Introduction
State Bank of India (SBI) offers personal loans with interest rates starting from 10.90% p.a., with flexible loan tenures of up to 72 months and loan amounts ranging from Rs. 24,000 to Rs. 20 lakh. SBI personal loans are designed to meet a variety of personal financial needs, including medical emergencies, weddings, travel, or debt consolidation.
These loans come with benefits such as quick approval, minimal documentation, and no collateral requirement. Additionally, SBI offers flexible repayment options, making it easier for borrowers to manage their financial obligations while meeting immediate personal needs.
SBI Bank Personal Loan Highlights
| Interest Rate | 11.35%-15.50% p.a. |
| Loan Amount | Up to Rs 30 lakh |
| Tenure | Up to 6 years |
| Processing Fees | 1.50%(Minimum Rs 1,000 to Maximum Rs 15,000) |
| Minimum Monthly Income | Rs 15,000 |
Types of Personal Loans
| Personal Loan Type | Purpose | LTV Ratio | Tenure | Special Features |
| SBI Xpress Credit | General personal expenses like weddings, travel, or education | Not Applicable (Unsecured Loan) | 6 to 72 months | Quick approval and disbursement, special rates for corporate employees |
| SBI Pension Loan | Financial needs of pensioners | Not Applicable (Unsecured Loan) | Up to 60 months | Available for government and defense pensioners, minimal documentation |
| SBI Pre-approved Personal Loan | Immediate financial needs | Not Applicable (Unsecured Loan) | 6 to 48 months | Instant loan approval with no documentation for eligible customers |
| SBI Pre-approved Personal Loan | Tailored for salaried employees | Not Applicable (Unsecured Loan) | 12 to 60 months | Competitive interest rates, prepayment without penalty |
| SBI Festival Loan | Expenses related to festivals and celebrations | Not Applicable (Unsecured Loan) | 12 to 60 months | Low processing fees, special festival offers |
| SBI Saral Personal Loan | General purpose loan for personal needs | Not Applicable (Unsecured Loan) | 12 to 48 months | Flexible repayment options, available for salaried and self-employed individuals |
SBI Bank Personal Loan Features & Benefits
- Zero Collateral: No need to mortgage property.
- Loan Amount Tenure: Maximum up to ₹20 Lakhs can be availed for up to 7 years.
- Interest Rates: Attractive rate of interest starting at 11.50% p.a.
- Digital KYC: Easy documentation with video KYC using Aadhar Card.
- Flexible Repayment Options: Tailor the repayment schedule to fit your financial situation.
SBI Bank Personal Loan Interest Rate
| Customer Type | Effective Rate Of Interest |
| For Salaried | 10.55% to 14.75% per annum |
| For Self-employed | 11.00% to 15.65% per annum |
SBI Bank Personal Loan Processing Fees and Charges
| Personal Loan | Charges |
| Processing Fee | 1% to 1.5% of the loan amount + applicable GST |
| Prepayment/Foreclosure Charges | No prepayment/foreclosure charges after repayment of 1 EMI |
| Late Payment Fee | 2% per month on the overdue amount |
| EMI Bounce Charges | ₹500 + applicable GST per bounced EMI |
| Penal Interest | 2% p.a. on overdue amount for the period of default |
| Loan Cancellation Charges | ₹1,000 + applicable GST (if the loan is canceled after disbursement) |
| Document/Statement Charges | ₹200 per document/statement + applicable GST |
| Duplicate No Objection Certificate (NOC) | ₹200 + applicable GST |
Eligibility criteria for SBI Personal Loan
| Requirements | Salaried | Self-Employed |
| Residency | Indian/NRI | Indian/NRI |
| Age | 21 to 58 years | 21 to 65 years |
| CIBIL Score | 750 or above (preferred) | 750 or above (preferred) |
| Minimum Net Income | ₹20,000 to ₹25,000 (varies by location and employer) | ₹20,000 (or equivalent stable monthly income) |
| Employment Tenure | Minimum 2 years of continuous employment, with at least 1 year with the current employer | Minimum 3 years of stable business continuity |
Documents required for SBI Personal Loan
- ID Proofs: Passport, Aadhar card, driving license, voter ID, PAN card
- Residential Proofs: Passport, utility bill, leave and license agreement
- Bank Statement: Past 3 months
- Salary Slip: Last 3 months
- Photographs: 2-3 passport size
SBI Bank Personal Loan EMI Calculator
Calculate your EMI using SBI Bank’s online EMI calculator. Simply enter the loan amount, tenure, and interest rate to get an estimate of your monthly payments. [Link to EMI Calculator]
Tips to Improve Loan Approval Chances
- Improve Credit Score: Maintain a CIBIL score of 700 and above.
- Reduce Existing Debt: Lower your existing debt before applying.
- Stable Income: Ensure consistent and stable income to meet eligibility criteria.
How to Apply for a Personal Loan at SBI?
- Visit the SBI website or nearest branch.
- Click on ‘Apply Now’.
- Provide your personal and income details.
- Select ‘SBI’ from the list of lenders.
- Choose your preferred loan amount and repayment tenure.
- Submit the application.
- Following the verification of your application, an SBI executive will contact you for further proceedings.
Types of ICICI Bank Personal Loans
Xpress Credit Personal Loan: Cover any personal expense with quick processing.
Pension Loan: Manage post-retirement expenses with low-interest rates.
Pre-approved Personal Loan: Get immediate financial assistance with no collateral required.
Why Apply for Personal Loans through Grow Associates?
- Offers from Top Lenders: 30+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
- Compare & Choose: Easily compare loan offers from top banks, NBFCs, and fintechs to choose the best option.
- Personalized Solutions & High Approval Chances: Personal loan offers are ranked according to your credit score and eligibility factors, maximizing your chances of approval.
- Pre-Approved Loans: Access pre-approved personal loan offers based on your credit health.
- End-to-end Assistance: From loan selection to fund disbursement, [Platform/Agency Name] assists you at every step.
Compare SBI Bank Personal Loan with Other Banks and NBFCs
| Bank Name | Interest Rate | Processing Fee | Foreclosure Charges | Late Payment Fee |
| State Bank of India | 10.55% to 15.65% p.a. | 1% to 1.5% of the loan amount + GST | 3% of the prepaid amount | 2% per month on the overdue amount |
| ICICI Bank | 10.99% to 22% p.a. | Up to 2.5% of the loan amount + GST | 5% of the outstanding principal amount + GST | 2% per month on the overdue amount |
| Kotak Mahindra Bank | 10.99% to 24% p.a. | Up to 2.5% of the loan amount + GST | 5% of the outstanding principal amount + GST | 2% per month on the overdue amount |
| HDFC Bank | 11% to 21% p.a. | Up to 2.5% of the loan amount + GST | 4% of the outstanding principal amount | 2% per month on the overdue amount |
| Axis Bank | 12% to 24% p.a. | Up to 2% of the loan amount + GST | 5% of the outstanding principal amount | 2% per month on the overdue amount |
| Bajaj Finserv | 11% to 24% p.a. | Up to 3.99% of the loan amount + GST | 4% of the outstanding principal amount + GST | 2% per month on the overdue amount |
| Punjab National Bank | 8.80% to 14.85% p.a. | 1% of the loan amount + GST | 3% of the prepaid amount | 2% per month on the overdue amount |
Brief Summary
State Bank of India (SBI) offers a range of personal loans tailored to meet various financial needs, including emergencies, weddings, home renovations, and more. These loans are available to both salaried individuals and pensioners, providing flexible terms and competitive interest rates.
FAQs
- Do I need to have a guarantor to apply for the Xpress Credit Personal Loan from State Bank of India?
No, you do not need a guarantor to apply for the Xpress Credit Personal Loan from State Bank of India. This is an unsecured loan, meaning it does not require any collateral or a guarantor, making the application process simpler and faster.
- Could you tell me the general loan tenure for SBI personal loans?
The general loan tenure for SBI personal loans ranges from 6 months to 72 months. The exact tenure can be chosen based on your repayment capacity and the specific loan product you opt for.
- What is the minimum loan amount for SBI loan for central and state government pensioners?
The minimum loan amount for an SBI personal loan for central and state government pensioners is ₹25,000. This allows pensioners to meet their financial needs with a manageable loan size.
- What are the personal loan products offered by SBI?
State Bank of India offers various personal loan products, including:
SBI Xpress Credit: For salaried individuals.
SBI Pension Loan: For central and state government pensioners.
SBI Pre-approved Personal Loan: Instant loans for pre-approved customers.
SBI Xpress Power: Tailored for salaried employees of large corporates.
SBI Festival Loan: For expenses related to festivals and celebrations.
SBI Saral Personal Loan: For general personal financial needs.
- What are the options to repay my SBI Personal loan?
You can repay your SBI personal loan through the following options:
- Equated Monthly Installments (EMIs): Automatically deducted from your bank account on a monthly basis.
- Post-dated Cheques (PDCs): Submit PDCs at the time of loan disbursement.
- Online Payment: You can make repayments through SBI’s online banking portal or mobile app.
- Standing Instructions (SI): Set up automatic payments from your SBI account to ensure timely repayment.
