SBI offers various personal loans to its customers with interest rates starting at 11% p.a. You can visit the SBI website or the nearest branch of the bank to apply for a personal loan.
The application process is simple and hassle-free and your application for a personal loan will be approved provided you meet the eligibility criteria and all the documents submitted are correct.
| Interest Rate | 11% p.a. onwards |
| Loan Amount | Up to Rs.20 lakh |
| Minimum Income Required | Rs.15,000 |
| Loan Tenure | Up to 6 years |
Note: For Pension Loan, the repayment tenure can go up to 7 years.
| Interest Rate | Loan Amount |
| between 11.00% p.a. and 14.00% p.a. | Up to Rs.20 lakh |
| Interest Rate | Loan Amount |
| 11.15% p.a. | Up to Rs.14 lakh |
| Interest Rate | Loan Amount |
| From 11.15% p.a. | At the discretion of the bank |
| Interest Rate | Loan Amount |
| 7.2% – 27% p.a. | Up to Rs.20 lakh |
You can get instant personal loans at any time with SBI Pre-Approved Personal Loans (PAPL). Use the YONO app to avail this loan at the comfort of your home. The service is available 24*7. However, note that only the bank can determine who all are eligible for this loan. To check your eligibility, you can SMS “PAPL <last 4 digits of Account No.> ” to 567676.
| Schemes | Interest Rates |
| XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES) | 11% p.a. to 14% p.a. |
| Pension Loan (including PAPNL-Pre-Approved pension Loans) | 11.15% p.a. onwards |
| Xpress Credit Insta Top-Up | 12.10% p.a. |
| SBI Quick Personal loan Through CLP portal | 7.2% – 27% p.a. |
| Xpress Elite Scheme | For all brackets, 1% higher than the Xpress Credit schemes |
| Xpress Flexi Scheme | For all brackets, 0.25% higher than the Xpress Credit schemes |
The various types of fees and charges that are levied by State Bank of India for personal loans are as follows:
| Loan Scheme | Processing Fee | Prepayment charge | Penal Interest |
| Xpress Credit | Processing fee waived off till 31 January 2022 | 3% on the prepaid amount | 2% p.a. |
| SBI Pension | Processing fee waived off till 31 January 2022 | – | – |
| Pre-approved personal loan | At the discretion of the bank | – | – |
| SBI Quick Personal Loan | 1.5% of the loan amount | 3% on the prepaid amount | 2% p.m. |
*3% will be levied on the prepaid amount if the borrower makes a part or full pre-payment and closes the loan account before the completion of the loan term
The eligibility criteria that prospective borrowers will have to meet to avail a personal loan from State Bank of India are as follows:
The eligibility criteria to avail the loan is mentioned below:
To know whether you are eligible for a pre-approved loan from SBI, send an SMS in this format – “PAPL <last 4 digits of SBI Savings Bank Account No.> to 567676.
The eligibility criteria you will have to fulfil in order to avail this personal loan scheme are:
You or any member of your family must be diagnosed with Covid-19. You must also be able to produce a report not more than 30 days old to prove that you are availing the loan for the treatment of the condition.
| Photograph | Passport size (2 copies) |
| Identity Proof | PAN card/Voter ID/Driving License/Passport |
| Address Proof | Landline bill/Electricity bill/Ration card/Voter ID/Passport |
| Income Proof | Latest salary slip/Form 16/last 6 months account statement audited/ITR return for last 2 years |
| Other (related documents) | Check-off letter from employer |
Consider a scenario where a person earning Rs.40,000 per month takes a personal loan of Rs.1 lakh under the SBI Xpress Credit personal loan scheme. The bank charges an interest rate of 11.00% p.a.on the loan amount. For a loan repayment tenure of 1 year, he must pay an EMI amount of Rs.8,838 every month. His loan repayment schedule is given as follows:
| Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
|---|---|---|---|---|
| 2023 | Rs.56,997 | Rs.4,869 | Rs.61,866 | Rs.43,002 |
| Jun | Rs.7,921 | Rs.917 | Rs.8,838 | Rs.92,079 |
| July | Rs.7,994 | Rs.844 | Rs.8,838 | Rs.84,085 |
| Aug | Rs.8,067 | Rs.771 | Rs.8,838 | Rs.76,017 |
| Sep | Rs.8,141 | Rs.697 | Rs.8,838 | Rs.67,876 |
| Oct | Rs.8,216 | Rs.622 | Rs.8,838 | Rs.59,661 |
| Nov | Rs.8,291 | Rs.547 | Rs.8,838 | Rs.51,369 |
| Dec | Rs.8,367 | Rs.471 | Rs.8,838 | Rs.43,002 |
| 2024 | Rs.43,002 | Rs.1,190 | Rs.44,192 | Rs. 0 |
| Jan | Rs.8,444 | Rs.394 | Rs.8,838 | Rs.34,558 |
| Feb | Rs.8,521 | Rs.317 | Rs.8,838 | Rs.26,037 |
| Mar | Rs.8,599 | Rs.239 | Rs.8,838 | Rs.17,438 |
| Apr | Rs.8,678 | Rs.160 | Rs.8,838 | Rs.8,760 |
| May | Rs.8,760 | Rs.80 | Rs.8,840 | Rs. 0 |
| Other Banks | SBI Personal Loan | HDFC Bank Personal Loan | Axis Bank | Citibank Personal Loan |
| Interest rate | 11% p.a. onwards | 10.50% p.a. onwards | 10.49% p.a. onwards | 10.75% onwards |
| Processing fee | Up to 1.5% + GST | Up to 4999 | Up to 2% of the loan amount | Up to 3% of the loan amount |
| Foreclosure charges | 3% of the outstanding loan amount | 2% to 4% of the outstanding loan amount | 2% -5% | Up to 4% of the outstanding principal amount |
| Late payment fee | 2% of the overdue amount | 2% of the overdue amount | 2% of the overdue amount per month | No late payment charges |
1. What are the different types of SBI personal loans offered to employees of corporates?
Employees of corporates can apply for the SBI Pension Loan, the Xpress Credit Personal Loan, or the Xpress Bandhan Personal Loan provided they meet the eligibility criteria. Keep in mind that you will need to have a salary account with the lender to apply for the Xpress Credit Personal Loan.
2. If I take a personal loan from SBI, when will my liability to the bank come to an end?
Once the entire outstanding loan amount becomes zero, your liability for your SBI personal loan will be removed.
3. What are the options to repay my SBI Personal loan?
You can repay your SBI Personal Loan via EMIs through the ECS facility or through Standing Instruction.
4. Can I prepay my SBI Personal Loan and will I need to pay any additional charge on the prepayment of this loan?
Yes, you can prepay your SBI Personal Loan. The bank charges prepayment penalty for certain personal loan schemes. You can find out more about this charge when you apply for the loan.
5. What are the personal loan products offered by SBI?
The 5 main types of SBI personal loan products include: SBI Xpress Credit Personal Loan, SBI Pension Loan, SBI Xpress Bandhan Loan, SBI Pre-approved Loans, and SBI Quick Personal Loan. The bank has introduced SBI Kavach so that you can meet the cost of treatment of Covid-19 in case you or any member of your family gets diagnosed with it.
6. What is the minimum loan amount for SBI loan for central and state government pensioners?
The minimum loan amount for SBI loan for central and state government pensioners is Rs.25,000.
7. How can a personal loan borrower get in touch with SBI if he or she has any queries?
A personal loan borrower can reach out to SBI for support by making use of any of the customer care numbers or email addresses. The customer can also write an email to the grievance cell of SBI or visit any SBI branch for assistance.
8. Could you tell me the general loan tenure for SBI personal loans?
All SBI personal loans are typically provided for a period of up to 60 months. However, depending on the scheme, the repayment tenure may also go up to 84 months.
9. What should be my income to secure a personal loan from State Bank of India?
SBI offers personal loans to individuals with incomes as low as Rs.5,000. However, this amount might vary depending on the scheme applied for.
10. Do I need to have a guarantor to apply for the Xpress Credit Personal Loan from State Bank of India?
No, the lender does not require you to have a guarantor. However, before applying for the loan, you should ensure that you meet the eligibility criteria specified by the lender.
11. Can I apply for an SBI Personal Loan during Covid-19 pandemic?
Yes, you can apply for an SBI personal loan during Covid-19 pandemic by visiting the official website of the bank and applying for a personal loan. The bank also recently said that it also plans to offer pre-approved loans to its customers which one can apply through the bank’s digital banking solution YONO. Applying online for an SBI personal loan will not only make the application process fast and hassle-free but will also allow you to maintain the required social distancing norms laid down by the Government of India.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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