SBI Personal Loan

SBI Personal Loan Interest rate calculator works on various inputs like:

• Loan Amount: Generally banks offer lower interest rates for a higher amount. However, SBI offers loan between Rs. 10,000 and 1,500,000.
• Salary: Higher salary bracket individuals are offered loans at lower interest rates. SBI interest rate varies with your net monthly income.
• Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. SBI has a list of company categories of salaried individuals to which they avail a personal loan. So, higher company category leads to a low rate of interest.
• Relationship with the Bank: SBI offers special rates, offers, and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low SBI personal loan interest rate.
• Loan Tenure: SBI Personal loans are of shorter tenure ranges from 6 months to 48 months and carry a high rate of interest compared to longer term loans.
• Repayment Capacity: Before giving a loan to the borrower, SBI checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

SBI also offers loan to defence, armed forces and government employees. SBI personal loan interest rate for government employee and defence personnel varies from private salaried employees.

EMI or equated monthly installments are the amounts that you need to pay every month in order to pay off your personal loan. Though you can always calculate your EMI by hand, it is much easier to use a personal loan EMI calculator in order to estimate your monthly EMI payouts. Do the following after logging on to the BankBazaar.com website in order to estimate your loan repayments:

• Go to the tools section of the website and click on the personal loan EMI calculator link.
• On the Personal Loan EMI calculator page, use the sliders or input the key data such as the loan principal amount, the applicable interest rate and the required loan tenure to get instant results.
• You can adjust any of these parameters as per your requirement in order to get the desired EMI amount.

Apart from receiving the instant results, you will also benefit from the fact that you can make an informed decision regarding how much you can take as an SBI personal loan and afford the associated EMI payouts.

The process for taking a personal loan from SBI is very simple and quick. The documentation process is minimal and self-explanatory.

You will not be required to make arrangements for any collateral or guarantor or security to get a personal loan from SBI. A collateral or security refers to an asset which is given to the lender or bank before the loan is issued. It serves as a security where if the borrower misses the repayment deadlines several times, then the bank has the authority to seize the asset’s ownership from the borrower and sell it to someone else. This is done to recover the costs of the unpaid loan.

A guarantor is an individual who promises to repay the remaining loan amount when the borrower misses repayment deadlines due to any reason. When you go for any of the personal loan schemes offered by SBI, you need not worry about getting any guarantor. The bank sanctions a loan without a collateral and a guarantor.

• You will need to pay a minimal fee as a processing fee for procuring a personal loan from SBI. It is usually 1.01% of your loan quantum. You will not have to pay any hidden charges during the application process.
• You may also negotiate the interest rate for your SBI personal loan with a bank representative and then fix your interest rate for your EMIs.
• You can go for a term loan or an overdraft limit on your present account with SBI.
• The minimum loan amount varies according to the type of personal loan offered by SBI. You can choose your personal loan amount as per your convenience.
• With SBI, you have the option of taking a 2nd Xpress loan if you have taken the 1st loan and repaid it completely on time. This Xpress loan is provided 1 year after you have obtained the 1st loan. You need to note that you will not be able to take any other personal loan after you procure these 2 loans from SBI.
• You will be able to monitor the status of your SBI personal loan application properly at different stages.

SBI has a personal loan scheme for government employees exclusively known as the Xpress Credit Personal Loan. It is a loan facility offered by SBI to employees working in Central and State Government, State PSUs, Quasi Government, Central PSUs, educational institutions of national reputation, and certain corporates that do not have any business relationship with the bank and that do not have any ECR (Emigration Check Required); depending on terms and conditions.

Benefits of SBI Personal Loan for Government Employees

• It offers low-interest rates and the interest is charged on a daily reducing balance.
• You will not be asked to provide any security or collateral for this loan scheme.
• You will not have to pay any administrative charge or hidden cost for this product offered by SBI.
• The documentation process for this personal loan scheme is very quick and simple.
• You can apply for this product online by visiting the official website of SBI or by checking out the BankBazaar website.

Features of SBI Personal Loan for Government Employees

• In the table given above, NMI refers to net monthly income.
• For the overdraft facility from SBI Xpress Credit Personal Loan, there will be a decrease in the DP (drawing power) as the DP should become 0 in a period of 60 months.
• School teachers will need to note that the highest loan quantum for them is capped at 12 months gross salary. This is applicable for both term loan and overdraft facility.
• You will not have to pay any prepayment fee or foreclosure fee if you close your account with the funds of a new loan account that you would have opened under the same loan facility.

SBI offers an exclusive personal loan for pensioners who used to work in the Central or State government or the Defense forces. You can go for this loan product from SBI if your age is not more than 75 years. This loan will get processed very smoothly in a quick mode. You will need to visit the SBI bank branch to apply for this loan scheme. You will not be paying any hidden cost for this loan product.

SBI Personal Loan for Central and State Government Pensioners

• Your age should be 76 years or lesser.
• If an individual’s pension is offered by government treasuries through cheque which is drawn in any SBI bank branch according to the pensioner’s mandate, then this pensioner is also eligible for this loan product provided by SBI. In this case, the actual Pension Payment Order (PPO) will be retained with the custody of Treasury. The pensioner will give an instruction to the Treasury to make the pension payment via a certain bank branch.
• Under this loan facility, the pensioner will need to provide a certain undertaking that cannot be withdrawn which states that he or she will not make any modifications to the instruction regarding the payment of pension to the particular bank branch.

Further, the treasury will respond to this undertaking by writing that it will not take any appeal from the pensioner to shift the payment of pension from the present bank (mentioned in the undertaking) to any other branch or any other bank until the present bank provides a No Objection Certificate (NOC).

• Under this scheme, a guarantee will be given to the spouse or a certain third party. In this facility, the spouse of the pensioner is entitled to receive the family pension.

SBI Personal Loan for Defence Pensioners

If you are a pensioner who used to work in the armed forces, you can apply for this personal loan offered by SBI. Whether you worked with the Navy, Army, Air Force, Coast Guards, Assam Rifles, Paramilitary Forces (CISF, ITBP, CRPF, BSF, etc.), Rashtriya Rifles, you can obtain this loan scheme provided your Pension Payment Order is with SBI.

This loan scheme provided by SBI does not have any minimum age limit. Your age will need to be 76 years or lesser when you apply for this loan option.

SBI Personal Loan for Family Pensioners (including defence family pensioners)

A family pensioner is the spouse of a pensioner who can obtain the pension amount from the government or defence forces when the pensioner passes away. This is allowed if the family pensioner’s age is not higher than 76 years.

Features of loan for pensioners offered by SBI

Defence pensioners

The EMI or NMP should not be higher than 50% for every kind of pensioner.

Family pensioners (including defence pensioners)

The EMI or NMP should not be higher than 33% for every family pensioner.

In the tables given above, EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

Repayment period and age details regarding SBI personal loan for pensioners

For central and state government pensioners

For defence pensioners

Repayment period and age details regarding SBI personal loan for family pensioners

Key characteristics regarding personal loans offered by SBI for pensioners

• You can repay your SBI personal loan for pensioners by giving a Standing Instruction from your pension account for clearing your EMIs.
• The margin for this personal loan scheme is NIL.
• If you are a State or Central Government pensioner (even family pensioners), you will need to pay a processing fee. It will be 0.25% of your personal loan amount along with the service tax that is applicable.
• If you are a defence pensioner, you will not be asked to pay any processing fee.
• If you prepay your SBI personal loan EMIs completely or in portions before your loan period gets over, you will be required to pay 3% on your prepaid amount as your prepayment fee.
• If you terminate your personal loan account with the funds from a new loan account, you will not be asked to pay any foreclosure or prepayment charge.
• A guarantee is given to the spouse of the pensioner where the spouse can obtain the family pension amount. This loan scheme does not offer any insurance policy.

SBI enables Non-Resident Indians (NRIs) to apply for a personal loan with the help of internet banking or any other mode. You can choose a regular loan against your NRI deposit or an online overdraft (OD) against your NRI deposit.

SBI loan against your NRI deposit

• You can go for this loan scheme from SBI for meeting any of your needs such as buying a house or meeting your 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.

• 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.

1. SBI Xpress Credit Loan:

This SBI loan scheme is offered to the employees of well-known organizations such as central and state government, PSUs, quasi-government, etc. These employees will need to have their salary accounts with SBI. These loans are offered at a zero margin.

Eligibility

• The loan applicant’s minimum net monthly income (NMI) should be Rs.5,000.
• The EMI or NMI Ratio should not be above 50%.
• The applicant should be an employee at either of the following organizations:
• Central and state Government
• 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), according to specific terms and conditions.

Interest rate

For employees of unrated corporates

For employees of rated corporates

2. SBI Saral Personal Loan

This loan is given to an individual for any legitimate reason such as vacations, wedding arrangements, medical expenses, hospitalization, asset purchases, home renovation, educational expenditures, and so on. You can repay the SBI Saral Personal Loan in 48 EMIs.

Eligibility

• You will need to be a salaried individual at any company.
• You can also be a self-employed individual as a doctor, chartered accountant, architect, engineer, or an MBA.
• The minimum income for an applicant in a metro or urban centre is Rs.24,000.
• The minimum income in a rural or semi-urban centre is Rs.10,000.
• The maximum net monthly income for pensioners and salaried employees has a ceiling of Rs.10 lakh in all the above-mentioned centres.

Interest rate

For employees of unrated corporates

For employees of rated corporates

3. SBI Pension Loan

SBI extends personal loans to pensioners as well as family pensioners. Whether you are a central government pensioner, state government pensioner, or a defence pensioner, you can avail this loan’s benefits.

You will have to pay a very minimal processing fee for this SBI pension loan scheme. If you are a defence pensioner, you will not need to pay any processing fee. This loan is provided without any hidden costs.

Eligibility

• 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.
• The pensioner will need to give an undertaking to SBI stating that the Treasury can make the pension payment to a particular bank branch. This certain undertaking cannot be rescinded at any point of 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%.

Interest rate

4. SBI Festival Loan

SBI gives a lot of significance to the various festivals that are celebrated in India. You can enjoy any festival to the fullest by taking the Festival Loan offered by SBI. It is a loan product that is given exclusively to meet all expenses associated with a festival. You can use these funds to purchase gifts for your loved ones to celebrate the festive season. You can also use this loan scheme to buy sweets, savouries, clothes, decorations, and other festive arrangements to make sure that you have a memorable gathering with your friends and family.

This loan is offered at low-interest rates with a low-processing fee. Moreover, you will not have to pay any administrative fee or hidden charge. This loan is offered with minimal documentation work. What’s more, you do not have to pay any prepayment penalty for this loan product!

Eligibility

• Any person working in the government or a PSU or a private limited company or a public company or an institution. You will need at least 2 years of experience in this organization.
• A self-employed individual with at least 3 years of experience.
• A person with a net monthly income of Rs.3,000 or higher.
• A person with a steady income from channels such as interest from TDRs, government securities, and National Savings Certificates (NSCs).

For employees of unrated corporates

For employees of rated corporates

5. SBI Career Loan

SBI helps young individuals build their career competently by providing them with extensive financial support. You do not have to worry about monetary hardships when you are focused on achieving something. Even if you do not have sufficient financial sources to fund your academic course or certification programme, you do not have to give up on your dream goal.

The SBI Career Loan is exclusively designed to help women who aspire to be air hostesses. With this loan, you can pay your fees for air hostess training courses. It is a personal loan which will require you to provide the bank with a collateral. You will need to secure your personal loan with public sector bonds, mortgage of immovable property, RBI relief bonds, NSCs, government securities, RBI relief bonds, Kisan Vikas Patra (KVP), LIC policies, public sector bonds, bank’s TDR, etc.

The loan will need to be repaid through EMIs in 36 months. The maximum moratorium is 1 year after the air hostess training course is completed.

Eligibility

• You should be interested in enrolling yourself for an air hostess training course.
• You should be at least 18 years old.
• The co-borrower’s age should not be higher than 60.
• The co-borrower can be the applicant’s spouse, parent or guardian.

Interest rate

Processing Fees for Various SBI Personal Loan Products

For any service-related issue, a customer can get in touch with SBI:

• Calling Customer Help Line Numbers
• Contact Customer Grievance Cell at our Local Head Offices
• Write to Grievance Cell at our Local Head Offices

(Details on Helpline Numbers and Grievance Cell available on www.sbi.co.in)

In case a customer is not satisfied with the handling of grievance by the Local Head Office, a communication may be sent (enclosing the message sent earlier to Local Head Office) to the -

Deputy General Manager (Customer Service), Customer Service Dept., State Bank of India; State Bank Bhawan, 4th floor; Madame Cama Road, Mumbai-400 021,

Telephone No. (022) 22029456, 22029451 22740432, 22740431, 22740433 Fax no. (022) 22742431 E-mail address - dgm.customer(at)sbi(dot)co(dot)in

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

The 2 main types of personal loans offered to employees of corporates are Xpress Credit to employees of rated corporates and Xpress Credit to employees of unrated corporates.

2. Under the SBI Xpress Credit personal loan options, is there any loan option that comes with a reset period?

Xpress Elite is the only personal loan option under the SBI Xpress Credit personal loan options that comes with a reset period of 1 year. All the other options under the SBI Xpress Credit do not have a reset period.

3. What is the time period for disbursal of SBI personal loans?

SBI personal loans get disposed in metro centres within 30 days. In semi-urban and rural centres when the loan is sourced by BC (Business Correspondent), BF (Business Facilitator), and branch, it takes 3 days. In the same location, when the loan is sourced by MRT or RMO, it takes 2 days.

4. What is the maximum loan quantum for SBI Career Loan?

For SBI Career Loan, the maximum loan amount is Rs.3 lakh.

5. 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.

6. What will I have to pay as the processing fee for SBI Saral personal loans?

For SBI Saral personal loans, your processing fee will range from 2.02% to 3.03% of your loan amount. This fee will be subtracted from your loan amount the loan is disbursed to you.

7. 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.

8. As a loan applicant, can I use income from different sources while applying for a personal loan from SBI?

Yes, you can combine your income and your spouse’s income to meet the income criteria successfully while applying for a personal loan from SBI.

9. 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.

10. What are the personal loan products offered by SBI?

The 4 main types of SBI personal loan products include: SBI Saral Personal Loan, SBI Festival Loans, SBI Xpress Credit Personal Loan, and SBI Loans to pensioners.

11. 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.

12. What is the interest rate for SBI Personal Loan Against Bank’s Time Deposits (Domestic)?

The interest rate for this loan scheme is 1% on the interest rate that has to be given on the relative time deposits. In this case, the time deposit is given as security or collateral.

13. 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.

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

All SBI personal loans are typically provided for a period of 48 months.

15. Can you tell me the interest rate for loans against SBI floating rate term deposits?

The interest rate for this loan scheme is 1.50% on the interest rate that is paid on your SBI floating rate term deposit.