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SBI personal loan

SBI personal loan


Max Tenure

up to 6 years

Best Rate

15.65% p.a

Processing Fee


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Quick Links To Handle Your Personal Loan

SBI Personal Loans

SBI offers personal loans at an interest rate of 9.60% per annum onwards for loan amounts up to Rs. 20 Lakhs, and for loan tenures of up to 6 years. Apply for an SBI personal loan with CreditMantri and enjoy unlimited benefits.

Highlights of SBI Personal Loans

Interest Rate9.60% per annum
Loan AmountUp to Rs. 20 Lakhs
Minimum income requiredRs. 15,000
Loan TenureUpto 6 years
Processing FeesUpto 1.50% (Maximum Rs. 15,000)

Features and Benefits of SBI Personal Loan

  • Nil prepayment charges.
  • Good customer service.
  • Quick and easy loan approval.
  • Special schemes
  • and discounts to existing employers.
  • No hidden costs
  • Minimum documentation
  • Loan eligibility can be increased subject to the terms and conditions.
  • Lowest EMI
  • Provides personal loans for people belonging to a wide age group from 21 to 58 years.
  • Low processing fees.
  • High loan amounts.

Comparison With Other Lenders

LenderInterest RatesProcessing Fees
SBI10.30%-15.10%Up to 1.50%
HDFC 11.00% onwardsUp to 2.50%
ICICI10.75% onwardsUp to 2.50%
Citibank9.99% p.a. To 16.49% p.a. 0.25% to 3.00%
Axis 10.25% onwards 1.5% to 2%
IndusInd 11.00%2.5% onwards
Yes Bank 10.99% per annum onwards2.50% (one-time fee)
Shriram City 11.49% p.a. To 23% p.a.2.50%

Types of SBI Personal Loans

SBI XPress Credit

This loan is offered to salaried employees who are existing customers of SBI. The features of the SBI XPress Credit personal loan are as follows:
  • Low processing fees.
  • Loan amount of up to Rs. 20 Lakhs.
  • Lowest interest rate offered is in the range of 10.60% p.a. and 13.10% p.a.

SBI Pension Loan

This loan is given to defense personnel, central and state government employees, and family pensioners who are below 76 years of age and whose pension payment order is maintained with SBI. The features of this loan are:
  • Quick disbursal of loan amount
  • Low processing fees
  • Minimal documentation required
  • Interest rate is in the range of 9.60% p.a. to 12.60% p.a.
  • Loan amount should be up to Rs. 14 Lakhs

SBI XPress Bandhan

  • You can apply for this loan even if you do not maintain an account with the bank.
  • Your minimum gross monthly income should be at least Rs. 50,000
  • Repayment duration is up to 5 years or the remaining years of service, whichever is lower.
  • Interest rates are given as per the bank’s discretion.
  • Loan amounts up to Rs. 15 Lakhs can be availed.

SBI Pre-approved Personal Loans (PAPL)

This pre-approved personal loan is also known as SBI Yono Pre-approved Personal Loan. It is offered to savings account holders of SBI through the SBI YONO App. The features of SBI pre-approved personal loans are as follows:
  • Use the YONO app to avail this loan from the comfort of your home
  • The service is available 24/7
  • The bank will determine the eligibility for this loan
  • You can SMS “PAPL last 4 digits of Account No.” to 567676 to check your eligibility,
  • The interest rate starts from 12.60% per annum

SBI Kavach Personal Loans

You can take this loan if you or any member of your family is diagnosed with Covid-19 or if you are in need of money for treatment. You will have to provide the report for the same. The features of the SBI Kavach Personal loans are as follows:

  • No processing fees
  • No collateral required or no other fees charged
  • Repayment tenure is 5 years with a moratorium period of 3 months offered.
  • The interest rate charged is 8.50%
  • Maximum loan amounts up to Rs. 20 Lakhs

SBI QUICK Personal Loan

It is a personal loan for salaried individuals who do not maintain the salary account with SBI. The features of the SBI Quick Personal Loan are as follows:

  • Loan can be availed even if there is no existing account with SBI
  • Loan amounts up to Rs.20 Lakhs.
  • Minimum monthly income of Rs. 15,000
  • The interest rate range: 10.85% p.a. - 12.85% p.a.

SBI Personal Loan Interest Rates and Fees

Loan TypeInterest RateProcessing FeePrepayment ChargePenal Interest
XPress Credit10.60 percent per annum to 13.10% per annum1% of the loan amount + tax3% on prepaid amount2% per month
XPress Bandhan At the discretion of the bank1% of the loan amount and applicable tax--
SBI Pension Loan 9.60% per annum to 12.60% per annum0.50% of the loan amount + applicable taxes (Minimum Rs. 250)--
SBI pre-approved personal loans (PAPL)12.60% per annumAt the discretion of the bank--
SBI Kavach Personal Loan8.50% per annum---
SBI Quick personal loans10.85% p.a. to 12.85% p.a.1.5% of the loan amount3% on the prepaid amount2% per month

Eligibility Criteria For SBI Personal Loans

SBI XPress Credit

  • Net monthly income: At Least Rs. 15,000
  • Employees of central and state governments, central and state PSUs, educational institutions with a national reputation, or quasi-government.
  • Specific corporates which have a solely business relationship with SBI
  • The EMI/NMI Ratio: Not more than 50%.
  • Companies which do not possess any business relationship with SBI or any Emigration Check Required (ECR), subject to specific terms and conditions.

SBI Pension Loan

  • Central or state government pensioners, defense pensioners, or family pensioners
  • The pensioner and the family pensioner’s age: Not more than 76 years.
  • For pensioners whose pension is disbursed by government treasuries, they will have to give a mandate to the treasury to make the pension payment to the particular bank’s branch.
  • A defense pensioner can be a pensioner of the armed forces.

SBI XPress Bandhan

  • You can apply for this loan even if you don’t have an existing account with the bank.
  • Income: Rs. 50,000
  • Repayment duration: The lower among 5 years or the remaining years of service

SBI Pre-approved Personal Loans (PAPL)

To find out whether you are eligible for a pre-approved loan from SBI, send an SMS in this format - “PAPL last 4 digits of SBI Savings Bank Account 567676.

SBI Kavach Personal Loan

  • You or any member of your family should be diagnosed with Covid-19
  • You must also be able to give a report of proof not more than 30 days old

SBI Quick Personal Loan

  • You should have a salary account with another bank.
  • The minimum and maximum ages: 21 and 58 years respectively.
  • Work experience: At least one year.
  • Monthly income: Rs.15,000 at least.

Documents Required For SBI Personal Loans

  • Identity Proof: PAN Card/Voter ID/Driving License/Passport
  • Income Proof: Latest salary slip/Form 16/last 6 months account statement audited/ITR returns for the last 2 years
  • Address Proof: Landline Bill/Electricity Bill/Ration Card/Voter ID/Passport
  • Other related documents: Check-off letter from employer

How To Apply For An SBI Personal Loan?

After you read and understand the details about SBI personal loan on CreditMantri, you can apply for it.

Online Via The SBI Bank’s Website

1) On the official website of SBI, choose the loan you want to apply

2) Click ‘More Information’ to know more about the loan.

3) Click ‘Apply Now’ or ‘Avail Now’.

4) You will be redirected to the application form

5) Add the details asked, and submit the application.


Go to the nearest branch of SBI Bank. Get the personal loan application form from the branch. Completely fill in the details and submit the application form at the branch.

SBI Personal Loan Customer Care

SBI has efficient personal loan customer care services. If individuals who have applied for personal loans with SBI want to get any queries regarding the personal loan resolved or track their application status, then they can contact SBI personal loan customer care. You can contact SBI Personal Loan Customer Care through the following ways:

  • Customer care helpline numbers: 1800 11 2211 (toll-free), 1800 425 3800 (toll-free) or 080 – 2659 9990 (landline, standard call rates apply). These numbers can be reached 24 x 7 all 365 days of the year and accessible to customers PAN India.
  • Email: Customers can also send in their queries to the customer care team via email:
  • Postal Mail: Customers can send in their queries to the following address:

    Customer Service Department

    State Bank of India

    State Bank Bhavan, 16th Floor

    Madam Cama Road,

    Mumbai 400 021

SBI Bank Personal Loan Interest Rates

SBI personal loan interest rates vary based on the type of personal loan chosen. For instance, the interest rate for SBI XPress Credit personal loan is 10.60 percent per annum to 13.10% per annum, for SBI Pension Loan is 9.60% per annum to 12.60% per annum, and for SBI Kavach Personal Loan is 8.50% per annum. The various other factors that affect SBI Personal loan interest rates are credit score, loan amount, loan tenure, nature of employment, employment stability, and more.

SBI Bank Personal Loan Eligibility

SBI personal loan eligibility is based on various factors, such as credit score, employment history, applicant’s age, income, and so on. Before you apply for a personal loan with SBI, make sure you satisfy the eligibility criteria. In this way, you can make sure that the application does not get rejected.

SBI Bank Personal Loan Status Check

If you have applied for a personal loan through SBI, then you can track the application status through the following ways:

  • By contacting customer care
  • By visiting the bank’s branch
  • Tracking the personal loan application through the mobile number, date of birth, reference number, and netbanking.

FAQs of SBI Personal Loans

1. What is the minimum credit score needed for availing SBI personal loan?

Although SBI has stated its cut-off credit score, applicants who have a credit score of above 750 have higher chances of getting a personal loan.

2. How much personal loan can I get from SBI on a salary account?

You can obtain a personal loan of up to Rs. 30 Lakhs if you are a salaried employee. The bank provides personal loans at affordable rates with low processing fees and zero hidden costs. However, you have to fulfill the eligibility criteria set by SBI to get the loan on the best terms. If you fulfill the eligibility criteria, the SBI personal loan calculator will provide you with the best loan offers depending on your salary.

3. How much work experience is required to get a personal loan from SBI?

To get a personal loan from SBI, you must have a minimum work experience of 12 months.

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