Check your Free Credit Score Online

How do I apply for a personal loan from SBI?

How do I apply for a personal loan from SBI

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 pay for emergency medical expenses? When you need money for short term expenses and plan to repay it quickly, applying for a personal loan is the answer. State Bank of India (SBI) has several kinds of personal loans to suit your individual situation.

How do I apply?

You can apply for a personal loan at SBI in two ways;

1.Online: You can apply online on the SBI website. You need to fill in a few personal details like income, type of employment, date of birth and contact details. Based on this information, the bank will check your eligibility and offer you a loan quote. You can then submit the completed application with the requisite documentation. You can also ask to be contacted by a representative of the bank for further details on loan offers and  application.

2.In person: You can visit the nearest SBI branch, collect details of the loans on offer, ask to speak with a representative and submit your application with the required documentation manually.

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 PSUs, educational institutions

2.Income: There is a minimum monthly income criterion. In addition, 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.Loan Amount: The maximum is 24 times your NMI, capped at Rs 15 lakhs.

There are different offers under this type of personal loan including loan against rent receivables and loan against mortgage of property.

SBI Saral Personal Loan:

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

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

3.Amount: 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 maximum amount is capped at 18 months pension, subject to certain age restrictions.

Festival Loans:

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

1.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.

2.Income: A certain minimum net monthly income is a requirement. Your spouse's income can be included when calculating the loan amount if he/she guarantees the loan or the loan is taken jointly.

3.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.

It is best to check the minimum and maximum loan amounts, tenure and interest rates with a bank representative so that you get the most accurate picture of the loan offer.

Comments (0)
Check your Free Credit Score Online

As part of our efforts to make the end consumer services affordable and available at price points which are favourable to the customer, CreditMantri may receive fees / commissions from lenders.

CreditMantri ™ is a registered trademark of CreditMantri Finserve Private Limited. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Mantri are the property of their respective trademark holders.

CreditMantri was created to help you take charge of your credit health and help you make better borrowing decisions. We support customers with every kind of credit profile - those who are new to credit and have a minimal or nonexistent record; those who have a problematic history; and those who already enjoy a healthy profile. If you are looking for credit, we will make sure you find it, and ensure that it is the best possible match for you. How do we help you? We enable you to obtain your credit score instantly, in real time. We get your Credit Score online and provide a free Credit Health Analysis of your CIBIL or Equifax report. Based on the analysis, we help you discover loans and credit cards best suited for your credit profile. We help you understand your Credit Information Report (CIR) and offer practical and personalized recommendations, tailored to help you improve your score and become loan-eligible. We are a one-stop shop for all your credit needs. We make it easy for you to browse through and compare the various financial products on offer on the market; access our free and user-friendly online tools; and finally, enjoy a stress-free application process with quick approvals. We ensure that you have a high probability of being approved for the loan or credit card you apply for as we only suggest products pre-matched to your profile. We help you avoid loan rejection by carefully determining your eligibility and matching you with the right lender/product. We achieve this with a cutting edge combination of data science, technology and credit management that ensures that both lenders and borrowers have a transparent common platform to make their decisions. We treat your data with the utmost confidentiality and will never share or sell it to anyone. That is our CreditMantri guarantee. Our dedicated and best-in-class customer service will go the extra mile (or two) to support you on every step of your credit journey. Our 4,20,000 happy customers are our best testimonial.

CreditMantri is India’s No. 1 site for Credit Analysis and Free Credit Score Online. Let us help you take control of your credit goals and unlock the door to your financial freedom.