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SBI Personal Loan

SBI Personal Loan

Last Updated 30th Oct 2020

Interest Rate 9.60% - 16.40%
Tenure Upto 72 months
Processing Fee 1.00%
Loan Amount ₹ 50,000 to ₹ 15 Lakh
Minimum Income ₹ 24,000
Age 21 to 58 years
Prepayment Charges Not allowed
Foreclosure Charges Allowed after 6 months at 3% charges
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    SBI Personal Loan

    SBI is the one of the leading Public Sector Bank of the country both in terms of a number of branches and the number of customers. One of the main reasons for its success is that it provides customized products as per the needs of the customer. If you are looking for a personal loan, then SBI offers a bunch of personal loan schemes with various features to suit your requirement.

    SBI Personal Loan Schemes Interest Rates

    One of the best ways to assess which personal loan scheme is best, is to assess the rate of interest offered in each scheme. The interest rate of each scheme varies depending upon various factors like, the repayment option, tenure, customer profile targeted by the scheme, etc. Below is the complete list of SBI personal loan schemes and the interest rate offered:

    SBI Personal Loan SchemeInterest Rate
    SBI Xpress Credit Personal Loan11.50%
    SBI Saral Personal Loan17.65%
    SBI Pension Loan11.45%
    State Bank Festival Loan12.50%
    Jai Jawan Pension Loan12.45%
    SBI Emergency Loan11.50%

    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.
    Eligibility:
    • 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.
    Description:
    • Xpress loan is available in two forms: Term Loan and Overdraft Facility on an existing account.
    • This loan doesn't require mortgaging of collateral or security.

    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.
    Eligibility:
    • 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.
    Description:
    • This loan doesn't require mortgaging of collateral or security.
    • The borrower's income and repayment capacity determine the loan amount he will be eligible for.

    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.
    Eligibility:
    • Pensioners should not be more than 76 years of age and they should receive their pensions through cheques directly from government treasuries
    Description:
    • Nil processing fees for defense pensioners.
    • 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

    State Bank Festival Loan

    • SBI Festival Loan can be availed in the festival season, to meet personal requirements of funds
    Eligibility:
    • 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
    Description:
    • The borrowers income and his repayment capacity determine the loan amount that he will stand eligible for.
    • Minimum income eligibility for this loan is Rs. 3,000.

    Jai Jawan Pension Loan

    • 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.
    Eligibility:
    • All young defense and para military force pensioners not more than 50 years of age are eligible for this loan.
    Description:
    • There is no requirement of a security for Jai Jawan loans up to Rs. 25,000.
    • Jai Jawan Pension Loan is for all the young defence and para military forces pensioners who draw pension out of SBI.

    SBI Emergency Loan

    • The SBI emergency loan is offered to the existing SBI account holders, to help them fund their financial requirements during urgencies.
    Eligibility:
    • 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.
    Description:
    • 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.

    SBI Personal Loan Interest Rate Comparison - Salaried/ Self-Employed

    Employment TypeRate of Interest Minimum AgeMaximum Age
    Salaried Starting from 9.60% 21 years 58 years
    Self-Employed Professional Starting from 11.20% 21 years 65 years

    Comparison of SBI Personal Loan vs Other Lenders

    Even though SBI has some good personal loan schemes, you cannot be sure about the offerings from one bank unless you analyze multiple banks and their offerings.

    Particulars SBI ICICI Bank HDFC Bank
    Rate of Interest Starting from 9.60% Starting from 10.75% Starting from 10.50%
    Loan Tenure 6 - 72 months 12 - 60 months 12 - 60 months
    Minimum Age 21 years 23 years 21 years
    Processing Fee 1.00% Upto 2.25% of Loan Amount Upto 2.50% Min Rs. 1,999
    Maximum Loan Amount ₹ 15 Lakh ₹ 30 Lakh ₹ 75 Lakh

    Factors Affecting SBI Personal Loan Rates

    When you apply for a personal loan from SBI, there are various factors which play their part to determine the rate of interest for your loan. Below are the factors which will affect your SBI personal loan rates:

    • Tenure: The interest rates on personal loans are not entirely dependent on the loan tenure, but it does play a part. Based on the policy of the bank, the interest rate can increase or decrease with respect to shorter or longer tenure.
    • Credit Score: Since a personal loan is an unsecured loan, your credit score carries a lot of weightage in determining the rate of interest on your loan. Thus, make sure you apply for the loan when your score is above 800. If you are applying with a score below 800, then you need to be prepared to accept a higher rate of interest.
    • Income: Income is also an essential factor in determining the rate of your loan. With the higher income, you are likely to get into a lower interest rate bracket and vice versa.
    • Loan Amount: The amount of credit you have applied for also affects the rate of interest. Based on your applied loan amount rate of interest can change beyond what is advertised based on specific categories.
    • Repayment Capacity: Banks can also offer you lower interest rates if you have a good repayment capacity.
    • Existing Relationship: Banks also provide some benefits to the existing customers, especially those who have a good track record with the bank.

    SBI Personal Loan Charges

    SBI applies various charges on personal loans such as processing fee, part payment charges and foreclosure charges. Processing fee applicable on SBI personal loan is 1.00%. SBI does not offer part payment facility on personal loan after 0 month at 0 charges. SBI offers foreclosure fee on personal loan to repay the entire amount after 6 months at 3% charges.

    SchemesProcessing Fee Prepayment ChargesForeclosure Charges
    SBI Xpress Credit Personal Loan1.00%3% of prepaid amount3% of prepaid amount
    SBI Saral Personal Loan3.00%3% of prepaid amount3% of prepaid amount
    SBI Pension Loan0.25%3% of prepaid amount3% of prepaid amount
    State Bank Festival Loan1.00%3% of prepaid amount3% of prepaid amount
    Jai Jawan Pension LoanNilNil prepayment chargesNil prepayment charges
    SBI Emergency Loan1.00%3% of prepaid amount3% of prepaid amount

    SBI Personal Loan Interest Rates Calculation

    Let’s say Mr. Maheshwari earns a monthly salary of ₹ 35,000 . His credit score is 810, and he avails the SBI personal loan of ₹ 4 Lakh for a tenure of 2 years. Given his excellent credit score, the interest rate charged on his loan is 9.60%. Thus, the monthly EMIs he would have to pay are listed in the table below:

    Months EMIs Principal Paid Interest Paid Outstanding Balance
    Oct 2020 ₹ 18,384 ₹ 15,184 ₹ 3,200 ₹ 3,84,815
    Nov 2020 ₹ 18,384 ₹ 15,306 ₹ 3,079 ₹ 3,69,510
    Dec 2020 ₹ 18,384 ₹ 15,428 ₹ 2,956 ₹ 3,54,081
    Jan 2021 ₹ 18,384 ₹ 15,552 ₹ 2,833 ₹ 3,38,530
    Feb 2021 ₹ 18,384 ₹ 15,676 ₹ 2,708 ₹ 3,22,854
    Mar 2021 ₹ 18,384 ₹ 15,801 ₹ 2,583 ₹ 3,07,053
    Apr 2021 ₹ 18,384 ₹ 15,928 ₹ 2,456 ₹ 2,91,125
    May 2021 ₹ 18,384 ₹ 16,055 ₹ 2,329 ₹ 2,75,070
    Jun 2021 ₹ 18,384 ₹ 16,184 ₹ 2,201 ₹ 2,58,886
    Jul 2021 ₹ 18,384 ₹ 16,313 ₹ 2,071 ₹ 2,42,573
    Aug 2021 ₹ 18,384 ₹ 16,444 ₹ 1,941 ₹ 2,26,129
    Sep 2021 ₹ 18,384 ₹ 16,575 ₹ 1,809 ₹ 2,09,554
    Oct 2021 ₹ 18,384 ₹ 16,708 ₹ 1,676 ₹ 1,92,846
    Nov 2021 ₹ 18,384 ₹ 16,841 ₹ 1,543 ₹ 1,76,005
    Dec 2021 ₹ 18,384 ₹ 16,976 ₹ 1,408 ₹ 1,59,029
    Jan 2022 ₹ 18,384 ₹ 17,112 ₹ 1,272 ₹ 1,41,917
    Feb 2022 ₹ 18,384 ₹ 17,249 ₹ 1,135 ₹ 1,24,668
    Mar 2022 ₹ 18,384 ₹ 17,387 ₹ 997 ₹ 1,07,281
    Apr 2022 ₹ 18,384 ₹ 17,526 ₹ 858 ₹ 89,755
    May 2022 ₹ 18,384 ₹ 17,666 ₹ 718 ₹ 72,089
    Jun 2022 ₹ 18,384 ₹ 17,807 ₹ 577 ₹ 54,281
    Jul 2022 ₹ 18,384 ₹ 17,950 ₹ 434 ₹ 36,331
    Aug 2022 ₹ 18,384 ₹ 18,094 ₹ 291 ₹ 18,238
    Sep 2022 ₹ 18,384 ₹ 18,238 ₹ 146 ₹ 0

    Check Other Banks Interest Rates

    FAQs

    What is the lowest personal loan rate in SBI?

    The lowest personal rate offered by SBI on a personal loan is 9.60%.

    What are the SBI personal loan interest rates for salary account holders?

    The personal loan rates of SBI for salary account holders range from 9.60% to 16.40%.

    Can I ask for a reduction in the SBI personal loan interest rate?

    You can ask for a reduction in your SBI personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

    Is there any need for security or collateral while availing Personal loan from SBI?

    No, there is no need for any collateral or security while availing a personal loan from SBI. A personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

    How can I close my Personal Loan from SBI early?

    If you want to prepay your entire personal loan from SBI, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the personal loan scheme availed by you, before making any decision.


    SBI Personal Loan News - Oct 2020
    • 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.
    • 2020-09-16 : SBI YONO could be a $40 billion goldmine
      SBI could be sitting on a goldmine when it comes to its digital startup YONO (You only need one). The super-app could be valued at $40 billion with the lender considering long term plans to hive it off as a separate entity once it assumes a certain size.
    • 2020-09-15 : SBI Card to enrol delinquent customers in restructuring plans
      SBI Card is in the process of enrolling delinquent customers, who did not repay after the end of the moratorium, in the RBI restructuring scheme. The bank is planning to assist customers by providing them more time for repayments.
    *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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