SBI offers personal loans at interest rates starting at 9.60% p.a. with tenures of up to 7 years. The loan amount ranges from Rs.25,000 to Rs.20 lakh depending on your eligibility. The processing fee ranges up to 1.5% of the loan amount.
| Particulars | Salaried/Self Employed | Pensioners |
| Interest rate | 9.60% p.a.- 15.65% p.a. | 9.75% p.a. -10.25% p.a. |
| Loan Amount | Minimum: Rs.25,000 Maximum: Rs.20 lakh |
Minimum: Rs.25,000 Maximum: Rs.14 lakh |
| Loan Tenure | Up to 72 months | Up to 84 months |
| Processing Fee | 1.5% of loan amount + tax | 0.5% of loan amount + tax (Minimum of Rs.500) |
| Age | 21 - 58 Years | Up to 78 years |
| Salary/Income | Rs.15,000 onwards | At the discretion of the bank |
| Credit Score | 750 and above | At the discretion of the bank |
| Prepayment Charges | 3% on prepaid amount | 3% on prepaid amount |
SBI personal loans are offered to self-employed individuals and salaried individuals as well as those involved in business and are aimed at fulfilling needs personal or otherwise that are not covered under traditional loan schemes. In short, personal loans from SBI can aid in expenses that haven’t actually been planned in advance. Personal loans from State Bank of India are readily available through minimal documentation, at no security/guarantor and prepayment charges.
| Personal Loan Schemes | Interest rates (p.a.) | |
| SBI XPRESS CREDIT(including PAXC-Pre-Approved Xpress Credit) | Term Loan | Overdraft |
| For Defence/ Para-Military/ Indian Coast Guard Salary Package Applicants | 10.60% to 11.10% | 11.10% to 11.60% |
| For Other Applicants | 10.60% to 12.60% | 11.10% to 13.10% |
| SBI Salary Package Account Holder | 9.60% - 11.10% | |
| Other than Salary Package Account Holders | 9.85% - 11.35% | |
| SBI XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES) | ||
| For Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute | 11.50% to 13.60% | |
| For Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates: | 12.25% to 13.85% | |
| OTHER UNSECURED PERSONAL LOANS | ||
| Pension Loan | 9.75%-10.25% | |
| Clean Overdraft | 15.65% | |
| Xpress Credit Insta Top-Up | 10.70% | |
| Pre-Approved Personal Loans (PAPL) | 12.60% | |
| SPL. PAPL | 9.60% | |
| SBI QUICK PERSONAL LOANS THROUGH CLP PORTAL | 10.85% - 12.85% | |
| SBI Xpress Bandhan | At the discretion of the bank | |
This loan can be availed by you to take care of your various needs such as funding your children’s education, cost of medical treatment, taking a vacation, etc. If you are a salaried individual, you can avail this personal loan scheme from SBI.
Some of the features and benefits of this plan are:
1. Income: Minimum income: Rs.15,000 and Maximum income: EMI/NMI ratio should not be more than 50%
2. Repayment tenure: 6 years
3. Loan amount: There are two types of loan amounts that you can avail – Term Loan and Overdraft
Term loan:
Overdraft loan:
This personal loan can be availed by those who have retired and have financial needs to take care of. If you are a retired employee, you can avail this personal loan scheme and take care of your various needs such as repairing of home, taking a vacation, etc.
Some of the features and benefits of this plan are:
1. Under this scheme, three types of pensioners are benefited – Central and State Government pensioners, Defence pensioners, and family pensioners.
2. Loan amount:
| Type of pensioner | Minimum amount | Maximum amount |
| Central and State Pensioner | Rs.25,000 | 18 months pension with a ceiling of Rs.7.5 lakh to Rs.14 lakh depending on the age of the pensioner |
| Defence Pensioner | Rs.25,000 | 36 months pension with a ceiling of Rs.14 lakh for pensioners up to age of 56 year and 36 month pension with a ceiling of Rs.7.5 lakh to Rs.14 lakh depending on the age of the pensioner |
| Family Pensioner | Rs.25,000 | 18 months pension with a ceiling of Rs.2.5 lakh to Rs.5 lakh depending on the age of the pensioner. |
3. Repayment tenure:
| Type of pensioner | Repayment tenure |
| Central and State Government Pensioners | 24 months to 60 months |
| Defence Pensioners | 24 months to 84 months |
| Family Pensioners | 24 months to 60 months |
This loan can be availed by salaried employees who do not hold a bank account with the State Bank of India. The rate of interest offered will be at the discretion of the bank and will depend on factors such as the loan amount availed by you, repayment tenure, credit score, etc.
Some of the features and benefits of this plan are:
Term Loan:
Overdraft Facility:
SBI personal loan interest rates can change for any individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as -
While there is a formula you can use to calculate the EMI on your loan, an easier way to calculate the interest payable is to use an EMI calculator. You can use BankBazaar’s Personal Loan EMI Calculator to determine how much you need to pay each month. Enter your loan details and hit ‘Calculate’.
1. For Salary of Rs.25,000 Per Month
Mr. Durrani earns a monthly salary of Rs.25,000 and has a credit score of only 600. He avails the SBI Xpress Loan of Rs.3 lakh from SBI Bank with a repayment tenure of 1 year. Due to his low credit score, he is charged with an interest rate of 15.65%. The monthly EMIs that he will have to pay are given in the table below:
| Loan amount | Rs.3 lakh | |||
| Loan tenure | 1 year | |||
| Interest rate | 15.65% p.a. | |||
| EMI | Rs.27,170 | |||
| Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
| 1 | Rs.23,257 | Rs.3,913 | Rs.27,170 | Rs.2,76,743 |
| 2 | Rs.23,560 | Rs.3,609 | Rs.27,169 | Rs.2,53,183 |
| 3 | Rs.23,868 | Rs.3,302 | Rs.27,170 | Rs.2,29,315 |
| 4 | Rs.24,179 | Rs.2,991 | Rs.27,170 | Rs.2,05,136 |
| 5 | Rs.24,494 | Rs.2,675 | Rs.27,169 | Rs.1,80,642 |
| 6 | Rs.24,814 | Rs.2,356 | Rs.27,170 | Rs.1,55,828 |
| 7 | Rs.25,137 | Rs.2,032 | Rs.27,169 | Rs.1,30,691 |
| 8 | Rs.25,465 | Rs.1,704 | Rs.27,169 | Rs.1,05,225 |
| 9 | Rs.25,797 | Rs.1,372 | Rs.27,169 | Rs.79,428 |
| 10 | Rs.26,134 | Rs.1,036 | Rs.27,170 | Rs.53,294 |
| 11 | Rs.26,475 | Rs.695 | Rs.27,170 | Rs.26,820 |
| 12 | Rs.26,820 | Rs.350 | Rs.27,170 | Rs. 0 |
2. For Salary of Rs.50,000 Per Month
Mrs. Bhaskar earns a monthly salary of Rs.50,000 per month and has a credit score of 750. She avails the SBI Xpress Power loan of Rs.3 lakh for a tenure of 1 year. Due to her impressive credit score she is charged a relatively lower interest rate of 12% and a processing fee of 0.5% on her loan. The monthly EMIs that she will have to pay are given in the table given below:
| Loan amount | Rs.3 lakh | |||
| Processing fee | 0.5% | |||
| Loan tenure | 1 year | |||
| Interest rate | 12% p.a. | |||
| EMI | Rs.26,655 | |||
| Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | EMI (A+B) (in Rs.) | Outstanding Loan Balance (in Rs.) |
| 1 | Rs.23,655 | Rs.3,000 | Rs.26,655 | Rs.2,76,345 |
| 2 | Rs.23,891 | Rs.2,763 | Rs.26,654 | Rs.2,52,454 |
| 3 | Rs.24,130 | Rs.2,525 | Rs.26,655 | Rs.2,28,324 |
| 4 | Rs.24,371 | Rs.2,283 | Rs.26,654 | Rs.2,03,953 |
| 5 | Rs.24,615 | Rs.2,040 | Rs.26,655 | Rs.1,79,338 |
| 6 | Rs.24,861 | Rs.1,793 | Rs.26,654 | Rs.1,54,476 |
| 7 | Rs.25,110 | Rs.1,545 | Rs.26,655 | Rs.1,29,366 |
| 8 | Rs.25,361 | Rs.1,294 | Rs.26,655 | Rs.1,04,005 |
| 9 | Rs.25,615 | Rs.1,040 | Rs.26,655 | Rs.78,391 |
| 10 | Rs.25,871 | Rs.784 | Rs.26,655 | Rs.52,520 |
| 11 | Rs.26,129 | Rs.525 | Rs.26,654 | Rs.26,391 |
| 12 | Rs.26,391 | Rs.264 | Rs.26,655 | Rs.0 |
Availing a personal loan from State Bank of India is easy for individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -
You can visit the following link https://onlineapply.sbi.co.in/personal-banking/application-status to check the status of your personal loan. You can get access to this link on the official website of the bank under the personal loan section. You will have to enter your details such as the application number, date of birth, etc. and you can check the status of your personal loan.
The eligibility criteria depend on the personal loan scheme that you are availing from SBI. For example, if you are availing the SBI Xpress Credit Loan, then you need to have a holding bank account with SBI and should be a salaried individual. Similarly, if you are a retired employee, you can then avail the SBI Pension Loan and should not be above the age of 76 years. If you are a salaried individual who does not have a bank account with SBI and wish to avail a personal loan, you can avail the SBI Xpress Power Loan.
You can visit the SBI website to calculate the EMIs that you will have to pay after availing the personal loan. All you need to do is enter the loan amount, repayment tenure, and the interest rate. You will be able to know the monthly EMIs that you will have to pay. You can also take help of third-party websites where you can calculate the EMIs that you will be required to pay depending on the loan amount, interest rate, and the repayment tenure.
You must have a very good credit score if you wish to avail an SBI personal loan. It is recommended that your credit score is 750 and above so that you can avail a personal loan from the lender. Having a good credit score creates an impression that you will be able to repay the loan amount in time and thus the lender feels comfortable approving your personal loan. You must ensure that your credit score is good before you avail a personal loan from the lender.
No, there is no need for collateral deposits, security, or guarantee in availing personal loans from SBI.
Depending on the type of personal loan the salary account holder and his/her eligibility, the interest rates will be set anywhere between 9.60% to 15.65% p.a.
As per the terms and conditions, the personal loan account holder cannot pre-close the existing loan from fund received from another availed personal loan from the same scheme.
The personal loan can be pre-closed at the SBI bank branch holding your account. The bank does not have an online pre-closure facility.
The SBI personal loan cannot be closed before 1 year.
Yes, depending on your eligibility and relationship with SBI, you can negotiate on your personal loan interest rate.
When applying for an SBI personal loan, carry your identity and address proof documents (Aadhaar cards, Passport, Voter ID card), income proof documents (Form 16, salary slips, bank statements), PAN card and your passport-size photographs.
Yes, non SBI customers can also apply for an SBI personal loan.
To know the balance of your personal loan, request SBI to issue a copy of the repayment schedule. This will be a consolidated report of how much you’ve paid till date and your personal loan balance.
SBI personal loan account holders can choose to pay the EMI through their net banking account linked to their SBI salary or pension account, or non-SBI customers can choose to pay their EMIs through ECS, NACH, or ACH facilities. Customer can also pay their EMIs through post-dated cheques.
Through standing instructions, customers can choose the auto debit mode from their net banking account. In addition, through the fund transfer facilities and electronic payment modes, customers can pay their EMIs.
SBI will automatically send the personal loan statement at the end of every month. Else, customers can check their SBI personal loan statement through their net banking account.
Link your SBI personal loan to your bank account to schedule EMI payments from a non-SBI account.
Register your mobile number with SBI when availing the personal loan to get regular personal loan statuses.
Using your application reference number, you can check the personal loan application status via your net banking account, at the bank branch or by calling the customer care unit of SBI.
SBI usually takes 2-7 days to disburse the personal loan amount following verification and approval.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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