SBI PERSONAL LOAN

State Bank of India offers several personal loan schemes to customers; some popular ones are SBI Pension Loan, Xpress Credit Loan, Xpress Elite and Pre-approved Personal Loans. Funds availed with an SBI Personal Loan can be used to meet expenses for travel, family weddings, medical emergencies, home renovation, business expansion, debt consolidation, etc. Currently, SBI offers personal loans of up to Rs.20 lakhs at rates starting as low as 9.60%. 

Main Features of SBI Personal Loan 

Multiple Loan Schemes: SBI has a number of loan schemes designed for specific categories of borrowers such as salaried, self-employed, and pensioners. 

  1. Competitive Rate: SBI Personal Loans start at an interest rate starting at just 9.6% and is currently one of the lowest personal loan rates in the market. 
  2. High Loan Amount: A borrower can avail a loan amount of up to Rs.20 lakhs with an SBI Personal Loan.
  3. Flexible Loan Tenure: The tenure for an SBI Personal Loan ranges from 6 months up to 72 months. This gives a customer enough time to repay the loan comfortably. 
  4. Easy to Apply: You can avail of an SBI Personal Loan easily online on their website. It requires minimum documentation and quick processing.  

Different Types of SBI Personal Loans

Type of Personal LoanInterest Rate (p.a)
Xpress Elite Scheme Personal Loan 9.60% onwards 
Pension Loan (including pre-approved pension loan) 9.75% onwards 
Xpress Credit Personal Loan 10.60% onwards 
Xpress Credit Insta Top-Up Personal Loan 10.70% onwards 
Xpress Credit Non-Permanent Employees Personal Loan 11.50% onwards 
Pre-Approved Personal Loan (PAPL) 12.60% onwards 
Clean Overdraft Personal Loan 15.65% onwards 
Quick Personal Loan 10.85% onwards 

Below are the main features of various personal loan schemes offered by SBI. 

a) SBI Xpress Credit Personal Loan 

It’s easy to apply for an SBI Xpress Credit Personal Loan if you have a salary account with SBI. The credit availed from this loan can be used towards medical emergencies, weddings, vacations, etc. 

Features: 

  • The applicant must have a salary account with SBI. 
  • Loan amount ranging from Rs.25,000 to Rs.20 lakhs can be availed. 
  • The loan tenure ranges between 6 months and 60 months. 

b) SBI Xpress Bandhan 

This personal loan is perfect for borrowers who do not have a salary account with SBI.  

Features: 

  • The minimum gross monthly income to avail of this loan is Rs.50,000. 
  • It is designed for salaried employees of Defence Establishments/State Governments/Central Government, Quasi-Government, and a few other top private companies. 
  • The maximum EMI/NMI (Equated Monthly Installment/Net Monthly Income) ratio is 50%. 
  • The maximum and minimum term and overdraft loans sanctioned are as follows: 
Type of Xpress Bandhan LoanLoan Quantum
Term LoanMinimum Rs.25,000 and Maximum 24 times NMI subject to a maximum of Rs.15 lakhs  
OverdraftMinimum Rs. 5 lakh and  Maximum 24 times NMI subject to a maximum of Rs. 15 lakhs 

c) SBI Personal Loan for Pensioners 

As the name suggests, this SBI loan scheme is designed particularly for pensioners. 

Features: 

  • To be eligible to avail of this, a pensioner should not be over the age of 76. 
  • It can be availed by defense pensioners, central or state government pensioners, as well as family pensioners with SBI pension accounts. 
  • The maximum loan amount sanctioned under this scheme is Rs.14 lakhs. 

Features of SBI Personal Loan for Defense Pensioners: 

Age at the time of Loan sanctionMax Loan Amt (36 months Pension in Rs.) Repayment PeriodAge at the time of full Repayment 
Below 56 years 14 lakhs 84 months 63 years 
56 – 72 years 14 lakhs 60 months 77 years 
72 – 74 years12 lakhs 48 months 78 years 
74 – 76 years 7.50 lakhs 24 months 78 years 

Features of SBI Personal Loan for Central and State Pensioners: 

Age at the time of Loan sanction Max Loan Amt (18 months Pension or Rs.) Repayment Period Age at the time of full Repayment 
Below 72 14.00 lakh 60 months Up to 78 years 
72 – 74 years 12.00 lakh 48 months Up to 78 years 
74 – 76 years 7.50 lakh 24 months Up to 78 years 

Features of SBI Personal Loan for Family Pensioners: 

Age at the time of Loan sanction Max Loan Amt (18 months Pension or Rs.) Repayment Period Age at the time of full Repayment 
Below 72 5.00 lakh 60 months 77 years 
72 – 74 years 4.50 lakh 48 months 78 years 
74 – 76 years 2.50 lakh 24 months 78 years 

d) Pre-approved Personal Loans to Salaried & Pensioners on YONO App 

This is available to customers with a salary account or pension account with SBI. You can check if you are eligible for this loan by using the SBI YONO app and then apply directly on the app. Features of this loan include minimum documentation, low processing fee, and instant processing. 

SBI Personal Loan Interest Rate 

SBI Personal Loan interest rates vary depending on the scheme one opts for. Here’s a look at rates offered to the different category of borrowers. 

Xpress Credit 

For Defence/Paramilitary/ Indian Coast Guard Applicants:  

i) Term Loan: Interest is charged on the total sanctioned amount.  

2 year MCLR Spread over 2 year MCLR Effective Interest Rate with No Reset 
7.20% 3.40% – 3.90% 10.60% – 11.10% 

ii) Overdraft facility: Interest is charged on the borrowed amount. (This can be less than the sanctioned amount) 

2 year MCLR Spread over 2 year MCLR Effective Interest Rate with No Reset 
7.20% 3.90% – 4.40% 11.10% – 11.60% 

For Other Applicants: 

i)  Term Loan: Interest is charged on the total sanctioned amount.  

2 year MCLR Spread over 2 year MCLR Effective Interest Rate with No Reset 
7.20% 3.40% – 5.40% 10.60% – 12.60% 

ii) Overdraft facility: Interest is charged on the borrowed amount. (This can be less than the sanctioned amount) 

2 year MCLR Spread over 2 year MCLR Effective Interest Rate with No Reset 
7.20% 3.90% – 6.40% 11.10% – 13.10% 

Xpress Elite Scheme 

Customers who have a salary package account with SBI can avail of the below personal loan interest rate: 

2 year MCLR Spread over 2 year MCLR Effective Interest Rate with No Reset 
7.20% 2.40% – 3.90% 9.60% – 11.10% 

Customers who do not have an SBI salary package account can avail of the below personal loan interest rate: 

2 year MCLR Spread over 2 year MCLR Effective Interest Rate with No Reset 
7.20% 2.65% – 4.15% 9.85% – 11.35% 

Interest Rates for Other SBI Personal Loan Schemes 

For the remaining types of SBI personal loan, the interest rates are as mentioned below: 

Type of LoanInterest Rate
SBI Pension Loan (including PAPNL i.e. Pre-Approved Pension Loans) 9.75%-10.25% 
Clean Overdraft 15.65% 
Xpress Credit Insta Top-up 10.70% 
Pre-Approved Personal Loans (PAPL) 12.60% 

Existing customers with SBI salary accounts get 25 bps (0.25% per annum) concession on the card interest rate. 

SBI Personal Loan Top-Up 

An existing SBI personal loan borrower can avail of a top-up loan with the bank if they have maintained a regular repayment track record on their current SBI personal loan. Top-up loans are available at the same rate as a borrower’s current SBI personal loan interest.  It currently starts at 9.60%. 

Eligibility Criteria for SBI Personal Loan Schemes 

Here are the eligibility criteria for different SBI Personal Loan schemes. 

a) SBI Xpress Credit Personal Loan 

Criteria:  

  • The applicant must have a salary account with SBI. 
  • The applicant must have a minimum monthly net income of Rs.15,000. 
  • Borrower’s EMI/NMI ratio must be less than 50%. 
  • The borrower should be an employee of central or state govt./quasi govt. organization/central or state govt. PSUs/educational institutions of national repute/selected corporates. 

b) SBI Xpress Bandhan 

Criteria: 

  • The borrower must not have a salary account with SBI. 
  • Borrower’s minimum net monthly income must be Rs.50,000. 
  • The applicant’s EMI/NMI ratio must be maximum 50%. 
  • The applicant must be an employee of Central or State Govt., PSUs, Defence Establishments, Quasi Government Bodies, Select Rated Corporates, or Educational Institutions of National Repute.  

c) SBI Pension Loan 

Criteria for Central & State Government Pensioners: 

  • The applicant’s maximum age should be 76 years. 
  • Borrower must have an SBI pension account maintained in good standing throughout the loan tenure. 
  • Applicant must submit a declaration to treasury that prevents the pension account transfer to any other bank without an NOC issued by SBI. 

Criteria for Defence Pensioners: 

  • The applicant must be a pensioner of the armed forces such as Navy, Para-military Forces (e.g. CRPF, CISF, BSF, ITBP, etc.), Army, Air Force, Coast Guard, Rashtriya Rifles and Assam Rifles. 
  • The pensioner should be under the age of 76 years. 
  • The applicant’s pension payment order must be maintained with SBI. 

Criteria for Family Pensioners: 

  • The applicant should be below the age of 76 years. 
  • The borrower must be a family member of the pensioner authorized to receive the pension after the pensioner’s death. 

d)  Pre-approved Personal Loan on SBI YONO App 

  • Salaried individuals must have a salary account with SBI while pensioners must have a pension account with the bank. Non-salaried individuals must have a savings account with SBI with regular deposits. 
  • Non-salaried applicants must maintain the minimum monthly balance defined by the bank according to their account type. 

Documents Required for SBI Personal Loan 

Documents required for an SBI personal loan depends on the loan type one opts for. Here is a general list of documents the bank requires: 

Identity Proof: Passport, PAN, Driving License, Voter Identity Card, Aadhaar Card 

Income Proof: Bank Account Statement, ITR, Salary Slips, Form 16 

Address Proof: Ration Card, Passport, Driving License, Bank Account Statement, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card 

How to Calculate EMI for SBI Personal Loan 

Let’s say an individual earns Rs.50,000 per month and applies for an SBI Xpress Credit personal loan of Rs.1 lakh for a tenure of 2 years. If they are eligible for 9.60% interest rate, the EMI (Equated Monthly Installment) is Rs.4,596.  You can find out the EMI amount and tentative repayment schedule for a personal loan in seconds by using the Fincity Personal Loan EMI Calculator. 

SBI Personal Loan VS Other Lenders 

Below is a view of how SBI Personal Loan compares to personal loans offered by other lenders. 

ParticularsSBIHDFC BankAxis BankICICI BankBajaj Finserv
Interest Rate 9.60% onwards 10.75% onwards 12% to 24% 11.25% onwards 12.99% onwards 
Tenure 6 to 72 months 12 to 60 months 12 to 60 months 12 to 60 months 12 to 60 months 
Loan amount Max. Rs.20 lakhs Max. Rs.15 lakhs Min. Rs.50,000/Max. Rs.15 lakhs Max. Rs.20 lakhs Max. Rs.37 lakhs 
Processing Fee Up to 1.50% of the loan amount Up to 2.50% of loan amount 2% of loan principal + GST Up to 2.25% of loan amount + GST Up to 4.13% of the loan principal 

Fees and Other Charges 

Here’s a list of the processing fee and other charges levied by SBI for their personal loan schemes. 

a) SBI Xpress Credit Personal Loan 

Processing Fee 1.50% of the loan amount sanctioned (subject to minimum Rs.1,000 and maximum Rs. 15,000 plus applicable taxes) 
Penal Interest 2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default 
Prepayment charges 3% on loan principal prepaid. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan obtained under same scheme 

b) SBI Xpress Bandhan 

Processing Fee 1% of the Loan amount + Applicable tax 
Penal Interest 2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default 
Prepayment charges 3% on loan principal prepaid. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan obtained under same scheme 

c) SBI Pension Loan 

Processing Fee 0.50% of the loan amount + Tax for all other Pensioners including family Pensioners 
Penal Interest 2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default 
Prepayment Charge 3% on prepaid amount. No prepayment/ foreclosure charges if the account is closed from the proceeds of a new loan account under the same scheme. 

How to Apply for Personal Loan on SBI Portal 

Here are the steps to follow to apply for an SBI Personal loan on the bank website: 

  • Visit the SBI official website and click the loan scheme you are interested in. 
  • Enter the required loan-related details, professional and personal information. 
  • Click Submit and you’re done! You will be given a reference number that you can use to check your application status in the future. 

How to Check Your SBI Personal Loan Application Status 

You can easily check the status of your SBI Personal Loan application with the help of the loan reference number shared with you when you applied for the loan. Here are the steps: 

  • Visit the SBI official website and click the loan scheme you had applied for. 
  • Click on “Application Tracker” in the upper-right corner. 
  • Now, enter the loan reference number you received, and the mobile number entered during the loan application. 
  • Click on Track. 

You can also check your SBI Personal Loan status by calling the bank’s customer care number or by visiting the nearest SBI branch. In both cases, you will need to share your loan reference number. 

Things to Remember Before Applying for an SBI Personal Loan 

Here are some things to keep in mind before you apply for an SBI Personal Loan. 

  • Ensure You Have a Good Credit Score: SBI looks into your credit score before approving your personal loan application. A good credit score reflects disciplined credit behaviour and increases your creditworthiness. Make sure to maintain a credit score of 700 and above to increase your chances of loan approval.  
  • Reduce Your Debts: More debt takes away your repayment capacity and indicates financial stress. It’s advisable to pay off existing debts or at least minimize them before applying for a new personal loan. Try and maintain your debt-to-income ratio to under 50%.  
  • Borrow the Amount You Need: To lower loan cost, make sure to borrow only the amount you will need.  
  • Avoid Applying with Multiple Lenders: Applying for loans with multiple lenders leads to multiple enquiries, impacting your credit score. It also indicates to lenders that you are credit hungry. This may reduce your chances of getting a loan at a competitive rate. 
  • Pay Dues on Time: Make sure to not default on your current debts and EMIs and maintain a good repayment track record. This reflects disciplined credit behaviour and indicates to lenders that you are less likely to default on EMI payments for your future loans. 

Besides the above pointers, it’s also important to note that having an existing relationship with the bank makes getting your loan approval easier and may even get you a personal loan faster. In fact, some SBI Personal Loan schemes are specifically designed for borrowers who have a salary/pension/savings account with the bank. 

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