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State Bank of India offers money when required the most. Whether it’s a wedding or a vacation, unplanned emergency or planned purchase, get quick approval and instant disbursal with minimal documentation from the bank. The loan can be repaid with easy monthly installments.
The personal loan is a type of unsecured loan which is extended by many banks and financial institutions. Because of its unsecured nature, one need not require any collateral and this is why SBI personal loan helps consumers to cater to any of their personal needs. SBI personal loan offers easy and fast personal loans to both salaried employees and self-employees. It also offers instant loan to its YONO app users 24*7 just by sitting at home. Besides this, SBI also offers loan against securities, to pensioners, etc.
To get a personal loan from State Bank of India, the applicant’s age should be between 21 to 60 years with a minimum monthly income of Rs 15,000. It provides loan amount ranging between Rs 25,000 to Rs 20 Lakhs for 1 to 6 years.
SBI Personal Loan provides easy loan within 2 days (48 hours) with interest 10.55% onwards. Below table gives the complete details of Personal Loan.
SBI Personal Loan | Details |
---|---|
Loan Category: | Personal Loan |
Loans Offering: | SBI Pension Loan, SBI Xpress Credit Loan, Pre Approved Personal Loans on YONO, Loan against Securiti |
Loan Type: | Unsecured personal loan |
Interest Rate: | 10.55% onwards |
Processing Fee: | 1.50% of the Loan Amount |
Approval Process: | Both online and offline |
Minimum Income Requirement: | ₹15,000 |
Loan Approval Timing: | 2 days (48 hours) |
Minimum Loan Amount: | ₹50,000 |
Maximum Loan Amount: | ₹20 Lakh |
Minimum Loan Period: | 12 months/ 1 year |
Maximum Loan Period: | 72 months/6 years |
Type of Interest Rate: | Fixed interest |
Interest Charging Method: | Flat Rate Method/ Reducing balance method |
Under the special feature of SBI personal loan, the State Bank of India offers personal loan to defence pensioners. There is no minimum age bar under this scheme. The loan is available to pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles. It is available only if:
There are eligibility criteria set by SBI for their personal loan:
SBI Personal Loan | Details |
---|---|
Salaried Employees | Yes |
Salaried Doctors | Yes |
Employees of public and private limited companies | Yes |
Government sector employees including Public Sector Undertakings, Central and Local bodies | Yes |
Loan for Pensioners | Yes |
Loan for Existing Customers | Yes |
Self-Employed | Yes |
Selected Corporate | Yes |
Other Criteria | Special personal loan to employee of ITI Ltd, Bengaluru with one year confirmed Service |
Minimum Age | 21 years |
Maximum Age | 60 years at the time of maturity of the Personal Loan |
Minimum Income Requirement | ₹15,000 |
State Bank of India offers various products & services under personal loan which are as follow:
Pension loan is available to people who need money for funding their child’s marriage, buy a dream home, plan a trip, or getting medical aid. This loan is available for people below the age of 76 years and the pension payment is maintained by SBI. One can get a loan of up to Rs 14 Lakh for 60 months with an interest rate starting @10.55% p.a.
SBI Xpress Credit Loan can be used for a wedding or a vacation, unplanned emergency, or planned purchase. This loan is available for individuals who have their salary account with SBI and have a minimum monthly salary of Rs 15,000. The bank has kept the EMI/NMI ratio of less than 50% so that anyone can easily pay the EMIs. The maximum amount of loan is 24 Lakh i.e., 24 time of NMI.
This is an instant personal loan offered by SBI which can be avail 24*7 bases through YONO app in just 4 clicks. This loan is available to the customers who are pre-selected on certain parameters pre-defined by SBI. The person can simply avail the loan on YONO app and the amount will be transferred to the account immediately. To check your eligibility for this pre-approved loan, SMS “PAPL<space><last 4 digits of Account No.>” to 567676.
Under loan against securities, the State Bank of India offers loans on mutual funds, shares, government bonds, and securities, or loan against time deposit. This facility is given to the people who have a satisfactory relationship with SBI and maintaining their DEMAT Account with SBI Cap Securities. Appliers can avail loan up to Rs 20 Lac against securities.
This loan is available for salaried individuals who do not have their salary account with SBI. Here one can get quick personal loan approval with minimal documentation through the Contactless Lending Platform (CLP). Applicants must have a minimum monthly income of Rs 15,000 and age ranging between 21 to 58 years. Applicants must have to complete at least 1 year of service and repay the loan in 72 months.
SBI Personal Loan offer various services, please find below the list of features offered by the vendor.
SBI Personal Loan | Details |
---|---|
Personal Loan | Yes |
Wedding Loan | No |
Education Loan | No |
Home Renovation Loan | No |
Two Wheeler Loan | No |
New Car Loan | No |
Used Car Loan | No |
Travel Loan | No |
Medical Loan | No |
Top Up Loan | No |
Here is the detail charge list for SBI Personal Loan process. We have covered all possible charges for your loan requirements for clear visibility on SBI Personal Loan processing.
SBI Personal Loan | Details |
---|---|
Co-Applicant Allow | No |
Income Criteria | Yes |
Collateral Requirement | No |
Pre Approved Credit Limit | Yes |
Foreclouser Charges | 3% on prepaid amount. No prepayment/ foreclosure charges if account is closed for new loan. |
Loan Foreclouser Conditions | Minimum repayment period is of 6 months and maximum repayment period is of 6 years. |
Bounce Charges | NA |
Bounce Charges Self Employed | NA |
Late Payment Penalty | 2% per month |
Duplicate NOC Charges | At actual |
Stamp Duty Charges | As per laws |
Instrument Swapping Charges | NA |
Loan Cancellation Charges | NA |
Stamp Duty Charges | As per laws |
Loan Rebooking Charges | NA |
Statement Of Account Charges | NA |
Duplicate Repayment Schedule | NA |
EMI Payment Mode | Standing Instruction (SI) Electronic Clearing Service Post-dated cheque |
Overdue Payment Mode | NA |
Hidden Charges | NA |
In this section we have listed all important links related to SBI Personal Loan.
SBI Personal Loan | Details |
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Banks | NA |
Charges Information | Link |
Personal Loan Eligibility Calculator Link | NA |
Personal Loan EMI Calculator Link | Personal Loan EMI Calculator Link |
Education Loan EMI Calculator Link | NA |
Car Loan EMI Calculator Link | NA |
Product Demo Link | NA |
Website Link | Website Link |
Android App Downlaod Link | Android Mobile App Download |
iOS App Downlaod Link | iOS Mobile App Downlaod |
For new customers:
For existing customers:
Please find below the list of documents required to avail personal loan. Aadhar, PAN and Income Proof are the most important documents, other documents are optional. The complete list of documents you can keep ready for your loan application.
SBI Personal Loan | Details |
---|---|
Age Proof | Copy of Passport/Driving License/Aadhar Card |
Address Proof | Copy of Passport/Driving License/Aadhar Card/Voter ID/Ration Card |
Identity Proof | Registered Rent Agreement/Utility Bills last 3 months/Copy of Passport/Copy of Ration card |
Income Proof for Salaried Emp | Salary slip of last 3-6 months, ITR or Form 16, 6 month bank statement |
Income Proof for Self Emp | IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years |
Last Updated on 2021-01-01T11:24:25+00:00
SBI offers interest rate ranging in between 10.55% to 16.60% for salary account applicants. The loan amount starts from ₹15,000 to ₹25 Lacs.
A person can check the loan status by calling the numbers 18004253800 for any financial queries including Personal Loan. You can also check your application status online by entering your reference number and mobile number.
You can also directly go to the branch you apply to meet the officer in charge to know the status of your personal loan application.
SBI offers loan up to ₹15 Lacs to all government employees with a maximum tenure of 48 months. Under SBI Xpress Credit personal loan, government employees’ personal loan interest rate starts from 11.50%.