SBI Personal Loan interest rates start at 11% p.a. Apply loan amount up to Rs. 20 Lakhs for maximum repayment tenure of 72 months. Check loan eligibility online and get SBI instant Personal Loan approval for an attractive interest rate.
You are just a step away from the best Personal loan offer near you. MyMoneyMantra representative will contact you with the best cash loan offer as you share your contact name, email & mobile number.
Following are the State Bank of India Personal Loan fees & Charges:
|Interest Rate||Starting at 11% p.a.|
|Minimum loan amount||Rs. 25,000 for Term Loans and Rs. 5 Lakhs Overdraft Loans|
|Maximum loan amount||Rs. 20 Lakhs for Term Loans as well as for Overdraft Loans|
|Repayment tenure||6 months to 6 years|
|Processing fee||1.50% 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 required||Rs. 15,000|
|Eligibility age||21 years to 58 years|
SBI Personal Loan have something for everyone. For emergency needs, you can avail of small instant loans by applying online.
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 11% 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.
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 Rate||Repayment Tenure||EMI (per lakh)||Total Interest||Total Payment|
|10.30%||1 year||Rs. 8,806||Rs. 5,667||Rs. 1,05,276|
|10.70%||2 year||Rs. 4,647||Rs. 11,525||Rs. 1,11,525|
|11.50%||3 year||Rs. 3,298||Rs. 18,714||Rs. 1,18,714|
|12.60%||4 year||Rs. 2,663||Rs. 27,821||Rs. 1,27,821|
|15.65%||6 year||Rs. 2,150||Rs. 54,797||Rs. 1,54,797|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|SBI||11%||Up to 1.50% + GST||Rs. 20 Lakhs|
|ICICI Bank||10.75%||Up to 2.25% + GST||Rs. 20 Lakhs|
|HDFC Bank||10.50%||Up to 2.50% + GST||Rs. 40 Lakhs|
|Bank of Baroda||10.90%||Up to 2%||Rs. 10 Lakhs|
|Yes Bank||10.99%||Up to 2.50% + taxes||Rs. 40 Lakhs|
|Axis Bank||10.49%||Up to 2% + GST||Rs. 15 Lakhs|
To complete your application, you need to furnish the following SBI Personal Loan Documents:
Salaried employees & Self employed
After your SBI Personal Loan application is submitted you receive a reference number. Using this unique reference number you can check the SBI loan status of your application.
Steps for checking SBI application status:
SBI personal loan interest rate 2023 depends on the type of loan applied for, applicant’s occupation, cibil 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|
|Applicants of Central Govt./ State Govt./Railway/Police/Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status|
|Term Loan||11.00% - 13.50%|
|Term Loan||12.00% - 14.00%|
2. Xpress Credit – Non-Permanent Employees
|Type of Applicant||Rate of Interest|
|Central/ State/ Quasi Govt., Central/ State PSUs, Defence Personnel, and Educational Institutions of National Repute||10.90% - 12.40%|
|Co-operatives/ Institutions that are not covered under regular Xpress Credit scheme & Unrated Corporates||11.30% - 13.60%|
3. Xpress Elite Scheme
|Type of Applicant||Rate of Interest|
|SBI Salary Account Holders||11.00% - 11.50%|
|Other than Salary Account Holders||11.25% - 11.75%|
4. Other Unsecured Personal Loans
|Scheme||Rate of Interest|
|Pension Loan (including Pre-Approved Pension Loans)||11.15%|
|Xpress Credit Insta Top-Up||12.10%|
|Pre-Approved Personal Loans||11.05%|
|Jai Jawan Pension Loan||11.15%|
|SBI Quick Personal Loans through CLP Portal||11.25% - 12.95%|
|Pre-approved Insta Pension Top-Up||11.15%|
Find below SBI Personal Loan Customer Care Number & other details
24X7 toll free numbers: 1800112211/18004253800
Email ID: email@example.com
Deputy General Manager,
Customer Service Dept.
State Bank Bhawan, 4th Floor, Madame Cama Road, Mumbai - 400021
You can apply for SBI personal loan online through the official website of the bank, YONO mobile app offered by the bank, or through online lending marketplaces like MyMoneyMantra.
If you want SBI personal loan apply online through the website of the bank by following the steps mentioned below:
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.
Now get IDFC First Bank personal loan of Rs. 1 Lakh to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
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.
There is no primary security required for Personal Loans with SBI.
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.
An applicant should not be more than 76 years of age when applying for a Personal Loan.
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.
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.
Additional Info: Check NBFCs Vs Bank which is better option for personal loan.
The following third party guarantee is only needed for SBI Pensioner loans:
SBI does not require any margin in case of Personal Loans.
The EMI to NMI ratio should not be more than 50% for the individual to eligible for a Personal Loan.
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.
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:
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.
You can get personal loan from SBI through any of the following ways:
Additional Reading: Check CIBIL Score by Pan Card
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.