SBI Personal Loan

SBI Personal Loan
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Responsiveness

State Bank of India (SBI) is a government-owned bank with its headquarters in Mumbai, Maharashtra. State Bank of India (SBI) offers some of the most exciting Personal Loan products in India. SBI offers 4 exciting types of Personal Loans:Xpress Credit Personal Loan, SBI Saral Loan, SBI Festival Loans, Personal Loans to pensioners. Read on to view full details on what it takes to qualify for an SBI personal loan. By providing a few details about yourself, you can check your eligibility for an State Bank personal loan in seconds.


You’re probably eligible for an SBI Personal Loan if you are

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SBI Personal Loan Minimum Age

At least 21 years old

SBI Personal Loan Maximum Age

Less than 58 years old

SBI Personal Loan Eligible Employment Type

Salaried / Self – Employed
with regular income

SBI Personal Loan Minimum Income

Earn more than the minimum
income required


Your SBI Personal Loan amount eligibility is based on these factors

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SBI Personal Loan Minimum Salary

Minimum income required
Rs.24,000 per month

SBI Personal Loan Maximum Loan Funded

Maximum allowed personal loan is Rs. 10,00,000 lakhs

SBI Personal Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible SBI Personal Loan amount by these steps

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SBI Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

“SBI

Choose longer tenure loan up to 5 years


Documentation needed to apply for an SBI Personal Loan

  • 1. Signed application form with photograph
  • 2.Proof of identity: Passport/voter ID card/driving license
  • 3. Processing fee cheque
  • 4. Last 3 months bank statement/6 months bank passbook
  • 5. Documentation for salaried applicants:
    • Latest salary slip
    • Current dated salary certificate with the latest Form 16
  • 6. Documentation for self-employed applicants:

    • Latest Bank statement
    • Latest ITR or Form 16

SBI Personal Loan Interest RatesUpdated on 30 Oct 2014

SBI Personal Loan Details
Interest Rate (Monthly reducing balance) 14.20%
Processing Fees 2.00% - 3.00% of the loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges -
Guarantor Requirement No guarantor required

About SBI Personal Loan

State Bank of India, the largest public sector bank in the country is one of the most preferred banks in India when it comes to personal loans. SBI offers personal loans for both salaried and self employed individuals to counter any sort of immediate financial requirements. State Bank of India does not seek any security or collateral requirements for personal loans. The bank does not seek guarantees or collateral’s of any forms for personal loans. The money made available to the borrower through SBI personal loan can be used as per the personal requirements for the individual without any restrictions and the bank is not having any criteria for this. SBI personal loans can be useful to counter for any of the following financial requirements:

  • Marriage related expenses in the family
  • Foreign travel
  • Health or medical treatment related expenses
  • Personal financial requirements
  • Other miscellaneous expenses

State Bank of India offers personal loans at low interest rates and with seasonal offers from time to time, making it one of the most popular choices for borrowers. Low processing fee with zero prepayment penalties and no hidden charges make SBI personal loans a popular choice with both salaried, self employed and working professionals.

State Bank of India offers personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs with repayment tenure of 48 months. SBI has initiated a quick loan approval system making sure that all personal loan requests are approved in a maximum period of 3-4 days of submission of complete documentation.

Why choose SBI Personal Loan?


Attractive Rate of Interest:

State Bank of India charges very nominal interest rate for its personal loans making it one of the most popular banks when it comes to personal loan requirements. The interest charged by the State Bank of India is on a daily recurring balance basis thereby ensuring maximum benefit to the loan borrower.

Timely Discounted Schemes:

State Bank of India is one of the first banks to offer personal loans at discounted rates under various loan seasonal schemes at different festive seasons of the year. State Bank of India offers discounted schemes for individuals including government employees, doctors and other professionals.

No Hidden Charges:

State Bank of India is known for its transparency when it comes to charges and penalties for any personal loan. SBI personal loans come with absolutely no hidden charges and the transparent dealings makes it one of the preferred bank by millions of Indians.

Zero Prepayment Penalty:

State Bank of India offers a zero prepayment penalty allowing loan borrowers the freedom to prepay their loan as per their convenience. In case if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the loan amount as prepayment charges.

Quick Loan Approval:

State Bank of India has streamlined its personal loan division in order to facilitate quick loan approval and disbursal, bringing it at par with international banks. SBI personal loans follow a quick approval mechanism for both urban and rural centers.

Online Loan Submission:

State Bank of India facilitates online loan submission making it easier for people to apply for personal loan from anywhere Users can apply for a personal loan sitting at the comforts of their home or office, without physically visiting a bank branch.

Features of SBI Personal Loan

SBI offers a number of benefits and features for its personal loans including low interest rates, minimal documentation and quick approval. SBI offers various discounted schemes for personal loans at various times in a year catering to a large section of both urban and rural population. Some of the prominent features of SBI personal loan include:

High Quantum of Loan:

State Bank of India offers a high quantum of personal loan making it one of the most preferred banks by a large number of people. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs

Low Interest Rates:

State Bank of India offers attractive Personal Loan Interest Rates at daily reducing basis making it one of the best personal loan service providers in the country. Currently SBI personal loans are available at 8. 50% above base rate floating, currently 18.50% per annum. The bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.

Fast Processing:

State Bank of India is a leading bank in India with branches in every nooks and corners of the country. The bank has streamlined its personal loan division allowing for quick localized loan approval and disbursal.

Specialized Loan Schemes:

State Bank of India offers personalized schemes at lucrative interest rates for various working professionals and salaried individuals from time to time. State Bank of India also offers discounted personal loan schemes during major festivals making it a popular choice for both rural and urban applicants during times of financial requirement.

24/7 Customer Support:

State Bank of India has a dedicated customer support helpline for its loan section allowing applicants and loan borrowers to get in touch with the bank for any queries or grievances in 24 hours a day.

Why apply for a SBI Personal Loan on BankBazaar.com?

Instant Loan Eligibility Check:

BankBazaar.com offers instant loan eligibility check using the personal loan calculator tool. Our personal loan eligibility calculator instantly checks the loan eligibility of applicants based on banks norms and offers the unique personalized quotes for each applicant. All you need to do is just to enter your monthly income.

Competitive Interest Rates:

BankBazaar.com has collaborated with State Bank of India for online personal loan submissions. Users’ submitting their personal loan applications to SBI through BankBazaar.com get a competitive rate of interest reserved exclusively for BankBazaar.com members.

Active Loan Comparison:

BankBazaar.com offers active loan comparison for borrowers to choose the best suited loan as per their requirement. BankBazaar.com also provides social interaction with previous loan applicants of various banks which can help the applicant choose the best service provider keeping in view the satisfaction of previous and existing customers.

Instant E-Approval:

All loan applicants will get an instant e-approval after successfully submitting his or her loan application through BankBazaar.com.

Real time Loan Application Tracking:

Users can track the status of their loan application through mail or SMS, using the e-approval track code provided by BankBazaar.com. BankBazaar.com also updates the user on his or her loan application status in real time.

Assured Privacy :

All personal data submitted by applicants to BankBazaar.com is 100% safe and secure.

How to apply for a SBI Personal Loan on BankBazaar.com?

Applying for a State Bank of India personal loan at BankBazaar.com involves three easy steps.

Step 1: Enter personal details:

The loan applicant needs to fill up the loan eligibility form with correct personal data and income details. The tool then instantly checks for personal loan eligibility based on the bank’s yardsticks and gives results.

Step 2: Choose from the options:

In the second step, the applicant is given a list of loan options as per his or her financial history. At this point, users can compare various loan options and choose the most appropriate one. Users can see the comments section where previous personal loan applicants share their views about various banks and NBFCs.

Step 3: Submit Application:

Once you finalize the scheme, loan amount and tenure, click 'submit'. Your request will be immediately transferred to the bank. The applicant also receives an instant e-approval from BankBazaar.com on successful submission of application online.

SBI Personal Loan Interest Rates

Minimum Loan Amount Rs.24,000/- in metro and urban centers
Rs.10,000/- in rural/semi-urban centers
Maximum Loan Amount 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs in all centers
Tenure: 12 to 48 Months
Processing Fee: 2.02% - 3.03% of the loan amount.
Prepayment Charges: Nil
Interest Rates: Personal Loans Scheme (SBI Saral): 8. 50% above Base Rate floating, currently 18.50% per annum.
SBI Loan to Pensioners (all variants): 4.75% above Base Rate, currently 14.75% p.a.
#Base Rate 10.00% w.e.f. 07.11.2013

SBI Personal Loan Eligibility

State Bank of India offers personal loans to all applicants fulfilling the basic eligibility criteria. State Bank of India personal loans are available to all salaried individuals of good quality corporate as well as self employed individuals and working professionals including engineers, doctors, architects, chartered accountants and MBA’s with a minimum 2 years of standing period.

Eligibility Criteria for Salaried Individuals


Age Minimum: 21 Years Maximum: 58 Years
Minimum Income Salaried individuals with minimum monthly income Rs.5000
Total years in job/profession 2 Years
Years in current residence 1 Year

Eligibility Criteria for Self Employed Individuals and Working Professionals:

Age Minimum: 21 Years Maximum: 65 Years
Minimum Income Self Employed individuals or working professionals earning a minimum of Rs. 7000 per month
Total years in Profession 2 Years

How to Calculate EMI for SBI Personal Loan

BankBazaar.com offers users a unique Personal Loan EMI Calculator to calculate EMI's. It helps the users to get an idea of the loan liability beforehand and apply for an affordable loan. Users simply need to type the loan amount they wish to apply or as per their eligibility, choose a loan tenure and rate of interest. The EMI calculator instantly calculates and displays the EMI liability for the loan.

SBI Personal Loan FAQs

  • What is the best way to apply for SBI Personal Loan online?
  • You can apply for State Bank of India personal loan online with ease through BankBazaar.com. You simply need to enter your personal as well as income details, the amount and tenure you wish to apply. BankBazaar.com’s loan tool instantly calculates your personal loan eligibility and provides available options for you. You can choose a scheme and apply online with just the click of a button.

  • What is the minimum and maximum amount of personal loan available with SBI?
  • State Bank of India offers minimum amount of Rs. 24, 000 in metro and urban centers and Rs.10, 000 in rural/semi-urban centers for personal loans. The maximum amount is 12 times net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs for both rural and urban centers.

  • What is the maximum available tenure for SBI Personal Loan?
  • State Bank of India personal loans have a tenure period ranging from 12 months to 48 months depending on the quantum of the loan.

  • Why should I apply for SBI personal loan through BankBazaar.com?
  • Applying for SBI personal loan through BankBazaar.com offers the users the convenience of getting instant loan approval, without visiting a bank branch. Users are also eligible for competitive rate of interest along with instant E-approval of the loan right at the time of submission of loan application. Users are also able to track the status of their online loan application in real time with updates available through both email and SMS.

  • Does BankBazaar.com levy any charges for applying through them?
  • BankBazaar.com does not charge its members for using the online loan calculator tool. The services provided by BankBazaar.com are absolutely free.

  • Is my data safe with BankBazaar.com?
  • BankBazaar.com uses a high degree of encryption while sending personal data of loan applicants to the respective banks. All data with BankBazaar.com is never shared with any third party except the loan department of the designated bank.

  • Do you provide customer support on phone?
  • BankBazaar.com offers 24/7 customer care helpline for both existing members as well as personal loan applicants through phone and email.

  • After receiving e-approval from BankBazaar.com, how long it will take to receive the money?
  • BankBazaar.com instantly transfers your pre-approved loan application to your nearest SBI branch. A person from the branch gets in touch with you within 48 hours to collect original documents and the whole procedure for applying a SBI Personal Loan will take less than 72 hours if you have all the papers ready with you.


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SBI Personal Loan Reviews

96 % of our customers would recommend this bank. (54 out of 56) Write Review
Customer Reviews
Page 1 of 3 1 2 3
  • Validated User
    (0)

    I availed a personal loan with SBI with in 1 day they process the loan, it was so fast. I have submitted the documents and on next day day they called and got agreement signature from me and approved the loan. Interest rate was 14% it was nominal in all banks. Their is no charges applied only agreement paper cost rs100/-. Overall i am fully satisfied.

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (2)

    I availed a personal loan from SBI It was best service. Since I have my salary account with them it was quite east to get the loan approval. They offered 15% fixed interest rate its quite reasonable when compare to other banks. They charged around rs2500/- for processing fee and documentation.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    For my sister's education, through IRCTC credit card, I had taken cash on card loan. They provided 70,000 as the loan amount with nominal interest rate. Monthly, along with credit card bills, this loan statements gets generated.Overall happy with the services.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had an excellent experience of availing a personal loan from SBI an year ago. It was very easy for me to avail the loan because of my salary account. I had visited the nearest branch of SBI and submitted my documents for a personal loan. They disbursed my loan on a single day at a rate of interest of around 15%.

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (1)

    I availed the personal loan with SBI last year it was quick process I got the loan approval in 3 days the loan amount was also credited in my account on the same day. Interest rate was bit high when compare to other banks. Apart from that everything is pretty good.

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (8)

    I have taken one personal loan from State bank of India from 2009 - 2013 . Customer service was quite good . They completed my documents and disbursed my loan within 2 days of time. Its 2.5 lakhs loan for interest rate of 14.25% . Mostly I know their terms and conditions. They are charging 1% as processing fees for 1 lakh . Overall they are good

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
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    RONGALI APPALA SRINIVAS, bhubaneshwar
    Recommend Recommended by user
    Validated User
    (2)

    I have my salary account as well as am a government employee, so it was easier to get the personal loan from State bank of India. Only the interest rate was charged around 14%. Customer service team did a good job. Overall happy with services.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I got my personal loan from state bank of India with better rate compared with other banks. Surprisingly they have done the documentation within 2 days. I havent expected this kind of fast service from them. I thought they will take somewhere around 2 weeks or a month to process. And they quoted me 13.99% for 1.5 lakhs. Quite good approach from their customer service

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I Availed personal loan with SBI the customer relationship is very good, they are more reliable. Interest rate was normal, they charged rs1500/- including processing fee it was comparatively less. I got loan approval in 20 days, since the bank manager was on leave as soon as he came in 3 days he approved the loan.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (2)

    I Availed personal loan with SBI the customer relationship is very good, I got loan approval in 3 days. Interest rate and charges is same as market price, everything went in smooth manner. Best part is their is no documentation required, since i am using their credit card, they considered on documentation part.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I am a savings account holder of SBI and I had availed a personal loan couple of years ago. I had directly visited the branch and submitted all my documents for a personal loan. The processing was much faster and completed within an hour on the same day of my application. They offered me a loan amount of 1.5 lakhs at a rate of interest of just 14%.

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (1)

    State bank of India is good to go with for personal loan. Since my wife is working in State bank of India, It was quite easier to avail personal loan. Even the processing was so simple and faster. Interest rate is 10% with no processing fees. Overall happy with the services.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    State bank of India is good in terms of personal loan. I received a call for the loan application where the paper work is zero as I had existing relationship with them. I would say in terms of loan, it is my first and best experience. At present, the interest rate is 10.13-10.15%. On line services is great where instant solutions is been provided.

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (2)

    I have my salary account with SBI and I have availed a personal loan last year. They have sanctioned the loan of 5 lakhs in just 2 days without any hesitation or asking any questions. Best part is they had not charged me anything extra like processing fee and insurance. I think the rate of interest offered to me was very high and should be reduced a little bit. This process of availing a loan from SBI is called a personal segment advance.

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    I got my salary account with state bank of india where it was very easy to approach for my personal loan. I have got fair interest rates and nominal . I am very much happy about that . Absolutely fine and excellent service. I dont have any issues .

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (3)

    Personal Loan with SBI the rate of interest is best that was only reason it was 15.50%, loan approval process took 15 days for verification. Documentation part was normal as other banks, their need to improve on response for submitting the documents i need to visit the banks, Comparatively charges are less.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Its a good service from State bank of India. I got the personal loan from this bank by 2012 March. Customer service of State bank of India provided a quite OK response and it was overall good. Interest rate offered by this bank is quite comparative.

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (2)

    State bank of India was good in customer service and approach. Documentation process was too good in my car loan . They have everything which was perfect . Withn 2 days it was disbursed that too I have visited only one time with their branch. Yeah the interest rate was satisfied

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    took a Personal Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (1)

    In comparison with other banks, services is not much faster. They took 10 days for processing for personal loan, interest rate was 15% , 1% was processing charges. IN terms of customer service and processing time, State bank of India must get improvised.

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    took a Personal Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (5)

    My experience of availing a personal loan from SBI was very good. They demanded for so many documents and they took almost a month for disbursing the loan. Customer service really needs improvement. Rate of interest & processing fees are very good when compared to other banks. I would recommend the bank for people looking for lower interest rate and ready to face some challenges.

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Customer Reviews
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