SBI Personal Loan

SBI provides a range of personal loans at an attractive starting interest rate of 11% p.a. Applying for a personal loan is straightforward and convenient, whether you visit the SBI website or your nearest bank branch.

The application process is user-friendly, and your personal loan application will receive approval, provided you meet the eligibility requirements and ensure all submitted documents are accurate.

Details of SBI Personal Loans

Note: Please note that the repayment tenure for Pension Loans can extend up to 7 years.

Types of SBI Personal Loan

SBI XPress Credit

• Minimal processing charges.
• Access to loans of up to Rs. 20 lakh.
• Attractive interest rates starting from 11% p.a. and going up to 14.00% p.a.

SBI Pension Loan

• Swift disbursal of loan funds.
• Affordable processing fees.
• Streamlined documentation process.

SBI Pre-approved Personal Loans

• Instant loan processing.
• Minimal processing charges.
• Attractive and affordable interest rates starting from 9.60%.

SBI QUICK Personal Loan 

• Access to loans of up to Rs. 20 lakh.
• Available to individuals without an existing SBI bank account.
• Repayment period extending up to 6 years.

SBI PAPL (Pre-Approved Personal Loan) 

With SBI Pre-Approved Personal Loans (PAPL), you have the convenience of obtaining immediate personal loans whenever you need them. Utilize the YONO app to secure this loan from the comfort of your home, with the service accessible 24/7. Please be aware that loan eligibility is determined solely by the bank. To verify your eligibility, send an SMS with "PAPL " to 567676.

Interest Rate for SBI Personal Loans

Fee Structure

State Bank of India imposes the following array of fees and charges for personal loans:

*A 3% charge will apply if the borrower makes a partial or full prepayment, closing the loan account before the loan term concludes.

Eligibility for SBI Personal Loan 

Here are the criteria that potential borrowers must satisfy to qualify for a personal loan from State Bank of India:

Xpress Credit Personal Loan Eligibility Criteria

To be eligible for the Xpress Credit Personal Loan, the applicant must meet the following criteria:

• The applicant should have a minimum net monthly income (NMI) of Rs. 15,000.
• The EMI/NMI Ratio should not exceed 50%.

The applicant must be employed by any of the following organizations:

• Central and state governments
• Central and state PSUs (Public Sector Undertakings)
• Educational institutions with a national reputation
• Quasi-government entities
• Specific corporates with an exclusive business relationship with SBI
• Companies without any business relationship with SBI or those subject to Emigration Check Required (ECR), as per specific terms and conditions.

SBI Pension Loan Eligibility Criteria 

To qualify for the SBI Pension Loan, you must meet the following conditions:

• You should be a central or state government pensioner, a defence pensioner, or a family pensioner. A family pensioner is the surviving spouse of a pensioner who is entitled to receive a pension following the pensioner's demise.
• The age of both the pensioner and the family pensioner should not exceed 76 years.
• If your pension is disbursed through government treasuries, you must provide authorization to the treasury to direct pension payments to the specific bank branch.
• A defence pensioner can be any retiree from the armed forces.

SBI Xpress Bandhan Loan Eligibility Criteria

To be eligible for the Xpress Bandhan Loan, applicants must meet the following criteria:

• The individual's gross monthly income should be a minimum of Rs. 50,000.
• Employees working for Educational Institutions of National Repute, Defence Establishments, State and Central Governments, Public Sector Undertakings (PSUs), Quasi-Government Bodies, and Select Rated Corporates are eligible for this loan facility.
• There is no requirement to maintain a salary account with the bank.
• The Equated Monthly Installments (EMI) to Net Monthly Income (NMI) ratio should not exceed 50%.

SBI Pre-approved Personal Loan Eligibility Criteria 

To determine your eligibility for a pre-approved SBI loan, simply send an SMS in the following format: "PAPL " to 567676.

SBI Quick Personal Loan Eligibility Criteria 

To be eligible for the SBI Quick Personal Loan scheme, you need to meet the following criteria:

• You should possess a salary account with a bank other than SBI.
• The eligible age range for this scheme is between 21 years (minimum) and 58 years (maximum).
• You must have a minimum work experience of 1 year.
• Your monthly income should be at least Rs. 15,000.

SBI Kavach Personal Loan Eligibility Criteria 

To qualify for the SBI Kavach Personal Loan, either you or a family member must have been diagnosed with Covid-19. Additionally, you need to provide a medical report, dated no more than 30 days prior, confirming that the loan is intended for the treatment of this condition.

Documentation Needed for SBI Loan Application

How EMI Calculation Functions for SBI Personal Loans 

Let's illustrate EMI calculation using an example: Suppose an individual with a monthly income of Rs. 40,000 applies for a personal loan of Rs. 1 lakh under the SBI Xpress Credit personal loan program. The bank applies an annual interest rate of 11.00% to the loan amount. With a loan repayment term of 1 year, the monthly Equated Monthly Installment (EMI) is set at Rs. 8,838. Here is the loan repayment schedule:

SBI's Comparison with Other Lenders