SBI Bank Personal Loan
Apply SBI Personal Loan Online @ 11.45% p.a. interest rates and loan amount up to Rs. 30 Lakhs for a maximum repayment tenure of 72 months. Check loan eligibility online and get SBI instant Personal Loan approval for an attractive interest rate.
Apply for SBI Bank Personal Loan @ 11.45% Interest Rates
SBI Personal Loan Online Details
Disclaimer: State Bank of India (SBI) is not a partner of MyMoneyMantra for personal loans. All information is for reference only. MyMoneyMantra has no affiliation, sponsorship, or connection with SBI for personal loans. For details on SBI personal loans, please contact SBI directly.
Following are the State Bank of India Personal Loan fees & charges:
| Interest Rate | 11.45% p.a. |
| Minimum loan amount | Rs. 1,00,000 |
| Maximum loan amount | Rs. 35 Lakhs |
| Repayment tenure | 6 months - 6 years |
| Processing fee | Up to 1.50% of the loan amount (minimum Rs.1,000 & max. Rs. 15,000) + GSTl; Waived from 01.09.2024 to 31.01.2025 as a special offer |
| Prepayment charges | Nil if if the loan account is closed after 3 years, otherwise 3% of the prepaid amount |
| Minimum income required | Rs. 25,000 |
Features of SBI Personal Loan
State Bank of India Personal Loans have something for everyone. For emergency needs, you can apply for small instant loans online.
- Loan amount: For term loans, you can avail yourself of a minimum of Rs. 3 lakhs and a maximum of Rs. 35 Lakhs, or 24 times your net monthly income. For Overdraft Loans, the minimum loan amount available is Rs. 1 Lakh, and the maximum loan limit is Rs. 25 Lakhs, subject to 24 times your net monthly income.
- Repayment tenure: You can repay the SBI instant personal loan amount within 6 to 72 months or the remaining service period (whichever is lower).
- Low interest rates: SBI personal loan interest rates start from as low as 11.45% p.a. and can go up to 14.60% p.a., depending on the loan type, borrower's income, and repayment capacity.
- Low processing charges: Up to 1.50% (maximum Rs. 15,000) plus GST. SBI is offering a 100% processing fee as a special offer from 01.09.2024 to 31.01.2025.
- Personal loan for all: The bank offers various schemes, such as SBI personal loans for govt employees, SBI personal loans for salaried/self-employed/ pensioners, and so on to cater to the financial needs of all categories of borrowers.
SBI Personal Loan Interest Rates
SBI personal loan interest rate 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 State Bank of India personal loan interest rates:
1. Xpress Credit Scheme (including Pre-Approved Xpress Credit/ Real-Time Xpress Credit/ RMP Xpress Credit)
| Applicants of Defence/ Central Armed Police/ Indian Coast Guard | |
| Term Loan | 11.45% - 12.95% p.a. |
| Applicants of Central Govt./ State Govt./ Railway/ Police/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status | |
| Term Loan | 11.60% - 14.10% p.a. |
| Applicants of Other Corporates | |
| Term Loan | 12.60% - 14.60% p.a. |
2. Xpress Elite Scheme (including Real-Time Xpress Credit Elite)
| Type of Applicant | Rate of Interest |
|---|---|
| Salary Account with SBI | 11.45% - 11.95% p.a. |
3. Xpress Flexi Scheme
| Type of Applicant | Rate of Interest |
|---|---|
| Overdraft Facility | 0.25% p.a. more than the Xpress Credit Scheme for Diamond Salary Package customers and the Xpress Elite Scheme for Platinum Salary Package customers |
4. Pre-Approved Personal Loans (PAPL) To Non-CSP Customers
| Scheme | Rate of Interest |
|---|---|
| Pre-Approved Personal Loans | 14.10% - 14.60% p.a. |
Types of SBI Personal Loans
SBI Xpress Elite
- SBI Xpress Elite is a customised personal loan scheme for all high-value salaried customers who have a Salary Account with SBI and earn a monthly income of Rs. 1 Lakh or more.
- The loan amount can be used for weddings, vacations, any unplanned emergency or planned purchase,
- Quick approval and disbursal with minimal documentation.
- Loan amount offered between Rs. 3 Lakhs to Rs. 35 Lakhs.
- Interest rate is charged on a daily reducing balance method and varies between 11.45% to 11.95% p.a.
- The processing fee is up to 1.50% of the loan amount (minimum Rs. 1,000 and maximum Rs. 15,000) + GST. Waived from 01.09.2024 till 31.01.2025 as a special offer.
- The repayment tenure is 6 to 72 months or the remaining service period (whichever is lower).
- Provision for second loan.
- No security or guarantor is required.
SBI Xpress Flexi
- It is an Overdraft Personal Loan for all salaried customers who have a monthly salary of Rs. 50,000 or above and have a Diamond/ Platinum/ Rhodium category Salary Package Account with SBI.
- The loan amount can be used for a wedding, vacation, unplanned emergency or planned purchase.
- The minimum overdraft amount available is Rs. 1 Lakh and the maximum is up to Rs. 25 Lakhs, with reduced Drawing Power.
- The interest rate of this scheme is 0.25% higher than the Xpress Credit scheme for Diamond Salary Package customers and the Xpress Elite scheme for Platinum Salary Package customers.
- The processing fee is up to 1.50% of the loan amount (minimum Rs. 1,000 and maximum Rs. 15,000) plus GST. The fee is waived from 01.09.2024 till 31.01.2025 as a special offer.
- You can deposit surplus funds in the loan account for a reduced interest burden.
- Auto liquidation at the end of the loan tenure.
- No annual maintenance charges, no security, and no guarantor.
SBI Real-Time Xpress Credit
- Real-Time Xpress Credit (RTXC) is an instant personal loan facility with a fully digitized loan journey designed for customers who maintain a Salary Package account with SBI.
- You can avail of loans between Rs. 1 Lakh to Rs. 35 Lakhs instantly at your convenience on 24*7 basis.
- The product is available on YONO under Digital Document Execution (DDE) and Non-DDE modes.
- The loan tenure ranges from 6 months to 72 months.
- The interest rate varies between 11.45% to 14.60% p.a.
- The processing fee is up to 1.50% of the loan amount (minimum Rs. 1,000 and maximum Rs. 15,000), plus GST. Waived from 01.09.2024 till 31.01.2025 as a special offer.
SBI Xpress Credit
- SBI Xpress Credit Personal Loan is offered to salaried employees who have salary accounts with SBI.
- Loan amount offered between Rs. 1 Lakh to Rs. 30 Lakhs.
- The repayment tenure is 6 months to 6 years or the remaining service period (whichever is lower).
- SBI personal loan interest rate for salary account holders varies between 11.45% to 14.60% pa.
- 1.50% of the loan amount, a minimum of Rs. 1,000 + GST, and a maximum of Rs. 15,000 + GST.
Pre-approved Personal Loans (PAPL) on YONO
- If you have an account with SBI, you can avail of SBI PAPL instantly at your convenience through the YONO app on a 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.
- The interest rate varies between 14.10% to 14.60% p.a.
- SBI offers low processing fees 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 is required.
SBI Pension Loan
- It is a State Bank of India 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 repayment tenure is up to 72 months (3 years for Insta Pension Loan Scheme Through YONO).
- The EMI/NMP ratio should be below 33% for Family Pensioners and below 50% for all other types of pensioners.
- No prepayment or foreclosure charges are levied if the account is closed from the proceeds of a new loan account under the same scheme.
SBI Personal Loan EMI Calculation
The SBI Personal Loan EMI calculation can happen based on the 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 EMI of Rs. 1 Lakh for different interest rates and tenures.
| Applicable Interest Rate | Repayment Tenure | EMI (per lakh) | Total Interest | Total Payment |
|---|---|---|---|---|
| 11.45% | 1 year | Rs. 8,859 | Rs. 6,310 | Rs. 1,06,310 |
| 12% | 2 year | Rs. 4,707 | Rs. 12,976 | Rs. 1,12,976 |
| 13% | 3 year | Rs. 3,369 | Rs. 21,298 | Rs. 1,21,298 |
| 14% | 4 year | Rs. 2,733 | Rs. 31,167 | Rs. 31,167 |
| 14.60% | 6 year | Rs. 2,093 | Rs. 50,684 | Rs. 1,50,684 |
Comparison of SBI Personal Loan VS Other Providers
| Name of Lender | Minimum Rate of Interest (per annum) | Processing Fee | Maximum Loan Limit |
|---|---|---|---|
| SBI | 11.45% | Up to 1.50% + GST | Rs. 35 Lakhs |
| ICICI Bank | 10.85% | Up to 2% + Taxes | Rs. 50 Lakhs |
| HDFC Bank | 10.75% | Up to Rs. 6,500 | Rs. 40 Lakhs |
| Bank of Baroda | 10.55% | Up to 2% + GST | Rs. 20 Lakhs |
| Yes Bank | 10.25% | Up to 2.5% + Taxes | Rs. 40 Lakhs |
| IDFC FIRST Bank | 10.99% | 2% | Rs. 5 Lakhs |
| Kotak Mahindra Bank | 10.99% | Up to 5% + Taxes | Rs. 35 Lakhs |
| TATA Capital | 10.99% | Up to 5.5% + GST | Rs. 35 Lakhs |
| Bajaj Finserv | 11% | Up to 3.93% | Rs. 40 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 (anyone)
- Proof of residence:
- Photocopy of recent Telephone Bill/Electricity Bill
- Property Tax Receipt
- Passport
- Voter's ID Card (anyone)
- 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 Apply for SBI Personal Loan?
You can apply for a State Bank of India personal loan online through the official website of the bank, SBI YONO mobile app offered by the bank, or through online lending marketplaces like MyMoneyMantra.
If you want an SBI personal loan apply online through the website of the bank by following the steps mentioned below:
- Visit the official website of the bank i.e. sbi.co.in.
- Click on the “Personal Loans” tab given under the “Loans” section.
- Compare all the personal loan options offered by SBI based on your requirements, eligibility, features of the scheme, and interest rates.
- Click on the “Apply Now” button.
- Fill in the online personal loan application form by entering the required details.
- Click on the “Submit” button.
- You will receive a call from the bank’s representative to guide you through the remaining process.
How to Check SBI Personal Loan Application Status?
After your State Bank of India Personal Loan application is submitted, you will 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:
- Visit the official SBI website.
- Go to check the Personal Loan Application Status page.
https://onlineapply.sbi.co.in/personal-banking/application-status - Submit unique reference number (URN)
- Enter your mobile number with ISD code (91 for India)
- Click on ‘Track’ and the status of the application will be on the screen.
SBI Personal Loan Customer Care
Find below the SBI Personal Loan Customer Care Number & other details:
- 24X7 toll-free numbers: 1800112211/18004253800/ 1800-1234/ 1800-2100/ 080-26599990
- Email ID: gm.customerr@sbi.co.in
- Write to:
Deputy General Manager,
Customer Service Dept.
State Bank Bhawan, 4th Floor, Madame Cama Road, Mumbai - 400021
SBI Bank Personal Loans FAQs
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 net monthly income 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 72 months. In the 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 up to 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.
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.
SBI does not require any margin for personal loans.
The EMI to NMI ratio should not be more than 65% for the individual to eligible for a personal loan (depending on the scheme type).
In the event of any installment payment default or any irregularity in the loan account, the following penal charges will be applicable:
- Irregularity up to 60 days: 2.40% p.a. on the irregular portion for the period of irregularity.
- Continuous irregularity for beyond 60 days: 5% p.a. on the outstanding for the period of irregularity.
Yes. There is an SBI personal loan for govt employees as well. Government employees can get a personal loan at attractive interest rates and terms from SBI.
You can send an SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676 to check your SBI Personal Loan eligibility for a pre-approved personal loan (PAPL). PAPL is an offer to selected customers only and will be available only after the fulfillment of the terms & conditions applicable.