SBI Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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SBI Personal Loan Eligibility

During the course of life, an individual has multiple events when the individual needs lump sum cash. Sometimes, savings are adequate to fund these requirements but there are times or emergencies when the individual falls short of savings. During these times, a Personal Loan from a reputed bank like SBI helps secure funding.

Being India's largest bank with a vast number of branches, SBI Personal Loan is the preferred choice among borrowers. Low processing fees, seasonal offers, and attractive interest and payment terms are some of the reasons why borrowers trust SBI for Personal Loans.

Personal Loan is an unsecured loan and hence you need not submit any security or collateral for availing a Personal Loan from SBI. The bank has a diverse range of Personal Loan products like business expansion, debt consolidation, a foreign trip, marriage, home renovation, emergency medical expenses, and so on, depending on the need and eligibility of the borrowers.

Generally, SBI provides an individual a loan of up to 24 times their net monthly income. SBI allows an individual to apply online or by visiting the bank branch. The processing time for a Personal Loan at SBI is generally 2-7 days after submission of all relevant and correct documents.

SBI Personal Loan Interest Rates

SBI offers a diverse range of Personal Loan products depending on the duration and the need of the borrower. Special categories of borrowers who have a long relationship with SBI can get customised loan rates and favorable payment terms.

The interest rates for some of the key Personal Loan products offered by SBI are as given below:

Product Interest Rate

Xpress Credit

12.05% - 15.55%

Xpress Power Scheme

12.15% - 14.30%

Xpress Credit - IT Employees Scheme

13.45% - 15.45%

Xpress Elite Scheme

11.05% - 12.80%

Xpress Credit - Non-Permanent Employees (NPES)

12.95% - 15.30%

Other Unsecured Personal Loans

12% - 17.10%

Why Opt for SBI Personal Loans

State Bank of India is India's largest public sector bank with the maximum number of bank branches throughout the country. Some reasons why people choose Personal Loans by SBI are given below:

  • Transparency in the procedure for granting Personal Loans
  • Attractive interest rates
  • SBI brand name and trust associated with it through decades of association
  • Minimal processing charges
  • No hidden charges. All charges related to Personal Loan mentioned upfront.
  • 24x7 dedicated customer service team
  • Multiple product offerings depending on the need of a customer
  • Online applications accepted for faster sanctioning of loans

SBI Personal Loan Highlights

SBI Personal Loan Salaried Self Employed

Loan Amount

50,000 to 15 Lakhs

50,000 to 15 Lakhs

Lowest Interest Rate



Loan Tenure

Up to 60 months

Up to 60 months

Processing Fee

Up to 1.% of the sanctioned loan amount +

applicable tax

Up to 1.% of the sanctioned loan amount +

applicable tax

Pre-closure Charges

3% for Xpress Credit group

of products, Xpress Power & Pension Loans  

3% for Xpress Credit group

of products, Xpress Power & Pension Loans

SBI Personal Loan Products, Eligibility, and Terms

SBI has various Personal Loan products depending on the need of the customers. Their products are designed based on specific customer requirement and segmented accordingly so that all types of customers can avail Personal Loans from SBI.

A few popular products along with their features, eligibility, and terms are given below:

SBI Xpress Credit Personal Loan


The employees who work for any of the following lists of enterprises who have a salary account with SBI can apply for this SBI Personal Loan facility:

  • State and Central Government
  • Quasi-Government Enterprises
  • Central Public Sector Units (PSUs)
  • Profit making State Public Sector Units
  • Educational Institutions having National Repute
  • Selected companies based on the previous relationship with SBI

For availing the Xpress Credit Personal Loan, the minimum net monthly income of the applicant should be 5,000. In addition, the ratio of Net Monthly Income (NMI) to Equated Monthly Installments (EMI) should not exceed 50%.

Key Loan Terms

  • The applicant should be between the age of 21 and 58 years.
  • The loan amount that an applicant can borrow ranges from 25,000 to 15 Lakhs.

  • The maximum tenure of a Personal Loan is 60 months.
  • The processing fee for Xpress credit Personal Loan is 1% of the sanctioned loan amount plus applicable taxes.

  • Xpress Personal Loan is an unsecured loan and there is no need for collateral or security.

  • Xpress loan can be availed in two ways:
  • Term Loan
  • Overdraft Facility on an existing account.

SBI Xpress Bandhan Personal Loan


  • Employees who are working with State or Central Governments, Defence Establishments, PSUs, Quasi Government Bodies, Educational Institutions having National Repute, and Select Rated Corporates can apply for this loan.

  • The applicant does not have to maintain a salary account with SBI for this loan facility.

  • The minimum gross monthly income required to get this type of loan is 50,000.

  • In addition, the ratio of Net Monthly Income (NMI) to Equated Monthly Installments (EMI) should not exceed 50%.

Key Loan Terms

  • The applicant should be between the age of 21 and 58 years
  • Under this Personal Loan, an applicant can borrow any amount between 25,000 and 15 Lakhs.

  • The maximum tenure for this loan is up to 60 months.
  • The processing fee for SBI Xpress Bandhan Personal Loan is 1% of the sanctioned loan amount plus applicable taxes.

  • SBI Saral Personal Loan is an unsecured loan requiring no security or collateral.

SBI Pension Loan

This is a special Personal Loan scheme for pension drawers.


  • SBI Pension loan is generally granted to Central and State government/ Defence pensioners who currently draw pensions from any SBI branch.

  • The minimum income for getting this loan is 5,000 per month.
  • The maximum age of pensioners applying for this loan is 76 years.
  • It is mandatory that the pensioners receive loans to their bank account through cheques directly from the treasuries.

Key Loan Terms

  • The maximum age of the applicant applying for an SBI Pension Loan is 76 years.
  • Under SBI Pension Loan, an eligible borrower can borrow an amount between 25,000 to 14 Lakhs.
  • This special type of loan is available for a maximum repayment period of up to 84 months.
  • SBI Pension loan has a low processing charge of only 0.50% of the loan amount. However, the minimum processing charges for Pension loan is 500.

  • Defence pensioners have nil processing charges for the SBI Pension Loan.
  • This loan is available for funding urgent personal expenses like medical expenses, travel, or family obligation. 

SBI Personal Loan Charges

SBI is very transparent in terms of stating all the charges and fees right at the beginning. There are no hidden charges. A borrower generally compares only the interest rate on a loan. However, one also needs to compare other terms and conditions of a loan in addition to the interest rates. SBI offers attractive terms. Some of the terms are listed below:

  • Pre-closure Charges: If one wants to close a Personal Loan before the tenure of the loan is complete, one has to pay pre-closure charges. SBI allows a pre-closure of any Xpress Credit group products, Pension, and Xpress Power loans at 3% pre-closure charges.

  • Processing Fees: Based on the type of loan and relationship with the bank, the processing charges for a Personal Loan at SBI are up to 1% plus applicable taxes, which is one of the lowest in the market.

  • Other Charges: As soon as your Personal Loan is approved, SBI provides you with a list of charges and charges that are applicable to the loan provided. Some of these charges interest on late payment, EMI cheque bounce charges, loan cancellation charges after sanctioning of a loan, Charges for a delay in EMI payments, cheque bounces and so on.

SBI Personal Loan Top Up

In case you have an existing loan from any bank and you are in need of additional Personal Loan in case of emergencies or urgent requirement, SBI offers a Personal Loan Top-up. The existing loan can be from any other bank and not necessarily from SBI.

In case you have been prudent with your borrowing and have regularly paid EMIs on your existing loan, top-up loans shall have interest rate very close to that of your existing loan.

SBI Personal Loan Interest Rate Calculator

SBI does a thorough assessment of your profile, your financial position, job stability, current obligations, past financial behavior while determining the loan amount and the interest rate. Some factors that determine interest rates are:

  • Loan Amount: This is the amount a borrower wants to borrow for their needs. In general, the higher the amount borrowed, the lower is the interest rate. However, one should note that SBI offers unsecured Personal Loans for amounts between 25,000 and 15 Lakhs. 

  • Employer Category: Salaried employees who apply for a loan have different interest rates depending on the employer. SBI has an internal list of companies and organisations depending on financial parameters like company size, its reputation, and current relationship with SBI. In case an applicant belongs to any of the companies in the favorable internal list, SBI provides them attractive discounts and lower interest rates on Personal Loans.

  • Salary: Salary is an important determinant of the repayment capacity of an individual. A person with a higher salary has more chances of repaying a loan and so the interest rates for a person in higher salary bracket are lower. Your net monthly income determines the interest rates.

  • Relationship with the Bank: Past relationship with SBI is considered when assessing your loan application. Special rates and discount offers are generally provided to existing holders of SBI Bank accounts and for those people who have previously borrowed from SBI and repaid the loan in time and full. Generally, a favorable bank relationship will help get you a lower interest rate.

  • Loan Tenure: SBI offers Personal Loans for tenure of up to 60 months to the borrowers.

  • Repayment Capacity: SBI thoroughly assesses the past credit behavior of the loan applicant by accessing the CIBIL report of the loan applicant. The bank evaluates the repayment capacity and the repayment track record of the applicant for previous loans. The bank also checks the Credit Card bill payment and previous loan repayment record to determine the behavior of the loan applicant and then decide the interest rate and loan amount.

SBI also offers loan to defence, armed forces, paramilitary forces, and government employees. The interest rate for defence, armed forces or government employees is generally different than that for private sector employed salaried personnel.

SBI Personal Loan: How to Apply on MyMoneyMantra

The procedure for applying for SBI Personal Loan is fairly easy. MyMoneyMantra is a channel partner for SBI and all other leading banks in India. You have to visit the website of MyMoneyMantra and enter your personal details and relevant information for a Personal Loan. Once the loan application is processed online, we send it to SBI online. An SBI representative will get in touch with you instantly to evaluate the loan proposal and take things forward.

We have a free Personal Loan advisor service that takes care that the lending process is smooth and fast. We strive to provide the best terms and conditions for your Personal Loan from SBI.

Our website has an online comparison tool that helps you compare your SBI Personal Loan interest rates with interest rates offered by other banks and other financial institutions along with the terms and conditions. One can compare rates, fees and charges, and all other features, to choose the best possible proposal.

Documents Required

For Salaried Employees

  • Duly filled and signed the loan application form
  • 2 Passport Size Photographs
  • Income Tax PAN Copy (Permanent Account Number)
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof: Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (up to 3 months old)

  • Income Documents: 2-years Form 16, 3-months pay slips, 3-months bank statement showing salary credit and any EMI debit.

FAQs on SBI Personal Loan

Why should I take a Personal Loan from SBI?

SBI offers a Personal Loan at an attractive interest rate and low processing fee, making it affordable and convenient for you to repay your Personal Loan timely.

How much time does it take for SBI to decide on my Personal Loan?

Generally, SBI takes anywhere between 2-7 days to decide on your request from the time of loan application.

What is the interest rate charged by SBI on a Personal Loan?

Generally interest rate on Personal Loans from SBI is between 11.05% to 17.10%, depending on the profile of the applicant.

What is the amount of Personal Loan that I can borrow from SBI?

Personal Loan amounts offered by SBI vary from 25,000 to 15 Lakhs depending on the eligibility of the applicant.

Does SBI charge any prepayment charges on a Personal Loan?

Yes, SBI charges up to 3% pre-payment charges on Personal Loans.

What are the minimum and maximum tenure of Personal Loan in SBI?

The minimum tenure for an SBI Personal Loan is 6 months while the maximum tenure for a Personal Loan from SBI is 60 months.

Can I add my spouse's income while applying for a Personal Loan from SBI?

Yes, you can add the income of the spouse with your income while applying for a Personal Loan. This will make you eligible for a higher loan amount.

How much processing fee does SBI charge on a Personal Loan?

Processing charges for Personal Loans at SBI are up to 1% plus applicable taxes.

Does my age affect my eligibility to borrow a Personal Loan from Capital First?

Age is an important criterion for the Personal Loan. A Personal Loan applicant at SBI should be between the age of 21 and 58 years.

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