SBI Personal Loan Interest Rates in 2020

 

SBI offers Personal Loans at the lowest interest rates starting from 9.60%. You can avail personal loan from SBI is up to 15 lakhs & maximum tenure 5 years. whether you are service personnel, salaried individual, self-employed, or even a retired individual. 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 offers high loan amount.                       
  • Quick disbursal of funds.
  • Fast loan processing.                                     
  • Customer service is available 24×7.
  • Lowest interest rate makes SBI personal loan most affordable.
  • Specialized personal loan schemes and discounts b SBI.
  • SBI personal loan does not require any collateral or security.
  • Zero prepayment penalty.
Interest Rates   9.60%
Loan Amount Up to 25 Lakhs
Tenure 1 Year to 6 Years
Loan Processing Fee Up to 1% of the Loan amount
EMI Bounce Charges  400+ GST
Prepayment Charges 5% on principal outstanding + GST
EMI  1832 Per Lakh
 

Why Choose SBI Personal Loans?

  • SBI has best loan schemes for funding all your financial needs.
  • Personal loans at SBI comes with lowest rates of interest, making your loan affordable.
  • Quick loan processing and disbursal of funds into your account (within 1 to 7 days).
  • No penalty on prepayment of loan in part or full.
  • Pan India reach, pay online or from any SBI Branch or ATM.
  • Collateral-free loan
  • lowest processing fees compared to the other products available in the market.

SBI Personal Loan EMI Moratorium

As per the regulatory measures of RBI's COVID-19, SBI is deferring instalments and EMIs on its term loans that are outstanding between 01.03.2020 and 31.05.2020.

Here are the key highlights of the measures taken:

  • Customers can avail the benefits of deferment of their personal loan EMIs by submitting an application (Annex-I) with NACH (National Automated Clearing House Extension) mandate (Annexure-II) to cease NACH for these EMIs.
  • The application and NACH mandate can be sent by an e-mail to the specified email ID (Annexure-III).
  • To view and download the said annexures visit SBI?s official website
  • The above steps are for the customers whose EMI are collected through NACH
  • Other customers (whose EMIs are collected via standing instructions) can do so by submitting Annexure-I through an email to the specified email ID (i.e. Annexure-III).
  • Customers who DO NOT want to defer their instalments are not required to take any action
  • If you opt for deferment of EMIs, the interest will keep accruing  on the outstanding loan amount during the said moratorium period.

Features and Benefits of SBI Personal Loans

SBI Personal Loans 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.

  • Low interest rates that make Personal Loans affordable to everyone.
  • Special concessions and subsidies are extended to the selected category of borrowers.
  • Quick 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 pensioners, which provide varied interest rates and repayment tenures based on the age of the borrower.
  • Easy repayment options.
  • Repayment tenure of up to 60 months which results in lower EMIs.
  • Transparent processing and minimum documentation which makes it easier for you to apply for a loan.
  • No hidden charges applicable.

Compare Interest Rates of SBI Personal Schemes

The interest rates with SBI 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 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:

Xpress Credit Personal Loan

Type of Loan

Category of Borrower

Effective Interest Rate

Loan Amount

Term Loan

For Defence personnel

11.35% -11.85%

20 Lakhs

Overdraft

11.85% - 12.35%

20 Lakhs

Term Loan

For Other applicants

11.35% - 13.35%

20 Lakhs

Overdraft

11.85% - 14.35%

20 Lakhs

Term Loan

IT Employees

12.75% - 14.75%

20 Lakhs

 
Pension Loan

Type of Loan

Effective Interest Rate

Loan Amount

Term Loan

11.30%-11.80%

14 Lakhs

 
Xpress Elite Scheme

Category of Borrower

Effective Interest Rate

Loan Amount

For SBI Salary Account Holders

9.60% - 11.10%

  20 Lakhs

All borrowers

9.85% - 11.35%

20 Lakhs

 

Eligibility:

  • Salaried individuals having Salary Account with SBI and earning minimum monthly income of 15,000.
  • Pensioner below 76 years of age having pension payment order maintained with SBI

Benefits:

  • Low interest rates and processing fees
  • Minimal documentation
  • Zero hidden costs

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 Personal Loan Processing Fee and Other Charges

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 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 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 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/ defence establishments, 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 Personal Loan

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

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

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

How to Calculate EMI for SBI 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 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 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 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 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:secretarial@abhydayabank.net

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

SBI Extends COVID 19 EMI Moratorium Till Aug 31, 2020

Following RBI?s directions, SBI has extended EMI Moratorium by another three months till August 31, 2020 to ease cash flows of customers amidst COVID19 pandemic. The bank has sent SMS to eligible customers seeking their consent to continue Moratorium obtained in May 2020. A customers needs to reply yes to a designated virtual mobile number (VMN) mentioned in the SMS within five days to opt for EMI deferment. Read More

SBI Reduces Interest Rate on Savings Account to 2.75%

State Bank of India (SBI), the country?s largest lender, announced on 7th April 2020 that it has cut interest rates on its saving accounts by 25 basis points (bps).Read More

How to Opt for SBI COVID 19 Relief Moratorium & Also Get March EMI's Refund?

The largest lender of India has announced its step by step process to opt for COVID 19 Moratorium relief to its customers. All SBI customers are eligible to opt for deferment of the EMIs and interest payments on Term Loans & Credit Cards falling due from March 1, 2020, to 31 May 2020.Read More

SBI Q3 forayed into profits with better asset quality and rise in personal loans

SBI provisions saw a substantial dip during the Dec?19 Q3. The profits before tax for Q3FY20 at 10,970 crore have seen an increase of 65.74 per cent year-on-year (YoY) and 116.80 per cent sequentially. The assets quality saw improvement as Net NPA ratio was at 2.65 per cent, down 130 bps YoY and 14 bps QoQ. The steady growth is also seen in personal loans which grew by 17.49% YoY and reported at 7,19,766 crore.

SBI slashes MCLR making home loans and auto loans cheaper for FY20

SBI, India?s largest bank has cut its lending rates, making home loans and auto loans cheaper. SBI announced a reduction in MCLR (Marginal cost of lending rate)by 5 basis points across all tenors.  After rate revision, the 1-year MCLR goes down to 7.85% per annum from 7.90%, with effect from February 10, 2020. This is the ninth straight consecutive slash in MCLR in FY20. This will bring down the home loan and auto loan rates further, giving a reason to cheer for home loan and auto loan aspirants by making it more affordable.

SBI, Bank of Baroda, ICICI Bank and HDFC Bank gears to open 15,000 branches in FY21

Top-notch banks of India ?SBI, Bank of Baroda, ICICI Bank and HDFC Bank are all set to open 14000-15000 branches in FY21 under the government?s directive. With a mandate prescribed by the finance ministry, the banks are asked to open a branch within 15 Km radius of a village for providing banking access to the people nearby. The private counterparts have to open 600-700 branches each that would include village and panchayat regions for pushing the cheap credit facilities to these unbanked regions.

SBI underreports bad loans of 11,932 crore in FY19 to RBI

SBI underreports bad loans and their provisioning by 11,932 crores and 12,036 crores in FY 19 to RBI which is the highest figures reported so far. As per stock exchange filing reports on bank?s risk assessment, had the bank reported bad loans divergence would have resulted them a net loss of 6,968 crore in 2018-19 instead of its reported profit of ₹862 crore. However, the bank reported a hike in its net profit to 3,011.73 crores in the FY20 Q2 from 944.87 crores a year ago. Also, the asset quality got improved with fresh additions to bad loans approximately halving to 8,805 crore at the Sep?19. Gross NPAs as a total advances percentage reported to be at 7.2% in Q2.

SBI reports 3-fold increase in Q2 net profit to 3,012 crore

SBI has reported a mammoth increase of 218% in net profit to 3,012 crore in the second quarter of 2019. Also, the fresh slippages halved to 8,800 crore in Sep?19 Q2 as compared to 16,000 crores previous year quarter. The quality mark of the bank?s asset improved with gross non-performing asset(NPA) ratio reported to be at 7.19%, reduced by 276 bps yearly and 34 bps sequentially. Net NPA ratio was recorded at 2.79%, reduced by 205 bps YoY and 28 bps QoQ.

FAQs

What can SBI Personal Loans be used for?

Personal Loans with SBI 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 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 Personal Loans?

SBI 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.

OTP is sent to your mobile number

Enter OTP

OTP can't be left blank

Please enter valid OTP!

Resend OTP