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SBI Personal Loan

SBI Personal Loan Overview

Last Updated 02nd Dec 2020

RBI keeps Repo Rate unchanged at 4%

Interest Rate 9.60% - 16.40%
Processing Fee 1.00%
Loan Tenure 6 months to 72 months
Loan Amount ₹ 50,000 to ₹ 15 Lakh
Part Prepayment Charges Not allowed
Preclosure Charges Allowed after 6 EMI's, 3% charges

Ex Gratia Payment Scheme for EMIs Paid during Moratorium

  • Lowest SBI Personal Loan interest rates is 9.60%. The bank grants personal loan for a tenure ranging between 6 months to 72 months.
Apply for Personal Loan @ 10.45%* Get upto ₹ 1,000* Cashback Or Free Corona Health Insurance Cover of up to ₹5 lakh

SBI Personal Loan Details

  • SBI Personal Loan Interest Rate starts from 9.60%.
  • Lowest EMI per lakh on Personal Loan from SBI is ₹ 1,832 at the lowest interest rate of 9.60% at the longest loan tenure of 72 months.
  • Loan available for both salaried and self-employed professionals.
  • Borrowers within the age group of 21 and 58 years.
  • Loan amount of minimum ₹ 50,000 to ₹ 15 Lakh.
  • Loan Tenure 6 to 72 months.
  • Processing Fees: 1.00%.
  • Foreclosure charges: SBI personal loan prepayment is allowed with 3% charges
  • Part payment charges: Not allowed
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges, which are disclosed by the bank at the time of signing the loan agreement.
  • Special Schemes: SBI offers customised personal loan interest rates and schemes for special category of borrowers, including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of SBI are:
    • SBI Xpress Credit Personal Loan
    • SBI Saral Personal Loan
    • SBI Pension Loan
    • State Bank Festival Loan
    • Jai Jawan Pension Loan
    • SBI Emergency Loan

SBI Personal Loan Rates

As on today, SBI Personal loan interest rates are in the range of 9.60% to 16.40%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. SBI also runs special schemes for defense, armed forces and government employees. Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

The table below gives the interest rates on various popular personal loan schemes of SBI.

Scheme Interest Rates Loan Amount Loan Tenure
SBI Saral Loan17.65% - 17.65% ₹ 24,000 - ₹ 10,00,000Upto 48 months
SBI Xpress Credit Loan10.60% - 11.60% ₹ 25,000 - ₹ 20,00,000Upto 72 months
SBI Pension Loan11.45% - 11.95% ₹ 2,50,000 - ₹ 14,00,000Upto 60 months
SBI Festival Loan12.50% - 16.60% ₹ 5,000 - ₹ 2,00,000Upto 12 months
SBI Jai Jawan Pension Loan12.45% - 12.45% ₹ 25,000 - ₹ 2,00,000Upto 84 months

SBI Personal Loan Top Up

Existing Personal Loan Borrowers of SBI can get top up on personal loan from SBI if they have a regular repayment track record on their running personal loan from the bank. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on SBI personal loan top up starts at 9.60%.

How to get the best offer on SBI Personal Loan?

You can get the best personal interest rates from SBI subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from SBI:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. SBI offers loans between ₹ 50,000 and ₹ 15 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
  • Employer Category - SBI has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - SBI offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low SBI loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 6 months to 72 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving a loan to the borrower, SBI checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.
SBI Personal Loan Charges

In addition to SBI’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on SBI’s personal loans is Not allowed
  • Foreclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows prepayment of personal loan after 6 EMI's at preclosure penalty of 3% charges.
  • Processing Fee - SBI charges a non-refundable processing fee of 1.00% of loan amount with applicable tax.
  • Other charges: Once your SBI personal loan application is accepted or sanctioned, bank will provide you a statement of other charges applicable on your loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only in the event of one of these three charges.

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 a special loan for employees of Central and state government, Quasi Government, Central PSUs, Profit making State PSUs, Educational National Institute and few selected companies to help them meet their urgent cash requirements such as a medical emergency or a family vacation.
  • This loan doesn't require mortgaging of collateral or security.
  • Xpress loan is available in two forms: Term Loan and Overdraft Facility on an existing account.
  • Employees of Central and state government, Quasi Government, Central PSUs, Profit making State PSUs, Educational National Institute and few selected companies are eligible for Xpress Credit Loan.
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from ₹ 25,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • Minimum income to get this loan should be ₹ 15,000
SBI Saral Personal Loan
  • This loan is granted to salaried or self employed individuals for their personal expenses such as domestic or foreign travel, medical treatment, for marriage of children, etc.
  • The borrower's income and repayment capacity determine the loan amount he will be eligible for.
  • This loan doesn't require mortgaging of collateral or security.
  • Salaried and working individuals in any leading corporate house, self employed (engineer, doctor, architect, chartered accountant, MBA) with minimum 2 years experience stand eligible to avail this loan.
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from ₹ 24,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • Minimum income to get this loan should be ₹ 15,000
SBI Pension Loan
  • Pension loan is granted to government pensioners to meet their urgent need of funds for medical expenses, travel or a family obligation.
  • Loan available for meeting personal expenses of all government pensioners who draw pension from an SBI branch. Central/ State Government/ Defense pensioner withdrawing pension from SBI are eligible for this loan
  • Nil processing fees for defense pensioners.
  • Pensioners should not be more than 76 years of age and they should receive their pensions through cheques directly from government treasuries
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from ₹ 24,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • Minimum income to get this loan should be ₹ 15,000
State Bank Festival Loan
  • SBI Festival Loan can be availed in the festival season, to meet personal requirements of funds
  • Minimum income eligibility for this loan is Rs. 3,000.
  • The borrowers income and his repayment capacity determine the loan amount that he will stand eligible for.
  • Any employee of Govt, PSUs, profit making public/private limited companies/self employed persons with minimum experience of 2 years / person having a source of income like pension, and interest from TDRs/NSCs/Govt. securities
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from ₹ 5,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • Minimum income to get this loan should be ₹ 3,000
  • This loan is for all the young defence and para military forces pensioners to meet their personal expenses such as a wedding, for travelling or medical expenses.
  • Jai Jawan Pension Loan is for all the young defence and para military forces pensioners who draw pension out of SBI.
  • There is no requirement of a security for Jai Jawan loans up to Rs. 25,000.
  • All young defense and para military force pensioners not more than 50 years of age are eligible for this loan.
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from ₹ 5,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • Minimum income to get this loan should be ₹ 3,000
SBI Emergency Loan
  • The SBI emergency loan is offered to the existing SBI account holders, to help them fund their financial requirements during urgencies.
  • SBI emergency loan has been launched to cure the financial distress caused due to Covid-19. It is a credit facility that allows people to borrow up to Rs 5 lakhs in not more than 45 minutes during the financial crisis. Further, the bank charges the EMI on these loans after six months during the loan tenure. This loan is a form of SBI PAPL, that is the SBI pre-approved personal loans.
  • The eligibility for the SBI Pre-approved personal loan can be checked on the SBI YONO app. Customers can also check the SBI PAPL eligibility by sending an SMS to 567676. The SMS should be in the format PAPL followed by the last four digits of the SBI account number.
  • The loan is a pre-approved personal loan. Thereby its taken by the existing SBI customers.
Key Loan Terms
  • Loan available at the age of 21 - 58 years

How to Apply for SBI Personal Loan?

Getting a Personal loan from SBI is fairly quick, with an online application and approval process. You can also apply for a SBI personal loan through offline mode.

Online Application Process

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

  • Visit the official website of SBI. You can also apply for a SBI personal loan through an online marketplace like
  • 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.

Offline Application Process

Borrowers can also apply for SBI personal loan through offline mode by following the steps as 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 bank 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 application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.

SBI Personal Loan Documents

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID/ Aadhaar Card
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan SBI
Maximum Annual Percentage Rate (APR) 9.60% to 16.40%
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 Lakh
  • Time period: 6 months to 72 months
  • SBI Personal Loan Interest Rate: 9.60% to 16.40%
  • Processing Fee payable to SBI: Upto ₹ 2,000. Current offer for processing fee is 1.00%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 1,832 for a 72 months ₹ 1 Lakh loan at 9.60% (lowest rate, longest time period) to ₹ 17,473 for a 6 months ₹ 1 Lakh loan at 16.40% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.60% to 16.40%
  • Total cost payable over loan tenure: ₹ 0.07 Lakh for 6 months loan to ₹ 0 Cr for 72 months loan

SBI’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 6 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of SBI.

Compare Personal Loan Interest Rates of SBI with other Banks


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 to take personal loan from SBI ?

SBI offers loan at 9.60% rate with the lowest EMI of ₹ 1,832 per lakh. If you are paying EMI more than this, then you can opt for balance transfer and relocate your loan to SBI.

How much interest is charged by SBI on personal loan?

Personal loan interest rates in SBI are 9.60% to 16.40%. 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.

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

You can repay your personal loan in a flexible period of minimum 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

How much processing fee is charged by SBI on personal loan?

SBI charges a processing fee of 1.00% with applicable service tax.

Is age an eligibility factor to get personal loan from SBI?

Yes, age is an important eligibility factor to get personal loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

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

You can add the income of your spouse to increase your Personal Loan Eligibility and to get higher loan amount.

How can I get SBI personal loan?

You can get a personal loan from SBI by directly visiting the nearest branch or can apply online at their website. You can also apply online at MyLoanCare website after comparing the interest rates and charges of all banks.

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 could not track your application online, you can contact SBI loan assistance 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% charges

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

You can ask SBI to lower your interest rate on the personal loan. However, it is not sure that the lender will reduce your interest rate.

How to pay your SBI personal loan EMI?

You can pay your SBI personal loan EMI by using ECS facility or through Standing Instruction.

How to get SBI personal loan status by mobile number?

You can check the status of your SBI personal loan on their website by using your mobile number. You can also check the SBI personal loan status on mobile through their mobile app. If you have applied for a personal loan through MyLoanCare website, you can track your status by logging into MyLoanCare Account with the registered mobile number.

What is the SBI personal loan process?

The most effortless SBI personal loan procedure is to fill your details on the above form. Your application will be assessed as per details entered by you, and you will be shown the best offer available from SBI along with other banks too. Our loan advisor will contact you to understand your needs and forward your application to the bank of your choice. Although, you can also apply on the website of SBI Bank as well.

SBI Personal Loan Reviews 3.6/5  by 7 customers
MyLoanCare Service
Banks Service
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.

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

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.

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. That

SBI Personal Loan News - Dec 2020
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
    SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
  • 2020-10-30 : SBI partners with global education platform edX
    State Bank of India entered into a partnership with global non-profit education platform-edX to offer Massive Open Online Courses on the platform from November 2020. The partnership is aiming to develop skill sets of career-oriented individuals in today competitive world.
  • 2020-09-22 : SBI offers up to 2 years repayment relief for home and retail loans
    State Bank of India announced the option to choose either a moratorium of up to 24 months or reschedule the instalments and extend the tenure by a period equivalent to the moratorium granted, for its retail customers. ​​​The bank is aiming to assist the customers amid the COVID 19 and economic slowdown.
  • 2020-09-18 : SBI starts women self-reliance programme in Assam
    State Bank of India started a programme by the name Mahila Atmanirbharshil Aachani (Women Self-Reliance programme). SBI started the scheme keeping in mind that women SHGs are very active and creditworthy in rural areas of Assam as it relies on social collateral rather than on financial collateral. It also empowers the women by encouraging them to create their micro-enterprises for self-reliance.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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