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.
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.
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
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?Â
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:Â
Month
Principal
Interest amount
Total EMI payment
Balance
Percentage of loan paid to date
AprÂ
Rs.16,253Â
Rs.1,004Â
Rs.17,257Â
Rs.83,747Â
16.25%Â
MayÂ
Rs.16,416Â
Rs.841Â
Rs.17,257Â
Rs.67,331Â
32.67%Â
JunÂ
Rs.16,581Â
Rs.676Â
Rs.17,257Â
Rs.50,749Â
49.25%Â
JulÂ
Rs.16,748Â
Rs.510Â
Rs.17,257Â
Rs.34,002Â
66.00%Â
AugÂ
Rs.16,916Â
Rs.341Â
Rs.17,257Â
Rs.17,086Â
82.91%Â
SepÂ
Rs.17,086Â
Rs.172Â
Rs.17,257Â
Rs.0Â
100.00%Â
How SBI compares with other lenders?Â
Fees and chargesÂ
SBI Personal LoanÂ
Bank of Baroda Personal LoanÂ
Bank of India Personal LoanÂ
Citibank Personal LoanÂ
Interest rateÂ
12% p.a. onwardsÂ
11.65% p.a. onwardsÂ
13.20% p.a. onwardsÂ
10.99% p.a. onwardsÂ
Processing feeÂ
1% + GSTÂ
2% + GSTÂ
2% + GSTÂ
0.25% to 3.00% + GSTÂ
Foreclosure chargesÂ
3% of the outstanding loan amountÂ
N/AÂ
N/AÂ
NilÂ
Late payment feeÂ
2% of the overdue amountÂ
2% of the overdue amountÂ
Contact the bank for detailsÂ
Contact the bank for detailsÂ
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.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
SBI raises cash deposit limit in non-home branches
The State Bank of India (SBI) announced that it has removed the upper limit on cash deposits in non-home branches, which was earlier Rs.25,000. However, the bank would charge Rs.50 (plus GST) on each of the cash deposit transactions in non-home branches that is above the 3 free cash deposit transactions in the course of a month. SMEs would still have a cap of Rs.2 lakh per day deposit at non-home branches. The announcement was made ahead of the festive season. The cash deposits can be done using the SBI Cash Deposit Machine (CDM) machine. The deposits are done using the ATM debit card. The machine credits the amount instantly so visits to the bank branch office is unnecessary. There is a limit, per transaction, which is Rs.49,990 for cardless deposits and Rs.2 lakh for deposits through debit cards. The SBI CDM can also be used to deposit cash in loan, recurring deposit (RD) and Public Provident Fund (PPF) accounts. The CDM accepts currency notes up to 200 in number and in denominations of Rs.2,000, Rs.500, and Rs.100.
25 October 2018
SBI Carnival 2018 Held in Hyderabad Showcasing SBI Loan Products
The State Bank of India (SBI) has recently organised the SBI Carnival 2018 - a car and home expo from SBI - in Hyderabad. This event was inaugurated at Hitex on 1 September 2018 by the Special Chief Secretary of Revenue and Chairman of RERA, Telangana - Rajeshwar Tiwari - along with the Chief General Manager of the Local Head Office of SBI within Hyderabad Circle - Swaminathan J. During this 2-day event, more than 200 projects were showcased by over 50 builders while more than 10 car dealers unveiled. As per the statements of an official of SBI, this event is one of the biggest expos of its kind that are held in Hyderabad. Through this event, the bank has provided a platform to the visitors in order to help them select their dream car and the house that they have always wanted to own. SBI is a forerunner in bringing home loan products that are extremely competitive in nature. At this expo, the bank has decided to showcase its home loan products along with retail loan products such as car loan, personal loan, education loan, loan against property, etc. In addition to free CIBIL score check, SBI has also made arrangements so that customers can get their car and home loans approved on the spot at the expo.
SBI acclaims that the real estate market in Hyderabad is developing in leaps and bounds owing to the high office space occupancy rate, rapid infrastructure development, and improved connectivity by the Hyderabad Metro and ORR. It is speculated that the introduction of Real Estate Regulatory Act (RERA) will help the market get further streamlined and vibrant. In the meanwhile, SBI is offering its complete support to the market by launching the most competitive and innovative products.
14 September 2018
SBI Carnival 2018 Held in Hyderabad Showcasing SBI Loan Products
The State Bank of India (SBI) has recently organised the SBI Carnival 2018 - a car and home expo from SBI - in Hyderabad. This event was inaugurated at Hitex on 1 September 2018 by the Special Chief Secretary of Revenue and Chairman of RERA, Telangana - Rajeshwar Tiwari - along with the Chief General Manager of the Local Head Office of SBI within Hyderabad Circle - Swaminathan J. During this 2-day event, more than 200 projects were showcased by over 50 builders while more than 10 car dealers unveiled. As per the statements of an official of SBI, this event is one of the biggest expos of its kind that are held in Hyderabad. Through this event, the bank has provided a platform to the visitors in order to help them select their dream car and the house that they have always wanted to own. SBI is a forerunner in bringing home loan products that are extremely competitive in nature. At this expo, the bank has decided to showcase its home loan products along with retail loan products such as car loan, personal loan, education loan, loan against property, etc. In addition to free CIBIL score check, SBI has also made arrangements so that customers can get their car and home loans approved on the spot at the expo.
SBI acclaims that the real estate market in Hyderabad is developing in leaps and bounds owing to the high office space occupancy rate, rapid infrastructure development, and improved connectivity by the Hyderabad Metro and ORR. It is speculated that the introduction of Real Estate Regulatory Act (RERA) will help the market get further streamlined and vibrant. In the meanwhile, SBI is offering its complete support to the market by launching the most competitive and innovative products.
14 September 2018
New SBI SME Branch Inaugurated in Partapur Industrial Estate
The Chairman of the State Bank of India (SBI) inaugurated a branch in Meerut for its SME customers. Mr. Rajnish Kumar facilitated beneficiaries of the MUDRA loan and talked about the benefits of the loan.
In addition to drawing light on the Pradhan Mantri MUDRA Yojna, the chairman also met with army veterans and planted trees in the SBI cantonment branch. Mr Kumar further discussed the city’s dominance in SME businesses and the financial support that the MUDRA scheme provides these businesses.
29 August 2018
SBI and NABARD Signed Agreement to Offer Easy Credit in Telangana
The National Bank for Agriculture and Rural Development (NABARD) and State Bank of India (SBI) have come together to sign a pact that will help customers avail collateral-free loans through Joint Liability Groups (JLGs) in the state of Telangana. Under this initiative, SBI and NABARD have signed a Memorandum of Understanding (MoU) along with 7 NGOs from the districts of Medak, Warangal, and Nizamabad. The tripartite MoU has been signed by J. Swaminathan, Chief General Manager of SBI, and P. Radhakrishnan, Chief General Manager of NABARD, at Hyderabad on 10 July 2018. This agreement will promote and link the credits of 2,000 JLGs of the state during the current financial year. Furthermore, the agreement states that NABARD will provide assistance to the NGOs to form, nurture, hand-hold JLGs of sharecroppers, tenant farmers, and oral lessees. On the other hand, under the pact, SBI will offer financial support without any collateral to the groups promoted by the NGOs.
25 July 2018
SBI kickstarts YONO Rath to improve app popularity
The State Bank of India recently flagged off YONO Rath, an effort to popularise the YONO app among its customer base. The YONO (You Only Need One) app was first released in November 2017 and satisfies all of your financial needs in one place by providing facilities such as digital banking that you might need on a daily basis. The app gives an option to open an Insta Savings Bank account without having to visit the bank branch. The application is jargon free and can be used by anyone for performing any bank activity.
22 June 2018
Several Banks Increase MCLR Following the MCLR Hike by SBI
Before the policy rate announcement by the Reserve Bank of India (RBI), numerous lenders has increased their Marginal Cost funds-based Lending Rate (MCLR) by a minimum of 10 basis points or 0.10%. While the State Bank of India hiked its MCLR across all loan tenures up to 3 years effective from 1 June 2018, top lender such as ICICI Bank, HDFC Bank, and Kotak Mahindra Bank have followed suit. Since the interest rate offered by banks on most of the retail loan products are linked to the MCLR, this hike is expected to cause their interest rates to increase as well. This, in turn, will further lead to an increment in the EMIs of the home loan, personal loan, and car loan borrowers.
As per the official website of SBI, the current 1-year MCLR that the bank offers is 8.25%. On the other hand, the 1-year MCLR offered by ICICI Bank stands at 8.40%. The 1-year MCLR offered by HDFC Bank varies according to its product while that of Kotak Bank is currently 8.90%.
13 June 2018
SBI looks for purchasers for bad loans
The State Bank of India (SBI) recently put up 15 non-performing assets (NPAs) for sale. The amount of these assets are worth around Rs.989 crore. These NPA accounts will be offered to banks, asset reconstruction companies, etc. The bank issued a bid document with details regarding the NPA accounts. A few of the NPA accounts include KBJ Jewels Industry India, Aksha Gold Ornaments, and KBJ Hotel Varanasi assets. The total outstanding amounts of all these NPA accounts are around Rs.164.30 crore. Some of the other bad NPA accounts include Shri Jalaram Rice Industries, MCL Global Steel, and more.
12 March 2018
Loans to Get More Expensive Due to Rise in 1-Year MCLR of SBI
State Bank of India (SBI) has caused a twist in the interest rate cycle by increasing the interest rate on its 1-year marginal cost of funds-based lending rate (MCLR) by 20 basis points or 0.20%. Since the 1-year MCLR directly impacts the interest rate, this move is expected to cause retail loans such as car loan, personal loan, two-wheeler loan, education loan etc. to become more expensive. This is the first time that SBI has increased the benchmark lending rate since its implementation in April 2016. Additionally, Punjab National Bank and ICICI Bank has also increased their MCLR, but only by 15 basis points or 0.15%. On the other hand, HDFC Bank is likely to review its rates sometime in the near future.
6 March 2018
SBI may reduce minimum balance for savings accounts
It has been reported that the State Bank of India (SBI) may most probably alter its regulations regarding minimum balance that needs to be maintained for savings bank accounts. The bank will also most probably eliminate the penalties if any customer does not maintain the required minimum balance limit. The present charges for not having a minimum balance will be decreased by two-thirds. The penalty to be paid on a monthly basis for not following the regulation regarding minimum balance falls between Rs.20 and Rs.30 in semi-urban and rural areas. In urban and metro regions, the penalty ranges from Rs.30 to Rs.50.
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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.
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MAHESHBHAI PARSHOTTAMDAS MISTRY
, vadodara
Reviewed on May 23, 2019
The process in getting my personal loan from State Bank Of India had been pretty much good where there has not been any issues. The loan amount has been fine and the interest rate was just 12.55%. There was no additional charges which they had made and the loan is still running without facing any sort of hassle.
I was taken a personal loan in SBI bank before ten years ago, The verification process was good. As per my expectation I received a loan amount for the tenure of 3 years. The rate of interest and processing fee was nominal at that time. Their service was good. Now I have closed the loan.
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2
VEPPANKADU MARAPPAGOUNDER DURAISAMY
, coimbatore
Reviewed on May 20, 2019
I had applied for a personal loan with STATE Bank OF INDIA and my application was processed on time. There was no difficulty submitting documents and there was no delay . Well the interest rates is very high to me. Overall i am happy with the services
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2
SACHIN YUVARAJ CHAVAN
, new delhi
Reviewed on May 20, 2019
I have applied for the personal loan with the STATE BANK OF INDIA where the documentation process was done quickly and i got the loan on time also the loan amount was nominal provided with this bank. The customer support and responsiveness is good.
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3
BRAJAKUMAR SINGH
, mumbai
Reviewed on May 17, 2019
I have applied for the personal loan with the STATE BANK OF INDIA where the rte of interest was 12.75% with this loan also they have given the good loan amount added on that the customer support is good and they are responsive and helped to get the loan, the duration for repaying is for 60 months.
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2
JINNAKHANPATAN MOHDALI
, hyderabad
Reviewed on May 17, 2019
I have applied for Personal Loan directly with State Bank Of India .The rate of interest and the processing fee was nominal.The agent gave a clear picture about the loan process.I have received the loan amount on time without any delay .The loan amount was sufficient .I have applied for 56000 for the tenure of 1year and still the loan is on process will close it as early as possible .
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2
ASHOK MOTHALA
, hyderabad
Reviewed on May 14, 2019
It is a pre approved loan with the STATE BANK OF INDIA personal loan. I am using this loan since from last 4-5 months. The documentation process was simple and they have given the good loan amount also the rate of interest was nominal with this loan.
The overall experience i had in getting my personal loan from STATE BANK OF INDIA has been pretty good and easy, the loan amount has been sufficient. The rate of interest with the loan was quite competitive and the charges where nominal as well. The services where good and the loan is still running.
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3
SRIDHAR SAHOO
, new delhi
Reviewed on May 10, 2019
I had taken a Personal loan from STATE BANK OF INDIA a while back and it is still running. The loan amount was around 3,00,000 and it was sufficient for the purpose. The interest rate with the bank has been quite nominal when compared with the market rate and they had not made any processing fee or any other additional charges.
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8
KOTHANDAN SUBRAMANI
, chennai
Reviewed on May 10, 2019
I applied for a personal loan and it happened to process quick. It took just a week time to get things done. Tenure period and the rate of interest is less here . I applied my loan with STATE BANK OF INDIA . Overall it has been good experience with this bank .
I have a personal loan in SBI bank for more than a year. As per my expectation I received a loan amount for the duration of 3 years. The rate of interest is nominal. Processing fee is an applicable of rupees 3000. It is lesser when compare to other banks. The customer service is good.
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3
VIJAYA KUMAR RAJABADHAR
, chennai
Reviewed on May 09, 2019
In SBI , I taken a personal loan six months before . They taken just four days for sanctioning the loan and I got a good customer service from them . They even given me a lesser interest rate being a regular customer to them . Because other banks were demanding for higher interest rates .
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3
UJJWAL KARMAKAR
, kolkata
Reviewed on May 09, 2019
It was a fine experience with SBI for personal loan, the process was smooth and i received my loan amount within few days . Customer service was good and they responded on time. Rate of interest was nominal when compared to others. Loan amount is satisfactory and the tenure period was sufficient .
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.
I have previously taken my personal loan with State bank of India , the loan amount was sufficient but the rate of interest they have charged to me was very high they have charged me up to 14.75% which was very high comparing to other bank, and second thing is that they said that if i want to take loan then it is mandatory to take insurance , they said if i will not take they will not give loan to me ,due to emergency i had to take.
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7
RAMARAJU ONTUBU
, visakhapatnam
Reviewed on May 04, 2019
One years above I took one personal loan from state bank of India , and their allover service is good , only two days I got loan amount , and my loan amount is 3L, and tenure is 3 years , EMI amount is 10k , rate of interest is nominal , I am satisfied with this personal loan ,
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4
KESAVAN NAMBIAR BALASUBRAMANIAN
, chennai
Reviewed on May 04, 2019
I took my personal loan in State Bank of India before six months. The process was very simple. The documentation process was very easy and the loan was delivered within a week. The tenure is 5 years and can do partial payment or foreclosure without any charges.
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2
MAINAM SATHEESH
, hyderabad
Reviewed on May 02, 2019
I have applied for the personal loan with the STATE BANK OF INDIA where the loan amount was good and it was satisfactory, the documentation process was simple and easy to get the personal loan. The rate of interest was good and it was nominal.
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3
PRAVEEN KHAIRA
, dehradun
Reviewed on Apr 30, 2019
I had taken my personal loan from STATE BANK OF INDIA a while back and the process in getting the loan was pretty much easy. The interest rate was less when compared with the other banks and the charges has been nominal as well. There hasn't been any sort of hassle faced with the overall experience.
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