SBI Personal Loan

• State Bank of India offers personal loans to meet planned and unplanned personal emergencies, such as wedding, travel, medical emergency, etc.
• The bank offers quick approval and instant disbursal with minimal documentation.
• The processing fees is waived off under festive dhamaka.
• SBI also offers overdraft facility to the applicants wherein they can withdraw the money as per the borrowing limit and the interest is charged only on the amount withdrawn.
• The lender offers personal loans at fixed interest rates.

• Purpose: To salaried employees having their salary accounts with SBI for meeting personal requirements
• Loan Amount: Rs. 1 lakh to Rs. 35 lakh
• Tenure: 6 months to 7 years

• The savings account holders of SBI can apply for SBI Pre-approved Personal Loan online through the SBI YONO App or through the internet banking facility.
• A good credit score is necessary to get these offers.
• If a PAPL is not available, you may have to look for other personal loan offers.

• Purpose: End-to-end digital loan for salaried customers maintaining salary accounts with SBI through the SBI YONO app with instant loan disbursal.
• Loan Amount: Rs. 1 lakh to Rs. 35 lakh/24 times NMI
• Tenure: 6 months to 6 years

• SBI offers personal loans to central/state government pensioners, defence pensioners and family pensioners having pension accounts with SBI.
• SBI personal loans can be repaid within a tenure of up to 6 years or a maximum of 78 years of age. 
• These loans start from 11.40% p.a. to 11.90%.
• SBI personal loan to pensioners comes in 3 variants - SBI personal loan to pensioners, SBI Pre-approved Pension Loans on YONO and Jai Jawan Pension Loan
• These loans have low processing fees, are processed quickly and require minimal documentation and can be repaid in easy EMIs through Standing Instructions (SI).

• Duly-filled application form along with the applicant’s photograph
• PAN
• At least one copy of the Officially Valid Documents (OVDs)
• Latest ITR or Form 16 (Not needed for salaried individuals not paying income tax)
• Past 6 months’ salary slips
• Salary account statement of the past 6 months

• Access your account via the YONO app.
• Tap on the PAPL banner to get started.
• Fill in your Date of Birth and PAN details.
• Select the loan amount and repayment tenure.
• Enter the OTP for verification, and the funds will be credited to your account.

• Visit https://online.sbi and log in to your account.
• Click on the Loan Offers banner or navigate to the e-Services menu and select Loans.
• Verify or update your email ID.
• Enter your PAN details and Date of Birth.
• Choose your desired tenure, loan amount and EMI payment date.
• Review and accept the Terms & Conditions.
• Enter the OTP sent to your registered number. Once verified, the loan amount will be credited to your savings bank account.

Why should You Apply for a Personal Loan through Paisabazaar

• Check the personal loan eligibility criteria before applying for a loan from SBI.
• Maintain a salary account with SBI may help in getting the loan approval.
• Maintain a credit score of 750 or above, as it is preferred by most lenders to improve approval chances. Making timely repayments and managing credit responsibly can help improve your credit score.
• Ensure that you submit complete and accurate documentation, such as recent salary slips, address proof.
• Do not switch jobs too often, as it reduces your minimum job tenure criteria to avail a personal loan. If you’re new to your job, it’s best to wait until you’ve completed the required service period before applying for SBI personal loan.
• Your EMI/NMI should not be too high. To improve your chances:
  • Limit existing loans and credit card EMIs, or
  • Choose a longer loan tenure or prepay (if you have surplus funds) to reduce the EMI burden.

• In case you are looking for a personal loan to meet your life goals and are not too short on time, you can apply for a personal loan from SBI. These loans may have a relatively longer processing time as compared to other private sector banks, but are often offered at relatively lower rates of interest.
• SBI personal loans also come with lower processing fees and other charges, which thus reduce the overall cost of the loan. Moreover, there are no hidden fees or charges associated with SBI personal loans.
• Those having an existing relationship with the bank, such as a savings account or a salary account, can quite easily avail a loan with minimal documentation, making the process quicker and hassle-free.
• Existing SBI customers may also be eligible for pre-approved personal loans with instant loan processing and disbursement via the YONO SBI app.>

• Phone: You can call on 1800 1234 for information/queries related to personal loans or in case you wish to apply for a personal loan through the Contact Centre.
• Missed call: You can give a missed call on 7208933142 to get a callback from the Contact Centre.
• SMS: You can also send an SMS by typing “PERSONAL” to 7208933145 and get a call back from our Contact Centre.