State Bank of India (SBI) Personal Loan

SBI Personal Loan Highlights
Interest rate	Starting from 9.60% per annum
Loan Amount	Up to Rs. 20 Lakh
Minimum Income for Eligibility	Rs. 15,000 p.m.
Eligibility Age	Min. 21 years and up to 58 years at loan maturity
Processing Fees	Up to 1.50% of the loan amount*
Loan Tenure	Up to 72 months
Types of SBI Personal Loans	Pension Loan, Xpress Credit, Xpress Elite, Xpress Credit Insta Top-up, Clean Overdraft, Pre Approved Personal Loan on YONO & Quick Personal Loan

*100% Waiver of processing fees across all channels from 15th August 2021 to 31st January 2022

Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.

SBI offers various types of personal loans such as Xpress Credit Loan, SBI Pension Loan, Xpress Elite and Pre-approved Personal Loans that cater to the needs of different borrowers. Personal loans offered by SBI may be used for various purposes such as business expansion, debt consolidation, foreign travel expenses, marriage, home renovation, medical emergency, etc. Currently, SBI offers personal loans of up to Rs. 20 lakh with interest rates starting from 9.60% p.a. onwards.

Features of SBI Personal Loan

• Loan Amount: SBI offers a loan amount as high as Rs. 20 lakh to fulfil various  financial needs with a single loan
• Loan Schemes: SBI offers specific loan schemes to different categories of borrowers such as pensioners, salaried and self-employed
• Flexible Tenure: If you opt for personal loan, you can repay it within a flexible tenure ranging from 6 months to 6 years
• Easy Application: Loans can be availed online without any hassle. The process involves minimum documentation and quick processing

Types of SBI Personal Loan

If you have a salary account with SBI, you can apply for SBI Xpress Credit Personal Loan for cash requirements like medical emergency, vacation, wedding, etc. The following are the key features of various SBI personal loans:

A. SBI Xpress Credit Personal Loan

• SBI salary account is mandatory
• Loan amount ranging from Rs. 25,000 to Rs. 20 lakh
• Loan tenure ranging from 6 months to 60 months

B. SBI Xpress Bandhan

SBI Xpress Bandhan personal loan is for those who are not having a salary account with SBI. Following are some of the key features of this personal loan:

• Specifically targeted at salaried employees of Defence Establishments/State Governments/Central Govt., Quasi Govt. and a few other top-rated companies
• Minimum Gross Monthly Income required to avail the loan is Rs. 50,000
• Maximum EMI to Net Monthly Income ratio is up to 50%
• Offered in the term loan and overdraft variants, the following are the minimum and maximum loan amounts sanctioned:

C. SBI Personal Loan for Pensioners

State Bank of India offers these personal loans to pensioned individuals and come with the following features:

• Can be availed by central or state government pensioners, defence pensioners as well as family pensioners maintaining SBI pension account
• Maximum loan amount that can be sanctioned under the SBI Pension Loan scheme is Rs. 14 lakh
• Pensioners should not be aged over 76 years in order to be eligible for this loan.

Below are the specifics of this SBI personal loan for Central and State Government Pensioners:

The following are the SBI Pension Loan features as applicable to Defence Pensioners:

For Family Pensioners (including Defence Pensioners), the following pension loan features will apply:

D. Pre-approved Personal Loans to Salaried & Pensioners on YONO App

If you hold a salary or a pension account with SBI, you might be eligible for a pre-approved personal loan. You can check your eligibility for this loan on the SBI YONO app and apply through the app.

Alternatively, you can check your eligibility for this SBI personal loan by sending an SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676.

With instant loan processing, minimum documentation and a low processing fee, SBI pre-approved loans are credited to the applicant’s account instantly.

SBI Kavach Personal Loan

State Bank of India has launched the SBI Kavach Personal Loan scheme to help individuals deal with Covid-19 treatment expenses of self or family member(s) who have tested positive on or after 1 April, 2021. The personal loan aims to offer financial assistance up to Rs. 5 lakh and can be repaid over a flexible tenure ranging up to 60 months. It is currently offered at a fixed interest rate of 8.50% p.a. and zero processing charges.

To know more about this loan scheme, click here

Interest Rates

The following are the different personal loan interest rates offered by SBI to different categories of borrowers:

Xpress Credit (including PAXC-Pre-Approved Xpress Credit)

Primarily offered to salary account holders of SBI, the Xpress Credit loan interest rates are as follows:

A. For Defence/ Paramilitary/ Indian Coast Guard Salary Package Applicants

1. ‘Term Loan’ facility: In this case, the interest is charged only the total loan amount sanctioned.

2. ‘Overdraft’ facility: In this case, the interest is charged only on the amount borrowed that can be less than the loan amount sanctioned.

B. For Other Applicants:

1. ‘Term Loan’ facility: In this case, the interest is calculated on the entire loan principal.

2. ‘Overdraft’ facility: Interest is charged only on the amount borrowed which may be lower than the actual loan amount sanctioned.

Xpress Elite Scheme

SBI Salary Package account holders get the following SBI personal loan interest rates:

For borrowers who are not a part of the SBI Salary Package account holders, the following interest rates are applicable:

Xpress Credit – Non-Permanent Employees (NPES)

Salaried employees of Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel and Educational Institutions of National Repute can get SBI personal loans at the following interest rates:

Interest rates on SBI Xpress Credit personal loans for salaried employees of co-operatives/institutions not covered under regular Xpress Credit loan scheme and unrated corporates are:

Interest Rates for other Loan types

The following are the interest rates applicable in case a borrower opts for any other type of personal loan from SBI:

Note: Existing customers maintaining a salary account with SBI will get 25 bps i.e. 0.25% p.a. concession on the card interest rate.

Eligibility Criteria

The following are the key eligibility criteria for different types of SBI personal loans currently on offer:

A. SBI Xpress Credit Personal Loan

• You must have a salary account with SBI
• You should be an employee of central/state/quasi-government organization/central or state govt. PSUs/educational institutions of national repute/selected corporates with or without a relationship with the bank
• Your minimum monthly income should be Rs. 15,000
• Your EMI/NMI ratio should be less than 50%

B. SBI Xpress Bandhan

• You should not be having a salary account with SBI
• You should be an employee of Central/State Governments/Defence Establishments, PSUs, Quasi-Government Bodies, Select Rated Corporates or Educational Institutions of National Repute
• Your minimum monthly income should be Rs. 50,000
• Your EMI/NMI ratio should be up to 50%

C. SBI Pension Loan

The following are the key features of the SBI pension loan for different categories of applicants:

For Central & State Government Pensioners:

• The pensioner’s age should be below 76 years
• Must have SBI pension account and the account needs to be maintained in good standing during the loan tenure
• The applicant needs to submit a declaration to treasury preventing the transfer of pension payment to pension account of any other bank till a NOC is issued by SBI

For Defence Pensioners:

• The applicant should be a pensioner of Armed Forces such as Navy, Army, Air Force, Coast Guard, Paramilitary Forces (eg. CRPF, CISF, BSF, ITBP, etc.), Rashtriya Rifles, Assam Rifles, etc.
• The pension payment order of the prospective applicant should be maintained with SBI
• Maximum age for loan eligibility is less than 76 years

For Family Pensioners:

• Family pensioners consist of authorized members of the pension recipient’s family who are eligible to receive a pension after the death of the pensioner.
• The maximum age of the family pensioner should be 76 years to be eligible for the SBI Pension Loan

D. Pre-approved Personal Loans to the Salaried & Pensioners on YONO

• The applicant must have a salary or a pension account with SBI.
• A pre-approved SBI Personal Loan offer must be available when the applicant logs into YONO

E. Pre-approved Personal Loans to Non-salaried (PAPL) On YONO

• You should be having savings account with SBI with regular deposits
• Your monthly balance should be beyond a specific threshold (threshold depends on the type of SBI a/c)

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:

• 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

How to Apply For SBI Personal Loan

SBI allows borrowers to apply for a personal loan either online or offline by visiting the branch. You can apply for such loans online through the YONO app. For other loans, you can visit the branch and apply for the scheme that suits your requirements the best.

Why Apply for Personal Loan at Paisabazaar?

1. Offers from Top Lenders: Paisabazaar has 40+ Banks/NBFCs/Fintechs as partners that provide the best available loan offers. You get loan offers from multiple lenders in one place.
2. Compare & Choose: On Paisabazaar, you can check and compare personal loan offers from India’s largest banks, NBFCs and fintechs.
3. Personalized Solutions & Certainty of Approval: On Paisabazaar, your credit score and other eligibility factors are considered to create a customised list of offers. Those offers are ranked based on the highest chances of loan approval from top to bottom. This will help you choose the most-suited offer and provide you with the certainty of loan approval.
4. Pre-Approved Loans: You get customised pre-approved personal loan offers based on your credit health from time to time once you become a part of the Paisabazaar family. These loans often have low processing fees, low interest rates and almost no documentation.
5. Unbiased Advice: In case you have any queries or need assistance, Paisabazaar’s team of experts are there to guide you on every step, coordinate with the lender and help you avail the best-suited personal loan.
6. Complete Digital Process: As a digital-only platform, Paisabazaar.com provides you a complete digital experience that helps you avail personal loans from the comfort of your homes with zero to minimum paperwork. 
7. Document Pickup: Where physical documentation is needed, Paisabazaar representatives will pick documents from your home/office on a mutually agreed date and time once you apply for the loan. You are not required to physically visit the lender to submit your documents as Paisabazaar will do the needful for you – At zero cost.
8. End-to-end Assistance: Right from looking out for a loan option to getting the sanctioned loan amount in your bank account, Team Paisabazaar remains with you and works in the background with the lenders, to give you a wonderful experience.

Fees and Other Charges

The following are the fees and charges specified for various types of State Bank of India personal loans:

A. SBI Xpress Credit Personal Loan

B. SBI Xpress Bandhan*

*All other charges as per Xpress Credit Loan

C. SBI Pension Loan*

*All other charges as per Xpress Credit Loan

**100% Waiver in processing fees across all channels from 15 August 2021 till 31 January 2022.

EMI Calculation

The following is an example of a personal loan EMI calculation for different loan principal amounts, interest rates and loan tenures:

Comparison of SBI PL VS Other Lenders

The following is a comparison of the key features of State Bank of India PL vs. other lenders.

SBI Customer Care

Existing borrowers of personal loan can contact the bank via various online and offline methods as follows:

• SBI Customer Care Toll-free Numbers are 1800-425-3800 and 1800-11-2211
• You can also reach the customer care dept. of SBI by calling 080-26599990 (standard charges apply)
• You can SMS UNHAPPY to 8008-2020-20
• 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
• Lastly, you also have the option of visiting the nearby SBI branch

Important Points to Consider while Applying for a Personal Loan

The following are some key factors that you should bear in mind when applying for an SBI personal loan:

• Check Credit Score: A crucial step while applying for a personal loan is to check your credit score. If you have a good credit score, you have more chances of getting your loan approved at a lower interest rate.
• Compare on Paisabazaar: Compare the cost of a personal loan (including interest cost as well as all applicable fees and charges) offered by various lenders at Paisabazaar.com before choosing a prospective lender.
• Borrow only the Amount Required: Ensure that you only borrow an amount that you can repay. Borrowing a higher amount than what you need will only add to your interest cost and not have any benefits in the long term.
• Never Apply with Multiple Lenders at the Same Time: If you apply with multiple lenders at the same time, you would appear credit hungry and lenders might not consider you to be a reliable borrower.

Also Read: What is the minimum CIBIL score for personal loan in SBI?

FAQs

Q1. 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.

Q2. 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.

Q3. 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.

Q4. 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.

Q5. 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.

Q6. 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.

Q7. 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.

Q8. 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.