Compare & Choose from the Best Personal Loan OffersSBI Personal Loan Highlights – Jan 2022 | |
| Interest rate | 9.60% p.a. |
| Loan Amount | Up to Rs 20 lakh |
| Tenure | Up to 5 years |
| Minimum Monthly Income | Rs 15,000 |
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:
For Defense/Para-military/Indian Coast Guard Salaried Applicants
| Term Loan | 10.60%- 11.10% p.a. |
| Overdraft | 11.10%- 11.60% |
For Other Applicants
| Term Loan | 10.60%- 12.60% p.a. |
| Overdraft | 11.10%- 13.10% p.a. |
Special concessions in Interest Rate for SBI Personal Loan
| Criteria | Concession Offered |
| Loan amount >= Rs 10 lakh | 50 bps in rate of interest |
| Platinum salary package account holders | 50 bps in rate of interest |
| Central Public Sector Units under ‘RATNA’ status | 50 bps in rate of interest |
Xpress Elite Scheme
| For Salaried Account Holders | 9.60%- 11.10% p.a. |
| Other than Salaried Account holders (including those not having salary account with the bank) | 9.85%- 11.35% p.a. |
Xpress Credit Non- Permanent Employees
| Employees from Central/State Government, Quasi Government, Central/State PSUS, Defense Personal, Educational institutions of National reputation | 11.50%- 13.60% p.a. |
| Co-operatives/institutions not covered under regular Xpress Credit Loan Scheme and Unrated Corporates | 12.25%- 13.85% p.a. |
Other Unsecured Personal Loans
| Pension Loan (including Pre-Approved Personal Loans) | 9.75%- 10.25% p.a. |
| Clean Overdraft | 15.65% p.a. |
| Xpress Credit Top-up | 10.70% p.a. |
| Pre-Approved Personal Loan | 12.60 % p.a. |
| SPL, PAPL | 9.60% p.a. |
| SBI Quick Personal Loan through CLP Portal | 10.85%- 12.85% p.a. |
Comparison of SBI Personal Loan with other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| SBI | 9.60% – 13.85% |
| HDFC Bank | 10.25% – 21% |
| PNB | 7.90% – 14.50% |
| ICICI Bank | 10.50% – 19% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
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
Best Personal Loan offers from top banks are just a click away Apply Now
SBI Personal Loan Fees and Charges
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% |
SBI Xpress Credit
| Pre-payment Charges | 3% on prepaid amount |
| Penal Interest | @ 2% per month |
SBI Quick Personal Loan
| Processing Charges | 1.50% of the loan amount (Rs 1,000- 15,000) + GST |
| Penal Interest | @2% per month |
| Pre-payment Charges | 3% on pre-paid amount |
Types of SBI Personal Loans
The bank offers various types of personal loans such as Xpress Credit Loan, SBI Pension Loan, Xpress Elite and Pre-approved Personal Loans.
1. 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
2. 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
3. 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
4. SBI Pre-approved Personal Loan
Purpose: For a category of customers who are pre-selected on specific parameters pre-defined by SBI, with instant loan disbursement
5. 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
Eligibility Criteria for SBI Personal Loan
The following are the key eligibility criteria for different types of SBI personal loans currently on offer:
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%
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%
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
To know more about this loan scheme, click here
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
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
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
SBI Customer Care
Toll Free Numbers: 1800-1234 / 1800-11-2211 / 1800-425-3800
- You can also fill and submit the Online Customer Complaint Form
- You can send an email detailing your request/grievance to contactcentre@sbi.co.in
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
FAQs
Q. I am an existing SBI customer, can I apply for a personal loan from SBI’s YONO app?
Yes, you can apply for a personal loan instantly 24X7 by applying it via its YONO app and get 100% waiver on the processing fee on the sanctioned loan amount. This special offer is valid up to 31st Jan 2022.
Q. Can I include my spouse’s income for calculating the loan amount?
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.
Q. Is it possible to prepay the loan? Are there any penalties?
If you prepay your SBI personal loan either in full or part, you will have to pay pre-payment charges of 3% on loan principal amount.
Q. Can I choose between a fixed or floating rate for the personal loan?
No, you cannot choose the calculation method. The loan is provided at a fixed rate of interest.
Q. I don’t have a salary account with SBI. Can I apply for a personal loan?
Yes, you can apply for a personal loan even if you don’t have an account with SBI. SBI Xpress Power Personal Loan is offered to those individuals having no salary accounts with SBI.
Q. Can I transfer my personal loan from another bank to SBI?
SBI account holders may periodically receive personal loan balance transfer offers. You can check such offers by logging into your online banking account, on the YONO mobile app or by contacting SBI customer care.
Q. How much loan amount can I avail from SBI, if I am 73 years old?
You can avail a pension loan of up to Rs. 12 lakh from SBI.
Q. Does SBI use the reducing balance method or flat rate method to calculate personal loan interest?
SBI currently uses the reducing balance method to calculate interest on personal loans. However, the exact details of the same can only be obtained in the personal loan agreement.
Q. What is the turn-around time for disbursal of an SBI personal loan?
State Bank of India does not specify the time required for disbursal of a personal loan subsequent to approval of an application. That said, typically disbursal of personal loan is completed by SBI within 2-4 working days of approval of the application.
SBI to Offer Express Credit Personal Loans through YONO
State Bank of India is gearing up to offer express credit personal loans through its multipurpose YONO app. Currently, applicants can avail this loan either online or by visiting the bank branch.
The bank is already offering small-sized personal loans averaging Rs. 2.5 Lakh on the YONO app. It may launch this high-value personal loan scheme ranging from Rs. 5 Lakh to Rs. 10 Lakh through the app now (as reported by Business Today).
In addition to that, SBI will also offer fast-tracked two-wheeler loans to its customers. At present, the YONO app generates leads for car and home loans.
Existing SBI customers get the facility of pre-approved personal loans from the bank through the YONO app. The bank plans to offer personal loans to new customers as well through this app itself. It is also working on an account aggregator system where customers can get quick access to their credit history with other lenders as well.
Know more: SBI YONO Personal Loan: Eligibility, Interest Rate & How to Apply
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
