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  • SBI Personal Loan

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  • You can avail a loan from SBI at interest rate staring at 9.60% p.a. and with loan amount of up to Rs.20 lakh. The one-time loan processing fee is nominal and the repayment tenure can go up to 7 years.

    SBI Personal Loan Information

    Interest Rate  9.60% p.a. onwards 
    Loan Amount  Rs.20 lakh onwards 
    Minimum Income Required  Rs.15,000 
    Loan Tenure  Up to 7 years 
    More

    SBI Personal Loan Interest Rates

    Schemes Interest Rates
    XPRESS Credit 10.60% p.a. to 13.10% p.a.
    XPRESS Bandhan At the discretion of the bank
    XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES) 11.50% p.a. to 13.85% p.a.
    Pension Loan (including PAPNL-Pre-Approved pension Loans) 10.55% p.a. -11.05% p.a.
    Clean Overdraft 15.65% p.a.
    Xpress Credit Insta Top-Up 10.70% p.a.
    Pre-Approved Personal Loans (PAPL) 12.60% p.a.
    SPL. PAPL 9.60% p.a.
    SBI Quick Personal loan Through CLP portal 10.85% p.a. - 12.85% p.a.

    Types of SBI Personal Loans

    SBI XPress Credit

    Key Highlights

    • Low processing fees.
    • Maximum loan amount of up to Rs.20 lakh.
    • Lowest interest rate offered is 10.60% p.a.
    Interest Rate Loan Amount
    10.60% p.a. onwards Up to Rs.201akh

    SBI Pension Loan

    Key Highlights

    • Quick disbursal of loan amount.
    • Low processing fees
    • Minimal documentation required.
    Interest Rate Loan Amount
    10.55% onwards Up to Rs.14 lakh

    SBI XPress Bandhan

    Key Highlights

    • You can apply for this loan even if you don’t maintain an account with the bank.
    • You must be drawing a minimum gross monthly income of Rs.50,000 to avail this loan.
    • Repayment tenure is up to 5 years or the remainder of the service whichever is lower.
    Interest Rate Loan Amount
    At the discretion of the bank Up to Rs.15 lakh

    SBI Pre-approved Personal Loans

    Key Highlights

    • The loan will be instantly processed.
    • Low processing fee.
    • The interest rate will be low and affordable and starts at 9.60%.
    Interest Rate Loan Amount
    From 9.60% p.a. At the discretion of the bank

    SBI QUICK Personal Loan

    Key Highlights

    • You can avail a loan amount of up to Rs.20 lakh.
    • You can avail this loan even if you do not maintain a bank account with SBI.
    • You need to draw a minimum monthly income of Rs.15,000 to avail this loan
    Interest Rate Loan Amount
    10.85% p.a. - 12.85% p.a. Up to Rs.20 lakh

    Fees and Charges

    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 1.5% of the loan amount 3% on the prepaid amount 2% p.a.
    SBI Pension 0.5% of the loan amount 3% on the prepaid amount -
    Pre-approved personal loan At the discretion of the bank - -
    SBI Quick Personal Loan 1.5% of the loan amount 3% on the prepaid amount 2% p.m.
    Xpress Bandhan 1% of the loan amount - -

    *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.15,000.
    • The EMI/NMI Ratio should not be above 50%.
    • The applicant should be an employee at any of the following organizations:
      1. Central and state governments
      2. Central and state PSUs
      3. Educational institutions with a national reputation
      4. 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.
    • A defence pensioner can be any pensioner of the armed forces.

    Eligibility for SBI Xpress Bandhan Loan

    The eligibility criteria to avail the loan is mentioned below:

    • The gross monthly income of the individual must be at least Rs.50,000.
    • Employees working with Educational Institutions of National Repute, Defence Establishments, State and Central Governments, Public Sector Undertakings (PSUs), Quasi Government Bodies, and Select Rated Corporates can avail for this loan facility.
    • No requirement of maintaining a salary account with the bank.
    • The Equated Monthly Instalments (EMI)/Net Monthly Income (NMI) ratio can be a maximum of 50%.

    Eligibility for SBI Pre-approved Personal Loan

    To know whether you are eligible for a pre-approved loan from SBI, send an SMS in this format - “PAPL <last 4 digits of SBI Savings Bank Account No.> to 567676.

    Eligibility for SBI Quick Personal Loan

    The eligibility criteria you will have to fulfil in order to avail this personal loan scheme are:

    • You must have a salary account with another bank.
    • Minimum and maximum age of eligibility for this scheme are 21 years and 58 years respectively.
    • You must have a minimum work experience of 1 year.
    • You must be drawing a minimum monthly income of Rs.15,000.

    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 9.60% p.a. and a processing fee of 1% on the loan amount. For a loan repayment tenure of 1 year, he must pay an EMI amount of Rs.8,773 every month. His loan repayment schedule is given as follows:

    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    2020 Rs.48,805 Rs.3,833 Rs.52,638 Rs.51,195
    July Rs.7,973 Rs.800 Rs.8,773 Rs.92,027
    Aug Rs.8,037 Rs.736 Rs.8,773 Rs.83,990
    Sep Rs. 8,101 Rs.672 Rs.8,773 Rs.75,889
    Oct Rs.8,166 Rs.607 Rs.8,773 Rs.67,723
    Nov Rs.8,231 Rs.542 Rs.8,773 Rs.59,492
    Dec Rs.8,297 Rs.476 Rs.8,773 Rs.51,195
    2021 Rs.51,194 Rs.1,444 Rs.52,638 Rs.0
    Jan Rs. 8,363 Rs.410 Rs.8,773 Rs.42,832
    Feb Rs.8,430 Rs.343 Rs.8,773 Rs.34,401
    Mar Rs.8,498 Rs.275 Rs.8,773 Rs.25,903
    Apr Rs.8,566 Rs.207 Rs.8,773 Rs.17,338
    May Rs.8,634 Rs.139 Rs.8,773 Rs.8,703
    Jun Rs.8,703 Rs.70 Rs.8,773 Rs.0

    How SBI compares with other lenders?

    Fees and charges SBI Personal Loan HDFC Bank Personal Loan Axis Bank Citibank Personal Loan
    Interest rate 9.60% p.a. onwards 10.75% p.a. onwards 12% p.a. onwards 9.99% onwards
    Processing fee 0.5% + GST 2.5% + GST 2% + GST 3% of the loan amount
    Foreclosure charges 3% of the outstanding loan amount 2% to 4% of the outstanding loan amount N/A Up to 4% of the outstanding principal amount
    Late payment fee 2% of the overdue amount 2% of the overdue amount 2% of the overdue amount per month No late payment charges

    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.

    FAQs for SBI Personal Loan

    1. How to check SBI personal loan status?

      You can track your SBI personal loan status by contacting customer care or visiting the nearest branch.

    2. How to contact SBI personal loan customer care?

      You can contact SBI personal loan customer care number through the following ways: 

      • Call the 24x7 toll-free helpline numbers which are 1800 425 3800 and 1800 11 2211
      • You can also call the number 080-26599990 which is chargeable. 
    3. What are the different types of SBI personal loans offered to employees of corporates?

      Employees of corporates can apply for the SBI Pension Loan, the Xpress Credit Personal Loan, or the Xpress Bandhan 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.

    4. 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.

    5. 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.

    6. 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.

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

      The 5 main types of SBI personal loan products include: SBI Xpress Credit Personal Loan, SBI Pension Loan, SBI Xpress Bandhan Loan, SBI Pre-approved Loans, and SBI Quick Personal Loan.

    8. 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.

    9. 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.

    10. 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. However, depending on the scheme, the repayment tenure may also go up to 84 months.

    11. 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.

    12. 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.

    13. Can I apply for an SBI Personal Loan during Covid-19 pandemic?

      Yes, you can apply for an SBI personal loan during Covid-19 pandemic by visiting the official website of the bank and applying for a personal loan. The bank also recently said that it also plans to offer pre-approved loans to its customers which one can apply through the bank’s digital banking solution YOLO. Applying online for an SBI personal loan will not only make the application process fast and hassle-free but will also allow you to maintain the required social distancing norms laid down by the Government of India.

        

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    SBI Personal Loan Reviews

    • SBI Personal Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      STATE BANK OF INDIA has offered me a personal loan and the loan amount was Rs.5L, the rate of interest was normal 11.5%. Fore closure charge is there and i opted for the tenure of five years and i am paying EMI of Rs.10,000. This loan got disbursed within a day and that was a smooth process.
      Was this review helpful? 29
      , chennai
      Reviewed on Mar 16, 2020
    • SBI
      SBI Personal Loan
      "Very transparent and reliable services"
      0.5 4.5/5 "Excellent!"
      From YONO app i have applied the personal loan with State Bank of India. They have sanctioned the loan in 24 hours and They have not collected any documents from my end. They just got the agreement from email and they have not charged me any processing fee and the interest rate is only 9%. I have selected the tenure period of 3 years. There is a pre-closure facility without having any additional charges.
      Was this review helpful? 23
      , hyderabad
      Reviewed on Mar 11, 2020
    • SBI Personal Loan
      "Medium"
      0.5 4.0/5 "Great!"
      I am holding an account with SBI for long years hence I got pre approved loan offer from their end and taken a personal loan on one year back. Within 2-3 days they have sanctioned the loan, so far I had paid EMIs on time and I am going to close the loan by next month. Mobile app is user friendly to access but only interest rate is high. EMI need to pay of around 6.5K - 7K.
      Was this review helpful? 23
      , bangalore
      Reviewed on Feb 26, 2020
    • SBI Personal Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      I have a savings account with SBI so when i had an requirement they have offered me a personal loan quickly. On the spot, they have sanctioned my loan without any documents. I have selected the duration of 1 year to close this loan. Taken the loan amount of Rs. 60000 and i pay the EMI of Rs. 5000 every month. Its a interest free loan.
      Was this review helpful? 15
      , visakhapatnam
      Reviewed on Feb 24, 2020
    • SBI Personal Loan
      "Interst rate was high"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from SBI, the loan amount was Rs. 10L. The rate of interest was high 14% and i am paying EMI 23,000 for the tenure period of 5years. I applied this loan directly through bank that was very easy process and i received this loan within 2 days, pre closure charges are not known.
      Was this review helpful? 16
      , coimbatore
      Reviewed on Feb 20, 2020
    • SBI Personal Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have applied personal loan directly from SBI. Process was very good and i received this loan with in 2 -3 days. Even my credit score was good, i have submitted all my documents and i signed so it got approved. The rate of interest was very less with the tenure of 2 years and EMI 6000 , their service was good.
      Was this review helpful? 16
      , bangalore
      Reviewed on Feb 20, 2020
    • SBI Personal Loan
      "Good loan offer from SBI"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI on last 6 months back. The rate of interest around 12.75% and processing fee was detected of 0.5% is less. The loan amount of 6.50L which is sufficient. Since I am holding a salary account with this bank so I got pre approved loan offer, they have provided the amount within 4-5 days and tenure period is 6 years. There is a pre closure option with charges of high around 2-3% but the locking period is 6 months. Am EMI around 12,800 rupees. I use to get remainder message on time for the payment.
      Was this review helpful? 15
      , jamshedpur
      Reviewed on Feb 20, 2020
    • SBI Personal Loan
      "Need to imrpve their service "
      0.5 3.0/5 "Satisfactory"
      I am not satisfied with SBI service. I have taken a personal loan on 3 months back, I got this loan offer from bank. The loan amount was sanctioned of 3.5L with tenure period of 5 years. The rate of interest is nominal and fee was applicable of 3,500 rupees. Through mobile app processed was done for the loan. EMI need to pay of 6,500 rupees.
      Was this review helpful? 12
      , dindigul
      Reviewed on Feb 17, 2020
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken SBI personal loan for my business purpose.The rate of interest and the processing fee was very less and loan got sanctioned on time,still this loan is active.I have availed loan amount of 15lakhs for the tenure of 3 years and still this loan is active on my account .
      Was this review helpful? 6
      , chennai
      Reviewed on Feb 14, 2020
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan directly through SBI .This loan is still going on .The rate of interest and the processing fee was quite nominal.The processing fee was RS..1000 since have salary account the loan got sanctioned it was a paperless approval .I am happy with the service.
      Was this review helpful? 9
      , bangalore
      Reviewed on Feb 13, 2020
    • SBI Personal Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI and the loan amount was Rs. 2L. The rate of interest was normal and i opted for the tenure period of 3 years. I am paying EMI 10K, pre closure charge is not applicable. My salary account is with this bank, so less documentation process and i received this loan within a day.
      Was this review helpful? 15
      , chennai
      Reviewed on Feb 10, 2020
    • SBI Personal Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from SBI 3 years ago. The loan amount was Rs. 1,50,000 and the rate of interest was 12% which was nominal with the tenure of 3 years and i am paying EMI 4K. I have completed this loan right now and i got instantly with the minimum documents.
      Was this review helpful? 16
      , noida
      Reviewed on Feb 06, 2020
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      On 3 years before, I got a personal loan offer from SBI. The process was done on time and even disbursal amount of 5L was sufficient. Interest rate was nominal. EMI use to pay of 8,800 rupees. I was not aware about pre closure option. Their service was good. I had closed the loan 4months before only.
      Was this review helpful? 13
      , visakhapatnam
      Reviewed on Feb 05, 2020
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan of 6L from SBI on 2 years before. It is pre approved loan. So the amount was sufficient when compared to my requirement. The tenure period of 5 years. Rate of interest was 12% which is nominal for this loan. EMI need to pay of 14K on monthly basis and I use to get remainder message on time.
      Was this review helpful? 15
      , shillong
      Reviewed on Feb 03, 2020
    • SBI Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI on 5 years ago and I have already completed the same. I have been holding an account with this bank so I have chose to take the personal loan with them. They offered me a interest rate of 15% and there was no processing fee. I have no knowledge about the part payment and pre- closure. I have selected the duration of 5 years.
      Was this review helpful? 18
      , kolkata
      Reviewed on Jan 25, 2020
    • SBI Personal Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      I got the reasonable interest rate for my personal loan from State Bank of India. In other bank interest rates are high so that i bought the personal loan from this bank. They have provided me a loan amount of Rs. 2 lakhs with the interest rate of 7% and the processing fee was just Rs. 500. I am paying the EMI amount of Rs. 9000 every month.
      Was this review helpful? 15
      , bangalore
      Reviewed on Jan 24, 2020
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had taken a personal loan with SBI on 4 years back. The loan amount of 8L was sanctioned which is sufficient as per my needs. Since for my personal need taken this loan. The tenure period of 4 years. Interest is 10.8% is fine and fee applicable of 10K. I use to get remainder message on time for EMI to pay of 17K. There is no option of pre closure. I have closed the loan and received NOC letter as well.
      Was this review helpful? 13
      , bangalore
      Reviewed on Jan 19, 2020
    • SBI Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan from SBI because based on my savings account. They have provided me a pre- approved loan hence i got it. Even though its a nationalized bank, they are giving good co-operation to the customer. They offered me a interest rate of 12.5%. I took the loan on 7 months ago with the tenure period of 5 years.
      Was this review helpful? 14
      , namakkal
      Reviewed on Jan 18, 2020
    • SBI Personal Loan
      "Need to decrease the rate of interest"
      0.5 4.5/5 "Excellent!"
      I have applied a personal loan from SBI and the loan amount was Rs. 1.25L and the interest rate was 14% it is high actually. I applied this loan directly from bank and I am paying Rs. 4000 with the tenure of 4 years. I am not getting any alert message, call or even mail also.
      Was this review helpful? 24
      , bangalore
      Reviewed on Jan 18, 2020
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken personal loan through SBI .The rate of interest and the processing fee was very high it was 13% due to my requirement i have taken but it would be better if its reduced. It took one week time to get the loan and there was a delay in Verification process .I am satisfied with the service so far.
      Was this review helpful? 27
      , vellore
      Reviewed on Jan 16, 2020
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