The SBI Personal Loan is a loan product offered by the State Bank of India. The loan offers a range of features and interest rates, making it an appealing choice for those looking for a bank loan. In this article, we break down the eligibility of SBI personal loans, the interest rate, and how much it will cost to borrow.
SBI Personal Loan Highlights
|Interest rate||10.30% p.a. onward|
|Loan Amount||Up to Rs 20 lakh|
|Tenure||Up to 6 years|
|Processing Fee||Up to 1.50% of the loan amount|
SBI Personal Loan
SBI personal loan interest rates start from 10.30% p.a. You can avail of loan amounts up to Rs 20 lakh from the bank for a maximum tenure of 6 years. It can be used for emergency needs such as travel expenses, medical expenses, and purchases of essential goods.
SBI also offers pension loans up to Rs 14 lakh to its customers for a maximum tenure of up to 7 years. The interest rate on SBI personal loans is typically lower than other bank loans, making it an excellent option for those who need emergency cash.
SBI Personal Loan Interest Rates
SBI offers a variety of personal loan products with different interest rates. Personal loan products offered by SBI include personal loans for salaried individuals and self-employed individuals. Interest rates for personal loans for salaried individuals are comparatively lower than those for personal loans for self-employed individuals. The personal loan interest rates available at SBI are as follows:
|Types of Loan||Interest Rates (p.a.)|
|Xpress Elite Scheme||10.30%-12.05%|
|Xpress Lite Scheme||11.30%-14.10%|
|SBI QUICK PERSONAL LOAN||10.55%-14.10%|
|Xpress Credit Insta Top-up Loans||11.40%|
|Pre-Approved Personal Loans (PAPL) To Non-CSP Customers through YONO||13.30%|
|SBI Pension Loan||10.45%|
Read Also – Bank of Baroda Home Loan
SBI Personal Loan EMI Calculator
If you are looking to avail a personal loan from the State Bank of India (SBI), then you will need to calculate your EMI first. The EMI is simply the interest rate that will be charged on your loan over the period of time that it is outstanding.
To get an idea of what your EMI might be, you can use our SBI Personal Loan EMI Calculator below. Simply enter in the amount of money you want to borrow, as well as the duration of the loan, and we will provide you with an estimate of your total EMI over the course of the loan.
So if you’re looking to take out a personal loan and are worried about how much interest you’ll be paying, give our calculator a try. It should help you get an idea of what your options might be, and whether or not a SBI loan might be right for you.
Types of SBI Personal Loans
There are a variety of types of SBI personal loans available, so no matter what your financial needs are, you’re sure to find a loan that suits. Here are five of the most common types:
1. SBI Xpress Credit Personal Loan
SBI’s Xpress Credit is a personal loan scheme that is offered exclusively to salary account holders of the bank. The scheme offers quick and easy approval, making it the ideal option for people who need quick access to money. You can also use the loan to cover any high-cost items, such as a holiday or a new gadget.
- Loan Amount: Up to Rs 20 lakh
- Tenure: 6 months-6 years
2. SBI Quick Personal Loan
This SBI Quick Personal Loan is an easy and hassle free way to get a quick personal loan. This personal loan can be availed by salaried individuals who do not maintain salary account with SBI.
- Loan Amount: Up to Rs 20 lakh
- Tenure: 6 months to 6 years
- Processing Fees: 1.50% of the loan amount + GST
3. SBI Pre-approved Personal Loan (PAPL SBI offered through YONO app)
SBI YONO is a personal loan facility launched by State Bank of India (SBI). The facility offers pre-approved loans to eligible account holders through the SBI YONO App. The loans are available for both personal and commercial purposes.
- Loan Amount: Up to Rs 8 lakh
4. SBI Real Time Xpress Credit Personal Loan
Do you need a quick and easy personal loan? YONO has you covered! SBI offer fully digitised personal loans with instant disbursal for government and defence salary package customers through YONO app.
- Loan Amount: Minimum Rs. 25000/-, Maximum Rs 30,00,000/- for RTXC and Rs 35,00,000/- for RTXC Elite.
- Tenure: 6 months to 6 years
- Processing Fee: Up to 0.75% of loan amount
5. SBI Pension Loan
The State Bank of India (SBI) has announced a special plan for pensioners, drawing their pension through the bank. The scheme is called ‘SBI Pension Loan’ and it is available to central/state government pensioners, defense pensioners and family pensioners who are drawing their pension through SBI. The loan can be used for financing personal needs such as home-buyings, medical expenses, etc.
- Loan Amount:
- For Central/ State Government Employees: Up to 14 lakh
- For Defence Pensioners: Up to 14 lakh
- For Family Pensioners: Up to 5 lakh
- For Central/ State Government Employees: Up to 5 years
- For Defence Pensioners: Up to 7 years
- For Family Pensioners: Up to 5 years
Read Also – Canara Bank Gold Loan
SBI Personal Loan Eligibility Criteria
The eligibility criteria for personal loans from the State Bank of India (SBI) is relatively simple. In order to be approved for a personal loan, you must have a good credit history and meet some other basic requirements. However, there are some exceptions to these rules, so it’s important to check the eligibility criteria carefully before applying. Here are the main eligibility requirements for personal loans from SBI:
1. Eligibility For SBI Xpress Credit Personal Loan
- The loan products offered by banks are meant for borrowers employed with Central/ State/ Quasi-Government, Central/ State PSUs, nationally recognized educational institutions and select corporates with/ without relationship with the bank.
- If you are an employee with a salary account with State Bank of India (SBI), then you can avail personal loan from SBI.
- Minimum monthly income required to avail a sbi personal loan is Rs 15,000.
- The EMI/NMI ratio should be less than 50%.
2. Eligibility For SBI Quick Personal Loan
- Are you an employee of a Central/ State/ Quasi-Government, Central and State PSUs, corporates or an educational institution with at least 1 year service? If so, then you may be eligible for SBI Quick Personal Loan.
- Minimum age 21Years and maximum age 58 years.
- You must have a salary account with another bank.
- You must have a minimum work experience of 1 year.
- Monthly Income at least Rs 15,000
- work experience at least 1 year.
3. Eligibility For SBI Real Time Xpress Credit
- Govt./ Defense Salary Package account holders with KYC Compliant accounts.
- Minimum Net Monthly Income:
- >=Rs 15000/- for RTXC
- >=Rs 100000/- for RTXC-Elite
- Loan Amount:
- Minimum Loan amount: Rs. 25000/-
- Maximum Loan Amount: Rs 30,00,000/- for RTXC and Rs 35,00,000/- for RTXC Elite
- EMI/NMI ratio: For RTXC: < 50%; For RTXC Elite :< 60%
4. Eligibility For Pre-approved Personal Loan
SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676 to check your eligibility.
5. Eligibility For SBI Pension Loan
For Central & State Government Pensioners
- The pensioner should be below 76 years of age.
- Pension payment order is maintained with SBI.
- The pensioner gave the Treasury an irrevocable undertaking not to amend his mandate during the life of the loan.
- The Treasury gives a written consent that it will not accept any requests from the pensioner to transfer his pension payment to another bank
- Other terms and conditions of the Scheme will be applicable, including guarantees by a spouse or third party.
For Defence Pensioners
- Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles.
- SBI maintains pension payments to pensioners.
- There is no minimum age requirement in the scheme.
- More than 75 year olds can’t take out a loan.
For Family Pensioners
- When a family member dies, they can leave their pension to other members of the family.
- family pensioner cannot be more than 76 years of age.
SBI Personal Loan Documents Required
The SBI will require certain documents to process your loan. Below is a list of the required documentation and what it needs to show:
- A completed loan application form.
- Your Identification Cards: Adhar card, PAN card, driving license, passport, or other forms of ID.
- Proof of Address: Utility bills, lease agreement, valid ID card, driving licence or passport.
- Proof of Income: Pay slips, proof of pension or retirement savings, ITR, Form 16 or last 6 months bank statements.
- Copy of ID card issued by the employer
- Any other document required by SBI
Read also – Kreditbee Loan Review
Q. How much interest will I pay on a SBI personal loan?
Ans. The interest rate on a SBI personal loan is variable, depending on the lending institution’s lending policy at the time of application. The range of interest rates that SBI offer presently stands at 10.30% to 14.10%. p.a.
Q. What is the maximum amount I can borrow with a SBI personal loan?
Ans, The maximum amount you can borrow with a SBI personal loan is Rs 20 lakhs. However, there are a few exceptions to this rule – for instance, if you are an pensioners, you can borrow up to Rs 14 lakh.
Q. What are the repayment terms?
Ans. The repayment terms for SBI personal loans are typically 60 months.
Q. Can I apply for a SBI personal loan online?
Ans. Yes, you can apply for a SBI personal loan online. The only mandatory requirement is that you have an active bank account with us. You can also apply in person at any of our retail branches across India.
Q. How long does it take for the loan amount to be sanctioned?
Ans. SBI personal loan application process can take up to 4-6 weeks, depending on the bank’s processing time.
Thank you for reading our article on the SBI personal loan. In this article, we will discuss what a personal loan is, how it works, and some of the benefits that come with taking out one. We will also provide a few tips on how to get approved for a personal loan, so that you can start building your financial future today!