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SBI Personal Loan

Online SBI Personal Loans

Last Updated 07th Jul 2021

SBI Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of SBI Personal Loan are:

  • SBI Personal Loan interest rate starts from 9.60%.
  • The processing fee charged on SBI personal loan is 1.00%.
  • SBI also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your SBI personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • SBI has special schemes for different income and occupation groups.
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SBI Personal Loan Details

  • Interest Rate on SBI personal loan ranges from 9.60% to 15.65%.
  • Lowest EMI per lakh works out to be ₹ 1,832 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by SBI are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 15 Lakh
  • SBI Personal Loan can be availed for a period of 6 months and can go up to 72 months.
  • Processing Fees charged by SBI on personal loan is 1.00%%
  • SBI allows personal loan foreclosure and part prepayment after 6 months with charges of 3%.
  • SBI also has various other post loan disbursement charges including
    • Cheque Bounce Charges - ₹ 500
  • Schemes of SBI as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on SBI Personal Loan?

There are various factors that impact your chances to get the best offers on SBI Personal Loan, as listed follows:

  • Loan Amount - SBI offers loans between ₹ 50,000 and ₹ 15 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - SBI offers personal loan to all customers with a net take home monthly salary of more than ₹ 24,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - SBI has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for SBI personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - SBI offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 9.60%
  • Credit Score - SBI checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

SBI Personal Loan Documents

You require the following documents to avail personal loan from SBI

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of SBI Personal Loan Schemes

SBI offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

SBI Xpress Credit Personal Loan
  • SBI Xpress Credit is the personal loan offered to Salaried Employees having salary accounts with SBI for all the financial needs. You can avail of loans upto Rs. 20 Lakhs with a minimum monthly income requirement of Rs. 15000. You can avail of both term loans and overdraft loans under this scheme.
SBI Pension Loan
  • SBI offers pensioner loans for state and central pensioners, defence pensioners, and family pensioners to fulfil various financial needs, including your child’s marriage, buying your dream home, planning a trip or for a financial emergency at a low processing fee and no hidden costs. To avail SBI pension loan, the pensioner should be below the age of 76 years. However, there is no minimum bar age for the pensioner loan. Also, pensioners need to maintain a Pension Payment Order (PPO) with SBI.
  • SBI also offers pre-approved personal loans if you are an existing customer with SBI and have a good repayment history. If you want to check your eligibility for SBI pre-approved loans by sending an SMS “PAPL” to 567676. You can avail of the loan with low processing fees without visiting any branch.
SBI QUICK Personal Loan
  • SBI Quick Personal Loan is offered to non-salary accounts with SBI. Under this scheme, you can avail loan of upto Rs. 20 Lakhs if you have a minimum net monthly income is Rs. 15000. To avail of the loan, you should be between 21-58 years of age and have a minimum service of 1 year.

How to Apply for SBI Personal Loan?

The step-by-step procedure to get a personal loan online from SBI is mentioned below:

  • Visit the official website of SBI Or contact your nearest SBI branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, SBI will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by SBI, and on successful approval of the loan, the funds will be disbursed to your SBI account immediately.

You can also apply for SBI personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest SBI branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The SBI representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your SBI Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan SBI
Maximum Annual Percentage Rate (APR) 9.77% to 15.82%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 6 Months to 72 Months
  • SBI Personal Loan Interest Rate: 9.60% to 15.65%
  • Processing Fee payable to: Upto ₹ 1,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 1,832 for 72 Months ₹ 1,00,000 loan at 9.60% (lowest rate, longest time period) to ₹ 17,436 for 6 Months ₹ 1,00,000 loan at 15.65% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.77% to 15.82%
  • Total cost payable over loan tenure: ₹ 1,03,819 for 6 Months loan to ₹ 1,32,939 for 72 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the SBI take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from SBI ?

Below-mentioned is the reason why you must avail a personal loan from SBI.

  • Nil prepayment charges on SBI personal loan
  • Superior customer service and transparency
  • Quick and easy approval

How much interest is charged by SBI on personal loan?

Personal loan interest rates in SBI are 9.60% to 15.65%. SBI personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from SBI ?

If you apply for loan from SBI, your lowest Personal Loan EMI per lakh will be ₹ 1,832 which corresponds to lowest interest rate of 9.60% and longest tenure of 72 years.

What is the minimum and maximum tenure of personal loan in SBI?

SBI personal loan has a minimum tenure of6 months to maximum 72 months.

How much personal loan amount I can borrow from SBI?

SBI offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 15 Lakh

Can I add my spouse's income while applying for personal loan from SBI?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from SBI . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get SBI personal loan?

You can get a personal loan from SBIby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with SBI’s application process.

How can I check my SBI personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from SBI, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at SBI's website. In case you are unable to track your application online, you can get SBI loan assistance at SBI loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a SBI personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from SBI. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from SBI?

No, SBI does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my SBI personal loan after 1 year?

You can close your personal loan from SBI after 6 months by paying charges: 3%

Can I negotiate with SBI on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your SBI personal loan EMI?

You can pay your SBI personal loan EMI by using ECS facility or through Standing Instruction.SBI also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


SBI Personal Loan Reviews 3.6/5  by 7 customers
MyLoanCare Service
3.6/5.0
Banks Service
3.6/5.0
Pravin Chakre, Amravati
Reviewed on 09th Mar 2019
5 / 5 stars
SBI Personal Loan Availed in Apr 2018

Thank you so much for your help MyLoanCare.Read more...

Hemkumar, Faridabad
Reviewed on 01st Sep 2018
4 / 5 stars
SBI Personal Loan Availed in Sep 2018

I like this for a better response to my loan process
Read more...

RAJEEV DUBEY, Lucknow
Reviewed on 19th Apr 2018
4 / 5 stars
SBI Personal Loan Availed in Apr 2018

Interest Rate are High and Sales Service are Good. Post Sales Service is also Good.Read more...

Shikha Vats,
Reviewed on 02nd Jun 2015
5 / 5 stars
SBI Personal Loan Availed in Mar-17

Enjoy SBI Personal Loan.Read more...

Yashveer Singh, Gurgaon
Reviewed on 20th May 2015
2.5 / 5 stars
SBI Personal Loan Availed in Apr-17

I took a personal loan from SBI at a good rate of 13%. The loan in continuing to be fine till now. HRead more...

Shashank Thakur, Patna
Reviewed on 14th May 2015
2.5 / 5 stars
SBI Personal Loan Availed in Apr-17

The personal loan from SBI was a economical deal with low interest rate and no hidden charges. But, Read more...

Venkatesan, Chandigarh
Reviewed on 28th Feb 2014
2 / 5 stars
SBI Personal Loan Availed in Jan-17

rate of interest are vet low. ThatRead more...

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SBI Personal Loan News - Jul 2021
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
    The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
  • 2021-06-08 : Unsecured personal loan of upto Rs 5 lakh to be made available by the SBI
    Under the Emergency Credit Line Guarantee Scheme (ECLGS) SBI is offering a collateral-free loan up to ₹5 lakh, allowing an unsecured ‘covid personal loan’ for covid treatment.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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