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SBI personal loan
Max Tenure
up to 6 years
Best Rate
15.65% p.a
Processing Fee
1.50%
Currently not available! for similar products
State Bank of India is one of the India’s largest public sector banks with a significant market share in assets, loans, and deposits. They offer personal loan from 10.30% p.a. for a loan amount of Rs. 35 Lakhs to the tune of 7 years. Whether it is your wedding, vacation, or any unplanned expenses, you can get instant approval with quick disbursal and minimum documentation on your SBI Personal Loan.
SBI Personal Loan Highlights
| Rate of interest | 10.30% p.a to 15.30% p.a |
| Minimum loan amount | Rs.1,00,000 to Rs.35,00,000 |
| Tenure | 6 Months to 84 Months |
| Tenure | 2% of the Prepaid Amount Nil If the Prepayment is done after the Loan Tenure of 3 years 100% Waiver for Defense Personnel if the loan is closed after 6 months of sanction 100% Waiver for Government/Corporate Sector if the loan is closed after 6 months of sanction 3% of the prepaid amount in all the takeover cases irrespective of the tenure |
| Processing Fees | Processing Fees of 1.50% of the Loan Amount + GST. Minimum of Rs.1000 and Maximum of Rs.15,000 |
| Penal Charges | Within 60 Days: 2.40% During the Loan Instalment Default Period Beyond 60 Days: 5% on the Outstanding Amount during the period of irregularity |
Features and Benefits of SBI Personal Loan
The following are the list of features and benefits available under the SBI Personal Loan Schemes. They are:
- Loan Amount: Up to Rs.35 Lakhs
- Interest: 10.30% p.a to 15.30% p.a
- Tenure: Up to 7 Years
- Processing Fees: Up to 1.5% of the Loan Amount + GST
- Minimal Documentation
- Flexible Repayment
- No Collateral Required
- Attractive Interest Rates
- Quick Disbursal
- No Hidden Costs
- Prepayment Facility
Types of SBI Personal Loan: Rate of Interest and Fees
The following are the different types of SBI Personal Loan available. They are:
SBI XPress Credit
SBI XPress Credit Personal Loan is available for individuals for meeting their weeding, vacation and unforeseen contingencies within matter of days. The following are some of the features of the SBI XPress Credit Personal Loan:
- Loan Amount: Rs.1,00,000 to Rs.35,00,000
- Interest: 10.30% p.a to 15.30% p.a
- Tenure: 6 Years or 72 Months
- Interest on Daily Reducing Balance
- Low Processing Charges
- Minimal Documentation
- Zero Hidden Costs
- No Security/No Guarantor
Eligibility:
- Individuals with a salary account with SBI
- Minimum Monthly Income of Rs.25,000
- Employment with Central/State/Quasi Government, Central/State PSUs, Nationally Reputed Educational Institutions, Selected Corporates
Pre-Approved Personal Loans
Available for individuals holding an account with SBI. You can avail the pre-approved loans from SBI instantly at your convenience 24 x 7. The following are some of the notable features of the Pre-approved Personal Loans. They are:
- Amount: Up to Rs.15,00,000 without any branch visits.
- Interest: Starting @10.30% p.a
- Tenure: 84 Months
- Low Processing Fees
- Instant Loan Processing & Disbursement
- No Physical Documentation/No Branch Visit
Eligibility:
To know the eligibility for the SBI Pre-approved Personal Loan, you need to send a message to
- PAPL < space > < last 4 digits of SBI Savings Bank Account No.>” to 567676 to check your eligibility
Real-Time XPress Credit
Real Time XPress Credit is a fully digitalized loan designed for customers maintaining a salary account with the bank. One of the main advantages of this loan is that the loan gets disbursed within a matter of minutes on the digital mode. Some of the features of the loan includes:
- Loan Amount: Rs.1,00,000 to Rs.35,00,000
- Interest: 10.30% to 15.30% p.a
- Available at YONO under Digital Document Execution and Direct Branch Facility.
- Aadhar OTP based e-sign of customer
- Step on Step email and SMS Communication system
- Entire loan approvement on digital process
- Instant loan disbursement
Eligibility:
- Individuals with regular salary income and maintaining their salary account with SBI
- Minimum Net Monthly Income of Rs.25,000
SBI Pre-Approved Pension Loan
Having an account with SBI can be even more rewarding with you availing the Pre-approved Pension loan as per your convenience through the YONO app or the SBI Internet Banking Some of the notable features of the loan includes:
- Loan Amount: Upto Rs. 5,00,000
- Interest: 11.60% p.a to 12.10% p.a
- Low Processing Fees
- Instant Approval and Quick Disbursal
- No Physical Documentation/No Branch Visits
- 100% Digital
Eligibility:
To check the eligibility of the loan, you need to send a message with
- “PAPL < space > < last 4 digits of SBI Savings Bank Account No.>” to 567676 to check your eligibility
Disclaimer: The features, process to apply and all other information specified above including rates, prices and other critical information are as of the date this page was created and are subject to change. For exact information, contact the relevant authority or refer to their respective official website.
How to Apply for SBI Personal Loan?
The following are the list of steps to apply for the SBI Personal Loan. They are:
- Duly filled Application form along with Passport Sized Photographs
- Address Proof: Ration Card/ Bank Account Statement/ Passport/ Driving License/ Any Utility Bills/ Sale Deed/ Property Purchase Agreement/ Aadhar Card
- Identity Proof: Passport/PAN Card/Voters ID Card/Driving License/Aadhar Card
- Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16
- ID Card of the Employer
- Irrevocable Letter of Authority from the Employer
- Any other documents as and when required by the SBI.
In case of availing the instant loan facility through the SBI YONO App the following are the series of steps that needs to be followed:
Step 1: Login to YONO app or Internet Banking
Step 2: Click on the PAPL Banner
Step 3: Enter PAN details and Date of Birth validation
Step 4: Select the period of the loan and the loan amount desired
Step 5: Fill in the OTP, the amount gets credited into your bank account in a matter of minutes.
Comparison of SBI Personal Loans with Other Lenders
The following table lists a detailed explanation in the tabular format of the comparison of the SBI Personal Loan with other big players.
| Banks | Interest Rate | Loan Amount | Tenure | Processing Fees |
|---|---|---|---|---|
| SBI | 11.45% p.a to 14.60% p.a | Upto Rs. 35 Lakhs | Loan Up to 7 Years | Waived Up to 31st March 2025 |
| HDFC Bank | 10.90% p.a to 24% p.a | Up to Rs. 40 Lakhs | Up to 5 Years | Rs. 6,500 + GST |
| ICICI Bank | 10.80% p.a to 16.50% p.a | Up to Rs. 50 Lakhs | Up to 6 Years | 2.50% of the Loan Amount |
| Axis Bank | 9.99% p.a to 22% p.a | Up to Rs. 40 Lakhs | Up to 7 Years | 1.5% p.a to 2% of the Loan Amount |
| Canara Bank | 9.95% p.a to 14.95% p.a | Up to Rs. 30 Lakhs | Up to 7 Years | 0.50% of the Loan Amount (Rs. 1000 to Rs. 5000) + GST |
| Central Bank of India | 11.90% p.a to 12.65% p.a | Up to Rs. 20 Lakhs | Up to 7 Years | Waived Up to 31st March 2025 |
| Indian Overseas Bank | 11.40% p.a to 12.40% p.a | Up to Rs. 15 Lakhs | Up to 5 Years | 0.40% to 0.50% of the Loan Amount |
Disclaimer: The features, process to apply and all other information specified above including rates, prices and other critical information are as of the date this page was created and are subject to change. For exact information, contact the relevant authority or refer to their respective official website.
SBI Personal Loan EMI Calculator
The SBI Personal Loan EMI Calculator helps you to conveniently calculate the EMI, the total interest payable and the total amount payable by you at the end of the tenure. It helps you determine the optimum tenure and the EMI of the SBI Personal Loan. And SBI always grants loan only in a way that your monthly EMI is not more than 50% of your loan amount.
You need to feed in your total amount, tenure, and the rate of interest. This will depict the exact EMI amount of your SBI Personal Loan.
Quick Links To Handle Your Personal Loan
SBI Personal Loan Customer Care
Dial 1800-11-2211 for more information/ applying through Contact Centre
Give a Missed Call on 7208933142 or SMS “PERSONAL” on 7208933145 to get a call back from our Contact Centre
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Given this type of data might change over time, we cannot guarantee that the information supplied or included within it, is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.
FAQs of SBI Personal Loans
1. What is SBI Personal Loan?
SBI Personal Loan is an unsecured personal loan that comes as a great help to you especially in times of pressing financial commitments.
2. What is the maximum amount, you will receive as loan from SBI Personal Loan?
Through the SBI Personal Loan, an individual with an SBI Salaried account can get a maximum amount of Rs.35,00,000.
3. What are the eligibility criteria for acquiring the SBI Personal Loan?
The eligibility criteria to acquire the SBI Personal loan includes an Indian citizen between the age of 21 and 58 years old, having a salaried account with SBI, a stable income, employed in a central/state/quasi government job or a reputed private sector enterprise, and any other criteria that is mentioned by the bank from time to time. Alternatively, you can send an SMS “PAPL < space >< last 4 digits of SBI Savings Bank Account No.>” to 567676 to check your eligibility.
4. Name some types of Personal Loans available with SBI.
Some of the types of Personal Loan includes SBI XPress Elite, XPRess Flexi, SBI XPress Credit, Pre-approved Personal Loans, Real Time XPress Credit, SBI Pension Loan are some of the types of personal loans available.
5. What is the minimum credit score required for getting the SBI Personal Loan?
Though SBI has not explicitly announced the minimum credit score. A minimum credit score of 750+ will easily carry you through to get the SBI Personal Loan.
6. Do I need a guarantor/security to apply for the SBI XPress Flexi loan?
There is no requirement for a guarantor or security to apply for the SBI XPress Flexi Loan.
7. Is there a way of paying the SBI Personal Loan online?
Yes. You can repay the SBI Personal Loan by paying the regular EMIs on time EMIs or giving standing instructions to deduct the amount directly from the bank. Alternatively, SBI also encourages you to make part pre-payment of your loan amount thus helping you to reduce your monthly EMIs.
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