SBI Personal Loan in India
SBI Personal Loan in India
State Bank of India (SBI) Personal Loan
We need a lot of funds to meet our financial needs and obligations in our daily lives, even in special occasions and emergencies. We usually spend money on vacations, education, property, vehicles, weddings, medical emergencies. There are some situations when we have to arrange a hefty sum in a short period of time. In such a situation, personal loans play an important role in meeting financial needs.
State Bank of India, one of the biggest lenders in the country, offers a range of personal loan schemes to help you out in times of distress. State Bank of India offers personal loans under four categories – SBI Pension Loan, SBI Xpress Credit Personal Loan, SBI Saral Personal Loan, and SBI Festive Season Loan. Compare SBI with other Personal loan banks for Interest Rates.
State Bank of India, one of the largest lenders in the country, offers multiple personal loan schemes to help you in times of crisis. State Bank of India offers personalized offers under four categories – SBI Pension Loan, SBI Express Credit personal loan, SBI Saral Personal loan, and SBI Festival Season loan. Compare SBI with other personal loan banks for interest rates.
SBI Personal loan details:
Interest rates: 12.15% – 15.15%
Processing fees: 1% of the loan amount + GST
Prepayment charges: Nil
Repayment options: Upto 5 years
Maximum loan amount: Rs.15 Lakh
Loan approval time: 10 Minutes
SBI Personal Loan Interest Rates – Updated as on 09 July 2020
The interest rates of SBI Personal Interest under different categories and different schemes are as under:
| SBI Xpress Bandhan Loan | Xpress Credit Personal Loan | SBI Pension Loan |
| 12.15% – 15.15% | 11.65% – 14.65% | 11.60% |
| Xpress Credit Loan (IT Employees) | SBI Salary Package Ac holders | Non-Permanent Employees (NPEs) |
| 13.05% – 15.05% | 10.65% – 12.15% | 12.55% – 14.90% |
| Jai Jawan Pension Loan | Pension loans to Coal Mines PF | Clean Overdraft Loan |
| 11.60% | 11.60% | 16.70% |
| OD for E-commerce purchases | Loan against shares | Loan against NSC / KVP |
| 13.75% | 10.65% | 12.80% |
SBI Personal Loan-Salaried (Salaried Class) People
| Eligibility | Resident of India |
| Loan Amount | Minimum – Rs 24,000 in metro and urban centres and Rs 10,000 in rural/semi-urban centres
Maximum: 12 times net monthly income (salaried and pensioners) |
| Documents Required for loan | 1. Passport size photograph
2. Identity proof 3. Office address proof (self-employed and professionals). The documents can be shop/establishment certificate, lease deed or telephone bill 4. Latest salary slip and Form 16 (salaried persons) |
Available Personal Loan Types of State Bank of India
SBI Xpress Credit Personal Loan
| Eligibility | Resident of India |
| Loan Amount | SBI offers loans up to 24 times of net monthly income for salaried class individuals and pensioners. The maximum limit for personal loans is Rs. 15 lakh. |
| Minimum EMI per lakh | Rs. 2,616 – Rs. 2,765 for 4 years. |
| Interest Rates | 11.65% – 14.65% p.a |
| Security | NIL |
| Processing Fees | SBI charges 1% of loan amount + applicable taxes |
| Part-payment charges | 6 months to 60 months (or residual service period whichever is lesser) |
| Minimum salary | Rs.7,500 |
| Documents Required for loan | 1. Passport size photograph
2. Identity proof 3. Office address proof (self-employed and professionals). The documents can be shop/establishment certificate, lease deed or telephone bill 4. Latest salary slip and Form 16 (salaried persons) |
State Bank of India (SBI) Personal Loan
SBI Xpress Credit Personal Loan Eligibility
| Eligibility | SBI provides Xpress Credit personal loan to the employees of under noted entities maintaining salary account with zero margins:
Central and State Government |
| The minimum loan amount available under Xpress Credit Personal | 24,000 for a term loan 10 lakhs for overdraft |
SBI offers loans up to 24 times of net monthly income for salaried class individuals and pensioners. The maximum limit for personal loans is Rs.15 lakh.
SBI Pension Loan
Interest Rates on SBI Pension Loan – 11.60% p.a. Features & Benefits of SBI Pension Loan:
Low processing fee, no hidden charge, no pre-payment charges
Family pensioner (spouse authorized to receive a pension after pensioner’s death) can avail loan but the applicant should not be more than 76 years.
A maximum 50% amount of pension is considered for availing loans.
SBI charges a processing fee of 0.51% of the amount (+applicable taxes) with minimum Rs 500/-). The processing fee is not charged from SBI Defence Pensioners.
Loan Amount For Central & State Government Pensioners:
The minimum loan amount is Rs 25,000
Maximum loan amount Rs 14 lakh for applicants below 72 years
Maximum of Rs 12 lakh for pensioners who are between 72 and 74 years
The maximum amount of Rs 7.5 lakh for applicants between 74 and 76 years
For family pensioners, the minimum loan that can be availed is Rs 25,000.
Loan Amount For Defence Pensioners:
The minimum loan amount is Rs 25,000
Rs 14 lakh for applicants up to 72 years of age
Rs 12 lakh for pensioners between 72 and 74 years
Rs 7.5 lakh for applicants between 74 and 76 years (EMI / NMP not to exceed 50% in all the cases for Family Pensioners)
Loan Amount For Family Pensioners:
Minimum amount Rs.25,000
Rs.5 lakh for pensioners up to 72 years of age
Rs.4.5 Lakh for pensioners between 72 and 74 years
Rs.2.5 Lakh for pensioners between 74 and 76 years (EMI / NMP not to exceed 33% in all the cases for Family Pensioners)
Processing Fees: For Central & State Government Pensioners (including Family Pensioners) – 0.50% of the Loan Amount + applicable tax subject to Minimum of Rs. 500
For Defence Pensioners – NIL
Saral personal loan is available for any legitimate purpose to those working in the corporate sector, self-employed, engineers, doctors, architects, chartered accountants, MBA with two years of employment.
SBI Saral Personal Loan Eligibility You are eligible for SBI Saral Personal Loan if you are:
Salaried and working with any leading corporate house
Self-employed (engineer, doctor, architect, chartered accountant, MBA) with a minimum of 2 years’ experience.
Minimum Loan Amount For SBI Saral Pension Loan
Rs.24,000 in metro and urban centers
Rs.10,000 in rural/semi-urban centres
SBI offers loans up to 12 times of net monthly income for salaried class individuals and pensioners. The maximum limit for personal loans is Rs.10 lakh.
Security – NIL
Processing Fees – SBI charges 2% – 3% of loan amount + applicable service tax
Repayment Period – 48 EMIs
SBI Personal Loan Customer Care Number Toll-Free Number
If customers/borrowers have any queries/complaints/issues related to a personal loan from State Bank of India, They can talk to a customer care executive at the below-mentioned toll-free numbers.
1800-11-2211
1800-425-3800