SBI Personal Loan Details

Following are the SBI personal loan fees & Charges:

Interest RateStarting at 9.60% p.a.
Minimum loan amountRs. 25,000 for Term Loans and Rs. 5 Lakhs Overdraft Loans
Maximum loan amountRs. 20 Lakhs for Term Loans as well as for Overdraft Loans
Repayment tenure6 months to 6 years
Processing fee1.50% of loan amount (Min Rs.1,000 & Max Rs. 15000) + GST
Prepayment charges Nil, if the account is closed from the proceeds of a new loan account under the same scheme. 3% in other cases.
Minimum income requiredRs. 15,000
Eligibility age21 years to 58 years  

Features of SBI Personal Loan

State Bank of India Personal Loan have something for everyone. For emergency needs, you can avail of small instant loans by applying online.

  • Loan amount: For Term Loans, you can avail minimum  25,000 and maximum  20 lakhs or 24 times NMI (whichever is lesser). For Overdraft Loans the minimum loan amount available is  5 Lakhs and maximum loan limit is  20 lakhs or 24 times NMI (whichever is lesser).
  • Repayment tenure: You can repay the SBI instant personal loan amount within 72 months.
  • Low interest rates: SBI Personal Loan interest rates start at as low as 9.60% p.a. and can go up to 15.65% p.a., depending on the loan type, borrower's income and repayment capacity.
  • Low processing charges: Currently, there is a concession of up to 100% on SBI personal loan processing charges till 31.01.2022.
  • Easy process: The complete SBI loan process is smooth, instant, and easy.
  • Personal loan for all: The bank offers various schemes, such as SBI personal loan for govt employees, and so on to cater to the financial needs of all categories of borrowers.

Types of SBI Personal Loan

SBI Kavach Personal Loan

Get an instant loan of up to Rs. 5 lakhs under SBI Kavach Personal Loan for COVID treatment of self or your family members. This one of its kind loan comes at an interest rate starting from as low as 8.50% per annum and can be repaid easily in a tenure of up to 5 years, including the moratorium period of 3 months. You also get the reimbursement of expenses already incurred by you for COVID related medical expenses. With this loan scheme, the SBI bank aims to provide borrowers the access to instant monetary assistance during COVID 19 pandemic.

SBI Xpress Credit

  • This personal loan is offered to Salaried Employees who have salary accounts with SBI.
  • You can get up to a maximum of up to Rs. 20 Lakhs as the loan amount.
  • The maximum repayment period is 6 years.
  • SBI personal loan interest rate for salary account holders varies between 10.60% to 13.85% p.a.
  • 1.50% of the loan amount, minimum of Rs. 1,000 + GST & maximum of Rs. 15,000 + GST.

Pre-approved Personal Loans (PAPL) on YONO

  • If you have an account with SBI, you can avail Pre-approved Personal Loans instantly at your convenience through YONO app on 24*7 basis in just 4 clicks. At present, this loan is offered to a pre-selected category of customers on certain parameters pre-defined by SBI.
  • Interest rate varies between 9.60% to 12.60% p.a.
  • SBI offers low processing fee for Pre-Approved Loans through YONO.
  • To check your eligibility SMS "PAPL" to 567676.
  • These loans come with instant processing & disbursement in just 4 clicks.
  • You don't require any physical documentation for these loans.
  • No branch visit required.

SBI Quick Personal Loan

  • This personal loan is offered to Salaried Employees who do not maintain a Salary Account with SBI.
  • You can get up to a maximum of Rs. 20 Lakhs as the loan amount.
  • The maximum repayment period is 72 months.
  • Interest rate varies between 10.85% to 12.85% p.a.
  • Processing fee for this loan is 1.50% of the loan amount (minimum Rs. 1,000 & maximum  Rs. 15,000) + GST.
  • There is a provision for the second loan.

SBI Pension Loan

  • It is SBI personal loan for defence personnel, Central & State Government, and Family Pensioners who are below 76 years of age and whose Pension Payment Order is maintained with SBI.
  • The maximum loan amount offered is Rs. 14 Lakhs for Defence and Central & State Government Pensioners. For Family Pensioners, it is Rs. 5 Lakhs. Loan amount eligibility depends on borrower's age, pension income, age, repayment tenure, and other factors.
  • The maximum repayment tenure is up to 84 months for Defence Pensioners and 60 months for Family and Central & State Government Pensioners.
  • Interest rate varies between 9.75% to 10.25% p.a.
  • SBI offers 50% concession in the processing fee for SBI Pension Loan through branches till 31.01.2021.

SBI Personal Loan EMI Calculation 

The SBI Personal Loan EMI calculation can happen on the basis of reducing balance method, i.e., interest on your next EMI is calculated on the outstanding loan amount. This method reduces the interest outgo considerably.

SBI Personal Loan of  1 Lakh for different interest rates and tenures.

Applicable Interest RateRepayment TenureEMI (per lakh)Total InterestTotal Payment
9.60%1 yearRs. 8,773Rs. 5,276Rs. 1,05,276
10.70%2 yearRs. 4,647Rs. 11,525Rs. 1,11,525
11.50%3 yearRs. 3,298Rs. 18,714Rs. 1,18,714
12.60%4 yearRs. 2,663Rs. 27,821Rs. 1,27,821
15.65%6 yearRs. 2,150Rs. 54,797Rs. 1,54,797

Comparison of SBI Personal Loan VS Other Providers

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
SBI9.60% - 15.65%Up to 1.50% + GSTRs. 20 Lakhs
ICICI Bank11.25% - 21%Up to 2.25% + GSTRs. 20 Lakhs
HDFC Bank10.75% - 21.30%Up to 2.50% + GSTRs. 40 Lakhs
Bank of Baroda9.85% - 15.45%Up to 2% Rs. 10 Lakhs
Yes Bank13.99% - 16.99%Up to 2.50% + taxesRs. 40 Lakhs
Axis Bank10.49% - 24%Up to 2% + GSTRs. 15 Lakhs

SBI Personal Loan Documents Required

To complete your application, you need to furnish the following SBI personal loan documents:

Salaried employees & Self employed

  • Duly filled loan application & 2 passport sized photographs.
  • Proof of identity:
    • Photocopy of PAN Card
    • Passport
    • Driver's License
    • Voters ID
    • Aadhaar Card (any one).
  • Proof of residence:
    • Photocopy of recent Telephone Bill/Electricity Bill
    • Property Tax Receipt
    • Passport
    • Voter's ID Card (any one).
  • Proof of Income:
    • Copy of Identity Card issued by the employer.
    • Bank statement of last 6 months of account where salary is credited.
    • Income Tax Return.
    • Last 6 months' salary slip / bank statement.
    • Last 2 years ITR and account statements by Self Employed individuals.

How to check SBI Personal Loan Application Status?

After your SBI Personal Loan application is submitted you receive a reference number. Using this unique reference number you can check the status of your loan application.

Steps for checking SBI application status:

  • Visit the official SBI website.
  • Go to check the Personal Loan Application Status page.
  • Submit unique reference number (URN)
  • Enter mobile number with ISD code (91 for India)
  • Click on Track and status of application will be on screen.

SBI Personal Loan Interest Rates 

SBI personal loan interest rate 2021 depends on the type of loan applied for, applicant’s occupation, credit score and repayment capability, and the factors. You can apply for the loan online to get the best interest rate possible. Below is the list of current SBI personal loan interest rate:

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

Defence/ Paramilitary/ Indian Coast Guard Salary Account Holders
Term Loan10.60% to 11.10%
Overdraft11.10% to 11.60%
Other Applicants
Term Loan10.60% to 12.60%
Overdraft11.10% to 13.10%

Special 50 bps concession in the rate of interest is available to the following category of borrowers:

  • Customers getting loan amount of Rs. 10,00,000 or more.
  • Platinum Salary Package customers.
  • Central Public Sector Enterprises who are considered under ‘RATNA’ status.
  • Concession is subject to a maximum of 100 bps over the card rate.

2. Xpress Credit – Non-Permanent Employees

Type of ApplicantRate of Interest
Central/ State/ Quasi Govt., Central/ State PSUs, Defence Personnel, and Educational Institutions of National Repute11.50% to 13.60%
Co-operatives/ Institutions that are not covered under regular Xpress Credit scheme & Unrated Corporates12.25% to 13.85%

3. Xpress Elite Scheme

Type of ApplicantRate of Interest
SBI Salary Account Holders9.60% to 11.10%
Other than Salary Account Holders9.85% to 11.35%

4. Other Unsecured Personal Loans

SchemeRate of Interest
Pension Loan (including Pre-Approved Pension Loans)9.75% to 10.25%
Xpress Credit Insta Top-Up10.70%
Clean Overdraft15.65%
Pre-Approved Personal Loans12.60%
Special Pre-Approved Personal Loan9.60%
SBI Quick Personal Loans through CLP Portal

10.85% to 12.85%

*0.25% higher than Xpress credit scheme for all brackets

SBI Personal Loan Customer Care

24X7 toll free numbers: 1800112211/18004253800

Email ID:

Write to: 

Deputy General Manager,

Customer Service Dept.

State Bank Bhawan, 4th Floor, Madame Cama Road, Mumbai - 400021

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SBI Personal Loan FAQs

For what purposes can SBI Personal Loans be used for?

Personal Loans with SBI may be used for any personal purposes acceptable to the bank, such as the purchase of consumer durables (such as furniture, computers, etc.), repairs and renovation of flat or house, marriage and other religious ceremonies, domestic or foreign tours, repayment of existing debt, and medical expenses for family members or self. 

Do I need to provide any security against this loan?

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

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 the 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 part prepayment or foreclosure of the loan 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

The following third party guarantee is only needed for SBI Pensioner loans:

  • 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 instalment remains overdue, the penal interest will not be levied.

How can I check my SBI Personal Loan status?

Once you have applied for the loan, you can check your application’s status both online and offline. After you have applied, you will be given a reference number. By using this reference number and your registered mobile number, you can check your SBI personal loan status. All you need to do is follow the steps give below:

  • Visit SBI website and go to the personal loan section.
  • Click on ‘Apply Online’ and you will be directed to a separate page. 
  • Click on ‘Application Tracker’ given on the top right of the page.
  • A pop-up will appear, select ‘Track’ and ‘Retail Loan’.
  • Enter your reference number and registered mobile number. 
  • Click on ‘Track’ to see the status of your personal loan.

To check your SBI Loan status offline, visit the nearest SBI branch and take help of SBI official to check the status of your loan. You must carry all the relevant documents and you must also know your reference number to help the SBI official check your SBI personal loan status in a hassle-free manner.

How to get Personal Loan from SBI?

You can get personal loan from SBI through any of the following ways:

  • Apply online through MyMoneyMantra.
  • Apply online through SBI’s official website.
  • Apply through YONO mobile app of the bank.
  • Visit the nearest SBI branch.
  • Call the customer care team of the bank.
  • Send an email and the bank will revert.

Can a govt employee get a personal loan from SBI Bank?

Yes. There is SBI personal loan for govt employees as well. Government employees can get a personal loan at attractive interest rate and terms from SBI.