A Personal Loan is personal assistance provided by different banks & NBFCs that can be utilized for personal use like medical emergencies, higher education, marriage expenses, vacations, etc. SBI is the largest banking entity in India that provides tailor-made personal loans. SBI provides the lowest rate of interest based on a daily reduction balance that reduces the interest burden.
Besides the competitive rate of interest, SBI offers personal loans to borrowers to reduce the EMI burden. The EMI can be calculated with the help of the SBI Personal Loan EMI Calculator which is the most effective tool that helps to keep track of the cumulative amount to be repaid on the personal loan.
| State Bank of India Personal Loans Eligibility Criteria – A Snapshot | |
| Interest rate | Starting from 9.60% per annum |
| Loan Amount | Up to INR 20 Lakhs |
| Income Eligibility | INR 15,000 per month |
| Age Eligibility | Minimum of 21 years and up to 58 years at the time of loan maturity |
| Repayment Tenure | Up to 72 months |
Features of SBI Personal Loan
Below mentioned are the salient features of the SBI Personal Loan:
- High Quantum of Loan
- Low-Interest Rates
- Fast Loan Processing
- Specialized Loan Schemes
- 24×7 Customer Service
How to Apply for SBI Bank Personal Loan
Step 1: Evaluate the need to analyze the exact amount for which the loan is to be raised.
Step 2: Using the Personal Loan eligibility calculator, analyze how much amount is to be repaid during a month after taking into consideration the existing loan or credit card dues.
Step 3: Check the eligibility criteria so as to know whether the income and employment status meets the same or not.
Step 4: Check with the interest rates offered by the bank.
Step 5: In the case of an existing customer, a personal loan can be applied via a mobile app or Internet banking account. In case of a new customer, the application can be downloaded from the bank’s website or by visiting the branch.
Step 6: Provide KYC documents, address proof, and income proof, along with the application form and cheque for the processing fees.
Step 7: Post verification, the bank will sanction the loan and approve the loan amount on the basis of eligibility followed by a signature.
Step 8: The loan amount will then be credited to the bank account within 30 days and the account balance can be checked with the help of the SBI Mini Statement.
Interest Rates
Before pressing the SBI Personal Loan Apply button, an applicant must be aware of its interest rates, which are as mentioned below:
| Particulars | Details |
| Interest Rate | 11.00% – 14.00% |
| Loan Amount | For Term Loan:
For Overdraft:
|
| Loan Tenure | 5 years or 60 months |
| Processing Fees | Nil – 1% of the Loan Amount + GST |
| Prepayment Charges | Nil – 3% of the principal outstanding |
| Collateral | Not Required |
Documents Required
Below mentioned is the list of documents required to apply for SBI Personal Loan:
- Signed loan application form
- Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
- Processing fee cheque
- Last 3 months’ bank statement or 6 months’ bank passbook
- Latest salary slip & Current dated salary certificate with the Latest Form 16 for salaried individuals
- Latest Bank statement or Latest ITR of Form 16 for self-employed individuals
Eligibility Criteria
| Product Name | Income Criteria | Age Criteria | Quantum of Loan | Repayment Tenure | Other Particulars |
| SBI Xpress Credit – For Individuals with Salary Account with SBI
Term Loans |
Minimum monthly income of INR 15000 | Salaried Individuals – 21 -58 years of age
Self-Employed Individuals – 21 – 65 years of age |
Minimum Loan Amount – INR 25,000
Maximum Loan Amount – INR 20 lakhs / 24 times NMI |
The minimum repayment period is 6 months and the maximum repayment period is 6 years or the remaining period of service, whichever is longer. | Prepayment charges of 3% on prepaid amount. |
| SBI Xpress Credit – For Individuals with Salary Account with SBI
Overdraft Facility |
Minimum monthly income of INR 15000 | Salaried Individuals – 21 -58 years of age
Self Employed Individuals – 21 – 65 years of age |
Minimum Loan Amount – 5 lakhs
Maximum Loan Amount – INR 20 lakhs / 24 times NMI |
The minimum repayment period is 6 months and the maximum repayment period is 6 years or the remaining period of service, whichever is longer. | Employees working with
Central/ state/ quasi government, Central PSUs and profit-making state PSUs, Educational institutions of national repute, Selected corporates with or without a relationship with the bank. |
| SBI Quick Personal Loan | Minimum monthly income of INR 15000 | Salaried Individuals – 21 -58 years of age
Self Employed Individuals – 21 – 65 years of age |
Minimum: INR 24,000
Maximum: INR 20,00,000 / 24 times NMI |
The minimum repayment period is 6 months and the maximum repayment period is 6 years or the remaining period of service, whichever is longer | Processing fee: 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-) plus GST |
| Loans Against Shares | Based on the value of the security | NA | Minimum Loan Amount: INR 50,000
Maximum Loan: INR 20 lakhs |
Demand Loan: To be liquidated in a maximum period of 30 months
Overdraft: 30 months (subject to renewal every year) |
Processing Fee OD/DL: 0.75% of the loan amount + applicable GST subject to a minimum of Rs.1000 (Non-Refundable) |
| Loan Against Term Deposit | Demand Loan and Overdraft Facility up to 90% of Term Deposit | NA | Min amount of Loan (For Online Overdraft against Fixed Deposit): INR 25000
Max amount of Loan (For Online Overdraft against Fixed Deposit): INR 5 Crores |
The maximum Repayment period has been capped at 5 years against STDR/e-STDR and 3 years against TDR/e-TDR respectively for Overdraft availed online. | Zero processing charges.
No prepayment penalties. |
| Loan Against SBI Dual Advantage Fund | Single/Joint holder(s) of SBI DAF above 18 years of age | Minimum 18 years old | Minimum Loan Amount: INR 25,000/-
Maximum Loan: For DAF held in Demat form: INR 20 Lakhs For DAF held in Physical form: INR 10 Lakhs |
Overdraft facility allows multiple repayments. | The Investor(s) should have an SB account of SBI.
The SB account and DAF should have an identical name and PAN number. |
