Are you dreaming of going on a vacation, planning your child’s wedding, thinking of renovating your home, buying a new gadget or wondering where to get the  money to cover emergency medical expenses? When you need money for short term expenses and plan to repay it quickly, a personal loan is the answer. State Bank of India (SBI) has several kinds of personal loans to suit your individual situation.

SBI provides 4 types of personal loans to customers:

Xpress Credit Personal Loan:

1. Eligibility: These loans are given to employees of the central and state government, Central PSUs, quasi –government organisations, and certain state PSU, educational institutions and select corporates who maintain salary accounts with SBI.

2. Income: You should have a net monthly income of at least Rs 7500. Your EMI/NMI ration should not exceed 50 – i.e. the total amount of your EMI payments should not exceed 50% of your net monthly income (NMI).

3. Amount: The minimum amount is Rs 24,000 and the maximum is 24 times your NMI, capped at Rs 15 lakhs.

4. Tenure:  6-60 months.

SBI Saral Personal Loan:

1. Eligibility: Salaried individuals, self-employed professionals.

2. Income: The personal loan amount depends on your income and repayment capacity.

3. Amount: Minimum loan amount is Rs.24,000 ( in metro and urban areas). The maximum amount is 12 times the net monthly salary of the customer, up to a maximum of Rs 10 lakhs.

Loan to Pensioners:

1. Eligibility: Retired central and state government employees who are drawing a pension and are not more than 76 years of age can avail a personal loan from SBI. Spouses who are authorized to draw the pension on the death of the employee are eligible for a Family Pensioner Loan.

2. Amount: The minimum is Rs.25,000 and the maximum amount is capped at 18 months pension, subject to certain age restrictions.

3. Period: The repayment period is 24-60 months depending on the age of borrower.

Festival Loans:

This personal loan is specifically given to cover all the extra expenses that accompany the festival season!

Eligibility: Employees of central or state government /PSUs/public or private limited companies with a minimum of 2 years of service; self-employed individuals with minimum 3 years of experience; and people with a  regular source of income from verifiable channels.

Income: Minimum net monthly income of Rs.3000. Your spouse's income can be included when calculating the loan amount if he/she guarantees the loan or the loan is taken jointly.

Amount: The loan amount is determined by your income and repayment capacity and can range from Rs 5000 –Rs.50,000 - depending on your net monthly income.