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SBI Personal Loan

Online SBI Personal Loan: Highlights

Last Updated 17th Jan 2022

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SBI Personal Loan Details

The Interest Rate on SBI personal loans ranges from 9.60% to 15.65% with a processing fee on a personal loan upto Nil. If you calculate the lowest EMI as per the lowest rate and longest tenure of 72, it will be ₹ 1,832.
To avail SBI personal loan, you must be salaried working with the government or private sector or a self-employed professional such as doctor, CA, architect within the age group of 21 to 58 years. You can avail of loan amounts ranging from ₹ 50,000 to ₹ 15,00,000. SBI allows personal loan foreclosure and part prepayment after 6 months with charges of 3% with various other charges, including Cheque Bounce Charges of ₹ 500.
SBI Bank offers customised personal loan schemes for different segments of customers. Various schemes of SBI as offered to different types of borrowers in 2021 are mentioned below:

Features and Benefits for SBI Personal Loans

SBI personal loan, when compared with other banks, offers the following distinctive benefits to the customers:

  • Special Personal Loan for Covid: SBI offers collateral-free loan ‘Kavach Personal Loan’ for Covid treatment of self and family members. You can avail personal loan of upto ₹ 5 Lakhs at an attractive interest rate of 8.5% for 60 months.
  • Nil Prepayment Charges: If you have surplus funds, you can reduce your interest by closing your SBI personal loan account at paying minimum prepayment penalties of 2% per annum.
  • Interest on SBI Personal Loan: The interest on SBI loans is charged on a daily reducing method. It means that the EMI is calculated on the outstanding balance of your principal amount every day, thus reducing your EMI every time you pay off your EMIs or make any prepayments.
  • Customised Personal Loan for Everyone: State Bank of India offers customised personal loans for varied customers, including a personal loan for pensioners. These include SBI personal loans for govt employees, SBI personal loans for pensioners, Loans to Salaried Employees having salary accounts with SBI, SBI instant personal loan, loans for covid treatment, and pre-approved personal loan SBI etc.

SBI Personal Loan Documents

The documents required for a personal loan in SBI may vary as per your occupation. However, the list of basic SBI personal loan documents are as following:

  • Two Latest passport size photographs
  • Copy of identity card issued by the employer
  • Bank account last 6 months’ salary slip or latest Form 16 (in case of Income Tax Payee)
  • Permanent Account Number (PAN)
  • Proof of identity and current address:
    • Passport
    • Driving license
    • Proof of possession of Aadhaar Number
    • Voter's Identity Card issued by Election Commission of India
    • Job card issued by NREGA duly signed by an officer of the State Government
    • Letter issued by the National Population Register containing details of name and address.

What are the Different 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 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 Preapproved Personal Loan
  • 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.
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 Kavach Personal Loan is a unique term loan for Covid treatment of self or family member who is found Covid Positive on or after 01.04.2021. Salaried, non-salaried and pensioners can avail of this loan for upto Rs. 5 Lakhs at an attractive interest rate of 8.50% for a maximum tenure of 60 months. The bank does not charge any processing fees on loans.
SBI Xpress Bandhan Loan
  • SBI offers a personal loan to borrowers who do not have a salary account with SBI. Under this scheme, you can get the credit both as a term loan and overdraft facility. In addition, the maximum repayment tenure is 60 months.

State Bank of India Personal Loan Eligibility

To avail personal loan from SBI, you need to fulfill the following eligibility criteria:

  • Minimum Monthly Income ₹ 24,000.
  • EMI/NMI Ratio less than 50%.
  • Term Loan Amount ranging from ₹ 50,000 to ₹ 15,00,000.
  • Employees working with Indian government, PSU, educational institutions of national repute and selected corporates.

How to Get the Best Offer on Personal Loan from State Bank of India?

To get the best offer on SBI online Personal loan, you must consider comparing SBI personal loan with other banks based on the following parameters:

  • Interest Rates: To get the best offer on SBI personal loans, you must compare SBI personal loan rates for different schemes based on your requirement. Having a good repayment history, debt-income ratio, and CIBIL ensures that you can avail of the best offer on your loan. It is thus essential that you do the following to get the best rate on personal loan from SBI:
    • Repay your existing dues if there are any.
    • Provide all sources of income.
    • Improve your CIBIL
    • Add a co-applicant.
    • Maintain a good relationship with the bank.
  • Processing Fees & Other Charges: There are various other fees and charges that may impact the total cost of borrowing. These costs include SBI personal loan processing fee, prepayment and foreclosure charges, stamp duty and legal fees. To get the best offer, you can always negotiate with SBI bank if you have a good relationship and repayment history.
  • Approval Process: SBI offers instant personal loans and pre-approved personal loans if you are an existing customer of SBI and have paid all your dues on time. SBI personal loan application online process is more instant and paperless if you apply either through the bank or an online marketplace like MyLoanCare.

How to Apply for SBI Personal Loan?

SBI personal loan application can be done online or offline through the bank or a marketplace like MyLoanCare. To get the information about the best offers on how to apply for a personal loan in SBI, you can avail loan from MyLoanCare. Here is a step-by-step procedure to avail of a loan.

  • Step 1: Fill the Personal Loan Application Form.
  • Step 2: Fill in necessary details like name, pin code, phone number, loan amount.
  • Step 3: Click on 'Get Quote' and enter the OTP received on your mobile phone.
  • Step 4: Click on 'Submit'.
  • Step 5: You will get the offers as per your eligibility.
  • Step 6: MyLoanCare's executive will contact you within some time and help you with the further process.

About SBI

State Bank of India or SBI is the largest public sector lender in the country that serves over 45 crore customers globally. The Bank has a rich heritage and legacy of over 200 years with diversified business through its subsidiaries, i.e. SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. In addition, it has spread its presence globally and operates across time zones through 229 offices in 31 foreign countries. Below mentioned are the official details of SBI

  • Main Branch Address: State Bank Bhavan, Mumbai.
  • CEO Name: Ms. Dinesh Khara
  • Compliance Officer : Mr. Rinku Sharma
  • Compliance Officer Number: 022-22741450
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.(1) Nil prepayment charges on SBI personal loan (2) Superior customer service and transparency (3) 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 months.

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

SBI personal loan has a minimum tenure of 6 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 and to 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.

How much personal loan can I get from SBI if my salary is 50000?

The eligibility for a personal loan depends on various factors such as age, income, CIBIL score, the company you are working with and the relationship with the bank. Apart from that, the bank takes into consideration your FOIR, that is the fixed obligation to income ratio, which should ideally be between 40 to 55%, depending upon your profile. Based on these, SBI provides a maximum loan amount upto ₹ 15,00,000.

Can a govt employee get a personal loan from SBI Bank?

Yes, SBI bank provides special offers on personal loans for government employees at an interest rate starting at 9.60%. The bank also charges a processing fee of 1.00% on SBI personal loans for govt employees.

How much loan can a govt employee get from SBI?

You can get a personal loan of upto ₹ 1 Cr if you are a government employee. However, the eligibility for a personal loan depends on income, CIBIL score, age, the reputation of the company etc.

What is the minimum CIBIL score for a personal loan in SBI?

You need to have a minimum CIBIL of 650 to avail of a personal loan in SBI. If you do not have the desired CIBIL score for SBI personal loan, the bank may reject your application. To avoid rejection, you can, however, add a co-applicant with your loan application.

Does SBI give instant loans?

Yes, you can get an SBI instant loan if you have a good CIBIL score and repayment history. You can apply for an instant personal loan through the YONO app, and the amount will be disbursed directly to your bank account.

Can I repay a personal loan early in SBI?

Yes, SBI allows you to repay your personal loan before the end of the loan tenure. You can repay a personal loan with a minimum prepayment penalty of 2% per annum.

How can a housewife apply for a personal loan in SBI?

If a housewife has a past credit history, she may get a personal loan in SBI. However, the possibility of approval of a personal loan application is less. Nevertheless, she can apply for a personal loan with a co-applicant.

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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 - Jan 2022
  • 2021-11-26 : SBI Waivers Processing Fee on Personal Loans
    State Bank of India has waivered the processing fees on personal loans. The bank is charging an interest rate of 9.60%.
  • 2021-08-25 : FM Niramala Sitharaman Launches EASE 4.0
    Finance Minister Nirmala Sitharaman launches Ease 4.0 (Enhanced Access and Service Excellence )to undertake the public sector banks (PSBs). It is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.
  • 2021-08-17 : State Bank of India Waives Processing Fees on Personal Loans
    The largest public sector lender in the country has announced the waiver of processing fees on personal loans through the YONO app. The SBI personal loan rate stands at 9.60%.
  • 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.
*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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