sbi personal loan details

SBI Personal Loan Interest Rate: Check Eligibility & Apply Online

Personal Loan

Last Updated on 07/02/2020 by NM Staff

SBI (State Bank of India), offers a variety of personal loans to borrowers like Xpress credit loan, Xpress Power, SBI pension loans and Pre-approved Personal loans as well. The amount caters to the requirements of the borrowers and can be utilized for a range of purposes starting from Business Expansion, Marriage, Foreign Travel, Medical Emergency, Home Renovation etc. In the present scenario, SBI offers an amount of up to INR 20 lakhs as a personal loan depending on the borrower’s needs and the interest rate on the same starts from 10.50% per annum.

Types of Personal Loans Offered by SBI Bank

Personal Loan Type Rate of Interest per annum (Minimum)
Xpress Elite Scheme 10.50%
SBI Pension Loan (and pre-approved pension loan) 11.45%
Xpress Credit Personal Loan 11.50%
Xpress Power Personal Loan 11.60%
Xpress Credit Insta Top-Up Personal Loan 11.60%
Xpress Credit Non – Permanent Employees Personal Loans 12.40%
Pre – Approved Personal Loan ( PAPL) 13.50%
Clean Overdraft 16.55%
*Interest Rates are subject to change at any time. 

Personal Loan Products

1. SBI Xpress Credit Personal Loan

You can apply for this if you happen to own a salary account with SBI. The key features are:

  • The borrower must have a SBI salary account.
  • The loan amount should be in the range of INR 25,000 to INR 20 lakh.
  • The repayment period is of 6 months to 60 months.

2. SBI Xpress Bandhan Personal Loan

This is for all those who do not have a salary account with SBI. Some of the key points of the SBI are as follows:

  • Should be a salaried employee of the Defence establishments/ State Governments/ Central Government, Quasi Government and other top rated companies.
  • Gross monthly income should be INR 50,000 at least.
  • The maximum EMI to NMI (Net Monthly Income) ratio should be up to 50%.
  • Following are the minimum and maximum amount of loan that could be sanctioned:

For Term Xpress Bandhan Loan:

  • Minimum Loan Quantum: INR 25,000
  • Maximum Loan Quantum: 24 times the NMI with a maximum of INR 15 lakh.

For Overdraft Xpress Bandhan Loan:

  • Minimum Loan Quantum : INR 5 lakh
  • Maximum Loan Quantum: 24 times the NMI with a maximum of INR 15 lakh.

3. SBI Personal Loan for Pensioners:

SBI can offer personal loans to pensioned individuals, provided they have the following features:

  • The applicant is a state or central govt. pensioner/ defence pensioner or a family pensioner with an SBI pension account.
  • The maximum loan amount should not exceed INR 14 lakh.
  • The age of the applicant should be less than 76 years.

a. Specifics of SBI Personal Loan for Central and State Govt. Pensioners:

Age when the loan is sanctioned Maximum Loan Amount    Max tenure of the Loan Age when full repayment is done
< 72 years INR 14 lakhs or 18 months pension 60 months Up to 77 years
72 – 74 years INR 12 lakhs or 18 months pension 48 months Up to 78 years
74 – 76 years INR 7.50 lakhs or 18 months Pension 24 months Up to 78 years

b.  SBI Personal Loan features for Defence Pensioners:

Age when loan is sanctioned Maximum Loan Amount Tenure of the Loan Age when full repayment is done
<56 years 14 lakhs 84 months 63 years
56-72 years 14 lakhs 60 months 77 years
72-74 years 12 lakhs 48 months 78 years
74 – 76 years 7.50 lakhs 24 months 78 years

c. SBI Personal Loan features for Family Pensioners:

Age when loan is sanctioned Maximum Loan Amount Tenure of the Loan Age when full repayment is done
< 72 5 lakhs 60 months 77 years
72 – 74 years 4.50 lakhs 48 months 78 years
74 – 76 years 2.50 lakhs 24 months 78 years

4. Pre-approved Personal Loans to Salaried individuals and Pensioners on YONO App

If you have a salary or a pension account with SBI, then you might be able to avail a pre – approved personal loan. This type of loans have the feature of instant loan processing, least documentation, low processing fee and are instantly credited to the applicant’s account.

5. Pre-approved Personal Loans for Non – Salaried Individuals on YONO App

You need to have a SBI Savings Bank account with an average monthly balance beyond the given threshold, according to the account type. You might be eligible for a pre – approved personal loan of up to INR 2 lakh. You can check your eligibility on the YONO app and avail it in no time via the app.

6. SBI Personal Loan Top Up

Top up personal loan is a type of additional loan and can be availed from your current bank on your existing loan. This can be processed at the time of balance transfer of your loan to a new bank. You can avail this if you have a regular repayment record on your existing personal loan. These are available at the same interest rates as that on your running personal loan.

7. SBI Saral Personal Loan

This type of loan can be availed by salaried or self-employed individuals for personal expenses like travel, medical emergency, marriage, etc.

Key Points:

  • This type of loan does not require mortgaging or security.
  • Age of the applicant should be 21-58 years.
  • Amount of the loan could be from INR 24,000 to INR 1,50,000.
  • Loan Repayment tenure should be 48 months (maximum).
  • Minimum income of the applicant should be INR 5,000.

8. State Bank Festival Loan

This is a type of personal loan which can be availed in the festive season to meet your personal requirements.

Key points:

  • Net Monthly Income should INR 3000 at least.
  • Candidates eligible for this loan are any employee of Govt./ PSUs/ Profit making public/ private limited companies/ self – employed people with minimum experience of 2 years/ people with a source of income like pension or interest from TDRs/ NSCs/ Govt. securities.
  • Age of applicant should be 21 to 58 years.
  • Loan amount should be in the range of INR 5000 to INR 15,00,000.
  • Loan tenure should be 60 months.
  • Minimum income needs to be INR 3000.

9. Jai Jawan Pension Loan

This is a type of personal loan for all the young defence employees and para military pensioners who have a pension account in SBI.

Key points:

  • Security is not required if the loan amount is up to INR 25,000.
  • Age of applicant should be less than 50 years.
  • Loan amount should be INR 5,000 to INR 1,50,000.
  • Loan tenure is for a period of 60 months.
  • Minimum income needs to be INR 3,000.

SBI Personal Loan Interest Rate

Name of the Loan Loan Type Category of Borrower 2 years MCLR Spread over a period of 2 years Effective Rate of Interest
SBI Xpress Credit Term Loan Defence personnel/ para military/ Indian Coast Guard 8.60% 3.40% – 3.90% 12% – 12.50%
  Overdraft Defence personnel/ para military/ Indian Coast Guard 8.60% 3.90% – 4.40% 12.50% – 13%
  Term Loan For other applicants 8.60% 3.40% – 5.40% 12% – 14%
  Overdraft For other applicants 8.60% 3.90% – 6.40% 12.50% – 15%
  Term Loan IT Employees scheme 8.60% 4.80% – 6.8% 13.4%- 15.40%
  Term Loan Non- permanent employees (Govt. institutions) 8.60% 4.3% – 6.4% 12.90% – 15.00%
  Term Loan Non- permanent employees (other cooperatives or institutions) 8.60% 5.50% – 6.65% 13.65% – 15.25%
SBI Xpress Power Term Loan All applicants 8.60% 3.50%-5.15% 12.10% – 13.75%
  Overdraft Facility All applicants 8.60% 4%-5.65% 12.60%-14.25%
Pension Loan Term Loan All applicants 8.60% 3.35% 11.95%
Xpress Elite Scheme SBI Salary Account Holders 8.60% 2.40%-3.90% 11%-12.50%
    All applicants 8.60% 2.65%-4.15% 11.25%-12.75%

*Interest Rates are subject to change at any time.


Eligibility for SBI Personal Loan

1. SBI Xpress Credit Personal Loan

  • Must own a salary account.
    • Must be a state/ central/ quasi government organization’s employee. Employees of State Government PSUs/ Educational Institutions of National Repute/ Selected corporates with or without any relationship with SBI, can also apply.
    • Minimum monthly income of borrower should be INR 15,000.
    • The EMI/ NMI ratio of the borrower needs to be less than 50%.

2. Eligibility for SBI Xpress Bandhan Personal Loan

    • The borrower should not have a salary account with SBI.
    • The borrower must be an employee of Central/ State Government/ Defence Establishment/ PSUs/ Quasi Government organizations/ Select Rated Corporates/ Educational Institutions having National Repute.
    • The minimum monthly income should be INR 50,000.
    • EMI/ NMI ratio of the borrower should be less than 50%.

3. SBI Pension Loan:

a. For State and Central Government’s Pensioners:

  • Borrower’s age must be less than 76 years.
  • Must have an SBI pension account and the account is required to be maintained with proper balance during the entire loan tenure.
  • The applicant has to submit a declaration to treasury which would prevent transferring the pension payment to pension account of any other bank until an NOC gets issued by SBI.

b. For Defence Pensioners:

  • The applicant needs to be a pensioner of the Armed Forces like that of Army, Navy, Air Force, Coast Guard etc.
  • The pension payment order of the applicant needs to be maintained with SBI.
  • The maximum age of the applicant must be less than 76 years.

c. For Family Pensioners:

  • This category can be availed by the authorized family members of the pension recipient, who remain eligible to receive the pension amount after the death of the pensioner.
  • The family pensioner must be less than 76 years of age.

4. Pre-approved Personal Loans to both Salaried and Pensioners on YONO.

    • The applicant must have a salary or a pension account with SBI.
    • Such a loan offer must be available at the time of applicant’s login into to YONO app.

5. Pre-approved Personal Loans to Non- Salaried People on YONO.

    • The applicant must have a savings account with SBI with deposits being made regularly.
    • The monthly balance of the account must be above a specific threshold level (depends on the type of SBI account you own).

Documents required to apply SBI personal loan

The documents needed to avail an SBI personal loan could vary depending on the category of loan you choose. Still, the basic list of documents remains more or less the same:

For Salaried Applicants:

  • Duly filled application form with 2 passport sized photographs/
  • Identity Proof: You need to provide your identity proof via any of the following:

PAN card, Passport, Voter Identity Card, Aadhaar Card or Driving License.

  • Address Proof: Any of the following could be asked for as address proof:

Bank Account Statement, Ration Card, Passport, Telephone Bill, Electricity Bill, Sale Deed/ Property purchase agreement (for owned properties), Aadhaar Card.

  • Income Proof: Bank Account Statement for the last 6 months, Last 6 months’ Salary Slips, ITR or Form No. 16 could be your income proof.
  • Irrevocable authority letter addressed to disbursing authority.
  • Irrevocable authority letter addressed from person authorized to disburse salary.

For Others:

  • Duly filled Loan application form with two passport sized photographs
  • Identity Proof: You need to provide your identity proof via any of the following:

PAN card, Passport, Voter Identity Card, Aadhaar Card or Driving License.

  • Address Proof: Any of the following could be asked for as address proof:

Bank Account Statement, Ration Card, Passport, Telephone Bill, Electricity Bill, Sale Deed/ Property purchase agreement (for owned properties), Aadhaar Card

  • Last 6 months’ bank account statement.

Features and Benefits of SBI Personal Loans

  • Low Interest Rate: The interest rates offered by SBI are aligned with the daily recurring balance and hence makes sure that you get the maximum benefit.
  • Offers: SBI offers plenty of discount schemes on personal loans from time to time, mostly during festivals.
  • No hidden charges: Borrowers won’t have to incur any extra charges during the processing and repayment period except the standard applicable rates.
  • Instant approval: SBI offers loans with minimal documentation and quick disbursal of loan amount.
  • Online application: Just by providing your details online and the application form, you could apply for a loan at SBI and it can be processed by the online measures on its own.

SBI Personal Loan Interest Rate Calculator

You can avail the best interest rate on your personal loan from SBI after an assessment of your loan amount, salary, loan tenure etc. Here are the factors which determine the personal loan interest rate from SBI:

  • Amount of Loan: SBI generally offers lower interest rates for higher amounts.
  • Salary: Your monthly take – home salary would determine your ability to repay the loan. A higher salary individual is offered loans at a low interest rates. The rate of interest on your Personal Loan would depend upon your Net Monthly Income.
  • Category of Employer: SBI has an entire list of companies which are ranked from high to low company categories on the basis of the company’s size, repute and current relationship with the bank. Employees of companies at the higher categories get to avail attractive discounts and low rates of interest as well.
  • Relationship with bank: The existing account holders of the bank get special interest rates, offers and charges. Those who have kept their accounts in good standing and made all payments in time will possibly get a low interest rate.
  • Tenure of Loan: The repayment period of a personal loan is in the range of 6 months to 72 months since they are meant to meet urgent needs.
  • Capability of Repayment: SBI checks the repayment capacity of the borrower before sanctioning a loan. This is done through CIBIL as it has the track record of repayment of previous loans and also the information of credit card bills payment.

 How to apply for SBI personal loan?

Application procedure for the SBI personal loan is fairly easy. All you need to do is duly fill up the application form and submit the required documents. This was the offline procedure, the online method could be done via a channel partner of SBI or the YONO app after checking your eligibility online.

Personal Loan Verification Process

After submission of the application, it will be processed and a representative of SBI will get in touch with you in no time in order to further proceed with the loan. Your documents will be verified and after that if your application gets approved, you will receive a loan sanction letter. Your loan amount will be disbursed as per the conditions stated in the sanction letter.

If all the documents submitted are correct and the eligibility criteria are met, then the personal loan by SBI will be approved in 3 to 4 days’ time.

Check SBI Personal Loan Application Status

You just need to enter your application number in the tracking portal of any online channel partner of SBI/ SBI’s website itself or the YONO app and click on ‘track’. All the details about your application will be displayed. You can also check the application status offline or inquire on the SBI helpline numbers:

1800 11 2211/ 1800 425 3800 (Toll free), 08026599990 (not toll free).

SBI Personal Loan Processing Fee and Other Charges

The processing fee for a SBI personal loan is at 1% as of now. The preclosure charge for SBI personal loan is allowed with 3%. Part payment charges are not allowed and other charges are for late EMI payment, EMI bounce and loan cancellation. All such charges are disclosed by the bank when loan agreement is done.

SBI Personal Loan Interest Rate Comparison with Other Banks

Bank Rate of Interest
SBI 10.55%
Allahabad Bank 12.15%
Andhra Bank 11.15% onwards
Axis Bank 11.25%
Bajaj Finserv 11.99%
Bank of Baroda 11.60%
Bank of Maharashtra 15.10%
Canara Bank 13.00%
Citibank 10.50%
Corporation Bank 12.95%
Federal Bank 11.49%
Fullerton India 11.99%
HDB Financial 13.99%
HDFC Bank 10.75%
ICICI Bank 11.25%
IDBI First Bank 13.20%
IIFL 12.99%
Indian Bank 11.05%
Indian Overseas 12.70%
Induslnd Bank 11.00%
Karur Vyasya Bank 13.90%
Kotak Bank 10.75%
Muthoot 14.00%
PNB 12.00%
RBL Bank 13.99%
Standard Chartered Bank 10.99%
Syndicate Bank 13.40%
Tata Capital 10.99%
Union Bank of India 12.70%
Yes Bank  

10.99%

*Interest Rates are subject to change at any time. 

How Does CIBIL Score Affect SBI Bank Personal Loan?

A CIBIL score of 700 at the least is a must if you wish to be eligible for a loan scheme. The CIBIL score determines your creditworthiness via your credit history and repayment history. The higher the CIBIL score, the more eligibility you gain. You can also enjoy a lower interest rate on the basis of your CIBIL score

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