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.
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:
A. For Defence/ Para-Military/ Indian Coast Guard Salary Package Applicants:
B. For Other Applicants:
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):
The interest rate for SBI salary package account holders ranges from 11.00% - 11.50% p.a.
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 12.00% - 14.00% p.a.
The interest rate for SBI Quick Personal Loans through CLP Portal ranges from 11.25% - 12.75% 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:
If you wish to apply for SBI personal loans, you must meet the following SBI Personal Loan Eligibility Criteria
If you want to apply for SBI personal loan online, you can easily do so through our online lending marketplace.
The minimum net monthly income required to apply for SBI Personal Loan is at least Rs. 15,000 or above.
The interest rate for the SBI Xpress Elite scheme for SBI salary account holders ranges from 11.00% - 11.50% p.a.