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    SBI Personal Loan

    SBI personal loans are offered at interest rates starting at 12% p.a. onwards with a maximum repayment tenure of 5 years. The one-time processing fee is only 1% of the loan amount, and the maximum amount you can borrow through an SBI personal loan is Rs.15 lakh.
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    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
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    SBI Personal Loan is Rated as "Excellent!" by 639 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Features of SBI Personal Loan

    • Transparent loan sanctioning procedure
    • Attractive interest rates on various types of personal loans
    • Minimal processing fees and no hidden charges
    • Loans can be repaid for a period of up to 5 years
    • Online applications accepted for sanctioning the personal loan
    • Dedicated round the clock customer care for personal loan customer
    • Multiple personal loan options depending on customer requirement

    State Bank of India is a leading public sector lender that offers three types of personal loans – Xpress Credit Personal Loan, SBI Pension Loan, and the Xpress Power Loan. Prospective borrowers can, thus, avail a loan that meets their exact needs.

    Compare SBI Personal Loans

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

    Personal Loan Type Interest Rate Loan Amount Benefits
    Xpress Credit Personal Loan
    • Term Loan: 12.05% p.a. onwards
    • Overdraft Facility: 12.55% p.a. onwards
    • Term Loan: Rs.25,000 onwards
    • Overdraft Facility: Rs.5 lakh onwards
    • Loans can be repaid over a duration of 5 years
    • A second loan can be taken by borrowers
    • Minimal documentation is required
    SBI Pension Loan 12% p.a. Rs.25,000 onwards
    • Defence pensioners do not have to pay a processing fee
    • Affordable interest rates
    Xpress Power Loan
    • Term Loan: 12.15% p.a. onwards
    • Overdraft Facility: 12.65% p.a. onwards
    • Term Loan: Rs.25,000 onwards
    • Overdraft Facility: Rs.5 lakh onwards
    • Nominal processing fee
    • Borrowers need not have a salary account with SBI

    Fees and Charges

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

    • Processing Fee: State Bank of India levies a one-time processing fee of 1% of the loan amount for the Xpress Power and Xpress Credit Personal Loan. For the SBI Pension Loan, a processing fee of 0.5% of the loan amount is charged. No processing fee is charged for defence pensioners.
    • Prepayment Charges: For the SBI Pension Loan and Xpress Credit Personal Loan, a pre-payment charge of 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.
    • Penal Interest: In case of EMI defaults, borrowers may be charged a penal interest of 2% p.a. over the applicable interest rate on the amount that is overdue.

    Eligibility for SBI Personal Loans

    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 for SBI Personal Loan

    • Fully filled loan application form
    • Passport-size photos (2 copies)
    • PAN card
    • Identity proof - Driving license/PAN card/Passport/Voter ID
    • Residential address proof - Registered rent agreement/Passport/Utility bills
    • Bank statements
    • Latest salary slip
    • Form 16

    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.

    SBI Personal Loan for Government Employees

    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. This loan scheme is only available for individuals who hold an active salary account at SBI.

    Benefits 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

    Minimum term loan amount Rs.25,000
    Minimum overdraft amount Rs.5 lakh
    Maximum term loan amount 24 times NMI with a maximum of Rs.15 lakh
    Maximum overdraft amount 24 times NMI with a maximum of Rs.15 lakh
    Minimum NMI Rs.5,000
    EMI/NMI ratio It should not be higher than 50%
    Repayment period 60 months or residual service period, whichever is lesser
    Penalty interest 2% p.a.
    Prepayment charge 3% of prepaid amount
    Processing fee 1% of the loan amount + service tax that will be applied
    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 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.

    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.
     

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    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
      "Good Service"
      0.5 4.0/5 "Great!"
      I have directly applied with State Bank Of India for the personal Loan .I have taken before 4years .The rate of interest and the processing fee was less 12% .The loan amount got on time and the loan amount was sufficient,The agent clearly explained the process of the loan . The loan is still continuing so far.
      Was this review helpful? 0
      , palanpur
      Reviewed on Apr 17, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken my personal loan with State bank of India since in 2015 , the loan amount was not sufficient like based on my requirement it was very less, though i am government employee they are asking lots of formalities, the rate of interest they have charged me was nominal,previously the charged processing fee but after that they did not, i have closed this loan 5 years back.
      Was this review helpful? 0
      , dehradun
      Reviewed on Apr 17, 2019
    • SBI Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      State bank of India gave me personal loan and their customer service is good. They have sanctioned 6.50L but I requested for 10L. The rate of interest is 11.33% which is little high. Loan tenure is 5years and almost 2years completed. Am paying EMI amount of Rs.14,332. I suggest them to provide the required information for the customer on all their branches rather telling to visit the home branch.
      Was this review helpful? 0
      , palanpur
      Reviewed on Apr 17, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this persona loan a while back and the process in getting this loan has been pretty much simple. The loan amount has been good and the interest rate has also been nominal. There has not been any sort of additional charges which they ahd made on this loan.
      Was this review helpful? 1
      , jaipur
      Reviewed on Apr 16, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with the STATE BANK OF INDIA and i have been using it since from last few years. They have given with the satisfactory loan amount added on that the rate of interest is good and nominal. The loan is very good also the service is very good.
      Was this review helpful? 1
      , jaipur
      Reviewed on Apr 16, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience is good with state bank of India . And I took one personal loan last three month back , my loan amount is 6.50L but I want 7.25L .and rate of interest is 12% and my tenure is 6years ,EMI amount is 13K , and their allover service is good , I am satisfied with this loan ,
      Was this review helpful? 1
      , jaipur
      Reviewed on Apr 16, 2019
    • SBI Personal Loan
      "Strict rules and regulations"
      0.5 3.5/5 "Pretty good"
      SBI is very strict and stringent in the rules and regulation act . They given a personal loan with correct interest rate which is going to complete by next year . When I approached for second loan of more than two lakh they are denying my loan request . Their branch people wont take any responsibility for dealing the customers requirement .
      Was this review helpful? 1
      , kolkata
      Reviewed on Apr 16, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got State Bank Of India personal loan through bank.I have applied for the loan amount of 1,45,000 for the tenure of 5years .The premium is deducted through EMI.The rate of interest and the processing was less.This was a paperless approval and the loan amount was not sufficient .The loan amount got on time .
      Was this review helpful? 3
      , chennai
      Reviewed on Apr 13, 2019
    • SBI Personal Loan
      "Overall no hassles"
      0.5 5.0/5 "Blown Away!"
      State Bank of India is good in the process for the personal loan. It was easy and I received the loan on time. The loan amount was as per my requirement. The rate of interest and the processing charges are also very much nominal. In all I have no hassles and it is was very much satisfactory.
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 13, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the STATE BANK OF INDIA and using it approximately 8 months with this bank and they have given the loan amount which was satisfactory added on that the documentation process was simple and simple and easy to get the loan.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Apr 12, 2019
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with State bank of India before long time and i am going to close the loan in next month mostly. The process of getting loan was simple and quick. They have given me loan on time and the rate of interest they have charged me was nominal.
      Was this review helpful? 5
      , chennai
      Reviewed on Apr 09, 2019
    • SBI Personal Loan
      "Good Experience with SBI"
      0.5 4.5/5 "Excellent!"
      I took personal loan from SBI before three years, that experience was also good. I went to the bank for the paper work once I have submitted the documents. I got the loan within a day, the interest rate is lesser it around 12% for the amount of Rs. 5 lakhs.
      Was this review helpful? 1
      , kochi
      Reviewed on Apr 08, 2019
    • SBI Personal Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      Since I hold a salary account with State Bank of India. I got a good response when I had applied for the personal loan. I submitted my application in the morning and within three hours I got the loan in my account. They provided clear details and interest rate was nominal. There was no processing fee.
      Was this review helpful? 3
      , salem
      Reviewed on Apr 07, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Personal loan from SBI a while back and the experience has been quite good. The interest rate with them was just 12% which was very less. The overall experience has been comfortable and the charges like processing fee has also been less with the loan.
      Was this review helpful? 4
      , kumbakonam
      Reviewed on Apr 05, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a while back and the experience i had with this loan has been good. The process did not took much time and i did it through their mobile application and it was easy. The interest rate & charges with them had also been nominal as well.
      Was this review helpful? 4
      , durgapur
      Reviewed on Apr 03, 2019
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My experience with STATE BANK OF INDIA for personal loan was good, the loan amount was sufficient and rate of interest was nominal when compared to market. Customer service was good and they responded on time. Tenure period for this loan is for 5 years.
      Was this review helpful? 7
      , pune
      Reviewed on Mar 30, 2019
    • SBI Personal Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have taken one personal loan with state bank of India last three month and I am satisfied with loan amount RS-3Lack and rate of interested is nominal my tenure is 5 years and EMI amount RS-6700K and processing fee RS-2500K ,I am satisfied with everything of SBI bank ,
      Was this review helpful? 5
      , hyderabad
      Reviewed on Mar 30, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I am happy with STATE BANK OF INDIA services as my request was addressed and was taken care by them. When comparing with other banks the interest rate was nominal. The whole application process was easy and hassle free. It was a really fast personal loan experience.
      Was this review helpful? 6
      , jammu
      Reviewed on Mar 26, 2019
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken state bank of India personal loan last four years and I am satisfied with loan amount rs 6Lack above but rate of interested is little high and my tenure is 5 years ; customer service provided is good and response is properly.I am happy with this bank .
      Was this review helpful? 10
      , kokrajhar
      Reviewed on Mar 23, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Personal Loan directly with State Bank Of India.The rate of interest was nominal and the processing fee was nominal as well .The documents was less as well .I have not yet faced any issues .While submitting the documents i have not faced any issues .I have applied for the loan amount of 2 lakhs for the tenure of 6 years.The loan amount got on time .The Loan amount was sufficient as well.The agent given clearly explained the loan process.The Overall Service is Good .
      Was this review helpful? 6
      , mumbai
      Reviewed on Mar 22, 2019
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