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.

Different types of SBI Personal Loans

The State Bank of India has long been known for providing personal loans for you that are designed to be easy for you to apply for and, most importantly, easy for you to pay back. SBI offers people four different types of personal loans that have to be tailored to suit individuals and their individual needs. So, without further ado, these are four of the personal loans that you can avail from SBI.

Xpress Credit Personal Loan

As the name suggests, this loan has been designed to get you cash when you need it in a hurry. The processing charges are low, there are no hidden charges and there is minimal documentation required. There aren’t any pre-payment charges either

SBI Saral Personal Loan

The SBI Saral Personal Loan is meant to provide people with the opportunity to have access to money for various things like payments for vacations, medical bills or even clearing financial liabilities. As long as the the applicant has a valid reason to apply for the loan, it might get approved subject to the banks terms and conditions. The processing charges will be anywhere between 2.02% to 3.03% of the loan amount.

SBI Pension Loan / Jai Jawan Pension Loan

This type of a personal loan is provided to pensioners who are drawing their pensions from the central or the state government. If you apply for this loan then you will have to pay a nominal processing fee and there will be no extra charges levied for early payments

SBI Festival Personal Loan

In case there is a festival coming up and your plans for celebrating it are threatened by a shortage of money you can go in for a Festival Loans

SBI Personal Loan Interest Rate

SBI Personal Loan products are offered at competitive interest rates, making SBI the most preferred lender in the market. The table below gives a snapshot of interest rates for various personal loan schemes offered by SBI.

The 2 year MCLR is set at 9. 25% at present.

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.

SBI Xpress Credit Personal Loan Eligibility

• Net Monthly Income must be at least Rs. 7,500 per month
• The applicants EMI/NMI (Equated Monthly Instalments / Net Monthly Income) ratio must not exceed 50

SBI Saral Personal Loan Eligibility

If you fall into any of the following categories then you can apply for this personal loan.

• Self employed engineer
• Doctor
• MBA grad with a minimum of 2 years worth of experience
• Chartered Accountant
• Architect

SBI Pension Loan / Jai Jawan Pension Loan Eligibility

• The person applying for the pension loan must not be over 76 years of age
• The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
• If the family pensioner is the spouse of a pensioner who is authorised to receive the pension then they too must not be over 76 years of age.

SBI Festival Personal Loan Eligibility

• Government employees or those working for PSU’s or even private or public institutions/establishments are eligible for this loan as long as they have a minimum of 2 years of service.
• If the applicant is self-employed then a minimum of 3 years of experience is a must
• In case the applicant does not meet the first condition then they can be eligible if they have a verifiable source of regular income like pension or interest from TDR or NSC or Govt Securities.
• The applicant must have a net monthly income of Rs.3000 or more
• If the applicant wants the spouse’s income also to be considered then the spouse should guarantee the loan or turn it into a joint loan.

Eligibility Criteria for Salaried Individuals

Eligibility Criteria for Self Employed Individuals and Working Professionals:

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

• Am I eligible for SBI personal loan?

  SBI offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for SBI personal loan is Rs. 24,000 per month. If you fall into this group, you can definitely apply for a SBI personal loan.

• How do I repay SBI Personal loan?

  You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

• What is the maximum loan one can get from SBI?

  SBI offers personal loans as high as Rs. 10 Lakhs/12 times Net Monthly Incomefor successful applicants depending on their financial record and repayment history.

• What is the tenure for SBI personal loan?

  SBI offers personal loan with a tenure period 48 months making it suitable for all loan seekers.

• How many personal loan products does SBI offer?

  SBI offers a number of personal loan products, with individuals having an option to choose between the following.

  • SBI Saral Personal Loan
  • Festival Loans
  • Xpress Credit Personal Loan
  • Loans to pensioners

• What is the maximum loan amount one can get under the SBI Saral Personal Loan scheme?

  The maximum loan amount which can be availed under this scheme depends on the salary of an applicant, with an upper limit of Rs 10 lakhs.

• Is there a minimum loan amount mentioned by SBI for its Saral personal loan?

  Yes, the minimum loan amount for SBI Saral personal loan depends on the demographics of a borrower, with the limit set at Rs 24,000 for borrowers from metro and urban areas and Rs 10,000 for borrowers from semi urban or rural backgrounds.

• Is there a facility to apply for a SBI personal loan online?

  Yes, individuals can apply for a SBI personal loan through the internet by logging onto the official website of SBI and choosing the type of loan they require. One is expected to provide certain information like name, address, and contact details, purpose of loan, work details and date of birth in order to process this online application.

• Is it necessary to provide income details while applying for a SBI personal loan?

  Yes, it is mandatory for an individual to provide his/her income details in the application form. This information is used by SBI to determine the amount an individual is eligible for and to gauge his/her repayment capacity. These income proofs could be salary slips or bank transactions.

• Can an applicant combine the income from multiple sources while applying for a SBI personal loan?

  An applicant can combine his/her income with the income of her/his spouse, thereby increasing his/her chance of getting a higher loan amount.

• What is the processing fee charged by SBI on its Saral personal loans?

  SBI charges a processing fee ranging between 2.02% and 3.03% of the loan amount, with this fee deducted from the amount before it is handed over to a borrower.

• What is the loan repayment tenure of a SBI Saral personal loan?

  SBI Saral personal loan can be repaid through EMIs, with a maximum repayment period of 4 years. A borrower can choose to completely repay the loan amount before this tenor ends.

• Is it possible for a borrower to prepay his/her loan? If so, are there any additional charges involved?

  Yes, SBI provides an option for borrowers to prepay the loan. Such prepayment does not incur any additional charges or penalties.

• How can a borrower get in touch with SBI if he/she has queries regarding a personal loan?

  Individuals can contact SBI officials by calling on any of their customer care helpline numbers or by writing to their grievance cell, which is present in all local SBI head offices.

*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with SBI. For further information about any of the products mentioned above please contact SBI.