SBI Personal Loan Interest Rates
Interest Rate

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Processing Fee


Loan Tenure

- years

Lowest EMI Per Lakh

₹  for years

Prepayment Charges

Nil charges for floating rates loans

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SBI Personal Loan Interest Rates

The State Bank of India is country's largest public sector bank which provides Personal Loans for a number of reasons and immediate cash requirements faced by individuals or the customers in their daily life. The options of Personal Loans from SBI are the preferred choices among many customers or borrowers. The main reason for this is the attractive rate of interest along with lower processing fees, and you also get a chance to avail special seasonal offers timely which will reduce your monthly payouts.

A customer can apply for a Personal Loan with SBI without any kind of security or collateral. Also with SBI, a person can get a Personal Loan of up to 24 times more than their monthly net income and can apply for the same either online or at a bank branch nearby. Once the required documents are submitted then the Personal Loan is approved within 2 to 7 working days provided that all documents are accurate. A Personal Loan can be taken for any reason which meets the immediate financial requirements such as a marriage, business expansion, debt closures, vacation, medical emergency, and home renovation, and so on.

Why Should You Choose SBI Personal Loan?

Availing a Personal Loan from SBI has several benefits, such as:

  • The procedure to sanction the Personal Loan is very simple and transparent.

  • The period of Personal Loan ranges from 1 year to 5 years.

  • There are various offers and attractive interest rates on various types of Personal Loans.

  • There are multiple options for a Personal Loan depending on customer requirements and financial needs.

  • The processing fee is minimal and there are no other charges.

  • SBI is known for a continuous customer care service with regard to Personal Loans.

  • They also accept the applications online for sanctioning the Personal Loan.

SBI Personal Loan Interest Rates on Various Products

In addition to its regular Personal Loan products, SBI also offers customised Personal Loans for some special group of borrowers.Interest rates on key products of SBI have been tabulated in the table 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%

How Does Interest Rate Affect Your EMI?

The kind of interest that is applied on the Personal Loan is a vital factor that helps to find the EMI payments. In case of a fixed rate of Personal Loan, the EMI payments remain constant and same during the complete period of the Personal Loan. That means the same amount is paid every month as the rate of interest is fixed throughout the complete tenure of the loan. Whereas, in the case of a floating interest rate for a Personal Loan, the rate of interest differs on the basis of the prevailing market, thus fluctuating the EMI payments each month.

There is one more factor that affects the bank's Personal Loan EMI payouts that is the pre-closure amount or the partial payments that are made to the bank towards the Personal Loan that is borrowed. Any such partial payments which are made towards the Personal Loan are deducted from the actual principal amount which also results in a reduction of total interest that is to be paid by the borrower. Hence the monthly EMI amount also reduces.

SBI Personal Loan Products, Eligibility and Terms

There are several loan products offered by SBI along with the details of their eligibility and terms are as below:

SBI Xpress Credit Personal Loan


The employees who belong to the following entities and also who have a salary account with SBI can actually apply for a Personal Loan facility with SBI:

  • Central and State Government
  • Central PSUs
  • Profit making State PSUs
  • Selected companies which come under the SBI's internal list

  • Quasi Government
  • Educational Institutions of National repute

The monthly income or the salary that is needed to avail a Personal Loan from SBI is a minimum of 5,000 and the ratio between Net Monthly Income (NMI) and Equated Monthly Installments (EMI) should not be higher than 50%.

Key Loan Terms

  • The SBI Personal Loan is available for the individuals who are between the age group of 21 years to 58 years

  • The processing fee or charge for Xpress credit loan is up to 1% of the Personal Loan amount.

  • The SBI Personal Loan does not require mortgaging collateral or security.

  • The amount of Personal Loan which you can borrow ranges from 25,000 to 15 Lakhs.

  • The maximum tenure or the period of the Personal Loan is 60 months.

  • The Xpress loan is available in two ways:
  • Term Loan
  • Overdraft Facility on an existing account.

SBI Xpress Bandhan Personal Loan


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

  • The applicants do not need to have a salary account with SBI to avail this loan.

  • The minimum gross monthly income needed for a 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 age of the applicant should be between 21 and 58 years

  • Under this loan, you can borrow anywhere between 25,000 and 15 Lakhs.

  • The maximum tenure is 60 months for this loan.
  • The processing fee is 1% of the sanctioned loan amount plus applicable taxes.

  • It is an unsecured loan requiring no security or collateral.

SBI Pension Loan

This scheme is for pensioners only.


  • SBI Pension Loan is for Central and State government/ Defence pensioners currently drawing pensions from any SBI branch.

  • The minimum income to get this loan is 5,000 per month.

  • The maximum age of pensioner applying for this loan is 76 years.

  • It is mandatory for the pensioners to receive the loan to their bank account via 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 don't have to pay any processing charges for this loan.

  • This loan is available for financing urgent expenses like medical emergencies, vacation, family obligation, and so on. 

Factors Affecting Interest Rates of SBI Personal Loans

The Personal Loan rate of interest from SBI differs with regard to a number of factors. There is no need to mortgage any sort of security or collateral in case of SBI Personal Loans and hence there are a number of factors that affect the Personal Loan rate of interest. Some of them are as follows:

Market Conditions

  • Competitor ROI Policies: Usually the banks are free to determine and compute the rates of interest that they wish to charge for Personal Loans or any deposits. However, one of the major factors that the banks need to take into consideration is the competition and also the market levels for the Personal Loan that is offered at a given interest rate.

  • RBI's Monetary Policies: The monetary policies of RBI has a major effect on the Personal Loans interest rates as it influences the same by setting certain standard rates and also stipulating bank reserve requirements.

  • Inflation: Inflation gives rise to higher interest rates when it comes to Personal Loans. Hence, it majorly affects the SBI Personal Loan rate of interest that is fixed by the SBI. This usually happens as the lending agency has to demand higher Personal Loan rate of interest on several financial services in order to compensate for the reduction in the purchasing power of the money that they will be paid-off by the customer in the near future. 

Applicant's Inputs

  • CIBIL: The credit track record and the credit score of an applicant is a vital factor in all the financial transactions and dealings. It also has a direct effect on the Personal Loan rate of interest from SBI which the applicant is offered. A good credit score (700 or above) confirms the timely repayment capacity of the borrower and also makes them trustworthy to the bank which will in turn help in getting better interest rates for Personal Loans.

  • Bank History: The applicants who already are in the list of valued customers of the bank and have maintained a cordial relationship with the bank can actually negotiate with the bank for a better rate of interest on their Personal Loan.

  • The Area of Employment: The individuals who are self-employed find that they can get a Personal Loan at a much advanced age group when they are compared to the salaried group of individuals, who will not be able to apply for loans if they are closer to their retirement age. Likely, if a salaried person is working in a reputed company then they will find their credit score and will be offered a reduced interest rate on their SBI Personal Loan.

  • Income: The income level of an individual also plays a vital role in getting a better interest rate for the Personal Loan. The higher the income of an individual, it plays as a security and also ensures the bank of the loan repayment by the customer. Hence, if the earning of the applicant is higher than a certain limit then the banks perceive that your chances for the loan repayment are better and vice-versa.

SBI Personal Loan Interest Rate Calculator

The factors that determine the Personal Loan interest rates with regard to SBI are:

  • Loan Amount: The total amount which is borrowed by the applicant from the lending agency is called as loan amount. Usually, banks offer a lower rate of interest for a higher loan amount. The SBI offers a loan between 25,000 and 15 Lakhs.

  • Loan Tenure: Generally, the Personal Loans are of the shorter period which range from around 6 months to 60 months since they are taken to fulfill the urgent financial requirements.

  • Employer Category: SBI also maintains an internal list of reputed companies that fall into groups or categories that are sequenced from high to low categories based on the size of the company, reputation and goodwill, and the relationship the company maintains with the bank. The salaried employees who work in these companies get an attractive discount scheme and reduced rate of interest on their loans.

  • Salary: The salary or the monthly income states your capability to repay the Personal Loan that is availed. The rate of interest levied by the bank also differs on the basis of your net monthly income.

  • Relationship with the Bank: On the basis of how an individual or an account holder maintains a relationship with the bank, special offers and interest rates are offered to them. Also, the account holders who have managed their accounts well and made all the payments timely in the past will also get a benefit of the low rate of interest.

  • Repayment Capacity:It is very important that the SBI figures out the repayment capacity of the loan applicant before giving a Personal Loan. The bank checks the applicant's capacity to repay the loan on the basis of their credit score and past payments. It also verifies the credibility of the borrower through CIBIL which captures the details of the Credit Card payments.

SBI Personal Loan: How to Apply

If you want to get a Personal Loan from SBI, the procedure is simple and easy to follow. All you have to do is to apply for a Personal Loan online or visit any branch nearby and manually fill the loan application form. Your Personal Loan application will be processed online and the bank representatives will get in touch with you immediately to take the process ahead.

You can also compare the Personal Loan interest rates of SBI with other banks and financial institutions at MyMoneyMantra.

Documents Required

For salaried employees

  • Duly filled loan application form
  • Identity Proof (Driving License or passport or voter ID or PAN card)

  • Residential address proof (registered rent agreement or utility bill up to 3 months old or Passport or License)

  • 2 passport size photographs
  • Income Tax PAN copy
  • Income documents: Previous 2 years Form 16 or past 3 month salary slip or bank statement showing salary credited and EMI debited for 3 months.

Calculating EMIs Using SBI Personal Loan Calculator

The monthly EMI paid for an SBI Personal Loan can be computed by using the three vital loan elements, which includes the SBI Personal Loan rate of interest, the principal loan amount and the period of repayment.

The mathematical formula to calculate EMI:

EMI = P x r x (1 + r) n/ [(1 + r) n ? 1]


P is the principal loan amount

r is the interest rate

n is the tenure of Personal Loan in months.

You can always calculate the EMIs before applying for a loan online. This helps you to plan your loan payments in such a way so that you need not face a financial stress and pay the EMIs comfortably. You just need to fill in the details of the loan amount, period of the loan and the interest rate and within seconds our monthly EMIs are calculated. You can then make an informed decision and proceed ahead.

Frequently Asked Questions on SBI Personal Loan

How much time does SBI take to make a decision on my Personal Loan?

Usually the SBI takes around 2-7 days to convey the decision of the Personal Loan once the application is submitted.

Why should we take a Personal Loan from SBI?

SBI offers very attractive rates of interest when it comes to Personal Loans and also the lowest processing fees.

How much interest is charged on a Personal Loan by SBI?

The rate of interest for Personal Loans with SBI ranges from 11.05% to 17.10%, depending on the applicant's repayment capacity.

What is the lowest EMI per lakh by SBI on a Personal Loan?

SBI offers very attractive rates of interest when it comes to Personal Loans and also the lowest EMI is 2,658 per one Lakh.

What is the minimum and maximum period of a Personal Loan with SBI?

The minimum and maximum period of Personal Loan with SBI is 6 months to 60 months.

How much Personal Loan amount I can borrow from SBI?

The SBI offers a Personal Loan amount of 25,000 to 15 Lakhs.

How much processing fee is charged on a Personal Loan by SBI?

SBI charges a processing fee of up to 1% on Personal Loans with applicable service taxes.

Is age an eligibility factor in order to get a Personal Loan from SBI?

Yes, age is a vital eligibility factor in order to get a Personal Loan with SBI. An applicant should be at least 21 years of age at the approval time of the Personal Loan and 58 years of age at the time of loan maturity.

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

Yes, you can add your income or earnings along with your partner's income in order to increase the loan eligibility and get a higher loan amount sanctioned.

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