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    SBI Personal Loan

    SBI personal loans are offered at attractive interest rates to a varied customer base. The one-time loan processing fee is nominal and the repayment tenure can go up to 5 years.

    • Maximum loan amount is Rs.15 lakh 
    • Interest rates start at 12% p.a.
    • Quick approval
    • Processing fee is 1% of the loan amount
    More
    We found 1 SBI Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% - 14.75% Floating
    1% + applicable tax One time fee
    25K - 15L
    5 Years
    Documents
    Perks
    Think about
    Eligibility Criteria
    SBI Personal Loan is Rated as "Excellent!" by 696 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Why Should You Choose SBI Personal Loan?

    Customers of SBI personal loans can benefit from the following:

    • Quick disbursal of the loan amount, i.e., within 2-7 days.
    • Minimal preclosure charges for most personal loan products.
    • No administrative charges or any other kind of hidden costs.
    • Minimal documentation for application.
    • Most affordable interest rates in the market.
    • Convenient modes of repayment such as check-off facility, post-dated cheques, or cash.

    State Bank of India is a leading public sector lender that offers three types of personal loans –

    Compare various SBI Loans

    Listed below are the various personal loans offered by the SBI along with the particulars of each type of loan.

    i) Xpress Credit Personal Loan

    Particulars Effective Interest Rate Loan amount
    Term Loan 12.05% p.a. onwards Rs.25,000 onwards
    Overdraft Facility 12.55% p.a. onwards Rs.5 lakh onwards

    Key Benefits

    • Loans can be repaid over a duration of 5 years
    • A second loan can be taken by borrowers

    ii) Xpress Power Loan

    Particulars Effective Interest Rate Loan amount
    Term Loan 12.15% p.a. onwards Rs.25,000 onwards
    Overdraft Facility 12.65% p.a. onwards Rs.5 lakh onwards

    Key Benefits

    • Nominal processing fee
    • Borrowers need not have a salary account with SBI

    iii) SBI Pension Loan

    Effective Interest Rate Loan amount
    12% p.a. Rs.25,000 onwards

    Key Benefits

    • Defence pensioners do not have to pay a processing fee

    SBI Loan Rates

    The various types of fees and charges that are levied by State Bank of India for personal loans are as follows:

    Loan Scheme Processing Fee Prepayment charge Penal Interest
    Xpress Credit 1% of the loan amount 3% on the prepaid amount 2% p.a.
    Xpress Power - 2% p.a.
    SBI Pension 0.5% of the loan amount 3% on the prepaid amount 2% p.a.
    *3% will be levied on the prepaid amount if the borrower makes a part or full pre-payment and closes the loan account before the completion of the loan term

    SBI Personal Loan Eligibility

    The eligibility criteria that prospective borrowers will have to meet to avail a personal loan from State Bank of India are as follows:

    Eligibility for Xpress Credit Personal Loan

    • The loan applicant’s minimum net monthly income (NMI) should be Rs.5,000.
    • The EMI/NMI Ratio should not be above 50%.
    • The applicant should be an employee at any of the following organizations:
    • Central and state governments
    • Central and state PSUs
    • Educational institutions with a national reputation
    • Quasi-government
    • Certain corporates that have an exclusive business relationship with SBI
    • Companies that do not have any business relationship with SBI OR any Emigration Check Required (ECR), subject to specific terms and conditions.

    Eligibility for SBI Pension Loan

    • You will need to be a central or state government pensioner, defence pensioner or a family pensioner to apply for this loan scheme offered by SBI. A family pensioner is the spouse of a pensioner who is allowed to obtain pension when the pensioner dies.
    • The pensioner, as well as, the family pensioner’s age should not be above 76 years.
    • For pensioners whose pension is disbursed by government treasuries, the concerned pensioner will need to give a mandate to the treasury to make the pension payment to the particular bank branch. This certain undertaking cannot be rescinded at any point in time. The treasury will also write a note that it will not agree to take any request from any pensioner to make changes to the pension payment to any other branch or bank.
    • A defence pensioner can be any pensioner of the armed forces. The armed forces include Paramilitary Forces, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles. The pension payment order will need to be with SBI.
    • The EMI (Equated Monthly Instalments) or NMP (Net Monthly Pension) should not be above 50% for every pensioner. For family pensioners, the EMI or NMP should not be above 33%.

    Eligibility for SBI Xpress Power

    • The prospective borrower will need to earn a minimum monthly income of Rs.50,000

    Applicants who are employed with the following entities are eligible to apply for this loan:

    • Central or state governments
    • Defence establishments
    • PSUs
    • Quasi-government bodies
    • Educational institutions that have a national reputation
    • Select corporates

    Documents Required to apply

    Photograph Passport size (2 copies)
    Identity Proof PAN card/Voter ID/Driving License/Passport
    Address Proof Landline bill/Electricity bill/Ration card/Voter ID/Passport
    Income Proof Latest salary slip/Form 16/last 6 months account statement audited/ITR return for last 2 yrs
    Other(related documents) Check-off letter from employer
     

    How the EMI calculation works for SBI personal loans? 

    Consider a scenario where a person earning Rs.40,000 per month takes a personal loan of Rs.1 lakh under the SBI Xpress Credit personal loan scheme. The bank charges an interest rate of 12.05% p.a. and a processing fee of 1% on the loan amount. For a loan repayment tenure of 6 months, he must pay an EMI amount of Rs.17,257 every month. His loan repayment schedule is given as follows: 

    Month Principal Interest amount Total EMI payment Balance Percentage of loan paid to date
    Apr  Rs.16,253  Rs.1,004  Rs.17,257  Rs.83,747  16.25% 
    May  Rs.16,416  Rs.841  Rs.17,257  Rs.67,331  32.67% 
    Jun  Rs.16,581  Rs.676  Rs.17,257  Rs.50,749  49.25% 
    Jul  Rs.16,748  Rs.510  Rs.17,257  Rs.34,002  66.00% 
    Aug  Rs.16,916  Rs.341  Rs.17,257  Rs.17,086  82.91% 
    Sep  Rs.17,086  Rs.172  Rs.17,257  Rs.0  100.00% 
     

    How SBI compares with other lenders? 

    Fees and charges  SBI Personal Loan  Bank of Baroda Personal Loan  Bank of India Personal Loan  Citibank Personal Loan 
    Interest rate  12% p.a. onwards  11.65% p.a. onwards  13.20% p.a. onwards  10.99% p.a. onwards 
    Processing fee  1% + GST  2% + GST  2% + GST  0.25% to 3.00% + GST 
    Foreclosure charges  3% of the outstanding loan amount  N/A  N/A  Nil 
    Late payment fee  2% of the overdue amount  2% of the overdue amount  Contact the bank for details  Contact the bank for details 

    Given that State Bank of India offers three personal loans as part of its suite of offerings, prospective borrowers can evaluate their needs and opt for a suitable type of loan.

    Other loan schemes for NRI from SBI

    • NRI's can go for this loan scheme from SBI to meet any of their needs such as buying a house or meeting immediate financial needs. The bank will not be repatriating your loan amount abroad.
    • This SBI loan will be handed over solely to the depositor.
    • You can procure this loan in foreign currency or Indian Rupee by pledging a security of your NRE or FCNR or NRO deposit.
    • You can choose a demand loan, an overdraft, or a foreign currency loan.
    • The loan period for this loan is up to the outstanding maturity period.
    • The margin for this loan scheme is 10% which includes accrued interest as well principal.

    SBI online overdraft (OD) against your NRI deposit

    For SBI online OD, you will not have to come down to India to complete the application process in India. You can utilise the bank’s internet banking platform to apply for the loan facility.

    Eligibility criteria Any customer with an NRE or NRO fixed deposit
    Minimum residual period 6 months
    Permissible limit
    • TDR or eTDR: 75% of the face value of the deposit
    • STDR or eSTDR: 90% of the face value of the deposit
    Minimum loan amount Rs.25,000
    Maximum loan amount Rs.5 crore
    Cut-off time Online application for overdraft facility will be open from 8 a.m. to 8 p.m. IST
    Interest rate 1% above the interest payable on the fixed deposit
    Loan tenure for TDR or eTDR 3 years or the outstanding maturity period of fixed deposit, whichever is lower.
    Loan tenure for STDR or eSTDR 5 years or the outstanding maturity period of fixed deposit, whichever is lower.
    • In the above-mentioned table, the NRE or NRO fixed deposit in the eligibility criteria includes Special term deposit (STDR) or eSTDR or Term Deposit Receipt (TDR) or eTDR in a single name holder only.
    • In the above-mentioned table, the permissible limit section refers to the overdraft limit against deposits. You will not be able to make any modifications to the overdraft limit.
    • This loan scheme is not given to joint holders of deposits.
    • The loan will be provided to you with the help of internet banking. If you want to withdraw or shift the fund, you can do it via cheque or online banking.
    • If you want to close the SBI NRI overdraft account, you will have to visit any of the branches in India. This overdraft account closure cannot be done online as of now.
       

    Related Links

    FAQs for SBI Personal Loan

    What are the different types of SBI personal loans offered to employees of corporates?

    Employees of corporates can apply for the Xpress Power Loan or the Xpress Credit Personal Loan, provided they meet the eligibility criteria. Keep in mind that you will need to have a salary account with the lender to apply for the Xpress Credit Personal Loan.

    If I take a personal loan from SBI, when will my liability to the bank come to an end?

    Once the entire outstanding loan amount becomes zero, your liability for your SBI personal loan will be removed.

    What are the options to repay my SBI Personal loan?

    You can repay your SBI Personal Loan via EMIs through the ECS facility or through Standing Instruction.

    Can I prepay my SBI Personal Loan and will I need to pay any additional charge on the prepayment of this loan?

    Yes, you can prepay your SBI Personal Loan. The bank charges prepayment penalty for certain personal loan schemes. You can find out more about this charge when you apply for the loan.

    What are the personal loan products offered by SBI?

    The 3 main types of SBI personal loan products include: SBI Xpress Power, SBI Xpress Credit Personal Loan, and SBI Pension Loan

    What is the minimum loan amount for SBI loan for central and state government pensioners?

    The minimum loan amount for SBI loan for central and state government pensioners is Rs.25,000.

    How can a personal loan borrower get in touch with SBI if he or she has any queries?

    A personal loan borrower can reach out to SBI for support by making use of any of the customer care number or email addresses. The customer can also write an email to the grievance cell of SBI or visit any SBI branch for assistance.

    Could you tell me the general loan tenure for SBI personal loans?

    All SBI personal loans are typically provided for a period of up to 60 months.

    What should be my income to secure a personal loan from State Bank of India?

    SBI offers personal loans to individuals with incomes as low as Rs.5,000. However, this amount might vary depending on the scheme applied for.

    Do I need to have a guarantor to apply for the Xpress Credit Personal Loan from State Bank of India?

    No, the lender does not require you to have a guarantor. However, before applying for the loan, you should ensure that you meet the eligibility criteria specified by the lender.

        

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    SBI Personal Loan Reviews

    • SBI Personal Loan
      "Simply super"
      0.5 5.0/5 "Blown Away!"
      Taken my personal loan from State bank of India. When i taken my personal loan, they have given me a insurance policy on my name without my concern. When i receive the documents only, i come to know about this. I just the got the loan amount of Rs. 1.5 lakhs and they have given me a NOC documents one time when i completed the last month EMI. Maximum i used to pre-closure the loan and there is no additional charges for that.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 24, 2019
    • SBI
      SBI Personal Loan
      "Need to decrease charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in STATE BANK OF INDIA before 5 months back which was processed directly to bank. The amount which was given from bank not sufficient to use for the duration of 5 years. The rate of interest and processing fee are high. Within a few days loan got sanctioned.
      Was this review helpful? 1
      , raichur
      Reviewed on Jun 23, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with State bank of India from long time, the loan amount which they have given to me was good, they have given to me as per my requirement, the rate of interest they have charged to me was up to 10.99% including gst which was nominal, i got loan within 4 hours that same date which i apply , no processing fee it is zero processing fee, their service is good.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Jun 23, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the STATE BANK OF INDIA . The documents are submitted to the branch directly. The loan duration is fine and there was a processing fee which was normal. They have provided a good service and the loan process was very smooth.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2019
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with STATE BANK OF INDIA . The whole loan process was easy and super fast. It was a super fast loan experience . Overall it was a very good loan experience e with the STATE BANK OF INDIA . There is no hidden charges . Loan amount is good .
      Was this review helpful? 1
      , udaipur
      Reviewed on Jun 21, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have selected state bank of India personal loan amount 10 lakhh ,Rate od interest 13 % , one time process fee Rs 9000, EMI 23000.while submitted documents through executive he clear inforamtion about loan process. Based on salary account in SBI i receive loan amount disbursal on same day itself.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Jun 21, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with state bank of India long time, the loan amount they have given me was sufficient for me and the rate of interest they have charged me was nominal, and processing fee they have charged was also nominal , overall service was good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 17, 2019
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the loan since from last 2 years and the documentation process was simple and there was a processing fee of 1K, the loan amount given was 1L which is sufficient, the rate of interest was nominal of 14.75%. I have closed the loan and taken NOC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 16, 2019
    • SBI Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan in STATE BANK OF INDIA one year before, at the time loan amount was sufficient as per my requirement of 75 thousands for the duration of one year. The rate of interest is nominal of 12%. On time the loan got sanctioned.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jun 13, 2019
    • SBI Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan in STATE BANK OF INDIA 3 years before, at the time loan amount was sufficient as per my requirement of 4 lakhs for the duration of 5 years. The rate of interest is high for myself and the processing fee was applicable and nominal.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jun 13, 2019
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      " The process in getting the personal loan from STATE BANK OF INDIA has been good where it has been quite okay. Got the loan with in few days. It was a really fast personal loan experience. The whole application process was easy and hassle free. Rate of interest is high . "
      Was this review helpful? 2
      , chennai
      Reviewed on Jun 12, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have a home loan with STATE BANK OF INDIA . I got option of preclosere and it is very nominal . The process to get the loan is fine. The rate of interest is fine even processing fee nominal . The loan was provide on time and the documentation was collected on time too. I received the loan amount as expected.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 10, 2019
    • SBI Personal Loan
      "Good bank to apply for a personal loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in SBI bank for the past 4 years ago, at the time loan amount was sufficient which was provided from bank for the duration of 7 years.The rate of interest is nominal and the customer service is excellent whenever contact them.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jun 09, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have selected state bank of india and loan amount 5.80 lakhs and Tenure 5 years ,Rate interest 12% EMI Rs 13000, one time processing fee Rs 1200, While documents submitted in home branch. Customer service is good there is no delay disbursal loan amount and foreclosure chargers not there.
      Was this review helpful? 3
      , indore
      Reviewed on Jun 09, 2019
    • SBI Personal Loan
      "Interest rate should be competative"
      0.5 4.0/5 "Great!"
      SBI is same as my Kotak bank, they processed my personal loan application on time. They gave me 14% of interest for the loan amount of 45,000 for 12 months of loan duration. I feel the interest rate is bit higher when compared to other competitor in the market.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 08, 2019
    • SBI Personal Loan
      "Good and fast"
      0.5 4.5/5 "Excellent!"
      I have applied the personal loan from SBI and i have got the loan on the same day. I never expected the such fast loan sanctioned from the public sector bank. They have offered me a interest rate of 12.5% and they charged me a processing fee of 1% from the total amount i have applied.
      Was this review helpful? 2
      , jorhat
      Reviewed on Jun 07, 2019
    • SBI Personal Loan
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan in SBI bank for more than a year. As per my requirement I got the loan amount for the duration of 10 years. The rate of interest is high when compare to other. The process were taken too long to complete from bank. Their service is no proper response.
      Was this review helpful? 7
      , chennai
      Reviewed on May 30, 2019
    • SBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I got a pre approved loan from State Bank of India with the interest rate of 12% which have taken it. The loan duration is 12 months and have completed 7months. There was no processing fee. They have provided me a loan amount of 65K. It is a online process through mobile app and sanctioned the loan without any documents.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 29, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan with STATE BANK OF INDIA and my loan experience was good. My loan amount is satisfactory and interest rate is nominal.There is no hidden charges. I use to pay EMI per month .The process was so smooth at the time of documentation, i did not face any problems.
      Was this review helpful? 3
      , hyderabad
      Reviewed on May 27, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my personal loan with State bank of india from long time, the loan amount they have given me as based on my eligibility , the rate of interest they have charged me was nominal, it was based on my requirement, they have not charged me any processing fee, i have successfully closed this account.
      Was this review helpful? 4
      , vadodara
      Reviewed on May 23, 2019
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