SBI offers various types of personal loans like Xpress Credit Loan, SBI Pension Loan and Xpress Power. The range of personal loan products offered by SBI is for different needs of the consumer that may include business expansion, debt consolidation, a foreign trip, marriage, home renovation, emergency medical expenses or others. Offering a personal loan of upto Rs. 20 lakh, SBI is quick with loan processing and disbursal.
SBI Personal Loan - Features and Benefits
- Loan amount: SBI offers a loan amount as high as Rs. 20 lakh when it comes to a personal loan.
- Loan schemes: SBI offers specific loan schemes for every borrower, which suits their personal needs.
- Flexible tenure: If you opt for SBI personal loan, you can repay it within the flexible tenure ranging from 6 months to 6 years.
- Easy application: SBI Personal loan can be applied online without any hassle. The process involves minimum documentation and fewer formalities.
- No hidden charges: SBI clearly indicates all the applicable charges and terms and conditions offered by the bank upfront while availing a personal loan.
SBI Personal Loan Interest Rate & Other Charges
| Interest Rate | 11% onwards |
| Processing Fee | 0.50% to 1% of the Loan Amount + applicable Tax. |
| Prepayment charges | of 3% on prepaid amount |
| Penal interest | @2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default. |
| Prepayment charges | 3% on prepaid amount. |
SBI Xpress Credit Personal Loan
This loan is available instantly for those with urgent cash requirements like for a medical emergency, vacation, wedding etc. SBI Xpress Credit Personal Loan can be availed for amount upto Rs. 20 lakh.
SBI Xpress Credit Personal Loan – Eligibility Criteria
- You should have a salary account with SBI
- Your minimum monthly salary should be Rs. 15,000
- You should be an employee of Central/ state/ quasi government, Central PSUS and profit making state PSUS, Educational institutions of national repute, Selected corporates with or without relationship with the bank
SBI Personal Loan for Pensioners
State Bank of India offers personal loan of upto Rs. 14 lakh to pensioners who are drawing their pensions from the central or the state government. The applicant applying for Loans to Pensioners has to pay a nominal processing fee. Central and State Government Pensioners should not be more than 76 years of age.
SBI Personal Loan for Pensioners – Eligibility Criteria
- For Central & State Government Pensioners:
- The pensioner’s age should be below 76 years
- Their pension payment order should be maintained by SBI and should continue to be maintained by SBI during the loan tenure
- They should submit a consent in writing given by the Treasury stating that it will not accept any request from the pensioner to transfer their pension payment to any other bank till a NOC is issued
- For Defence Pensioners:
- The pensioner should be from Armed Forces including Navy, Army and Air Force, Coast Guards, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Rashtriya Rifles and Assam Rifles
- Their pension payment order should be maintained with SBI
- Their maximum age at the rime of loan processing should be less than 76 years.
- For Family Pensioners:
- Family pensioners consist of authorized members of the family to receive pension after the death of the pensioner.
- The maximum age of family pensioner should be 76 years.
- For Central and State Government Pensioners:
| Age at the time of Loan sanction | Max Loan Amt (18 months Pension or Rs.) | Repayment Period | Age at the time of full Repayment |
| Below 72 | 14.00 lakh | 60 months | Up to 77 years |
| 72 – 74 years | 12.00 lakh | 48 months | Up to 78 years |
| 74 – 76 years | 7.50 lakh | 24 months | Up to 78 years |
- For Defence Pensioners:
| Age at the time of Loan sanction | Max Loan Amt (36 months Pension or Rs.) | Repayment Period | Age at the time of full Repayment |
| Below 56 years | 14 lakhs | 84 months | 63 years |
| 56 – 72 years | 14 lakhs | 60 months | 77 years |
| 72 – 74 years | 12.00 lakh | 48 months | 78 years |
| 74 – 76 years | 7.50 lakh | 24 months | 78 years |
- For Family Pensioners (including Defence Pensioners):
| Age at the time of Loan sanction | Max Loan Amt (18 months Pension or Rs.) | Repayment Period | Age at the time of full Repayment |
| Below 72 | 5.00 lakh | 60 months | 77 years |
| 72 – 74 years | 4.50 lakh | 48 months | 78 years |
| 74 – 76 years | 2.50 lakh | 24 months | 78 years |
SBI Xpress Power Personal Loan
SBI Xpress Power personal loan is for those who are not having a salary account with SBI. The loan offers instant funds so that an individual can deal with any situation without any inconvenience.
SBI Xpress Power Personal Loan – Eligibility Criteria
- You should be a salaried individual with no salaried account with SBI
- Your minimum gross monthly income should be Rs. 50,000.
- You should be an employee working with Central/ State Governments/ Defence Establishments, Quasi Government Bodies, PSUs, Educational Institutions of National repute, Select Rated Corporates.
SBI Personal Loan- Documents Required
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:
- Identity proof:Passport, Pan Card, 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
SBI Personal Loan - EMI Calculator
Though you can always calculate your EMI manually, it is much easier to use a personal loan EMI calculator in order to estimate your monthly EMI payouts and plan your future expenses accordingly.
- Go to the Personal Loan EMI calculator
- Use the sliders or input the key data such as the loan principal amount, the applicable interest rate and the required loan tenure.
- Get instant results
Compare SBI Personal Loan Vs Other Lenders
| Particulars | SBI | Axis Bank | HDFC Bank | Citi Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 11% | 15.75% to 24% | 11.25% to 21.50% | Starting from 10.99% | 11.50% to 19.25% | Starting from 12.99% |
| Tenure | 6 to 71 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Upto Rs. 20 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | Upto 2% of loan amount plus GST | Upto 2% of loan amount plus GST | Upto 2.50% of the loan amount plus GST | Upto 3% of the loan amount plus GST | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount plus GST |
SBI Personal Loan - Customer Care
- You can call the bank at toll- free numbers 1800-425-3800 or 1800-11-2211
- You can send an email to
- contactcentre@sbi.co.in
- You can visit the nearest branch
Frequently Asked Questions
Ques: Can I include my spouse’s income for calculating the loan amount?
Ans: No, you cannot include your spouse’s income for calculating the loan amount. However, your spouse can apply for a loan separately, if eligible.
Ques: Is it possible to prepay the loan? Are there any penalties?
Ans: If you prepay the loan either in full or part, you will have to pay prepayment charges of 3% on prepaid amount.
Ques: What is the fee to process a personal loan?
Ans: A fee of 1% of the loan amount along with applicable GST is charged. However, a concession of Rs. 250 is offered to the borrower if he provides his Aadhaar Card, Pan card and mobile number.
Ques: Can I choose between a fixed or floating rate for the personal loan?
Áns: No, you cannot. The loan is provided on fixed rate of interest only, which starts from 11% for SBI personal loan.
Ques: I don’t have a salary account with SBI. Can I apply for a personal loan?
Ans: 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.
Ques: How much loan amount can I avail from SBI if I am 73 years old?
Ans: You can avail a pension loan of upto Rs. 12 lakh from SBI.
Ques: Is it possible to change my SBI personal loan due date?
Ans: You can get in touch with customer care to get the due date changed.
