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Personal loan is useful for medical emergencies, paying additional debts, marriage expenses, vacations, education and buy consumer durables and other personal finance requirements. SBI has several types of personal loans depend on borrower’s eligibility that are – Xpress Credit loan, Xpress Power Scheme, Xpress Power Scheme.
SBI Personal Loan Features
- Lowest EMI
- No Security Required
- Minimal Documentation
- No Hidden Charges
- Door step service
- Loan up to 20 lakhs
- Tenure up 6 years
SBI Personal Loan Quick Apply
SBI Personal Loan Interest Rates
|Interest Rates||10.50% – 13.50%|
|Processing Fee||1% of the Loan Amount + applicable Tax|
|Loan Amount||Rs 15.00 lacs.|
|Repayment Period||Up to 5 years|
विवरण प्राप्त करें – एसबीआई व्यक्तिगत ऋण
SBI Personal Loan Eligibility
Salaried employees, pensioners of central/state government/armed forces, self-employed businessmen an
d professionals with a regular source of income are eligible to avail Personal Loan.
SBI Personal Loan Income Criteria
- Minimum net monthly income should be : Rs. 5000/-
- EMI/NMI ratio should not be more than 50%
SBI Personal Loan Amount
- Minimum Rs. 25000/-
- Maximum 24 times of net monthly income or up to Rs. 20 lakhs.
SBI Personal Loan Overdraft Facility
- Minimum Rs. 5,00,000/-
- Maximum 24 times of net monthly income or up to Rs. 20 lakhs.
SBI Personal Loan – Repayment Mode
Check-off facility or Post Dated Cheques for the Repayment period given or SI from the borrower’s salary/ pension a/c with our Bank.
SBI Personal Loan Types
SBI Xpress Credit Personal Loan
If you required urgent fund for vacations or medical emergency you have to apply for xpress personal loan, It comes at lower interest rates, minimal documentation, Nil prepayment penalties & lowest processing fees.
Xpress Credit Personal loan comes at very competitive interest rates with fast and easy processing: for Central and state Government, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and Selected Corporate
- Minimum Salary required – Rs.7500/- per month
- Minimum Loan amount – Rs.24000/-
- Maximum Loan amount – 24 times of monthly income or 15 Lakh.
- Minimum repayment period – 6 Months
- Maximum repayment period – 5 years or 60 months
SBI Xpress Power Loan
Enjoy the freedom of instant funds with SBI Xpress Power even without having a salary account with SBI.
Features of Xpress Power Personal Loan
- Lowest interest rate.
- No hidden costs.
- No SBI salary account.
- Term Loans & Overdraft facility.
- Repayments through NACH / SI.
Eligibility of Xpress Power Personal Loan
- Non maintaining salary account with SBI
- Gross monthly income should be Rs. 50,000/-
- EMI/NMI ratio should be 50%
- Term Loan Amount- Rs. 25,000 to Rs. 15 lakhs
- Overdraft Amount – Rs. 5 lakhs to Rs. 15 lakhs
- Employee working with Central/State Government/Defence/Quasi Government Bodies/PSUs/Selected corporate/National Reputed Institutes.
SBI Pension Loan
Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles who’s Pension Payment Order is with us.There is no minimum age bar under the scheme. The Maximum age at the time of availment of loan should be 76 years.
Note: Maximum loan amount for School Teachers is capped at 1 Years of gross income both under Term Loan and Overdraft facility.
Processing Fees for SBI Personal Loans
- Xpress Credit – 1% of the Loan Amount
- SBI Saral 2% – 3% of the Loan Amount
- SBI Career Loan 0.50% of the Loan Amount
- Loan for ESOPs Rs 2000 per application
- Equity Plus Rs 2000 per application
- Festival Loan 1% of the Loan amount
SBI Personal Loan Documents
- KYC- Id Proof / Address Proof / PAN card
- Income Proofs / Banking
- Form 16 (for salaried)
SBI Personal Loan Toll Free Number
- 1800 11 2211
- 1800 425 3800
Factors affecting SBI Personal Loan
- Personal Loan amount – If applicant apply for a higher sbi loan amount, your monthly EMI will be high as per loan amount.
- SBI Bank Interest rate – If interest rates is the rate charged by SBI on your personal loan is higher interest rate increases your loan EMI.
- Loan Tenure – Lesser repayment period, increases emi. Longer loan tenure means lower personal loan EMI.
Example – Personal loan emi calculator gives you idea about monthly installment based on interest rate, tenure and loan amount, it show you emi, total interest to be paid and total amount (principal + interest). Below is the pre-calculated monthly is derived.
|Loan Amount||Tenure||Interest Rate||Monthly EMI||Total Amount||Total Interest|
|1 lakh||5 yrs||10.50%||₹2,149||₹1,28,963||₹28,963|
|1.5 lakh||5 yrs||10.50%||₹3,224||₹1,93,445||₹43,445|
|2 lakh||5 yrs||10.50%||₹4,299||₹2,57,927||₹57,927|
|2.5 lakh||5 yrs||10.50%||₹5,373||₹3,22,409||₹72,409|
|3 lakh||5 yrs||10.50%||₹6,448||₹3,86,890||₹86,890|
|3.5 lakh||5 yrs||10.50%||₹7,523||₹4,51,372||₹1,01,372|
|4 lakh||5 yrs||10.50%||₹8,598||₹5,15,854||₹1,15,854|
|4.5 lakh||5 yrs||10.50%||₹9,672||₹5,80,335||₹1,30,335|
|5 lakh||5 yrs||10.50%||₹10,747||₹6,44,817||₹1,44,817|
SBI Personal Loan FAQs – Frequently Asked Questions
It is an unsecured (do not put any type of security) loan provided by a bank and non-banking financial company (NBFC) based on – income, previous credit record, repayment capacity, employment type and more. Personal loan is available for salaried and self-employed.
What is personal loan?
How to apply for personal loan?
What are the Interest Rates for Personal Loan?
What is Personal Loan EMI Calculator?
What are eligibility criteria for Personal Loan?
- One must have a regular source of income.
- Salaried individual, self-employed business person or a professional both both are eligible.
- One must have proper credit record and good CIBIL.
- Final amount sanctioned will depend on your income and eligibility and some other factors as per the lender’s criteria.
What are the tenor options available?
Can I foreclose or prepay my Personal Loan?
What is the procedure to prepay my Personal Loan?
Is there any processing fee charges?
Do you offer top-up facility on existing Personal Loan?
How do I repay the Personal loan?
What are the loan tenure options for Personal Loan?
You can avail a personal loan amount up to Rs.20 lakh.
However, the final amount sanctioned will depend on your income, your CIBIL score and other eligibility criteria.
What is EMI?
Who can become a co-applicant?
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