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    SBI Personal Loan

    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.

    • Maximum loan amount is Rs.15 lakh 
    • Interest rates start at 12% p.a.
    • Quick approval
    • Processing fee is 1% of the loan amount
    More
    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 676 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Why Should You Choose SBI Personal Loan?

    Customers of SBI personal loans can benefit from the following:

    • Quick disbursal of the loan amount, i.e., within 2-7 days.
    • Minimal preclosure charges for most personal loan products.
    • No administrative charges or any other kind of hidden costs.
    • Minimal documentation for application.
    • Most affordable interest rates in the market.
    • Convenient modes of repayment such as check-off facility, post-dated cheques, or cash.

    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 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 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: 

    Month Principal Interest amount Total EMI payment Balance Percentage of loan paid to date
    Apr  Rs.16,253  Rs.1,004  Rs.17,257  Rs.83,747  16.25% 
    May  Rs.16,416  Rs.841  Rs.17,257  Rs.67,331  32.67% 
    Jun  Rs.16,581  Rs.676  Rs.17,257  Rs.50,749  49.25% 
    Jul  Rs.16,748  Rs.510  Rs.17,257  Rs.34,002  66.00% 
    Aug  Rs.16,916  Rs.341  Rs.17,257  Rs.17,086  82.91% 
    Sep  Rs.17,086  Rs.172  Rs.17,257  Rs.0  100.00% 
     

    How SBI compares with other lenders? 

    Fees and charges  SBI Personal Loan  Bank of Baroda Personal Loan  Bank of India Personal Loan  Citibank Personal Loan 
    Interest rate  12% p.a. onwards  11.65% p.a. onwards  13.20% p.a. onwards  10.99% p.a. onwards 
    Processing fee  1% + GST  2% + GST  2% + GST  0.25% to 3.00% + GST 
    Foreclosure charges  3% of the outstanding loan amount  N/A  N/A  Nil 
    Late payment fee  2% of the overdue amount  2% of the overdue amount  Contact the bank for details  Contact the bank for details 

    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.
       

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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
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 21, 2019
    • SBI Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 20, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 17, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 17, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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 .
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 14, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 4
      , bangalore
      Reviewed on May 13, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , new delhi
      Reviewed on May 10, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , chennai
      Reviewed on May 10, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 4
      , kolkata
      Reviewed on May 09, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 3
      , chennai
      Reviewed on May 09, 2019
    • SBI Personal Loan
      "Very lesser interest rate"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 3
      , kolkata
      Reviewed on May 09, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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 .
      Was this review helpful? 4
      , new delhi
      Reviewed on May 08, 2019
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , new delhi
      Reviewed on May 05, 2019
    • SBI Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 6
      , visakhapatnam
      Reviewed on May 04, 2019
    • SBI Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      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 ,
      Was this review helpful? 4
      , chennai
      Reviewed on May 04, 2019
    • SBI Personal Loan
      "Customer friendly"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 02, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , dehradun
      Reviewed on Apr 30, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , mumbai
      Reviewed on Apr 29, 2019
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the STATE BANK OF INDIA where the banking process was easy and quick with this bank. They have given the loan amount which was satisfactory also the rate of interest was nominal with this personal loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on Apr 28, 2019
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