SBI Personal Loan

SBI personal loan offers the most attractive interest rate in 2021 @9.60% pa. Loan tenure can be maximum 72 months based on customer profile.

Written by Roopya

SBI personal loan offers instant personal loans within few clicks with attractive interest rates & 24*7 availability through the YONO app & Roopya portal. No branch visit is required.

SBI personal loan banner Image Credit – The Telegraph t2

Get SBI Personal Loan in Just 1 Hour from Roopya: Visit here.

SBI personal loan has various categories other than Kavach. Here is a quick look.

Schemes Interest Rates
XPRESS Credit 10.60% p.a. to 13.10% p.a.
XPRESS Bandhan At the discretion of the bank
XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES) 11.50% p.a. to 13.85% p.a.
Pension Loan (including PAPNL-Pre-Approved pension Loans) 10.55% p.a. -11.05% p.a.
Clean Overdraft 15.65% p.a.
Xpress Credit Insta Top-Up 10.70% p.a.
Pre-Approved Personal Loans (PAPL) 12.60% p.a.
SPL. PAPL 9.60% p.a.
SBI Quick Personal loan Through CLP portal 10.85% p.a. – 12.85% p.a.

To know each of them in detail, visit the official page.

Table Of Contents:
1. Features of SBI Personal Loans
2. Different SBI Personal Loans Criteria
3. Top Reasons to Get a Personal Loan from SBI
4. How to Calculate EMI?
5. List of Documents Required
6. Factors to keep in mind
7. Steps to apply
8. Fees & Charges
9. FAQs

Features of SBI Personal Loans

There are several features that you get with the above-mentioned category of loans. The features of the SBI Loans are listed below-

Various Options for Loans– You get multiple personal loans options under the loan scheme of SBI Personal Loan. The different types of personal loans are explained further.

Interest Rate and Tenure-The interest rate of SBI personal loans starting from 9.6 % per annum which is quite a competitive rate considering other personal loan lenders. SBI personal loan tenure is as long as 72 months. This makes the loan amount of the term loan bigger.

Needs No Collateral- SBI personal loan is collateral-free which makes this loan scheme stand above other lenders.

Apply Online– SBI personal loan application process is paperless & easy to fill up for customers. You can also apply for the personal loan by visiting your nearest bank.

Get Discounts– With SBI, you can also get discounts for personal loans on different occasions. They offer discounts for doctors, government employees, etc.

Instant Approval -The verification process of the bank is fast and quick. It instantly approves your application for personal loans.

24×7 Customer Care Service– You can enquire about your loan application or solve any confusion anytime anywhere. You can dial the customer care services of the bank at your convenience.

Want to compare? Visit Compare Personal Loan page.

Different SBI Personal Loans Criteria

There is one basic criterion that you need to meet to apply for any kind of personal loan from the SBI. You should go through the following basic loan criteria to apply for SBI Personal Loan online.

  • Available loan amount– Up to Rs. 20 Lakh
  • Available tenure- Up to 72 months
  • Initial ROI– 9.60% p.a.
  • Current Residence– 1 year
  • Monthly Income– At Least Rs. 15000
  • Current debts or EMIs
  • Work Experience– around 2 years
  • Minimum Age– 21 years
  • Maximum Age– 58 years

As there are different types of personal loans in SBI, here are the types and their ROIs to apply for instant SBI Personal Loan online.

SBI Pension Loan

If you want to apply for a loan in this category, then you must receive pension from the state or the central government and the defence field. If you are a family pensioner, then also you can apply for the loan.

The age of the pensioner should be under the age of 76 years to apply for SBI Pension Loan.

Also, family pensioners should give the mandate to the government to make the payment of the pension to the SBI branch for SBI Pension Loan.

SBI Xpress Credit Personal Loan

If you are applying for Xpress Credit Personal Loan, then you must have a monthly income or NMI of Rs. 15000.

Also, you should be an employee of these organisations-

  • State and Central PSUs
  • Quasi-Government
  • Renowned National Education Institution
  • State and Central Government
  • Defence

If you are working in a specific corporate organisation that has some business connection with the SBI, then also you can apply for this loan scheme.

SBI Quick Personal Loan

To apply for the Quick Personal Loan by SBI, then you also need to have a salary account with any other bank. Also, you need to have a minimum experience of 2 years for your job. Also, you should regularly draw at least Rs. 15000 from your monthly income.

The minimum and maximum age to apply for a quick personal loan are 21 to 58 years respectively.

SBI Express Bandhan Loan

These are the following eligibility criteria to apply for SBI Express Bandhan Loan-

The average monthly income of the applicant should be Rs. 50000. Also, you must be working as a defence employee, or nationally renowned educational institute, state or central government, Quasi-government companies, or certain corporate companies. The ratio of the EMI can reach up to 50%.

SBI PAPL

The full form of PAPL is Pre-Approved Personal Loan. It is now very easy to get a pre-approved loan from the State Bank of India.

To apply for the loan, you need to send an SMS from your registered mobile number. You have to type PAPL<last 4 digits of your SBI saving bank account and then send it to 567676.

Eligibility Criteria- 

To apply instant SBI Personal Loan online, the eligibility criteria vary from loan to loan.

Schemes Eligibility
SBI Express Credit Personal Loan Should have a salary account with SBI

You should be employed in any Govt. organizations, PSUs, or educational institutions.

Minimum income must be Rs. 15,000 per month

EMI ratio should be lower than 50%

SBI Express Bandhan Should have a salary account with SBI

You should be employed in any Govt. organizations, PSUs, or educational institutions.

Minimum monthly income must be Rs. 50,000

EMI ratio should be lower than 50%

SBI Pension Loan for Central/ State Govt. Pensioners Age should be lower than 76 years

Should have a pension account with SBI

Must submit a declaration to the treasury

SBI Pension Defence Pensioners Must be a pensioner of the Armed Forces

Age should be lower than 76 years

Should have a pension account with SBI

SBI Pension Family Pensioners Age should be below 76 years

Should be an authorized family member to receive the pension after the pensioner’s demise

PAPL to The Salaried and Pensioners on YONO Should have a pension or salary account with SBI

The PAPL should be available on YONO after logging in

 

Top 5 Reasons to Get a Personal Loan from SBI

An emergency can occur anytime and getting a loan with easy approval helps to come out of any difficult situation.

If you salary account holder of SBI, then you can borrow money for any emergency, treatment, purchases with a liable interest rates. These are the reasons that you should apply for SBI personal loan-

Improvement of Home

If you want to do a small renovation of your home, then you buy SBI personal loan. You can pay off your debt in a significant tenure and rate of interest with Equated Monthly Installments (EMI).

Purchase of Appliance

If you want to purchase any appliance such as Television, refrigerator, air conditioner, etc. Then also you can apply for a personal loan from SBI with affordable interest rates.

Financing of Vehicle

If you are thinking to purchase a vehicle such as Car, Bike, Scooter, etc. then you can also apply for a personal loan from SBI to finance your vehicle. With an easy application process, you also get access to various other features.

Expenditure for Wedding

You can also take up a personal loan if you are facing a lack of funds for a wedding in your family. The Bank will provide you with subsequent personal loan interest and EMI for a repayment tenure.

Rate of Interest

The SBI Personal Loan interest rates are much lower that attracts customers from across the country. As a result, the customers get a lot of benefits along with the ploan such as low rate of interest and easy disbursal of funds.

How to Calculate EMI for Personal Loans by SBI?

If you want to know the Equated Monthly Installment for your personal loan with SBI then you can take the following example.

Suppose you are earning Rs. 40,000 and take a personal loan of Rs. 1 Lakh by SBI. Then the bank will charge 9.60% as the interest rate and a processing fee of 1% on the total amount of the loan. Then you have to pay Rs. 8,7773 as EMI for one year to the Bank.

Or simply use our EMI Calculator.

Steps to Use Personal EMI Calculator

If you want to know that you are eligible or not, then you can check it in the Loan Eligibility Calculator. With the help of this calculator through which you can get an insight about obtaining the loan. You can visit the website of the State Bank of India and go to the section of personal loan. You will have to fill some information that is required such as-

Amount– You will have to fill the loan amount that you want to obtain. On the basis of the amount and tenure, the EMI will be generated accordingly.

Tenure of the Loan-You also need to fill the total tenure of the loan. The tenure for the personal loan from SBI varies from 1 to 5 years.

Interest Rate– The interest rate may vary based on the interest type you choose. There are two rate of interest rates that you can opt for – Fixed and Floating. If you have opted for floating interest rates then, you should regularly check its fall and rise.

In this way, you can easily check everything about your interest rate, loan EMI and many more with the Personal EMI Calculator.

Documents Required to Apply for SBI Personal Loan

To apply for SBI Personal Loan online, you need to provide the following proofs.

Identity Proof

  • Pan Card photocopy
  • Passport
  • Voter ID Card Photocopy
  • Aadhaar Card Photocopy
  • Recent passport-sized coloured photograph

Address Proof

  • Aadhaar Card photocopy
  • Ration Card photocopy
  • Utility Bill of the past three months
  • Passport

Income proof

  • Income Tax Return
  • Form-16
  • Salary Slips
  • Bank Statements

Factors Responsible To Obtain A SBI Personal Loan

There are various factors that can influence the chances to get SBI personal loan.

Category of Employment

The State Bank of India has divided the application on the basis of employment. It influences the interest rate that the bank decides to provide. Hence, you need to have reliable employment such as state or central government jobs or corporative employment.

Salary of the Applicant

If you have a monthly salary of Rs. 24,000 or above, then your chances get high to obtain a loan by the SBI. The interest rate will be higher if you have a low salary or vice versa.

Amount of Loan

You can get an SBI personal loan ranging from Rs. 50,000 and 15 lakh. Also, it charges a very low interest rate if you obtain a higher loan amount. Hence, keep these things in mind when applying for a loan.

Credit Score

The credit score is also very important when it comes to applying for a loan from SBI or any bank. Having a good CIBIL Score increases the chance to obtain personal loan from SBI.

You need to have a score of 750 for your CIBIL score to apply for a personal loan from SBI.

Steps to Apply for SBI Personal Loan

You can skip the below steps if you are applying directly through Roopya. Just click here.

You can apply for SBI personal loan through offline and online methods. To know more about it, read below further.

Online Method

To apply for the SBI personal loans online, you need to follow the below steps-

  • Visit the nearest branch of the State bank of India or go to the official website of SBI.
  • An Application form will appear. Fill in your details such as name, profession, income, credit information, address, etc.
  • Based on the application you provide, SBI will provide you the appropriate amount that you can take.
  • After that, you need to upload the softcopy of the above-mentioned documents.
  • Then click on Submit. You will be notified when your loan gets approved by the SBI. The approved amount will be transferred to your bank account after some time.

Offline Method

To apply for SBI Personal Loan through the offline method, you can follow these below-mentioned steps-

  • Visit the nearest SBI Branch of your area and ask for the application form of SBI personal loan of the required amount.
  • Fill in the required details in the application form such as employment, salary, address, mobile number, etc.
  • The representative of the bank will provide you the details about the loan rates, terms and conditions, payment and loan interest rate and many more.
  • After completing the process, the bank will provide you with a reference number. With this reference number, you can track the loan application status easily.
  • The Bank will verify your application and you will be notified about the loan approval.
  • Then, the applied loan amount will be transferred to your salary account after you sign the agreement.

Fees and Charges for SBI Personal Loans

SBI Pension– The processing fee is 0.5% of the total loan amount. You have to pay 3% as prepayment charges on prepaid amount.

Xpress Bandhan Loan– For the SBI personal loan of the Xpress Bandhan scheme, the applicant will have to pay 1% of the total loan amount as a processing fee.

SBI Quick Personal Loan– The State Bank of India charges 1.5% as a processing fee for the SBI Quick Personal Loan. Also, you have to pay 2% of the EMI as a penal interest every month.

SBI Xpress Elite Scheme– You have to pay 1.5% of the total amount as a processing fee. Also, the prepayment charge is 3% on the prepaid amount. You will also have to pay 2% of the amount as penal interest every month.

Frequently Asked Questions about SBI Personal Loans

 

What is the purpose of SBI Xpress Credit Personal loans?

You can take SBI Personal loans for paying your ongoing bills, treatment, investment, and many more.

Am I allowed to include my spouse’s income if I apply for an instant Personal Loan online?

Yes, you can add the income of your spouse to apply for the instant SBI Personal Loans. In this way, you can increase your eligibility to apply for the loan. State Bank of India will also check the CIBIL score and salary package, bank statements of both of you for further processing.

What is the prepayment charges if I apply for SBI Personal Loan online?

Whether you apply instant SBI Personal Loan online or offline, you need to pay 3% interest for the pre-payment of the loan.

How can I contact SBI customer care if I apply for an SBI Personal Loan online?

If you want to apply for an instant Personal Loan online, you can dial 1800 425 3800 or 1800-11-2211 or write an email to contactcentre@sbi.co.in to resolve any queries.

What is the minimum salary required for a personal loan in SBI?

The minimum salary to apply for the personal loan from SBI is Rs. 15000.

What are the documents required for SBI Bank Loan?

The documents that are required for the SBI personal loan are residence proof, income proof, and identity proof. These proofs include income tax return copy, PAN Card, Utility Bills, Passport, Adhaar Card, Ration Card, Adhaar Card, Voter ID Card, Salary Slips, Form 16, etc.

What is the eligibility of an SBI Personal Loan?

There are certain eligibility criteria for every personal loan from SBI. However, these are the basic criteria that you need to meet that are-

  • The Maximum Age to Apply- 58 years
  • The Minimum Age to Apply-21 years
  • You should have a minimum Work Experience- 2 years
  • The Minimum Salary -Rs. 15000

How can I check my SBI Loan eligibility?

It is very easy to check your loan eligibility if you want to apply for a personal loan from SBI in the loan calculator. You need to fill in the necessary details such as interest rate, loan amount, and tenure of the loan.

What is the procedure for a personal loan on SBI?

You can apply for the SBI Personal loan through online and offline mode. For applying offline, you need to visit any branch of SBI and then ask for the form to apply for a personal loan.

You need to fill in the details and the executives will guide you through the process. To apply online, you visit the official website of the SBI Bank and follow the process mentioned above.

What is the minimum and maximum amount that we can apply for the SBI personal loan?

SBI grants personal loan amount ranging from Rs. 5,000 to Rs. 15 Lakhs.

What are the different types of Personal loans that SBI offers?

The different types of Personal Loan that the State Bank of India offers are as follows-

  • XPRESS Credit
  • XPRESS Bandhan
  • XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES)
  • Pension Loan (including PAPNL-Pre-Approved pension Loans)
  • Clean Overdraft
  • Xpress Credit Insta Top-Up
  • Pre-Approved Personal Loans (PAPL)
  • SPL. PAPL
  • SBI Quick Personal loan Through CLP portal.

What is the minimum loan amount for the pensioners of the Indian and State government?

The pensioners from the state and central government can get a minimum SBI loan of Rs. 25000.

Is it important to have a guarantor to apply for the SBI Personal Loans?

No, it is not important to have a guarantor to apply for SBI Personal Loans. But, it is important to meet the eligibility criteria set for the particular SBI personal loan.

How to ensure that my application for SBI Personal Loan gets approved?

To ensure that your application for SBI Personal Loan gets approved, make sure that you pay your debts on time. Also, you should have a CIBIL Score of 750 or more than that. Also, you should not have an ongoing debt if you are applying for a new loan.

What is the lowest EMI for per one lakh for SBI personal loan?

The lowest EMI for per lakh of personal loans from SBU is 18,32. The lowest SBI personal loan interest is 9.60%.

How to check SBI Personal Loan Status?

You can check your personal loan status by logging in to your registered user ID and put the referral code given by the bank. in this way, you can check your personal loan status.

Or you can dial the customer care number to know about the status of your loan.

What is the type of employment for Personal Loans?

These are the types of employment that you can apply for SBI Personal Loans- Independent Worker such as farmer, driver, shopkeeper, etc.

Also, professional self-employed individuals such as Doctors, etc. Along with that students, retired individuals, homemakers, business owners, and salaried individuals can apply for a personal loan.

Is it possible to apply for a personal loan during the Coronavirus pandemic?

Yes, you can indeed apply for a personal loan, home loan, etc. during the coronavirus pandemic. As it is mentioned, the salary account holders of SBI can apply for various personal loans through online mode to maintain social distancing.

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