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SBI Personal Loan Interest Rate for Salary Account

Updated on: 26 May 2022 // 19 min read // Personal Loans
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All of us go through a financial crisis at least once in our lifetime. During those times, we seek financial support from external sources. There are various ways to get funds in emergency situations and a personal loan is the most popular alternative amongst all.

If you are a salaried person, getting a personal loan is much easier as most banks offer personal loans for salaried employees at lower interest rates and processing fees than for non-salaried applicants.

Many top banks and NBFCs (non-banking financial companies) in India offer personal loan schemes to salaried individuals and SBI is one of the best such lenders.

Latest News:

Special Offer for Salary Account Holders in SBI
SBI has announced the launch of a new personal loan product for salary account holders under its flagship personal loan product Xpress Credit on YONO. The new product is Real Time Xpress Credit (RTXC) and it will allow salaried customers to avail of personal loans up to Rs. 35 Lakhs without any paperwork. Customers will no longer be required to visit the branch as the entire process will be paperless. The end-to-end journey of just 8 steps will be easy and instant for the customers.
Under the new product, central, state government and defence salaried customers of SBI can apply for loans. The credit checks, eligibility, approval and documentation will be done in real-time digitally.

SBI personal loan interest rate for salary account holders is lower than self-employed persons.

Here are the details of SBI personal loan interest rates for various personal loan schemes for salaried people:

1. SBI Xpress Credit (including Pre-Approved Xpress Credit)

A. For Defence/ Para-Military/ Indian Coast Guard Salary Package Applicants:

  • The interest rate for the Term Loan facility ranges from 10.60% to 11.10% p.a.
  • The interest rate for the Overdraft facility ranges from 11.10% to 11.60% p.a. 

B. For Other Applicants:

  • The interest rate for the Term Loan facility ranges from 10.60% to 12.60% p.a. 
  • The interest rate for the Overdraft facility ranges from 11.10% to 13.10% p.a. 

SBI offers special concessions for the following categories of borrowers under Xpress Credit scheme (Subject to a maximum concession of total 100 bps over the card rate):

2. Xpress Elite Scheme

The interest rate for SBI salary package account holders ranges from 9.60% to 11.10% p.a.

3. Xpress Credit - Non-Permanent Employees (NPES)

The interest rate for Central and State Government, Quasi-Government, Central PSUs, Defence personnel, State PSUs, and Educational Institutions of National Repute ranges from 11.50% to 13.60% p.a.
The interest rate for Co-operatives or Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates ranges from 12.25% to 13.85% p.a. 

4. SBI Quick Personal Loans through CLP Portal

The interest rate for SBI Quick Personal Loans through CLP Portal ranges from 10.85% to 12.85% p.a., which is 0.25% higher than the Xpress credit scheme for all brackets.
Apart from the interest rates mentioned above, applicants also have to pay a processing fee of up to 1.50% of the sanctioned loan amount plus applicable GST. 
SBI personal loan interest rates are affordable and make your loan repayment more convenient for you. You can avail the following attractive features with SBI personal loans:

SBI Personal Loan Features and Benefits

  • Minimum loan amount: Rs. 25,000 for Term Loans and Rs. 5 Lakhs for Overdraft Loans.
  • Maximum loan amount: Rs. 20 Lakhs/ 24 times NMI (net monthly income) for Term Loans as well as Overdraft Loans.
  • You can avail the second loan any time after the disbursement of the first loan, subject to the overall EMI/NMI ratio of 50%. You must repay EMIs of the first loan regularly to be eligible for the second loan.
  • Low-interest rates starting from just 9.60% p.a.
  • Interest rate charged on daily reducing balance method.
  • Low processing charges are applicable on the loan.
  • Minimal documentation required for the loan
  • Zero hidden costs applicable.
  • No security or guarantor is required.

If you wish to apply for SBI personal loans, you must meet the following SBI Personal Loan Eligibility Criteria

SBI Personal Loan Eligibility

  • Individuals with Salary Account with SBI or any other bank are eligible.
  • The minimum net monthly income of the applicant must be at least Rs. 15,000.
  • The EMI/NMI (Equated Monthly Instalment/Net Monthly Income) Ratio should be less than 50%.
  • Applicants must be aged between 21 and 58 years.
  • Applicants must have a minimum service of at least 1 year.
  • Employees should be working with any of the below:
    • Central/ state/quasi-government
    • Central PSUS and profit-making state PSUs
    • Educational institutions of national repute
    • Corporate (Private & Public Ltd.)
    • Selected corporates with/ without a relationship with the bank

If you want to apply for SBI personal loan online, you can easily do so through our online lending marketplace. 

FAQs


What minimum salary is required for SBI Personal loan from a salary account?

The minimum net monthly income required to apply for SBI Personal Loan is at least Rs. 15,000 or above.

Who can take a SBI personal loan from a salary account?

  • Individuals with Salary Account with SBI or any other bank are eligible.
  • The minimum net monthly income of the applicant must be at least Rs. 15,000.
  • The EMI/NMI (Equated Monthly Instalment/Net Monthly Income) Ratio should be less than 50%.
  • Applicants must be aged between 21 and 58 years.
  • Applicants must have a minimum service of at least 1 year.
  • Employees should be working with any of the below:
  • Central/ state/quasi-government
  • Central PSUS and profit-making state PSUs
  • Educational institutions of national repute
  • Corporate (Private & Public Ltd.)
  • Selected corporates with/ without a relationship with the bank

What should be the EMI/NMI ratio for availing of an SBI personal loan?

  • The EMI/NMI (Equated Monthly Instalment/Net Monthly Income) Ratio should be less than 50% to avail of an SBI personal loan.

What is the current rate of interest for the SBI Xpress Elite Scheme for salary account holders?

The interest rate for the SBI Xpress Elite scheme for SBI salary account holders ranges from 9.60% to 11.10% p.a.