Online SBI Personal Loan Details
Now get approval with an attractive interest rate at the comfort of your home. Here are the highlights of SBI personal loan interest rates in detail:
| Interest rate | 10.30% p.a. – 15.30% p.a. |
| Loan Amount | Up to ₹35 lakhs |
| Tenure | 6 months to 7 years |
| Minimum Salary | ₹20,000 per month (Government Employees) ₹25,000 per month (Corporate Employees) |
| Processing Fee | Up to 1.50% of the loan amount + taxes |
SBI Personal Loan Interest Rates
Prime borrowers with excellent credit scores and strong financial profiles are generally qualified for lower interest rates, while borrowers with lower credit scores or higher perceived risk would be offered higher interest rates. However, with an SBI personal loan, the interest rates start from 10.30% p.a. – 15.30% p.a.. Here are the interest rates for various types of SBI personal loans schemes:
| SBI Personal Loan Scheme | Interest Rates (p.a.) | Processing Fees |
|---|---|---|
| SBI Personal Loan for Salaried | 10.30% p.a – 15.30% p.a. | Up to 1.50% of the loan amount + taxes |
| XPRESS Credit | As per the Bank | Up to 1.50% of the loan amount + taxes |
| SBI Pre-Approved Personal Loans (PAPL) | As per the Bank | Low Processing Fees(As per Bank) |
Note:Note: The current rates may vary marginally and are inclusive of prepayment charges of 3% and penal interest of 2% p.m. for SBI XPRESS Credit & SBI Quick Personal loan.
SBI Personal Loan EMI Calculator
Your Amortization Schedule (Yearly/Monthly)
Planning to apply for an SBI personal loan? Calculate your Equated Monthly Installment (EMI) easily with SBI Personal Loan EMI calculator. This handy tool allows you to quickly determine your monthly installment.
Just enter the loan amount, interest rate, and tenure, and get an instant estimate of your monthly installment. Make informed financial decisions and manage your budget effectively with SBI Personal Loan EMI calculator.
SBI Personal Loan Eligibility
SBI personal loan eligibility is determined based on specific criteria set by the State Bank of India. To check eligibility, individuals can use the SBI personal loan eligibility calculator. This tool considers factors such as income, monthly expenses, and existing financial liabilities (loans, EMIs, credit card dues) to estimate the loan amount one may be eligible for from the lender.
| Factors | General Eligibility Criteria |
|---|---|
| Age | 21 yrs to 60 yrs |
| Monthly Income | Minimum ₹15,000 |
| Work Experience | Minimum 1 year completed at the current organization |
Not sure of your credit score? Check it out for free now!
Types of SBI Personal Loan
SBI offers a diverse & unique range of personal loan options, creating the go-to personal finance solution for all your needs with each type of SBI personal loan. Apply now for simple and hassle-free loans and repayments.
- Personal Loans for Salaried Employees
- SBI Real Time Express Credit
- SBI Pre-Approved Personal Loan
SBI Personal Loan for Salaried Employees
Individuals holding an SBI Salary Account can get a personal loan with minimum documentation and quick approval.
Features of SBI Personal Loan for Salaried
Let’s go through the key details below:
| Features | Details |
|---|---|
| Loan Amount | Up to ₹35 Lakhs |
| Interest Rate | Starting from 10.30% p.a. |
| Processing Fee | Up to 1.50% of the loan amount (Minimum ₹1,000 and Maximum ₹15,000) + GST |
| Prepayment Charges | 2% of the prepaid amount |
| Penal Interest | 2.40% p.a. for irregularity up to 60 days 5% p.a. for irregularity beyond 60 days |
| Documents Required | – Duly filled application form with photograph – PAN card – Official valid document (OVD) – Latest salary slips – Bank statements – Latest ITR/Form 16 |
| Repayment Period | 6 months to 84 months (7 years) |
Loan Eligibility for Salary Account SBI Personal Loan
| Eligibility Criteria | Details |
|---|---|
| Nationality | Indian Citizen |
| Credit Score | Good credit score as per the bank’s policy |
| Age Limit | 21 to 60 years |
| Minimum Service | – 6 months for Defence/Government employees – 12 months for Corporate employees |
| Salary Account Requirement | Must have a Salary Package Account with SBI |
| Employment Type | – Government Sector (Central/State Govt., Railways, Police, PSUs) – Defence Sector – Corporate Employees |
| Minimum Monthly Income | ₹20,000 (for both Government and Corporate employees) |
| Eligible Loan Amount | Minimum: ₹1 Lakh Maximum: Loan amount up to (whichever amount is lower) – EMI/NMI Ratio up to 65% – 24 times net monthly income (NMI) |
Quick ways to get an SBI personal Loan as a Salaried Employee.
- Dial 1800 1234 for loan information
- Give a missed call on 7208933142
- Or send an SMS with the word “PERSONAL” to 7208933145 to receive a callback.
Are you looking for a personal loan?
SBI Real Time XPress Credit Loan
Real Time XPress Credit Loan (RTXC) is a fully digital loan process offered by the State Bank of India.
Features of SBI Real-Time Express Credit Loan
| Feature | Details |
|---|---|
| Loan Type | RTXC Loan for existing SBI customers with a salary account |
| Loan Amount | Up to ₹35 Lakhs |
| Availability | 24/7 Instant Funds via YONO App |
| Interest Rate | Ranges from 10.60% p.a. to 13.10% p.a. |
| Processing Fee | Up to 1.50% of the loan amount + GST |
| Prepayment Charges | 3% of the prepaid amount |
| Penal Interest | – 2.4% p.a. on the irregular portion for delays up to 60 days – 5% p.a. on the irregular portion for delays beyond 60 days |
| Loan Tenure | 6 months to 72 months (6 years) |
| Disbursal Modes | – Digital Document Execution (DDE): Real-time loan sanction with online document verification – Non-DDE: Requires a branch visit |
| Verification Method | Online Aadhaar OTP-based e-sign for fast digital verification and quick disbursal |
Loan Eligibility for SBI Real Time XPress Credit Loan
- Indian National
- Age Limit: 21-60 years
- The salaried employee should have a Salary Account with SBI.
- Minimum Monthly Income: ₹25000/-
- Loan Amount: Minimum of 1 Lakh and maximum of ₹35 lakhs, which can be up to 24 times of your net monthly income (NMI) or EMI/NMI Ratio upto 65% (whichever is lower).
SBI Pre-approved Personal Loans (PAPL)
Individuals have an SBI account can be offered a Pre-approved personal loan by the bank. The loan is offered through YONO app with instant approval & quick disbursal.
Features of SBI Pre-approved Personal Loans (PAPL)
- Pre-approved loan for SBI savings account holders via SBI YONO app.
- Convenient 24/7 service, eligibility determined by the bank.
- Low Interest rates & low processing fees
- No physical documentation, no branch visit needed.
- 24*7 availability through YONO & SBI Internet Banking
- Instant loan approval & disbursal in just 4 clicks.
Please note: PAPL is a pre-approved offer extended to select customers and does not constitute a final loan sanction. The actual sanction is subject to fulfillment of the applicable terms and conditions.
Get SBI Pre-Approved Personal Loan Instantly:
- SMS PAPL <space> <last 4 digits of your SBI Savings Account number> to 567676.
Be up to date with your credit score. Check it out for free now!
Comparison of SBI Personal Loan Vs Other Banks
Here is a table showing the comparison of SBI Personal Loan rates with other banks:
| Personal Loan Lenders | Interest Rates (p.a) | Processing Fees |
|---|---|---|
| SBI | 10.30%-15.10% | Up to 1.50% + Taxes |
| HDFC | 10.9% to 24% | Up to ₹ 6,500/- + GST |
| ICICI | 10.85% to 16.65% | Up to 2% |
| Citibank | 11.49% to 20.49% | 0.25% to 3.00% |
| Axis | 11.25% to 22% | Up to 2% + GST |
| IndusInd | Starts at 10.49% | Up to 3.5% |
| Yes Bank | 11.25% to 21% | 2.50% (one-time fee) |
| Shriram City | 11% to 42% | Up to 5% |
Features of SBI Personal Loan
Here are the exclusive features and benefits of an SBI personal loan
Instant Loan Approval
Get your loan approved within minutes.
Flexible Repayment
Choose your preferred repayment tenure
Flexibility
Can be used for a variety of purposes.
Low Interest Rates
Starting from 11% p. a
No Collateral
Get fund without risking your assets.
Zero Hidden Charges
No hidden charges
and extra penalties.
Documents Required for SBI Personal Loan
Here is a table for SBI Personal Loan documents required when applying for an SBI Personal Loan:
| Identity Proof | PAN Card, Voter ID, Driving License, Passport |
|---|---|
| Income Proof | Latest salary slip, Form 16, last 6 months audited account statement, ITR returns for the last 2 years |
| Address Proof | Landline Bill, Electricity Bill, Ration Card, Voter ID, Passport |
| Other Documents |
Duly signed loan application form Processing Fee cheque Check-off letter from employer |
Get a quick loan at low interest rates!
4 Easy Steps to Apply for SBI Personal Loan with Buddy Loan
Steps To Apply For a Personal Loan with Buddy Loan
- Step 1: Visit the SBI official website – sbi.co.in and click on ‘Personal Loan’ under the header ‘Loans’
- Step 2: Choose the SBI personal loan option and click on ‘Apply Now’
- Step 3: If you are existing customer of SBI, enter the required details and submit.
- Step 4: The loan offer will be displayed on the screen. Review and complete the loan application by entering the required details.
SBI Personal Loan for Government Employees
State Bank of India (SBI) offers personal loans for government employees with maximum benefits and tailored terms and conditions to suit financial needs. Here are the highlights of the SBI Personal Loan for Government Employees:
Loan Amount: Minimum: ₹1 Lakh to Maximum: ₹35 lakhs.
Interest Rate: 10.30% p.a.
Work experience: Minimum of 6 months
Repayment Period: Loan tenure: 6 months to 6 years or up to the residual job period
Collateral: No collateral or security is required
Credit Score: Good CIBIL score required as per bank’s policy.
Eligibility: Government employees from various departments, central and state PSUs, educational institutions, and select corporates with a business relationship with SBI. Defense sector employees are also eligible.
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Frequently Asked Questions
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