As the leading public sector bank in India, SBI offers a wide range of personal loan facilities to help customers meet their emergency cash requirements. Whether you're looking to raise funds to pay for a medical emergency or pay for other planned expenses like a holiday, wedding, home renovation and gadget purchase – personal loans from SBI come in quite handy.

Some of the top benefits of taking a personal loan from SBI are:

  • Zero prepayment penalties – you can foreclose the loan at any time, without having to worry about any prepayment charges.

  • A hassle-free loan application process with minimal documentation.

  • Get your loan amount approved quickly, without having to deal with plenty of red tapes.

  • With over 25,000 branches across India, you can be sure to locate an SBI branch located close to you. 

  • Finally, SBI offers some of the most attractive personal loan interest rates. Additionally, the bank also offers interest rate subsidies and discounts for several borrowers like military personnel, central government employees, women borrowers and more. 

Now, that we’ve seen the benefits of personal loans from SBI, let’s take a look at the current interest rates. Note that the interest rates vary based on the type of personal loan chosen. Let’s take a closer look at the different categories of personal loans from SBI. 

1.Pre-approved Personal Loans 

Pensioners, salaried individuals and self-employed customers can quickly apply for a personal loan from SBI. Pre-selected customers are notified on YONO (the mobile banking app of SBI) whether they qualify for pre-approved personal loans. 

Pre-approved customers can choose to take a personal loan directly via the app, 24 x 7 with just a few taps on their mobile screen. Once the process is over, the loan amount is instantly credited to the borrower's bank account. The repayment is made via EMIs that are deducted automatically from the borrower's bank account. The entire process is hassle-free and highly convenient.

Features of Pre-Approved Personal Loans from SBI

  • Available to selected customers of SBI bank

  • No hidden charges

  • Low processing fees

  • Loan application and approval is done 24 x 7 

  • Instant cash disbursal 

  • The maximum loan amount available to non-salaried individuals is Rs. 2 lakhs

  • No need to provide any physical documentation as all the required KYC documents of the borrower is available with the bank 

2.Loans to Salaried Employees holding a Salary Account with SBI 

Known as SBI Xpress Credit Personal Loan, this loan is available to all salaried employees (both public sector and private sector) maintaining a salary account with SBI. Borrowers can use the loan amount to meet all their personal expenses like – vacation, wedding, home renovation, debt consolidation, gadget purchases and other unplanned expenses like medical expenses. 

The Xpress Credit Personal loan offers instant disbursal of the loan amount with quick approval and minimal documentation. 

Features of the Xpress Credit Personal Loan from SBI 

  • Maximum loan amounts up to Rs. 20 lakhs 

  • Affordable interest rates

  • Minimal processing charges 

  • Simple and hassle-free documentation 

  • Interest charged on daily reducing balance 

  • No hidden costs

  • No need to submit collateral or provide a guarantor

  • Can apply for a second personal loan, if needed (approved on an individual case-by-case basis) 

  3. Personal Loans for Pensioners 

SBI is one of the few banks in India that offer personal loans for pensioners who do not draw a steady income. These personal loans help pensioners handle the expenses of a child’s marriage, plan a dream trip, purchase a retirement home or meet unplanned medical expenses. Simple, instant and hassle-free, personal loans for pensioners takes away the stress of financial planning in retirement. 

Features of Personal Loans for Pensioners 

  • Minimal processing fees and no hidden charges

  • Low-interest rates

  • Instant loan processing and quick disbursal of funds 

  • Simple documentation 

  • Easy and flexible EMI repayments 

  • Eligible borrowers can apply for this loan at all SBI bank branches 

Now, that we’ve seen the types and features of personal loans from SBI, let’s take a closer look at the prevailing interest rates for various categories of borrowers. 

SBI Personal Loan Interest Rates (Updated for 2020)

S.No. Loan Type Borrower Category Interest Rate
1 Xpress Credit (Term Loans)

Military/ Paramilitary/Defence/Indian Coast Guard personnel

11.45% - 11.95%
2 Xpress Credit (Overdraft Facility) 11.95% - 12.45%
3 Xpress Credit (Term Loans)

General borrowers

11.45% - 13.45%
  Xpress Credit (Overdraft Facility) 11.95% - 14.45%
4 Xpress Credit For IT employees 12.85% - 14.85%
5 Xpress Credit – Elite SBI Salary Package account holders 10.45% - 11.95%
6 Xpress Credit – Elite Non-salary account holders of SBI 10.70% - 12.20%
7 Xpress Credit – NPES Non-permanent employees of central and state governments, central and state PSUs, employees of nationally approved educational institutes and defence personnel 12.35% - 14.45%
8 Xpress Credit Employees of co-operatives and institutions not applicable under the previous category 13.10% - 14.70%
9 Other Unsecured Personal Loans General borrowers 11.90%
10 Personal Loans for Pensioners (Pre-approved loans)


11.40% - 11.90%
11 Personal Loans for Pensioners (Overdraft Facility) 16.50%
12 Xpress Credit Insta Top-Up Loans General borrowers, pensioners 11.55%
13 PAPL (Pre-Approved Personal Loans) Select customers 13.45%
14 SBI Quick Personal Loan (via the CLP Portal) Select pre-approved customers 11.60% - 13.70%


*To Note: 

  • Interest rates may be changed without prior intimation. Make sure to check the current interest rates with SBI, before applying for a loan. 

  • For loans taken under the Xpress Credit Scheme, special concessions are available to:

    • Borrowers taking loans more than Rs. 10 lakhs

    • Platinum salary package customers 

    • CPSEs (Central Public Sector Enterprises) that belong to the RATNA category 

Factors Impacting Interest Rates for Personal Loans from SBI 

Several factors impact the interest rates charged for your personal loans. Here are some of the top elements and ways to reduce interest rates:

  • Check Your Credit Score and Borrowing History

As personal loans are unsecured, lenders look at your credit history and other debts to determine your creditworthiness. The higher the credit score, the better the interest rate you can avail. So, before you borrow, make sure to check your credit score and boost it up to improve your chances of securing the best interest rates. 

  • The Loan Amount in relation to your Income Levels 

The loan amount you borrow also impacts your interest rate. If the borrowed amount is a small percentage of your overall income, then you can avail lower interest rates. On the other hand, if the borrowed amount is high compared to your income, then the lender is not sure of your repayment capacity. Your loan may be sanctioned, but you would be charged higher interest rates.

Besides these two factors, make sure to check whether you’re eligible for concessions. Get in touch with an SBI phone banking officer to know the various discounts and concessions available for you, while borrowing. 


Avail SBI Personal Loans at the Best Interest Rates & Meet your Emergency Cash Requirements

Wondering how you can avail a personal loan from SBI at the most attractive interest rates? Just send in your requirements and a few essential credit details to CreditMantri, and our team will help you borrow at the most favourable rates. Get in touch with us to know more.