Thank you for your interest in Personal Loan from STATE BANK OF INDIA. Unfortunately, we do not have a tie-up with STATE BANK OF INDIA currently.
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Thank you for your interest in Personal Loan from STATE BANK OF INDIA. Unfortunately, we do not have a tie-up with STATE BANK OF INDIA currently.
Talk to our experts to apply for a similar offer from our partner banks instead
State Bank of India (SBI) is a government-owned bank with its headquarters in Mumbai, Maharashtra. State Bank of India (SBI) offers some of the most exciting Personal Loan products in India. SBI offers 4 exciting types of Personal Loans:Xpress Credit Personal Loan, SBI Saral Loan, SBI Festival Loans, Personal Loans to pensioners. Read on to view full details on what it takes to qualify for an SBI personal loan. By providing a few details about yourself, you can check your eligibility for an State Bank personal loan in seconds.
At least 21 years old
Less than 58 years old
Salaried / Self “ Employed
with regular income
Earn more than the minimum
Minimum income required
Rs.7,500 per month
Maximum allowed personal loan is Rs. 15,00,000 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 4 years
|Interest Rate||12.90% to 14.90%|
|Processing Fees||1% of the Loan Amount + applicable Service Tax|
|Loan Tenure||5 years|
|Guarantor Requirement||No guarantor required|
State Bank of India, the largest public sector bank in the country is one of the most preferred banks in India when it comes to personal loans. SBI offers personal loans for both salaried and self employed individuals to counter any sort of immediate financial requirements. State Bank of India does not seek any security or collateral requirements for personal loans. The bank does not seek guarantees or collaterals of any forms for personal loans. The money made available to the borrower through SBI personal loan can be used as per the personal requirements for the individual without any restrictions and the bank is not having any criteria for this. SBI personal loans can be useful to counter for any of the following financial requirements:
State Bank of India offers personal loans at low interest rates and with seasonal offers from time to time, making it one of the most popular choices for borrowers. Low processing fee with zero prepayment penalties and no hidden charges make SBI personal loans a popular choice with both salaried, self employed and working professionals.
State Bank of India offers personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs with repayment tenure of 48 months. SBI has initiated a quick loan approval system making sure that all personal loan requests are approved in a maximum period of 3-4 days of submission of complete documentation.
State Bank of India charges very nominal interest rate for its personal loans making it one of the most popular banks when it comes to personal loan requirements. The interest charged by the State Bank of India is on a daily recurring balance basis thereby ensuring maximum benefit to the loan borrower.
State Bank of India is one of the first banks to offer personal loans at discounted rates under various loan seasonal schemes at different festive seasons of the year. State Bank of India offers discounted schemes for individuals including government employees, doctors and other professionals.
State Bank of India is known for its transparency when it comes to charges and penalties for any personal loan. SBI personal loans come with absolutely no hidden charges and the transparent dealings makes it one of the preferred bank by millions of Indians.
State Bank of India offers a zero prepayment penalty allowing loan borrowers the freedom to prepay their loan as per their convenience. In case if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the loan amount as prepayment charges.
State Bank of India has streamlined its personal loan division in order to facilitate quick loan approval and disbursal, bringing it at par with international banks. SBI personal loans follow a quick approval mechanism for both urban and rural centers.
State Bank of India facilitates online loan submission making it easier for people to apply for personal loan from anywhere Users can apply for a personal loan sitting at the comforts of their home or office, without physically visiting a bank branch.
SBI offers a number of benefits and features for its personal loans including low interest rates, minimal documentation and quick approval. SBI offers various discounted schemes for personal loans at various times in a year catering to a large section of both urban and rural population. Some of the prominent features of SBI personal loan include:
State Bank of India offers a high quantum of personal loan making it one of the most preferred banks by a large number of people. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs
State Bank of India offers attractive Personal Loan Interest Rates at daily reducing basis making it one of the best personal loan service providers in the country. Currently SBI personal loans are available at 8. 50% above base rate floating, currently 18.50% per annum. The bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.
State Bank of India is a leading bank in India with branches in every nooks and corners of the country. The bank has streamlined its personal loan division allowing for quick localized loan approval and disbursal.
State Bank of India offers personalized schemes at lucrative interest rates for various working professionals and salaried individuals from time to time. State Bank of India also offers discounted personal loan schemes during major festivals making it a popular choice for both rural and urban applicants during times of financial requirement.
State Bank of India has a dedicated customer support helpline for its loan section allowing applicants and loan borrowers to get in touch with the bank for any queries or grievances in 24 hours a day.
The State Bank of India has long been known for providing personal loans for you that are designed to be easy for you to apply for and, most importantly, easy for you to pay back. SBI offers people four different types of personal loans that have to be tailored to suit individuals and their individual needs. So, without further ado, these are four of the personal loans that you can avail from SBI.
As the name suggests, this loan has been designed to get you cash when you need it in a hurry. The processing charges are low, there are no hidden charges and there is minimal documentation required. There arent any pre-payment charges either
The SBI Saral Personal Loan is meant to provide people with the opportunity to have access to money for various things like payments for vacations, medical bills or even clearing financial liabilities. As long as the the applicant has a valid reason to apply for the loan, it might get approved subject to the banks terms and conditions. The processing charges will be anywhere between 2.02% to 3.03% of the loan amount.
This type of a personal loan is provided to pensioners who are drawing their pensions from the central or the state government. If you apply for this loan then you will have to pay a nominal processing fee and there will be no extra charges levied for early payments
In case there is a festival coming up and your plans for celebrating it are threatened by a shortage of money you can go in for a Festival Loans
SBI Personal Loan products are offered at competitive interest rates, making SBI the most preferred lender in the market. The table below gives a snapshot of interest rates for various personal loan schemes offered by SBI.
The 2 year MCLR is set at 9. 25% at present.
|Personal Loan Scheme||Check Off||Interest Rate|
|Xpress Credit||Full Check - Off(Category - 1)||330 - 380 bps above 2 year MCLRCurrently, 12. 55% to13. 05% per annum|
|Partial Check - Off(Category - 2)||430 - 480 bps above 2 year MCLRCurrently, 13. 55% to14. 05% per annum|
|No Check - Off(Category - 3)||530 - 580 bps above 2 year MCLRCurrently, 14. 55% to15. 05% per annum|
|SBI Jai Jawan Pension Loan||4. 65% above 2 year MCLRCurrently, 13. 90% per annum|
|SBI Saral Personal Loan||8. 40% above 2 year MCLR (floating interest rate)Currently, 17. 65% per annum|
|SBI Bhagya Rekha Loan||1. 90% above 2 year MCLRCurrently, 11. 15% per annum|
|SBI Pension Loans||3. 80% above 2 year MCLRCurrently, 13. 05% per annum|
|SBI Clean Overdraft||7. 40% above 2 year MCLRCurrently, 16. 65% per annum|
|SBI Festival Loan Scheme||6. 65% above 2 year MCLRCurrently, 15. 90% per annum|
|SBI Education Plus Loan Scheme||4. 40% above 2 year MCLRCurrently, 13. 65% per annum|
State Bank of India offers personal loans to all applicants fulfilling the basic eligibility criteria. State Bank of India personal loans are available to all salaried individuals of good quality corporate as well as self employed individuals and working professionals including engineers, doctors, architects, chartered accountants and MBAs with a minimum 2 years of standing period.
If you fall into any of the following categories then you can apply for this personal loan.
|Age||Minimum: 21 Years Maximum: 58 Years|
|Minimum Income||Salaried individuals with minimum monthly income Rs.5000|
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
|Age||Minimum: 21 Years Maximum: 65 Years|
|Minimum Income||Self Employed individuals or working professionals earning a minimum of Rs. 7000 per month|
|Total years in Profession||2 Years|
BankBazaar.com offers users a unique Personal Loan EMI Calculator to calculate EMI's. It helps the users to get an idea of the loan liability beforehand and apply for an affordable loan. Users simply need to type the loan amount they wish to apply or as per their eligibility, choose a loan tenure and rate of interest. The EMI calculator instantly calculates and displays the EMI liability for the loan.
The Xpress Credit Personal Loan is a loan facility offered by SBI to employees working in Central and State Government, Quasi Government, Central PSUs, State PSUs etc. It offers low interest rates and the interest is charged on a daily reducing balance. It has no processing fees or hidden administrative charges. It doesn’t require collaterals and is also free from prepayment penalties.
Features of the loan
|Minimum Net Monthly Income (NMI)||Rs.7500|
|EMI to Net Monthly Income ratio||Should not exceed 50|
|Minimum term loan amount||Rs.24,000|
|Maximum term loan amount||24 times NMI subject to maximum of Rs.15,00,000|
|Minimum overdraft amount||Rs.10,00,000|
|Maximum overdraft amount||24 times NMI subject to maximum of Rs.15,00,000|
|Minimum repayment period||6 months|
|Maximum repayment period||60 months`|
|Third party guarantee||Not required|
|Processing fees||1% of the loan amount plus service tax|
NRI customers can create an overdraft account against the NRE or NRO fixed deposits using the internet banking facility. Joint deposits are not eligible for the scheme. Refer to the below table for the features of this scheme:
|Eligibility||Available only for customers with NRE/NRO fixed deposits|
|Minimum loan amount||Rs.25,000|
|Maximum loan amount||Rs.5 crores|
|Rate of interest payable||1% above the interest payable on fixed deposit|
To create an overdraft account, follow the below steps:
SBI offers personal loans depending on your income and repayment capacity. It’s sanctioned without any security and margin amount. Once sanctioned, the amount will be disbursed within 3 working days’ time. Salaried individuals can apply for the loan through Form 16 and along with other important documents such as salary slip, address proof, etc. For self-employed individuals, the required documents include latest bank statement, latest ITR or Form 16, residence proof, etc. Since the personal loan is offered without any collateral, the interest charged will be comparatively higher than the loans where collaterals are required. The loan comes with a repayment period of 48 months and has a processing fee of 2% to 3% of the loan amount.
SBI offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for SBI personal loan is Rs. 24,000 per month. If you fall into this group, you can definitely apply for a SBI personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
SBI offers personal loans as high as Rs. 10 Lakhs/12 times Net Monthly Incomefor successful applicants depending on their financial record and repayment history.
SBI offers personal loan with a tenure period 48 months making it suitable for all loan seekers.
SBI offers a number of personal loan products, with individuals having an option to choose between the following.
The maximum loan amount which can be availed under this scheme depends on the salary of an applicant, with an upper limit of Rs 10 lakhs.
Yes, the minimum loan amount for SBI Saral personal loan depends on the demographics of a borrower, with the limit set at Rs 24,000 for borrowers from metro and urban areas and Rs 10,000 for borrowers from semi urban or rural backgrounds.
Yes, individuals can apply for a SBI personal loan through the internet by logging onto the official website of SBI and choosing the type of loan they require. One is expected to provide certain information like name, address, and contact details, purpose of loan, work details and date of birth in order to process this online application.
Yes, it is mandatory for an individual to provide his/her income details in the application form. This information is used by SBI to determine the amount an individual is eligible for and to gauge his/her repayment capacity. These income proofs could be salary slips or bank transactions.
An applicant can combine his/her income with the income of her/his spouse, thereby increasing his/her chance of getting a higher loan amount.
SBI charges a processing fee ranging between 2.02% and 3.03% of the loan amount, with this fee deducted from the amount before it is handed over to a borrower.
SBI Saral personal loan can be repaid through EMIs, with a maximum repayment period of 4 years. A borrower can choose to completely repay the loan amount before this tenor ends.
Yes, SBI provides an option for borrowers to prepay the loan. Such prepayment does not incur any additional charges or penalties.
Individuals can contact SBI officials by calling on any of their customer care helpline numbers or by writing to their grievance cell, which is present in all local SBI head offices.
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with SBI. For further information about any of the products mentioned above please contact SBI.
Keep an eye out for the below additional charges associated with Personal Loans before you opt for one. If you already know about them, you can check out our offers straightaway.If You Want It, Pay For It
Processing fees are generally 1-2% of the loan amount or a flat fee. Most financial institutions ask for a processing fee for their Personal Loan.Early Bird Fees
Want to pay back some of your loan early? Be prepared to pay a prepayment penalty. In fact, some banks don’t allow prepayment for a fixed period.Latecomer Fees
Uh-oh, late with your payment? Not paying on time can attract a late-payment fee.Don’t Want To Pay Extra?
If you’re worried about these charges, don’t be. Have a conversation with your bank. Some banks have lower charges and some may remove the charge entirely.
Always compare loans across different banks and pick one that gives you the best deal. Try us!
The Finance Mega Mela is on from 1st Feb - 28thFeb, 2017! Get Amazon vouchers* worth up to Rs. 1,000 on bank approval/ disbursal for Personal Loan
In a bank conference held by the Confederation of Indian Industry (CII) in Kolkata, Rajnish Kumar, Managing Director of National Banking Group stated that State Bank of India will be merged with its associates within this fiscal year. He further stated that consolidating the balance sheet of SBI and its associate is not very difficult as both use the same IT portal to save financial data. However, implementing common HR policies and practices may take time and attention. He added that SBI has made two mergers before and they are aware of the merging process.
The Cabinet has given the in-principle approval to State Bank of India to merge five of its associate banks. This has been announced one month after the SBI boards clearance was got. SBI would be merging Bharatiya Mahila Bank and five more associate banks soon. After the merger, State Bank of Indias network would increase drastically. After the merger, SBI would feature in the worlds top 50 banks, carrying an asset value of $550 billion. The five associate banks that would be merged are State Bank of Mysore (SBM), State Bank of Bikaner and Jaipur (SBB&J), State Bank of Patiala, State Bank of Travancore (SBT) and State Bank of Hyderabad (SBH).
The RBI named SBI and ICICI Bank D-SIBs i.e. Domestic Systemically Important Banks. By virtue of this entitlement, both banks will fall under a more rigid risk framework that aims to prevent major fallouts in either banks operations. These banks have been so classified considering their impact on the countrys banking system as a whole.
Given the magnitude and complexity of their business in terms of reach, customer bases, products and services offered, market shares and a number of other salient factors, the central bank ascertained SBI and ICICI Bank as integral to the countrys banking domain. As market leaders, any fallouts on the part of these banks is estimated to have a meaningful and material impact on other players in the industry.
State-owned SBI is the countrys largest and leading lender with a loan book comprising of retail loans ranging from home loans, personal loans, car loans, business and corporate loans among others. ICICI Bank, the countrys largest private sector bank, also boasts a large loan-customer base with similar offerings.
Government owned State Bank of India is most active on social media and address the customer complaints and queries as per the report released by Simplify 360. The report analysed 9 banks which collected all the mentions of all the 9 banks on Twitter and Facebook.
SBI replied to 41 per cent of the queries. SBI has a little over 2 lakh followers on Twitter and is most active with 3 posts per day on Facebook.
The report took into consideration the social media interaction from June 13 to June 28. The 9 banks included were SBI, HDFC Bank, Yes Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Citibank, IDBI Bank and Standard Chartered Bank.
Bharatiya Mahila Bank (BMB), a UPA-led initiative taken in the year 2013, might undergo a possible merger with State Bank of India (SBI). Reportedly, a proposal is being considered and discussions are in progress but a concrete decision is yet to be taken.
While SBI itself hasnt confirmed on anything official, talks are already on in the Finance Ministry. About 20 months old, BMB is a relatively small bank with 62 branches, Rs. 1000 crore capital, a speculated loan book of Rs. 200 crore and zero non-performing assets. Taking this into account, consideration of a merger with SBI isnt actually rocket science. Adding on to the news, reports are in about BMBs Chairman and MD Usha Ananthasubramanian attending interviews conducted for selection of managing directors and chief executives of public sector banks.
As of July, 2014, suggestions for consolidation of state-run banks were to be welcomed by Finance Minister Arun Jaitley. But even with all these facts, only presumptions can be made till something conclusive trickles down from the Finance Ministry.
The countrys biggest bank SBI has realised that its SME business has been stagnating for the past 3 years and accounted only for 13.56% of the banks loan portfolio. To correct the situation it has decided to take the help of advisors to help it do so. Their decisions also includes the decision to reduce their balance sheet finance portfolio.
The banks representatives claimed that they intended to take advantage of the improvement in the economy and use that to drive their SME business. They are also seeing favourable signs in the e-commerce sector since it has seen good growth and lots of new players recently. They are also planning to target offline industries like franchises from the beauty health and food industries.
State Bank of India has managed to hold on to its Baa3 rating for local and foreign currency deposits, indicating a positive outlook for the bank. Moodys the global rating agency retained the Baa3 rating in spite of certain doubts cast over the banks performance. The present ratings are a reflection of the moderate macro profile in India and the standalone financial profile of the bank. The deteriorating asset quality of the bank due to corporate exposure have not dented its image in the eyes of Moodys.
State Bank of India also retained the Baa3 rating for its senior unsecured medium-term note programme and for the senior unsecured debt issued through its branch in London. Moodys changed the Baseline Credit Assessment of State Bank of India to Ba1.
The Counter-Party Risk Assessment of SBI and its branches was also rated Baa3 / P-3 by Moodys. SBI also received a very high probability of support in the unforeseen event of financial distress, stemming from the fact that the bank is extremely important in the domestic circuit and also partly because the government owns a 59.2% stake in the bank.
State Bank of India, the countrys apex bank has launched an online platform for filing of loan applications. Customers can now know their eligibility and get personalized loan quotes by applying online for all kinds of loans like home, car, education and personal loans.
This move has been made for easing the application process for customers and also for reducing the loan processing time taken by the bank. Customers can upload relevant documents online, after which their loan will get an instant e-approval. Once this step is achieved, bank officials will get in touch with customers for completion of loan formalities.
SBI will soon launch a similar application on the mobile platform too.
In a bid to enhance their online presence, SBI has signed an MOU with e-tailer Amazon. The tie-up is aimed at creating viable payment solutions. This move is expected to add value to both small and medium businesses as well as retail customers.
Additionally, SBI will try to promote business of SMEs by providing loans to expand their business. If possible, SBI might channels its products through Amazon, further bridging the gap between its growing online customer base and its online offerings.
In keeping with its overall strategy to strengthen its products and services technologically, the bank launched its contactless cards viz. its debit cards and the SBI Signature credit card.
There is good news for SBI customers who have already taken a home loan from SBI. They are now being offered personal and top-up loans at the same interest rates as they are paying for the home loans. The offer is, of-course, subject to conditions like customers should have been regular with the payments of their home loans. This means that top-up loans between Rs. 2 crore and Rs. 5 crore will have rates of 11.25% while loans between Rs. 2 crore and Rs. 10 crore will have interest rates of 10.75%.
Under the current personal loan interest rates issued by SBI, borrowers can take the personal loan at a rate of 13% to 18.5% but under the new promotional scheme they may pay as little as just 10.15% interest. The bank has also announced that women will get a slightly reduced interest rate of 10.10%. The news is even more welcome because even though the RBI has announced cuts in interest rates most banks are reluctant to cut their lending rate. They are citing dire effects on their bottom lines because of a reduction in borrowing as the reason for not reducing the interest rates.