Compare & Choose from the Best Personal Loan OffersSBI Personal Loan Highlights – June 2022 | |
| Interest rate | 9.80%-13.80% p.a. |
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | Rs 15,000 |
| Processing Fee | Up to 1.5% (Maximum Rs 15,000) |
Note: Rates as of 23rd June 2022
Table of Contents
SBI Personal Loan Interest Rates
The following are the different personal loan interest rates offered by SBI to different categories of borrowers:
Xpress Credit
For Defense/Para-military/Indian Coast Guard Salaried Applicants
| Types | Interest Rates (p.a.) |
| Term Loan | 9.80%-11.30% |
| Overdraft | 10.30%-11.80% |
Applicants of Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status
| Types | Interest Rates (p.a.) |
| Term Loan | 9.80%-12.30% |
| Overdraft | 10.30%-12.80% |
Applicants of Other Corporates
| Types | Interest Rates (p.a.) |
| Term Loan | 10.80%-12.30% |
| Overdraft | 11.30%-12.80% |
Xpress Elite Scheme
| Types of Applicants | Interest Rates (p.a.) |
| Salary Account Holders with SBI | 9.80%-11.30% |
| Applicants having salary accounts with other banks | 10.05%-11.55% |
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 Schemes
| Products | Rate of Interest (p.a.) |
| Xpress Credit Insta Top-up Loans
| 10.90% |
| Pre-Approved Personal Loans (PAPL) To Non-CSP Customers through YONO | 12.80% |
SBI Pension Loan Schemes
| Schemes | Interest Rates (p.a.) |
| SBI Pension Loan | 9.95% |
| Jai Jawan Pension Loan | 9.95% |
| Pension Loan Scheme For Treasury & PSU Pensioners | 9.95%-10.45% |
| Pension Loan to Coal Mines Provident Fund (CMPF) Pensioner | 9.95% |
| Pre-Approved Pension Loans(PAPNL) | 9.95% |
| Pre-approved Insta Pension Top-Up | 9.95% |
Comparison of Interest Rates of SBI Personal Loan vs other Lenders
| Banks/NBFCs | Interest Rates (per annum) | |
| SBI | 9.80%-13.80% | Apply Now |
| HDFC Bank | 10.50% – 21% | Apply Now |
| ICICI Bank | 10.50% onwards | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% – 25% | Apply Now |
| Bajaj Finserv | 13.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Note: The above mentioned interest rates may change and shall depend on the sole discretion of the bank, NBFC and RBI.
Also Get – Comparison Table of Personal Loan Interest Rates Offering by Various Lenders
SBI Personal Loan Processing Fees and Charges
SBI Xpress Credit
| Pre-payment Charges | 3% on prepaid amount |
| Penal Interest | @ 2% per month |
SBI Quick Personal Loan
| Penal Interest | @2% per month |
| Pre-payment Charges | 3% on pre-paid amount |
SBI Kavach Personal Loan
| Processing Fees | NIL |
| Pre-payment penalty | NIL |
| Foreclosure Charges | NIL |
SBI Pension Loan
| Pre-payment Charges | 3% on prepaid amount |
| Foreclosure Charges | NIL |
| EMI/NMP Ratio (Family Pensioners) | Up to 33% in case of |
| EMI/NMP Ratio (other pensioners) | Up to 50% |
Types of SBI Personal Loans
1. SBI Xpress Credit Personal Loan
- Purpose: For salaried account holders at SBI, to meet their personal requirements
- Loan Amount: Up to Rs 20 lakh
- Tenure: 6 months-6 years
2. SBI Pre-approved Personal Loan (PAPL SBI offered through YONO app)
Purpose: Instant personal loans offered to SBI savings bank account holders, through SBI YONO app
Loan Amount: Up to Rs 8 lakh
Click here to know more about Personal loans offered through SBI YONO app
3. SBI Real Time Xpress Credit Personal Loan
- Purpose: Fully digitised 24/7 Xpress Credit personal loans with instant disbursal for government and defence salary package customers through YONO app.
- Loan Amount:
Minimum Loan amount: Rs. 25000/-
Maximum Loan Amount: Rs 30,00,000/- for RTXC and Rs 35,00,000/- for RTXC Elite
- Tenure: 6 months -6 years
- Processing Fee: Up to 0.75% of loan amount
3. SBI Quick Personal Loan
- Purpose: To meet the personal requirements of the salaried borrowers not maintaining salaried account with SBI
- Loan Amount: Up to Rs 20 lakh
- Tenure: 6 months-6 years
- Processing Fees: 1.50% of the loan amount (Rs 1,000- 15,000) + GST
4. SBI COVID Personal Loan
- Purpose: For Covid treatment of self or family members
- Loan Amount: Rs 25,000- Rs 5 lakh
- Tenure: Up to 5 years
- Processing Fees: NIL
5. SBI Pension Loan
- Purpose: To meet the financial needs of central/state government pensioners, defense pensioners and family pensioners
- Loan Amount:
For Central/ State Government Employees- Up to 14 lakh
For Defence Pensioners- Up to 14 lakh
For Family Pensioners- Up to 5 lakh
- Tenure:
For Central/ State Government Employees- Up to 5 years
For Defence Pensioners- Up to 7 years
For Family Pensioners- Up to 5 years
SBI Personal Loan Eligibility Criteria
The following are the key eligibility criteria for different types of SBI personal loans currently on offer:
Eligibility for SBI Xpress Credit Personal Loan (For salaried applicants)
- Borrowers employed with Central/ State/ Quasi-Government, Central/ State PSUS, Selected corporates with/ without relationship with the bank, nationally recognized educational institutions
- For salaried account holders with SBI
- Minimum Monthly Income- Rs 15,000
- EMI/NMI ratio- less than 50%
Eligibility for SBI Real Time Xpress Credit
- Government or defense salary package account holders with KYC compliant account
- Minimum Net Monthly Income-
Rs 15,000/- and above for RTXC
Rs 1,00,000/- and above for RTXC-Elite
- EMI/NMI ratio-
For RTXC- < 50%
For RTXC Elite- < 60%
Eligibility for SBI Quick Personal Loan
- Employees working with Central/ State/ Quasi-Government, Central and State PSUs, corporates and educational institutions with at least 1 year service
- Age- 21- 58 years
- Borrowers not having salary account with SBI
- Minimum Monthly Income- Rs 15,000
- EMI/NMI ratio- less than 50%
Eligibility for Pre-approved Personal Loan
- For CSP and Non-CSP customers
- For savings bank account holders
- The SBI savings bank account holders can SMS the last 4 digits of SBI savings bank account no. to 567676 to check the eligibility
Eligibility for SBI Kavach Personal Loan
- For salaried, non-salaried and pension seeking account holders of the bank
- Should have a Covid positive report not more than 30 days old
Also Know: What is the eligibility for SBI kavach personal loan
Eligibility for SBI Pension Loan
For Central/ State Government Pensioners
- Age- Below 76 years
- Pension drawn through SBI
- The pensioner should provide an irrevocable undertaking not to alter the mandate to the Treasury during the loan tenure
- The Treasury should give in writing mentioning that no transfer of pension payment to any other bank without an NOC
- All terms and conditions are applicable, including guarantee by a third party or by the spouse
Eligibility For Defense Pensioners
- Maximum age- Up to 76 years
- No minimum age
- Pensioners from armed forces such as Navy, army, Air Force, Paramilitary Forces (BSF, CISF, CRPF, ITBP), Coast Guards, Assam Rifles, Rashtriya Rifles
- Pension account should be maintained with SBI
Eligibility For Family Pensioners
- Age- Up to 76 years
- Authorized members of the family to receive pension in place of the deceased pensioner
Also Read: What is the minimum CIBIL score for personal loan in SBI?
Documents Required for Loan Application
The documents to avail SBI personal loan may vary depending upon the personal loan category you opt for. However, the list of basic documents is as follows:
- Duly filled application form along with passport-sized photographs
- Identity Proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
- Address Proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card
- Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16
- Any other document required by SBI
SBI Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
FAQs
Q. How long does it take SBI to disburse a personal loan?
Ans. Banks and NBFCs usually disburse personal loans within 2-7 days of making a personal loan application. However, pre-approved personal loans offered to select customers by the SBI may have quicker disbursal. Lenders like Axis Bank, HDFC Bank, Bajaj Finserv and ICICI Bank also offer pre-approved/pre-qualified personal loans to select customers with instant disbursal. Click here to apply for pre-approved instant personal, if eligible, offered by top lenders
Q. Can I include my spouse’s income for calculating the loan amount?
Ans. No, you cannot include your spouse’s income when applying for an SBI personal loan. However, your spouse can apply for a personal loan separately, if eligible. Some lenders may allow spouses or other specified family members to apply as co-applicant. In such cases, the lenders may consider the income of the co-applicant while evaluating the loan amount and application.
Q. Can I choose between a fixed or floating rate for the personal loan?
Ans. SBI offers personal loans only on fixed interest rates. It does not offer personal loans on floating interest rates.
Q. What is the minimum credit score required for availing SBI personal loan?
Ans. While SBI has not explicitly stated their cut-off credit score, applicants having credit score of 750 and above would have higher chances of availing personal loan.
Q. What is the minimum salary required for availing SBI personal loan?
Ans. The minimum monthly income required for availing SBI personal loan is Rs 15,000.
Q. I don’t have a salary account with SBI. Can I apply for a personal loan?
Ans. Personal loan applicants not having their salary account with SBI can apply for SBI Quick personal loan.
Q. Is it possible to get a personal loan from the SBI with a salary under 20,000?
Ans. Yes, applicants with a salary of Rs. 15,000 and above can also apply for a personal loan from SBI.
Q. Can retired individuals avail personal loan from SBI?
Ans. Yes, retired individuals holding pension account with SBI can avail personal loan from SBI through SBI Pension Loan scheme.
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.