SBI Personal Loan Interest Rate Highlights |
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SBI Xpress Credit Personal Loan | 10.55%-13.55% p.a. |
SBI Xpress Elite Scheme | 10.55%-11.30% p.a. |
SBI Xpress Flexi Scheme | 10.80%-11.30% p.a. |
SBI Xpress Lite Scheme | 11.55%-14.55% p.a. |
SBI Quick Personal Loan | 10.80%-13.80% p.a. |
SBI Pension Loans | 11.20 % p.a. onwards |
Xpress Credit Insta Top-up Loans | 12.15% p.a. |
Pre-approved Personal Loans (PAPL) to Non CSP Customers | 13.55%-14.05% p.a. |
Note: Rates as of 7th December 2023
SBI Personal Loan Interest Rates 2023
SBI Xpress Credit
For Defense/Para-military/Indian Coast Guard Salaried Applicants
Types | Interest Rates (p.a.) |
Term Loan | 10.55%-12.05% |
Applicants of Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status
Types | Interest Rates (p.a.) |
Term Loan | 10.55%-13.05% |
Applicants of Other Corporates
Types | Interest Rates (p.a.) |
Term Loan | 11.55%-13.55% |
SBI Xpress Elite Scheme
Types of Applicants | Interest Rates (p.a.) |
Salary Account Holders with SBI | 10.55%-11.05% |
Applicants having salary accounts with other banks | 10.80%-11.30% |
SBI Xpress Flexi Scheme
Types | Interest Rates (p.a.) |
For Diamond Salary package Customers | 10.80%-13.80% |
For Platinum Salary package Customers | 10.80%-11.55% |
Xpress Lite Scheme
1% higher than Xpress Credit scheme for all brackets

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SBI QUICK PERSONAL LOAN SCHEME THROUGH CLP PORTAL
(for customer not maintaining salary account with SBI)
0.25% higher than Xpress Credit Scheme for all Brackets
Other SBI Personal Loan Schemes
Products | Rate of Interest (p.a.) |
Xpress Credit Insta Top-up Loans | 11.65% |
Pre-approved Personal Loans (PAPL) to Non CSP Customers | 13.05%-13.55% |
SBI Pension Loan Schemes
Schemes | Interest Rates (p.a.) |
SBI Pension Loan | 10.70% |
Jai Jawan Pension Loan | 10.70% |
Pension Loan Scheme For Treasury & PSU Pensioners | 10.70%-11.20% |
Pre-Approved Pension Loans(PAPNL) | 10.70% |
Pre-approved Insta Pension Top-Up | 10.70% |
Also know the best bank/NBFC for personal loan in India
Comparing Interest Rates Offered by Paisabazaar Partners
Banks/NBFCs | Interest Rates(p.a.) | |
Axis Bank | 10.49% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.75% onwards | Apply Now |
HDFC Bank | 10.50% onwards | Apply Now |
ICICI Bank | 10.65% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Federal Bank | 11.49% onwards | Apply Now |
DMI Finance | 12.00% - 40.00% | Apply Now |
L&T Finance | 12.00% onwards | Apply Now |
Kreditbee | 12.25% - 30.00% | Apply Now |
MoneyTap | 13.00% onwards | Apply Now |
Piramal Finance | 12.99% onwards | Apply Now |
Aditya Birla | 13.00% onwards | Apply Now |
Moneyview | 15.96% onwards | Apply Now |
Cashe | 27.00% onwards | Apply Now |

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Factors affecting SBI Personal Loan Interest Rates
Employer’s Profile
Lenders usually consider the employer’s profile while setting their personal loan interest rates. Most banks and NBFCs usually offer preferential interest rates to salaried individuals as compared to self-employed. Due to higher job security of individuals employed with government or PSU entities, interest rates for personal loans for government employees are also usually lower than those offered to private employees. However, individuals employed with top private sector companies and MNCs are offered lower interest rates due to their ability to withstand adverse economic conditions better than other private sector employees.
For example, under the SBI Xpress Credit Personal Loans, the bank offers lower interest rates to defense/para-military/Indian Coast Guard personnel and salaried employees of Central Govt./ State Government/ Police / Railway/ Central Public Sector Enterprises as compared to employees of other corporates.
Credit Score
While SBI has not disclosed the interest rate differentiation based on credit score for availing SBI Personal Loans, many banks and NBFCs consider the credit score while setting their personal loan interest rates. Lenders usually consider applicants having credit scores of 750 and above for availing personal loans. Such applicants are usually offered personal loans at lower interest rates. Thus, having a higher credit score may help in availing personal loan from SBI or other bank at lower interest rates.
Monthly Income
SBI offers personal loans to applicants having minimum monthly income of Rs 15,000. It prefers lending to those applicants whose total EMIs, including the existing EMIs as well as the EMI of the proposed personal loan, is within 50% of their monthly income. Although SBI has not mentioned the interest rate differentiation based on the monthly income, many lenders offer preferential interest rates to applicants having higher monthly income due to the higher repayment capacity and low credit risk involved.
Existing Relationship with the Lender
Many lenders offer interest rate concessions to applicants having an existing lending/deposit account with them. Therefore, individuals planning to avail personal loans should prefer the lenders they already have an account with.
For example, the SBI Personal Loan interest rates offered to those maintaining salary account with SBI is lower than those not maintaining salary account with the bank.

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Tips to avail SBI Personal Loan at Lower Interest Rates
- Contact the banks and NBFCs with whom you already have a deposit/lending account
- Check different lenders for interest rate concessions during festive seasons
- Maintain a credit score of 750 and above
- Visit online fintech platforms to compare the personal loan interest rates offered by different lenders
- Enquire about the pre-approved personal loan offers from various banks and NBFCS
FAQs on SBI Personal Loan Interest Rate
How to get the lowest personal loan interest rate from SBI?
Ans. Lenders usually offer lowest interest rates to applicants having the best credit profile. As SBI personal loan interest rates are concerned, Central and state government employees, including defence and paramilitary personnel, employees of Central PSUs categorized as “Mini Ratnas’ and SBI salary account holders having monthly income of at least Rs 1 lakh are offered the lowest interest rates.
Are SBI Personal Loan interest rates offered at fixed or floating rates?
Ans. SBI offers personal loans to its applicants at fixed interest rates. The loan is linked to 2 year MCLR of the bank.
How does SBI set interest rates for its personal loan applicants?
Ans. SBI sets its personal loan interest rates based on the type of personal loan scheme, employment profile of applicants and its existing relationship with the applicant.
How to calculate SBI Personal Loan interest cost?
Ans. SBI Personal Loan interest cost can be calculated with the help of Personal Loan EMI calculator. Applicants can enter the loan amount, interest rate and loan tenure in the EMI Calculator and get the monthly EMIs and total interest cost payable throughout the loan tenure.
What are the SBI Personal Loan interest rates for government employees?
Ans. SBI offers personal loan interest rates ranging between 10.55% to 13.05% p.a. to government employees. Under the SBI Xpress Elite scheme, the bank offers personal loans at interest rates ranging between 10.55% to 11.30% p.a. to government employees having minimum monthly salary of Rs 1 lakh.
Does SBI offer special discounts or offers on its personal loan interest rate?
Ans. Yes SBI offers special discounts or festive offers on its personal loan interest rates. For example, SBI is currently offering interest concession of 0.50% on its personal loan over the card rates till 31st December 2023.
What are SBI Personal Loan interest rates for salaried applicants?
Ans. SBI offers personal loan interest rates ranging between 10.80% to 13.80% p.a. to salaried applicants under SBI Quick Personal Loan scheme. The bank also offers personal loan interest rates to salaried applicants having minimum monthly income of Rs 1 lakh at interest rates ranging between 10.55% p.a. to 11.30% p.a. under SBI Xpress Elite scheme.
What are the SBI Personal Loan interest rates for soldiers or defence personnel?
Ans. SBI Personal Loan interest rates for soldiers and defence personnel range between 10.55% p.a. to 12.05% p.a.
What are the SBI Personal Loan interest rates for businessmen or self-employed applicants?
Ans. SBI has not specified the interest rates for businessmen or self-employed applicants. It has also not mentioned any personal loan scheme for self-employed applicants. However, self-employed applicants can click here to compare the personal loan interest rates available on their credit profile from various lenders.
What are the SBI Personal Loan interest rates for female applicants?
Ans. SBI has not disclosed differential/concessional interest rates for its female personal loan applicants. The SBI personal loan interest rates for women applicants are the same as other personal loan applicants, i.e. 10.55% to 13.55% p.a., depending on their credit profile.