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SBI Personal Loan – Interest Rates 2023, Eligibility, EMI, Apply Online

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Are you looking for personal loan from SBI – Check Interest Rates ✔ Processing Fee ✔ Tenure ✔ Monthly EMI ✔ Eligibility Criteria ✔ Loan Amount ✔ Documents ✔ Branch Address ✔ Customer Care ✔ Instant Approval ✔ Schemes.

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

  1. Lowest EMI
  2. No Security Required
  3. Minimal Documentation
  4. No Hidden Charges
  5. Door step service
  6. Loan up to 20 lakhs
  7. Tenure up 6 years

SBI Personal Loan Quick Apply

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Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

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
Minimum Income Rs.5000/-

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

  1. Minimum net monthly income should be : Rs. 5000/-
  2. EMI/NMI ratio should not be more than 50%

SBI Personal Loan Amount

  1. Minimum Rs. 25000/-
  2. Maximum 24 times of net monthly income or up to Rs. 20 lakhs.

SBI Personal Loan Overdraft Facility

  1. Minimum Rs. 5,00,000/-
  2. 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

  1. Minimum Salary required – Rs.7500/- per month
  2. Minimum Loan amount – Rs.24000/-
  3. Maximum Loan amount – 24 times of monthly income or 15 Lakh.
  4. Minimum repayment period – 6 Months
  5. 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

  1. Lowest interest rate.
  2. No hidden costs.
  3. No SBI salary account.
  4. Term Loans & Overdraft facility.
  5. Repayments through NACH / SI.

Eligibility of Xpress Power Personal Loan

  1. Non maintaining salary account with SBI
  2. Gross monthly income should be Rs. 50,000/-
  3. EMI/NMI ratio should be 50%
  4. Term Loan Amount- Rs. 25,000 to Rs. 15 lakhs
  5. Overdraft Amount – Rs. 5 lakhs to Rs. 15 lakhs
  6. 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 Year of gross income both under Term Loan and Overdraft facility.

Processing Fees for SBI Personal Loans

  1. Xpress Credit – 1% of the Loan Amount
  2. SBI Saral 2% – 3% of the Loan Amount
  3. SBI Career Loan 0.50% of the Loan Amount
  4. Loan for ESOPs Rs 2000 per application
  5. Equity Plus Rs 2000 per application
  6. Festival Loan 1% of the Loan amount

SBI Personal Loan Documents

  1. Photographs
  2. KYC- Id Proof / Address Proof / PAN card
  3. Income Proofs / Banking
  4. Form 16 (for salaried)

SBI Personal Loan Toll Free Number

  1. 1800 11 2211
  2. 1800 425 3800
  3. 080-26599990

Factors affecting SBI Personal Loan

  1. Personal Loan amount – If applicant apply for a higher sbi loan amount, your monthly EMI will be high as per loan amount.
  2.  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.
  3. 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

State Bank of India Personal Loan 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 SBI personal loan?

This is a unsecured loan and helps you to meet your financial requirements. You don’t usually need to pledge any asset as collateral or security for availing personal loan. It is totally based on your credit record and CIBIL Score.

How to apply for SBI personal loan?

You can apply easily online for personal loan at emicalculator-india.

What are the Interest Rates for Personal Loan from SBI?

Interest rate is the value that borrower have to pay on the principal loan amount.

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 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 for personal loan from State Bank?

You can choose a repayment period ranging from minimum 12 to maximum 60 months.

Can I foreclose or prepay my State Bank Personal Loan?

Yes, you can foreclose or prepay your personal loan, most of lender allow foreclosure after 12 EMI, it depend on lender to lender. And also you have to pay pre-closure charges of 2% – 5% of principle loan amount. For prepay, payment can be made through cash, cheque or demand draft.

What is processing fee charges?

Processing fee is depend on bank to bank and lender to lender basically it is 2-4% of sanction loan amount.

Top-up facility on existing Personal Loan?

Top Up facility is available for those who have paid 12 EMI on the existing Personal Loan. You can Place the request for Top up on existing Personal. The facility is based on your existing personal loan record.

How do I repay the Personal loan to SBI?

You can repay the loan in Equated Monthly Instalments (EMIs). You can pay your EMI through auto debit, ECS, PDC.

Who can become a co-applicant?

For self-employed: Son, Daughter, partners with at least 51% Stake to be taken co-applicant, one director to be taken co-applicant.

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