fulfill your need and desire whenever there is any shortage in funding. SBI Personal Loan Features: Purpose: SBI Personal loan will be granted to individuals who are in need for the immediate amount of fund required for any legal events such as marriage and education of son or daughter, Margin for purchase of assets, Vacation and Medical treatment etc. Loan will not be sanctioned for any speculative activity. Eligibility: Resident Indian, Salaried Individuals of good corporate, Self-employed, Doctor, Architect, Chartered Accountant, MBA with minimum two years of position. Loan will be approved on the basis of Credit Report. Loan amount: Loan amount will depend upon your income and repayment capacity. Personal Loan is sanctioned without any collateral security and margin amount. It takes up to 3 days to get the loan amount disburse. Minimum Income: Maximum Loan amount: Rs. 24,000/- in metro & urban city Rs. 10,000/- in rural/semi-urban city 12 times of net monthly income for salaried and pensioners up to ceiling of Rs.10 lakhs SBI Personal Loan Documentation: For salaried individuals, latest salary slip and Form 16 For self- employed and professionals, Proof of official address Passport size photograph SBI Personal Loan Interest Rates: 8.50% above Base Rate floating, currently 18.50% p.a. Repayment term: 48 months Processing fees: 2.02%-3.03% of the loan amount. Prepayment penalty: NIL Since personal loans are granted without any tangible security the rate of interest charged is relatively higher and are available selectively. However if you can offer any tangible security like gold jewelry, high surrender value insurance policies you can get loans at cheaper rates.

SBI Bank Personal Loan

SBI Personal Loan at a glance

Annual Interest Rate

11.15% - 15.05%

Loan Term

12 Months - 60 Months

Loan Amount

Rs. 25,000 - Rs. 15 Lacs

Time of Funding

Usually 2 to 3 days

Pre-Payment Charges

Zero to Upto 3% of the Loan Amount

Documentation

  • Recent Passport Size Photographs
  • Residence proof (any one of the following): Passport / Ration Card / Electricity Bill / Landline Bill
  • Identity proof (any one of the following): Passport / Driving License / PAN Card / Aadhaar card along with Employee ID Card
  • Age Proof (any one of the following): Voter ID / PAN Card / Aadhaar card
  • Income Proof (any one of the following): Latest payslip/Form 16/ Latest ITR
  • Bank statement of the last 3 months

Compare SBI Personal Loans to Other Banks

Bank Name SBI

APR

11.15% - 15.05%

Maximum Lending Amount

Rs. 15 Lacs

Processing Fee

1% of the Loan Amount

Joint Applications

Accepted

Guarantor

Only in case of Personal Loan for Pensioners

Pre-Closure

Zero to Upto 3% of the Loan Amount

Lending Terms

  • Interest Rate Range: 11.15% - 15.05% per annum
  • Loan Amount: Minimum Rs. 25,000 to Maximum Rs. 15 Lacs
  • Loan Duration: Minimum 12 Months to Maximum 60 Months
  • Loan Disbursement: 2 to 3 days after approval

SBI Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

SBI Personal Loan (SBI Xpress Credit Scheme) under No Check-Off Feature

 

With Check-Off Feature

11.65% - 14.65% per annum

 

11.15% - 14.15% per annum

SBI Personal Loan for Non-Permanent Employees (SBI Xpress Credit Scheme for NPEs) for any Govt Organization or Educational Institutions of National Repute

12.55% - 14.65% per annum

SBI Personal Loan for Non-Permanent Employees (SBI Xpress Credit Scheme for NPEs) of Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates

13.30% - 14.90% per annum

SBI Personal Loan for IT Employees (SBI Xpress Credit Scheme)

13.05% per annum if Credit Score is 750 or Above

 

14.05% per annum if Credit Score is between 550 - 749

 

15.05% per annum if Credit Score is Less Than 550 or No Score

SBI Personal Loan for Salaried Applicants having Existing SBI Salary Account(SBI Xpress Elite Scheme)

10.65% per annum if Credit Score is 800 and Above

 

11.15% per annum if Credit Score is 700 - 799

 

12.15% per annum if Credit Score is 600 - 699

SBI Personal Loan for Self-Employed or Salaried Applicants not having Existing SBI Salary Account or (SBI Xpress Elite Scheme)

10.90% per annum if Credit Score is 800 and Above

 

11.40% per annum if Credit Score is 700 - 799

 

12.40% per annum if Credit Score is 600 - 699

SBI Personal Loan for Pensioners

11.60% per annum

SBI Personal Loan for Defense Pensioners

11.60% per annum

SBI Personal Loan for Family Pensioners (Including Defense Pensioners)

11.60% per annum

Loan Offerings

SBI Personal Loan (SBI Xpress Credit Scheme)

  • Interest Rate Range: 11.65% - 14.65% in case of No Check-Off feature and 11.15% - 14.15% in case of Check-Off Feature.
  • Loan Amount: Minimum Rs. 25,000 to Maximum Rs. 15 Lacs or 24 times Net Monthly Income (Maximum Loan Amount of 12 months Gross Salary for School Teachers)
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for Non-Permanent Employees (SBI Xpress Credit Scheme for NPEs) of any Govt Organization or Educational Institutions of National Repute

  • Interest Rate Range: 12.55% - 14.65%
  • Loan Amount: Minimum Rs. 25,000 to Maximum Rs. 15 Lacs or 24 times Net Monthly Income (Maximum Loan Amount of 12 months Gross Salary for School Teachers)
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for Non-Permanent Employees (SBI Xpress Credit Scheme for NPEs) of Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates

  • Interest Rate Range: 13.30% - 14.90%
  • Loan Amount: Minimum Rs. 25,000 to Maximum Rs. 15 Lacs or 24 times Net Monthly Income for Non-Teaching Applicant and Maximum Loan Amount of 12 months Gross Salary for School Teachers.
  • Loan Duration: 12 Months - 72 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for IT Employees (SBI Xpress Credit Scheme)

  • Interest Rate Range: 13.05% - 15.05%
  • Loan Amount: Minimum Rs. 25,000 to Maximum Rs. 15 Lacs or 24 times Net Monthly Income
  • Loan Duration: 12 Months- 60 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for Salaried Applicants having Existing SBI Salary Account(SBI Xpress Elite Scheme)

  • Interest Rate Range: 10.65% - 12.15%
  • Loan Amount: Minimum Rs. 25,000 to Maximum Rs. 15 Lacs or 24 times Net Monthly Income for Non-Teaching Applicant and Maximum Loan Amount of 12 months Gross Salary for School Teachers, where EMI is not more than 50% of Net Monthly Income.
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for Self-Employed or Salaried Applicants not having Existing SBI Salary Account or (SBI Xpress Elite Scheme)

  • Interest Rate Range: 10.90% - 12.40%
  • Loan Amount: Minimum Rs. 25,000 to Maximum Rs. 15 Lacs or 24 times Net Monthly Income
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for Pensioners

  • Interest Rate Range: 11.60%
  • Loan Amount: Minimum Rs. 25,000 to Maximum 18 Months' Pension, where EMI and Net Monthly Pension ratio is not more than 50%.
    • Maximum Rs. 14 Lacs if Pensioner's Age is 72 Years at the time of loan sanction.
    • Maximum Rs. 12 Lacs if Pensioner's Age is Above 72 Years to upto 74 Years at the time of loan sanction.
    • Maximum Rs. 7.50 Lacs if Pensioner's Age is Above 74 Years to upto 76 Years at the time of loan sanction.
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for Defense Pensioners

  • Interest Rate Range: 11.60%
  • Loan Amount: Minimum Rs. 25,000 to Maximum 36 Months' Pension, where EMI and Net Monthly Pension ratio is not more than 50%.
    • Maximum 36 Months Pension or upto Rs. 14 Lacs if Pensioner's Age is upto 56 Years at the time of loan sanction.
    • Maximum 18 Months Pension or upto Rs. 14 Lacs if Pensioner's Age is Above 56 Years to 72 Years at the time of loan sanction.
    • Maximum 18 Months Pension or upto Rs. 12 Lacs if Pensioner's Age is Above 72 Years to 74 Years at the time of loan sanction.
    • Maximum 18 Months Pension or upto Rs. 7.50 Lacs if Pensioner's Age is Above 74 Years to 76 Years at the time of loan sanction.
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1% of the Loan Amount

SBI Personal Loan for Family Pensioners (Including Defense Pensioners)

  • Interest Rate Range: 11.60%
  • Loan Amount: Minimum Rs. 25,000 to Maximum 18 Months' Pension, where EMI and Net Monthly Pension ratio is not more than 33%.
    • Maximum Rs. 5 Lacs if Pensioner's Age is 72 Years at the time of loan sanction.
    • Maximum Rs. 4.50 Lacs if Pensioner's Age is Above 72 Years to upto 74 Years at the time of loan sanction.
    • Maximum Rs. 2.50 Lacs if Pensioner's Age is Above 74 Years to upto 76 Years at the time of loan sanction.
  • Loan Duration: 12 Months - 60 Months
  • Processing Charges: 1% of the Loan Amount

FAQs

How much time it will take for the approval of Personal Loan?

It will take at least 2 to 3 days for the approval of SBI Xpress Credit Personal Loan.

Is there any special benefit on availing SBI Xpress Credit Personal Loan?

You don't have to pay any prepayment charges if the account is closed from the proceeds of a new loan account opened under the same scheme.

Do I have to provide any security to avail SBI Personal Loan?

Security is only necessary in case of SBI Personal Loan for Family Pensioners, where you have to provide a third-party guarantee of Spouse eligible for family Pension. In the absence of spouse, third-party guarantee of any other family member worth the loan amount.

Can my spouse's income be included when calculating the eligible loan amount for SBI Personal Loan?

Yes, the income of your spouse can be included in case he/she guarantees the loan or the loan is applied jointly.

How much Monthly EMI I would have to pay on my SBI Personal Loan?

In any case Monthly EMI should not be more than 40% to 50% of the Net Monthly Income of the applicant.

Do I have to pay any penalty if my monthly EMI got late? What would be the applicable charges in this case?

Yes, SBI would charge a late payment fee equal to the 2% of the overdue amount per annum from the payment due date to the date on which the amount is settled in real.

In case, Part EMI remains overdue then late payment fee or penal interest should not be charged to the borrower.

Who can apply for SBI Personal Loan?

SBI provides Personal Loan as per the following terms –

  • Salaried applicants who are a permanent employees of the below entities.
    • Central and State Government
    • Quasi-Government
    • Central PSUs
    • Profit making State PSUs
    • Educational Institutions of National Repute
    • Selected Corporates who have business relationship with the Bank
    • Corporates who do not have business relationship with the Bank as well as do not have ECR
  • Pensioners of the State or Central Government
  • Defence Pensioners
  • Family Pensioners including Defence Family Pensioners.