SBI Personal Loan
State Bank of India (SBI) offers personal loans starting at a competitive interest rate of 11.25% per annum, tailored to meet your financial needs with a maximum loan amount of up to ₹30 lakh and a flexible tenure of up to 6 years. For pensioners, SBI extends specialized loan options of up to ₹14 lakh with a repayment period of up to 7 years, providing financial ease and stability. Furthermore, select SBI customers can conveniently apply for pre-approved personal loans through the SBI YONO app, enjoying a seamless and swift loan approval process.
SBI Bank Personal Loan Details
Aspect
Details
Interest Rate
Starting at 11.05% p.a.
Maximum Loan Amount
Rs. 20 lakh
Minimum Required Income
Rs. 15,000
Maximum Loan Tenure
Up to 6 years
SBI Personal Loan Features & Benefits
Competitive interest rates
Offer low interest rates and calculate interest on a daily reducing balance.
Affordable processing charges
Benefit from low processing fees.
Transparent fees
No hidden costs or administrative charges.
Simplified documentation
Enjoy minimal documentation requirements.
Flexible prepayment policy
No penalties for prepayment, allowing you to reduce your interest burden and use surplus funds optimally.
Get the funds you need today!
Flexible Terms? or Quick Approval? or Low Interest Rates?
What is it that you need. We have it all.
SBI Personal Loan Interest Rate
Scheme
Interest Rate
XPRESS CREDIT - Non-Permanent Employees (NPES)
11% p.a. to 14% p.a.
Xpress Elite Scheme
11.05% p.a. to 11.80% p.a.
SBI Quick Personal Loan Through CLP Portal
7.2% p.a. to 27% p.a.
Xpress Flexi Scheme
0.25% higher than Xpress Credit schemes
Xpress Lite Scheme
1% higher than Xpress Credit schemes
Xpress Credit Insta Top-Up
12.10% p.a.
Pension Loan (including Pre-Approved Pension Loans - PAPNL)
11.15% p.a. onwards
Types of SBI Bank Personal Loan & Processing Fees
Loan Scheme
Processing Fee
Prepayment Charge
Penal Interest
Xpress Credit
No processing fee until 31 January 2024
3% of the prepaid amount
2% per annum
SBI Pension
No processing fee until 31 January 2024
Not applicable
Not applicable
SBI Xpress Elite
1.5% of the loan amount
3% of the prepaid amount
2% per month
Real-Time Xpress Credit
0.75% of the loan amount
Not applicable
2% per month
SBI Xpress Flexi
1.5% of the loan amount
Not applicable
2% per month
Pre-approved Personal Loan
Determined by the bank
Not applicable
Not applicable
SBI Quick Personal Loan
1.5% of the loan amount
3% of the prepaid amount
2% per month
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Steps to Apply for a Personal Loan with SBI Bank
Visit the SBI Website: Locate the personal loan section or use the search function to find "SBI personal loan".Research and Compare Loan Options: Consider factors like interest rates, loan amounts, repayment tenure and processing fees to choose the best option for your needs.Fill Out the Application Form: Once you’ve selected a suitable loan option, click on the “Apply Now” or “Online Application” button. You’ll be directed to an online application form. Accurately fill in all the required details.Upload Necessary Documents: You will need to upload specific documents to complete your application including proof of identity, address proof, income proof, bank statements, and any other documents requested by the bank.Submit the Application: After completing the form and uploading the necessary documents, review all the details carefully and check for any errors. Submit the application form.Eligibility Criteria for SBI Bank Personal Loan
Loan Scheme
Eligibility Criteria
SBI Xpress Credit Personal Loan
- Must have a salary account with SBI
- Minimum monthly income: Rs 15,000
- Eligible Employment: Central/State Government, Quasi Government, PSUs, Educational Institutions, Selected Corporates
- EMI/NMI ratio: less than 50%
SBI YONO App Personal Loan
- Available to both CSP and Non-CSP customers
- Offered to SBI savings bank account holders
- Eligibility check through SMS
- SBI savings bank account holders are eligible to apply
SBI Quick Personal Loan
- Age: 21-58 years
- Eligible Employment: Central/State Government, Quasi Government, PSUs, Private/Public Corporates, Educational Institutions
- Minimum Monthly Income: Rs 15,000
- EMI/NMI ratio: < 50%
- Employment: At least 1 year
SBI Xpress Elite Personal Loan
- Must have a salary account with SBI or any other bank
- Minimum net monthly income: Rs 1 lakh
- EMI/NMI ratio: ≤ 60%
- Eligible Employment: Central/State/Quasi-Government, Defense/Central Armed Police/Indian Coast Guard, PSUs, Corporates, Educational Institutions
SBI Real Time Xpress Credit Personal Loan
- Eligibility: Government/Defense salary package account holders
- Minimum net monthly income:
Rs 15,000 for Real Time Xpress Credit
Rs 1 lakh for Real Time Xpress Credit Elite - EMI/NMI ratio:
< 50% for Real Time Xpress Credit
< 60% for Real Time Xpress Credit Elite
SBI Pension Loan
- Eligibility: Central and State Government Pensioners
- Age:
Below 76 years (Central and State Government Pensioners)
Below 76 years at loan maturity (Defense Pensioners)
Not more than 76 years (Family Pensioners) - Pension drawn through SBI
- Additional conditions apply
Documents Required for SBI Bank Personal Loan
To apply for an SBI personal loan, certain documents need to accompany the loan application form, along with two passport-sized photographs. These documents include:
Personal Loan Documentation
Proof of Address
- Voter’s ID Card
- Aadhar Card
- Property Tax Paid Receipt
- Property Registration Document
- Driving License
- Utility Bills
- Letter issued by NREGA, signed by a State Government Officer, containing the name and address
Photo Identity Proof
- PAN Card
- Passport
- Letter from Employer
- Employer-issued ID card
- Driving License
Income Proof
- Latest salary slips (for the last 3 months)
- Latest Form 16 and Income Tax Returns
- Bank account statement reflecting salary credit for the past 6 months
Additional documents for Pensioners
- SBI pension loan application form (PDF)
- Copy of Pension Payment Order
- Undertaking from the Pensioner ensuring no pension transfer request will be made to the Treasury during the loan tenure
- Undertaking from the Treasury promising not to accept any pension transfer request without NOC from the bank
Additional documents for Salaried Employees
- An irrevocable mandate from the employer authorizing EMI deduction from the employee's salary.
- An undertaking from the employee not to transfer the salary to any other bank account without
- NOC from the bank
These documents are essential to facilitate the processing of the personal loan application with SBI.
Get the funds you need today!
Flexible Terms? or Quick Approval? or Low Interest Rates?
What is it that you need. We have it all.
SBI Bank Customer Care
Call At:
E-mail At:
- Toll free number: 1800 1234
- Toll free number: 1800 425 3800
- Toll number: 080-26599990
- customercare@sbi.co.in
- contactcentre@sbi.co.in
Frequently Asked Questions
How do I apply for an SBI Personal Loan?
What are the processing fees for an SBI Personal Loan?
How long does it take for SBI to disburse a personal loan?
How can I track my SBI Personal Loan status?
Are there foreclosure charges for SBI Personal Loans?
What is the minimum credit score required for an SBI personal loan?
What is the minimum salary required for an SBI personal loan?
Can I apply for an SBI personal loan without a salary account?
Can retired individuals avail SBI personal loans?
How can I pay my SBI Personal Loan online?
