SBI Bank Personal Loan

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About SBI Bank Personal Loan

SBI Bank is one of the premier nationalised banks in the country, which is committed towards extending community services by making easy and reliable finances available to all categories of borrowers. In fact, they also extend special concessions to certain borrowers to ensure that everyone is able to get timely financial assistance for short-term personal use.

There are various schemes available under Personal Loans with SBI Bank that depend upon your employment status, whether you are service personnel, salaried individual, self-employed, or even a retired individual. You can be assured of competitive interest rates that allow you to make simple repayments, on time. These loans can be used to meet any unexpected expenses such as medical emergencies, travel or even other personal expenses such as weddings, higher education, or purchase of consumer durables.

SBI Bank Personal Loan Interest Rate December  2018

Interest rate

10.75% to 11.00%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

1% of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,162 Per Lakh

Why Choose SBI Bank Personal Loans?

SBI Bank is one of the most well known banks in the country offering an array of services to customers across India. When you are banking with SBI, you get the advantage of several years of experience in providing solutions to unique issues that are faced by customers. There are several advantages when you choose to bank with SBI such as:

  • Working with a 200 year old institution, established in the year 1806.
  • Availing services of the largest bank in India, which is also a Fortune 500 company.
  • Value based services that are based on ethics, sustainability, politeness, and transparency.
  • An array of services and products that extend from special services to rural sectors of India all the way up to NRI Banking and International Banking.
  • Pan India reach, which makes them extremely easy to access.
  • Availability of the best in banking technology such as core banking in all the branches, mobile banking and also internet banking services which has also earned them several IBA Banking Technology Awards.

Features and Benefits of SBI Bank Personal Loans

With SBI Bank Personal Loans, you can be assured that there is something for everyone. These loan plans are carefully designed to provide easy and quick short-term finance to meet any immediate financial requirement.

There are several beneficial features of these loans such as:

  • Low interest rates that make Personal Loans affordable to everyone.
  • Special concessions and subsidies are extended to selected category of borrowers.
  • Low processing time, which makes the loan available in time to meet any immediate requirement.
  • Maximum loan amount of almost 24 times your current net monthly income is available.
  • Special plans are available to retired individuals, which provide varied interest rates and repayment tenures based on the age of the borrower.
  • Easy repayment options to make sure that you never miss an equated monthly instalment (EMI).
  • Repayment tenure of up to 60 months which results in lower EMIs.
  • Transparent processing and documentation which makes it easier for you to apply for a loan.

SBI Bank Personal Loan Rate of Interest

The interest structure with SBI Bank Personal Loans depends upon the nature of your occupation and also the type of loan that you are applying for. Interest rates are low and highly competitive to make these plans more affordable to you. SBI Bank offers floating interest rates that are linked to marginal cost funds based lending rate (MCLR).

The interest rates on various loan plans are as follows:

Name of the Scheme

Type of Loan

Category of Borrower

2 year MCLR

Spread over 2 years

Effective Interest Rate

SBI Xpress Credit

Term Loan

 

For Defence personnel/ Para military/ Indian Coast Guard Salary Packages

 

8.60%

3.40%-3.90%

12.00% -12.50%

Overdraft

8.60%

3.90%-4.40%

12.50%-13%

Term Loan

For Other applicants

8.60%

3.40%-5.40%

12.00%- 14.00%

Overdraft

8.60%

3.90%- 6.40%

12.50%-15.00%

Term Loan

IT Employees

Scheme

8.60%

4.80%-6.80%

13.40%-15.40%

Term Loan

Non-Permanent Employees (Government Institutions)

8.60%

4.30%-6.40%

12.90%-15.00%

Term Loan

Non- Permanent Employees (Other cooperatives or institutions)

8.60%

5.50%-6.65%

13.65%-15.25%

SBI Xpress Power

Term Loan

All Borrowers

8.60%

3.50%-5.15%

12.10%-13.75%

 

Overdraft Facility

All Borrowers

 

8.60%

4.00%-5.65%

12.60%-14.25%

Pension Loan

Term Loan

All borrowers

8.60%

3.35%

11.95 %

XpressElite Scheme

 

For SBI Salary  Account Holders

8.60%

2.40%-3.90%

11%-12.50%

 

 

All borrowers

8.60%

2.65%-4.15%

11.25%-12.75%

 

Special Concessions on Rate of Interest:

Type of Loan

Criteria

Concession offered

SBI Xpress Credit

Where "Check Off" is Provided

50 bps in Rate of Interest

Loan Amount>=10,00,000

50 bps in Rate of Interest

SBI Xpress Power

Where "Check Off" is Provided

50 bps in Rate of Interest

Loan Amount>=10,00,000

50 bps in Rate of Interest

 

SBI Bank Bank Personal Loan Processing Fee and Other Charges

The processing fee depends upon the loan scheme chosen under SBI Bank Personal Loans. The processing fees are as follows:

 

Processing Fee for SBI Xpress Credit Loan

1% of the loan amount+ applicable taxes

Processing Fee for Xpress Power Loans

 

1% of the loan amount+ applicable taxes

Processing Fee for Loan to pensioners

NIL

Penal interest

A penal interest of 2% per annum is charged over and above any applicable interest rate on any overdue amount for the period of default. If a part of the EMI or part installment remains overdue, the penal interest will not be levied.

Prepayment Charges

Any prepayment of an EMI in full or part and closure of the account before the term ends will be subject to prepayment charges of 3% on the prepaid amount.

Prepayment and foreclosure charges are not applicable if the loan account is closed from the proceeds derived from a new loan account that is opened under the same scheme.

*There is No Processing Fee during the Festival Offer, i.e., till 30thNovember 2018.

Types of Personal Loans Offered by SBI Bank

SBI Bank provides you with various Personal Loan offers to choose from. These loan plans are specially designed to suit individuals across various fields of work at great interest rates and easy repayment conditions.

Here is a list of Personal Loans offered by SBI Bank

SBI Xpress Credit

 

Purpose of loan

 

This loan can be used to meet any sudden or unexpected expenses that include medical expenses and wedding expenses or for other personal requirements including domestic, social and financial obligations such as family functions, travel, purchase of consumer durables, higher education, debt repayment and more.

 

Quantum of loan

 

  • Term loan

Minimum: 25,000

Maximum: up to 24 times your current Net Monthly Income

 

  • Overdraft

Minimum: 5 Lakhs

Maximum: Up to 24 times your current Net Monthly Income

 

OD is subject to the monthly reduction in DP, so that DP becomes NIL in 5 years.

Repayment period

 

Maximum repayment of 60 months or remaining years of service, whichever is closer.

Provision for 2nd Loan

You have the option of taking a second loan after the first year of disbursal of the first loan. This is if the first loan has been conducted properly and has been regular at the time of second loan sanction. You cannot have more than 2 Xpress Credit Loan outstanding per borrower. This is subject to an EMI/NMI ratio of 50%


SBI Xpress Power Loan               

 

Purpose of loan

 

Loan is extended to all salaried individuals who currently do not hold a salary account with SBI Bank.

 

Quantum of loan

 

  • Term loan

Minimum:25,000

Maximum: Up to 24 times your current NMI subject to a maximum of 15 Lakhs

  • Overdraft

Minimum: 5 Lakhs

Maximum: 24 times the current NMI subject to a maximum of 15 Lakhs

Repayment tenure

 

Maximum repayment tenure of 60 months or the remainder of the individual's service, whichever is lesser.


Loans for Pensioners      

 

Purpose of loan

 

The purpose of this loan is to provide funding to pensioners who have retired from state or central government or defense units (who are drawing their pension from any of the SBI branch) to meet any personal expenses.

 

 

Quantum of loan

 

For central and state government pensioners

 

The minimum loan amount is 25000

Maximum loan amount is 18 months' pension which is subject to the following ceiling:

  • Up to 72 years of age: 14 Lakhs
  • More than 72 years but less than or equal to 74 years: 12 Lakhs
  • More than 74 years but less than or equal to 76 years: 7.50 Lakhs

Defense pensioners

Minimum amount of 25000 and maximum amount of 36 months with ceiling of 14 Lakhs for pensioners up to 56 years of age.

Maximum of 18 months' pension with a ceiling of

  • More than 56 years but less than or equal to 72 years: 14 Lakhs
  • More than 72 years but less than or equal to 74 years: 12 Lakhs
  • More than 74 years but less than or equal to 76 years: 7.50 Lakhs

For family pensioners including defense personnel

Minimum amount of 25000

Maximum of 18 months' pension with a ceiling of

  • Up to 72 years of age: 5 Lakhs
  • More than 72 years but less than or equal to 74 years: 4.5 Lakhs
  • More than 74 years but less than or equal to 76 years: 2.50 Lakhs

Repayment tenure

Category of borrower

Age at the time of loan sanction

Repayment period

Age at the time of full repayment

For central and state government pensioners

Up to 72 years of age

60 months

77 years

 

More than 72 years and up to 74 years

48 months

78 years

 

More than 74 years and up to 76 years

24 months

78 years

For defence pensioners

Up to 56 years of age

84 months

63 years

 

More than 56 years and up to 72 years

60 months

77 years

 

More than 72 years and up to 74 years

48 months

78 years

 

More than 74 years and up to 76 years

24 months

78 years

For family pensioners

Up to 72 years of age

60 months

77years

 

More than 72 years and up to 74 years

48 months

78 years

 

More than 74 years and up to 76 years

24 months

78 years

Repayment mode

A standing instruction must be provided to debit the pension account for recovery of the EMIs

Margin

NIL

Guarantee

  • TPG of spouse for family pension
  • In the absence of the spouse: TPG of any other family member or third party worth the loan amount.

SBI Bank Personal Loan Eligibility

Eligibility conditions for Personal Loans are as follows:

For SBI Xpress Credit Loan   

  • This loan is available to individuals working in the following sectors:
    • Central and state government
    • Quasi government
    • Central PSUs
    • Educational Institutions of National Repute
    • Profit making state PSUs
    • Selected Corporates who have a business relation with the bank.
    • Corporates who do not have a business relationship with the bank and also do not have ECR subject to certain terms and conditions.
    • The minimum take home salary should be at least 5000 per month.
    • The EMI/NMI ration must not exceed 50%.

For Xpress Power Loan

  • Loan is available to individuals who may not have a salary account with SBI.
  • The individual should be employed by the state government/ central government/ defenceestablishments, Quasi Government bodies, PSUs, educational institutions of national repute, select rated corporates.
  • The minimum gross monthly income should be 50,000.
  • The NMI should not be less than 50% of the gross monthly income after making all deductions including EMI.

Loans to Pensioners

In case of pensioners, the eligibility conditions vary as per the organisation that they are drawing pension from. These eligibility terms are as follows:

1. For Central and State Government Pensioners:

  • The applicant should not be more than 76 years of age.
  • In case of pensioners who receive pension by means of a cheque drawn in favour of the bank from Government treasuries should also be mentioned, as per the mandate of the pensioner. In these cases, the original Pension Payment Order will remain in the custody of the treasury and the pensioner must give a mandate to the Treasury for payment of pension through a particular branch of the bank.
  • The pensioner should furnish an irrevocable undertaking stating that he shall not amend his mandate to the treasury to pay his pension from the said branch during the tenure of the loan.
  • The concerned treasury provides in writing that they will not accept any request from the applicant to transfer the pension payment to any other bank until the bank issues an NOC. 

2. For Defence Personnel

  • The applicant should be a pensioner of the armed forces, which includes Air Force, Army, Paramilitary Forces, Coast Guards, Rashtriya Rifles, and Assam Rifles.
  • The Pension Payment Order should be with SBI Bank.
  • The maximum age at the time of loan application should be 76 years.

3. For Family Pensioners (Including Defence Family Pensioners)

  • The family pensioner, i.e, the spouse will receive pension after the death of the pensioner.
  • The family pensioner must not be more than 76 years of age.

Documents Required for SBI Bank Personal Loan

In order to complete your loan application process, you are required to furnish the following documents: 

1. For salaried employees:

  • Application duly filled along with 2 passport sized photographs
  • Proof of identity (Photocopy of PAN Card/ Passport/ Drivers' License/ Voters ID/ Aadhaar Card)
  • Proof of residence (photocopy of recent Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voter's ID Card)
  • Copy of Identity Card issued by employer
  • Last 6 months bank statement of account where salary is credited
  • Last 6 months' salary slip
  • Irrevocable letter of authority addressed to disbursing authority
  • Irrevocable letter of authority from person authorised to disburse salary

2. For other applicants:

  • Duly filled application form with 2 passport sized photographs
  • Proof of residence (photocopy of recent Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voter's ID Card)
  • Copy of Identity Card issued by employer
  • Last 6 months bank statement of account where salary is credited
  • Last 6 months' salary slip

Other SBI Bank Products

SBI Bank is known for providing their customers with unique financial solutions. For this, they have created an array of different products that are suited to various unique requirements of customers. The loan plans available with SBI Bank are:

Products Offered by SBI Bank

Big Bang Home Carnival Loan

NRI Home Loan

Flexipay Home Loan

 

Privilege Home Loan

Shaurya Home Loan

Pre-Approved Home Loan

Realty Home Loan

Home Top up Loan

Bridge Home Loan

Smart Home Top Up Loan

Insta Home Top Up Loan

Corporate Home Loan

Home Loan to Non-Salaried

Tribal Plus

Reverse Mortgage Loan

Commercial Real Estate Home Loan

Loan against property

SBI Suraksha

SBI Green Home Loans

SBI Max Gain

SBI New Car Loan Scheme

Certified Pre Owned Car Loan

SBI Loyalty Car Loan Scheme

Super Bike Loan Scheme

SBI Assured Car Loan Scheme

SBI Car Loan Lite Scheme

SBI Two wheeler loan scheme

Education Loans

Gold Loans

Loan against shares

SBI Loan Against Time Deposit

SBI Loan against Mutual Fund Units

Loan against SBI Dial Advantage Fund

Loan against sovereign Gold Bond

Rent Plus

Loan against mortgage of immovable property

SME Loans

SBI Account backed Loan

Fleet Finance Scheme

Mudra Yojna

How to Calculate EMI for SBI Bank Personal Loan?

The EMI of a particular loan scheme determines whether you can fit it into your budget or not. The EMI is an equated monthly instalment that you will pay towards the loan. You must be sure of the amount that you will be paying before you actually apply for the loan. You can calculate your EMI accurately using the EMI Calculator tool available on MyMoneyMantra. Enter the loan amount, interest rate, and tenure to calculate your exact EMI.

How Does CIBIL Score Affect SBI Bank Personal Loan?

Your creditworthiness is one of the biggest factors in determining your eligibility for any loan plan. With most banks, a CIBIL score of at least 700 is a must for you to be eligible for a loan plan. This determines your credit history and also your repayment history. The higher this credit score, the more eligible you are. In some cases, you also get lower interest rates based on your CIBIL score.

Why Apply for SBI Bank Personal Loan Through MyMoneyMantra?

MyMoneyMantra makes loan application easy for all its customers. With access to several financial institutions less than one portal, this is one of the easiest options available to compare various plans and schemes before choosing one that is suited to your requirements. From choosing your loan until the final disbursement of the loan, you will receive continued support from MyMoneyMantra to ensure that your application is free from any errors. This improves the turnaround time of the loan and also ensures that you get the right financial assistance when you need.

There are many more benefits of applying for a loan through MyMoneyMantra:

  • A great network of happy customers: We have provided financial services to over 2 million customers who vouch for great quality and reliability. This has enabled them to complete business worth 30,000 Crore which is a testimony to their speed and efficiency.
  • Access to financial advisors: From the time you register yourself with MyMoneyMantra, you will have access to financial advisors who can help you choose from a variety of products to suit your requirements perfectly. If you are unable to decide how much EMI you must commit to or what plan works best for you, they will help you by understanding your current financial situation and ensuring that any plan you choose fits into your budget.
  • Option of choosing from several products:The biggest advantage of choosing MyMoneyMantra is that you are able to find all the information that you need about various products under one single portal. They are connected to over 70 financial institutions including banks and non-banking financial companies (NBFCs). You have detailed information about each product offered by these organisations to help you understand if you are eligible for the plan and if you can fit it into your budget. Compare different products easily and make an informed financial decision with MyMoneyMantra.
  • Guarantee of best customer service:Besides a panel of financial advisors, you also have access to a network of over 2,500 relationship managers who work towards ensuring that you have a positive experience during your association with us. They will answer all your queries related to a loan application and will also help you with the actual application process itself.
  • Easy accessibility: MyMoneyMantra is an online platform, which makes it extremely accessible. In addition to that, they have extended their services to various cities in India. This means that you can find products and services that are applicable in almost all parts of the country.
  • Best financial tools:To help you understand in complete detail about all the loan products that are available, there are also several online tools available with MyMoneyMantra. This includes an EMI Calculator, a Bank Transfer Calculator, Prepayment Charges calculator and a Repayment Calculator as well. That way, you will be able to tell exactly how much you will be paying towards the loan and also the duration for which you will be making these payments.
  • Award winning products and services: For our unique services and for the large amount of business that we have completed successfully, we have received several accolades and awards. This includes over 100 banking awards under various categories, testifying their quality of work.

How to Apply for SBI Bank Personal Loan on MyMoneyMantra?

Applying for a loan on your own can be extremely tedious. It requires you to understand the several requirements of each institution and their terms and conditions to ensure that your application is completely error free.

To avoid this, we have broken down the loan application process into several simple steps that you can understand easily. This reduces the processing time of your loans as the documents required are in place. As a result, the turnaround period is also reduced.

In order to apply for a loan through MyMoneyMantra, you have to follow a few simple steps:

First, register with MyMoneyMantra by providing the following details:

  • Your gender
  • Name, phone number, and email ID
  • Nature of your current occupation
  • Details of your current income
  • Details of your current employer
  • Loan amount required

Based on the details that you have provided, a loan quotation is created stating several plans that suit your requirement and current financial condition. You can then choose the plan that suits you the best and then start the application process.

Before you apply for the loan, ensure that the necessary documents are in place for a MyMoneyMantra Executive to verify. Once these documents have been verified, the application is submitted to the bank. It is processed as per the norms of the bank. After the loan application has been approved, you will receive the sanction letter. The loan amount is disbursed as per the conditions stated in the letter. MyMoneyMantra will also provide you with any assistance that you need during loan disbursal, without any additional charges.

SBI Bank Customer Care

For queries, complaints or any other information, you have a dedicated customer service number as follows: 

24X7 toll free numbers

1800112211/18004253800

Other contact number

080-265599990

mailto: customercare@sbi.co.in

Email ID

Dgm.customerr@sbi.co.in

 

Write to:

Deputy General Manager,

Customer Service Dept.

State Bank of India,

State Bank Bhawan,

4th Floor

Madame Cama Road,

Mumbai-400021

SBI Personal Loan Latest News

  • Good news for SBI Customers: Bank offers cashback and huge discounts; here's how you can avail.

15th Oct 2018

Just a few days before the festive season, SBI offered several cashback offers and discounts to customers. These offers extend to booking and renting cabs, dining experience, medical needs, entertainment, travel and stay and a lot more. The bank collaborated with more than 60 e-commerce portals to make these offers available to customers.

  • Stock market update: SBI, BoB boost Nifty PSU Bank Index

28th Sep 2018

A steady gain is observed in major banking institutions such as IDBI Bank, Indian Bank and SBI Bank. SBI bank is up 1.75% and is one of the contributing factors for the Nifty PSU Bank index trading at 1.3% up.

  • SBI Targets 2 Lakh customers under wealth business service

20th Oct 2018

SBI Bank offers personalised banking services along with investment services to High Networth Individuals under the SBI Wealth Scheme. They plan to rake in close to 2 Lakh customers under this scheme over the next two years.

FREQUENTLY ASKED QUESTIONS

What can SBI Bank Personal Loans be used for?

Personal Loans with SBI bank may be used for any personal purposes acceptable to the bank, such as purchase of consumer durables - furniture, computers, fixtures, and furniture; Repairs and renovation of flat or house; Marriage and other religious ceremonies; Domestic or foreign tours and travels; Repayment of existing debt; Medical expenses for family members or self.

 Is any security required against this loan?           

There is no primary security required for Personal Loans with SBI Bank.

 What is the maximum loan amount available with SBI Bank Personal Loans?

You can get up to 24 times your monthly salary or up to 18 months' pension as maximum loan amount. This is subject to the ceiling based on the type of Personal Loan you are applying for.

 What is the maximum age at the time application for pensioner's loan?

An applicant should not be more than 76 years of age when applying for a Personal Loan.

What is the maximum repayment tenure for a Personal Loan with SBI Bank?

The maximum repayment tenure available is 60 months. In case of loans for pensioners, the repayment period varies according to the age of the applicant.

Are there any prepayment charges on SBI Personal Loans?

Any prepayment of an EMI in full or part and closure of the account before the term ends will be subject to prepayment charges of 3% on the prepaid amount. Prepayment and foreclosure charges are not applicable if the loan account is closed from the proceeds derived from a new loan account that is opened under the same scheme.

Is third party guarantee required for SBI Personal Loans?

Third party guarantee is only needed for SBI Pensioner loans as follows:

  • TPG of spouse for family pension
  • In the absence of the spouse: TPG of any other family member or third party worth the loan amount.

Should any margin be provided for SBI Bank Personal Loans?

SBI Bank does not require any margin in case of Personal Loans.

What is the EMI/NMI ratio necessary for these loans?

The EMI to NMI ratio should not be more than 50% for the individual to eligible for a Personal Loan.

What are the penal charges for any default in loan repayment?

A penal interest of 2% per annum is charged over and above any applicable interest rate on any overdue amount for the period of default. If a part of the EMI or part installment remains overdue, the penal interest will not be levied.