SBI offers various types of personal loans such as Xpress Credit Loan, SBI Pension Loan, Xpress Power 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 10.50% p.a. onwards.
Table of Contents
Features of SBI Personal Loan
- Loan amount: SBI offers a loan amount as high as Rs. 20 lakh to fulfil various personal 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 SBI personal loan, you can repay it within a 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 quick processing
Types of SBI Personal Loan
| Type of Personal Loan | Interest Rate (p.a.) |
| Xpress Elite Scheme Personal Loan | 10.50% onwards |
| Pension Loan (including pre-approved pension loan) | 11.45% onwards |
| Xpress Credit Personal Loan | 11.50% onwards |
| Xpress Power Personal Loan | 11.60% onwards |
| Xpress Credit Insta Top-Up Personal Loan | 11.60% onwards |
| Xpress Credit Non-Permanent Employees Personal Loan | 12.40% onwards |
| Pre-Approved Personal Loan (PAPL) | 13.50% onwards |
| Clean Overdraft Personal Loan | 16.55% onwards |
A. SBI Xpress Credit 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 this SBI 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. The 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 loan is Rs. 50,000
- Maximum EMI to Net Monthly Income ratio of up to 50%
- Offered in the term loan and overdraft variants, the following are the minimum and maximum loan amount sanctioned:
| Type of Xpress Bandhan Loan | Loan Quantum | |
| Term Loan | Minimum | Rs. 25,000 |
| Maximum | 24 times NMI subject to maximum of Rs. 15 lakh | |
| Overdraft | Minimum | Rs. 5 lakh |
| Maximum | 24 times NMI subject to maximum of Rs. 15 lakh | |
C. SBI Personal Loan for Pensioners
State Bank of India offers personal loans to pensioned individuals 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 SBI Pension Loan scheme is Rs. 14 lakh
- Pensioners should not be aged over 76 years in order to be eligible for this loan.
The following are the specifics of this SBI personal loan 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 |
The following are the SBI Pension Loan features as applicable to 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 lakh | 48 months | 78 years |
| 74 – 76 years | 7.50 lakh | 24 months | 78 years |
For Family Pensioners (including Defence Pensioners), the following pension loan features will apply:
| 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 |
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. With instant loan processing, minimum documentation and a low processing fee, SBI pre-approved loans are credited to the applicant’s account instantly.
E. Pre-approved Personal Loans to Non-salaried (PAPL) On YONO
If you have a SBI savings bank account in good standing with average monthly balance beyond a predetermined threshold (as per the account type), you might be eligible for a pre-approved personal loan of up to Rs. 2 lakh. You can check your eligibility for this loan on YONO app and can avail it anytime, anywhere through the app.
SBI Personal Loan 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/ Para-Military/ Indian Coast Guard Salary Package Applicants
i) ‘Term Loan’ facility: In this case, the interest is charged only the total loan amount sanctioned.
2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
8.10% | 3.40% – 3.90% | 11.50% – 12.00% |
ii) ‘Overdraft’ facility: In this case, the interest is charged only on the amount borrowed that can be less than the loan amount sanctioned.
2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
8.10% | 3.90% – 4.40% | 12.00% – 12.50% |
B. For Other Applicants:
i) ‘Term Loan’ facility: In this case, the interest is calculated on the entire loan principal.
2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
8.10% | 3.40% – 5.40% | 11.50% – 13.50% |
ii) ‘Overdraft’ facility: Interest is charged only on the amount borrowed which may be lower than the actual loan amount sanctioned.
2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
8.10% | 3.90% – 6.40% | 12.00% – 14.50% |
Xpress Power Scheme
SBI Xpress Power Scheme loans are offered to all individuals irrespective even if they do not have a salary account with SBI. The following are the interest rates applicable to these SBI personal loans:
i) ‘Term Loan’ facility: Interest is charged on the entire loan amount sanctioned.
2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
8.10% | 3.50% – 5.15% | 11.60% – 13.25% |
ii) ‘Overdraft’ facility: Interest is charged only on the amount borrowed even if loan amount sanctioned is higher.
2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
8.10% | 4.00% – 5.65% | 12.10% – 13.75% |
Xpress Credit – IT Employees Scheme
The following is the interest rate for SBI Xpress Credit loan offered to IT employees:
| 2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
| 8.10% | 4.80% – 6.80% | 12.90% – 14.90% |
Xpress Elite Scheme
SBI Salary Package account holders get the following SBI personal loan interest rates:
| 2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
| 8.10% | 2.40% – 3.90% | 10.50% – 12.00% |
For borrowers who are not part of the SBI Salary Package account holders, the following interest rates are applicable:
| 2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
| 8.10% | 2.65% – 4.15% | 10.75% – 12.25% |
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:
| 2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
| 8.10% | 4.30% – 6.40% | 12.40% – 14.50% |
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:
| 2 year MCLR | Spread over 2 year MCLR | Effective Interest Rate with No Reset |
| 8.10% | 5.05% – 6.65% | 13.15% – 14.75% |
Interest Rates for other SBI Personal Loans
The following are the interest rates applicable in case a borrower opts for any other type of personal loan from SBI:
| Type of Loan | Interest Rate |
| SBI Pension Loan (including PAPNL i.e. Pre-Approved Pension Loans) | 11.45%-11.95% |
| Clean Overdraft | 16.55% |
| Xpress Credit Insta Top-up | 11.60% |
| Pre-Approved Personal Loans (PAPL) | 13.50 |
Note: Existing customers maintaining 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 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, 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 LoanThe 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
- Applicant needs to submit declaration to treasury preventing transfer pension payment to pension account of any other bank till a NOC is issued by SBI
For Defence Pensioners:
- Applicant should be a pensioner of Armed Forces such as Navy, Army, Air Force, Coast Guard, Para-military Forces (eg. CRPF, CISF, BSF, ITBP, etc.), Rashtriya Rifles, Assam Rifles, etc.
- 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 pension after the death of the pensioner.
- The maximum age of 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
- Applicant must have a salary or a pension account with SBI.
- A pre-approved SBI Personal Loan offer must be available when applicant logs into YONO
E. Pre-approved Personal Loans to Non-salaried (PAPL) On YONO
- You should be having a 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 with Paisabazaar?
The process to apply for SBI Personal Loan through Paisabazaar is easy and involves the following steps:
- Fill an application form online to check eligible personal loan offers
- Offers from Paisabazaar partner banks/NBFCs will be displayed as per chances of approval
- Either select a desired lender (SBI, if available) or call Paisabazaar for further assistance
- Provide some additional details to get your loan application forwarded to the prospective lender
Personal Loan Verification Process
The process of verifying your personal loan application is carried out by the prospective lender’s representative. Following are the key steps in the process:
- Once you have submitted your personal loan application at Paisabazaar, it is forward to the chosen lender to process the application
- You get a verification call from bank’s representative. Also, the representative will either schedule a document pickup with you or will ask you to submit the necessary documents online
- Once your documents are successfully verified and your loan gets approved, you again get a verification call from the bank along with your final personal loan proposal
- If you agree with the proposal offered by the bank, the loan gets disbursed within a few working days
Check SBI Personal Loan Application Status
Once you have applied for a SBI personal loan, an application reference number is generated and the following is process to check the status of your loan application:
- Go to the SBI personal loan application status check page
- Enter your loan application reference number
- Enter your mobile number with ISD code
- Click on ‘track’ to see the status of your PL application
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
| Processing Fee | 1.50% of the loan amount sanctioned (subject to minimum Rs. 1,000 and maximum Rs. 15,000 plus applicable taxes) |
| 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 loan principal prepaid. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan obtained under same scheme |
B. SBI Xpress Bandhan*
| Processing Fee | 1% of the Loan amount + Applicable tax |
*All other charges as per Xpress Credit Loan
C. SBI Pension Loan*
| Processing Fee | 0.50% of the loan amount + Tax for all other Pensioners including family Pensioners |
| Prepayment Charge | 3% on prepaid amount. No prepayment/ foreclosure charges if the account is closed from the proceeds of a new loan account under the same scheme. |
*All other charges as per Xpress Credit Loan
How to Login on SBI Portal
The following is the process to log into SBI’s Internet Banking system:
- Go to the Internet Banking page of SBI – onlinesbi.com
- Enter your user name and password
- Either enter image captcha or audio captcha
- Click on ‘login’
SBI Personal Loan Statement
Those with existing personal loans with State Bank of India have the option of checking their loan statement by logging into their online banking account. Alternately, they may opt for a physical copy of their personal loan statement by visiting the nearby SBI branch in-person.
EMI Calculation
The following is an example of a personal loan EMI calculation for different loan principal amounts, interest rates and loan tenures:
| Loan principal @ interest | Tenure | ||||
| 1 year | 2 years | 3 years | 4 years | 5 years | |
| 5 lakh @ 10.50% | Rs. 44,074 | Rs. 23,188 | Rs. 16,251 | Rs. 12,801 | Rs. 10,746 |
| 10 lakh @ 11% | Rs. 88,381 | Rs. 44,607 | Rs. 32,738 | Rs. 25,845 | Rs. 21,742 |
| 15 lakh @ 11.25% | Rs. 1,32,747 | Rs. 70,085 | Rs. 49,285 | Rs. 38,950 | Rs. 32,800 |
| 20 lakh @ 11.5% | Rs. 1,77,230 | Rs. 93,680 | Rs. 65,952 | Rs. 52,178 | Rs. 43,985 |
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.
| Particulars | SBI | HDFC Bank | Citi Bank | Axis Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | 10.50% onwards | 11.25% to 21.50% | 10.50% onwards | 12% to 24% | 11.50% to 19.25 | 12.99% onwards |
| Tenure | 6 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Max. Rs. 20 lakh | Max. Rs. 40 lakh | Max. Rs. 30 lakh | Min. Rs. 50,000/Max. Rs. 15 lakh | Max. Rs. 20 lakh | Max. Rs. 25 lakh |
| Processing Fee | Upto 1.50% of the loan amount | Up to 2.50% of loan amount | Up to 3% of the loan principal | 2% of loan principal + GST | Upto 2.25% of loan amount + GST | Up to 3.99% of the loan principal |
SBI Customer Care
Existing borrowers of SBI 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 20 20 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
Benefits of Applying for Personal Loan on Paisabazaar
There are multiple benefits of applying for a personal loan on the Paisabazaar website:
- One platform, multiple lenders: With Paisabazaar.com you can access personal loan offers from multiple prospective lenders eliminating the necessity of visiting multiple bank websites or branches.
- 24 x 7 Accessibility: Unlike bank branches that have fixed working hours, Paisabazaar’s platform is easily accessible anytime, anywhere. Therefore, you can apply for a personal loan from the comfort of your home or office.
- Check EMI instantly: Before you apply for a personal loan, you can check the EMIs you would be paying during the tenure. This way, you will only borrow the amount you can easily repay and would have a convenient repayment schedule.
- Free of charge: You do not have to make any payments when applying for a loan on Paisabazaar.com. Our service is completely free for you and always will be.
Important Aspects
The following are some key factors that you should bear in mind when applying for a 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 choose a prospective lender.
- Borrow only the amount required: Ensure that you only borrow an amount that you can repay. Borrowing a higher amount that 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 might seem to be credit hungry and the lenders might not consider you to be a reliable borrower.
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 a 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 loan is provided on fixed rate of interest.
Q4. How do I get in touch with SBI customer care?
By Phone: You can call the bank at toll- free numbers 1800-425-3800 or 1800-11-2211
By email: You can send an email to contactcentre@sbi.co.in or you can visit the nearest SBI branch
Q5. 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.
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 a 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.
Q9. What are the SBI personal loan amount limits?
The minimum amount that you can take as a personal loan is Rs. 25,000 and the maximum loan amount currently is Rs. 20 lakh.
Q10. 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.
