SBI Personal Loan Interest Rates

SBI Personal Loan Interest Rate Highlights
SBI Xpress Credit Personal Loan	11.00%-14.00% p.a.
SBI Xpress Elite Scheme	11.00%-11.75% p.a.
SBI Xpress Flexi Scheme	11.25%-14.25% p.a.
SBI Xpress Lite Scheme	12.00%-15.00% p.a.
SBI Quick Personal Loan	11.25%-14.25% p.a.
SBI Pension Loans	11.15 % p.a. onwards
Xpress Credit Insta Top-up Loans	12.10% p.a.

Note: Rates as of 26th May 2023

SBI Personal Loan Interest Rates

SBI Xpress Credit

For Defense/Para-military/Indian Coast Guard Salaried Applicants

Types	Interest Rates (p.a.)
Term Loan	11.00%-12.50%

Applicants of Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status

Types	Interest Rates (p.a.)
Term Loan	11.00%-13.50%

Applicants of Other Corporates

Types	Interest Rates (p.a.)
Term Loan	12.00%-14.00%

SBI Xpress Elite Scheme

Types of Applicants	Interest Rates (p.a.)
Salary Account Holders with SBI	11.00%-11.50%
Applicants having salary accounts with other banks	11.25%-11.75%

SBI Xpress Flexi Scheme

Types	Interest Rates (p.a.)
For Diamond Salary package Customers	11.25%-14.25%
For Platinum Salary package Customers	11.25%-12.00%

Xpress Lite Scheme

1% higher than Xpress Credit scheme for all brackets

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	12.10%

SBI Pension Loan Schemes

Schemes	Interest Rates (p.a.)
SBI Pension Loan	11.15%
Jai Jawan Pension Loan	11.15%
Pension Loan Scheme For Treasury & PSU Pensioners	11.15%-11.65%
Pre-Approved Pension Loans(PAPNL)	11.15%
Pre-approved Insta Pension Top-Up	11.15%

Also know the best bank/NBFC for personal loan in India

Comparison Table of Personal Loan Interest Rates of SBI Bank vs Top Banks/NBFCs

Banks/NBFCs	Interest Rates(p.a.)
HDFC Bank	10.50% onwards	Apply Now
SBI	11.00%-15.00%
ICICI Bank	10.50% onwards	Apply Now
Axis Bank	10.49% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.49% onwards	Apply Now
Bajaj Finserv	11.00% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now

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.

Tips to avail 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