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| Interest Rate | 9.60% p.a. onwards |
| Loan Amount | Up to Rs.20 lakh |
| Minimum Income Required | Rs.15,000 |
| Loan Tenure | Up to 6 years |
Note: For Pension Loan, the repayment tenure can go up to 7 years.
SBI Covid Personal Loan is an unsecured loan offered by the lender to allow you to meet the cost of treatment of Covid-19 in case you or any member of your family get diagnosed with it. A credit line of up to Rs.5 lakh will be established by the bank under the Emergency Credit Line Guarantee Scheme (ECLGS). The rate of interest offered will be around 8% p.a. The repayment tenure offered is up to five years.
| Interest Rate | Loan Amount |
| 8%p.a. | Rs.25,000 – Rs.5 lakh |
Eligibility for SBI Covid Personal Loan
You must be a salaried, non-salaried individual, or a pensioner in order to be eligible for this loan.
Key Highlights
| Interest Rate | Loan Amount |
| between 10.60% p.a. and 13.10% p.a. | Up to Rs.20 lakh |
Key Highlights
| Interest Rate | Loan Amount |
| 9.75% p.a. - 10.25% p.a. | Up to Rs.14 lakh |
Key Highlights
| Interest Rate | Loan Amount |
| At the discretion of the bank | Up to Rs.15 lakh |
Key Highlights
| Interest Rate | Loan Amount |
| From 9.60% p.a. | At the discretion of the bank |
You can avail this loan if you or any member of your family is diagnosed with Covid-19 and you are in need of money for treatment. You will have to provide the report stating that you or the member of your family has been diagnosed with the condition. Make sure the report is not older than a month. There is no processing fee charged, no collateral required and no other fees charged. The maximum loan amount that you charge is up to Rs.20 lakh with a repayment tenure of 5 years with a moratorium period of 3 months offered. The interest rate charged is 8.50%.
| Interest Rate | Loan Amount |
| 8.50% p.a. | Up to Rs.20 lakh |
Key Highlights
| Interest Rate | Loan Amount |
| 10.85% p.a. - 12.85% p.a. | Up to Rs.20 lakh |
You can get instant personal loans at any time with SBI Pre-Approved Personal Loans (PAPL). Use the YONO app to avail this loan at the comfort of your home. The service is available 24*7. However, note that only the bank can determine who all are eligible for this loan. To check your eligibility, you can SMS “PAPL <last 4 digits of Account No.> ” to 567676. The interest rate starts from 9.60% p.a.
| Schemes | Interest Rates |
| XPRESS Credit | 10.60% p.a. to 13.10% p.a. |
| XPRESS Bandhan | At the discretion of the bank |
| XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES) | 11.50% p.a. to 13.85% p.a. |
| Pension Loan (including PAPNL-Pre-Approved pension Loans) | 9.60% p.a. - 12.60% p.a. |
| Clean Overdraft | 15.65% p.a. |
| Xpress Credit Insta Top-Up | 10.70% p.a. |
| Pre-Approved Personal Loans (PAPL) | 12.60% p.a. |
| SPL. PAPL | 9.60% p.a. |
| SBI Quick Personal loan Through CLP portal | 10.85% p.a. - 12.85% p.a. |
| SBI Kavach Personal loan scheme | 8.50% p.a. |
The various types of fees and charges that are levied by State Bank of India for personal loans are as follows:
| Loan Scheme | Processing Fee | Prepayment charge | Penal Interest |
| Xpress Credit | Processing fee waived off till 31 January 2022 | 3% on the prepaid amount | 2% p.a. |
| SBI Pension | Processing fee waived off till 31 January 2022 | - | - |
| Pre-approved personal loan | At the discretion of the bank | - | - |
| SBI Quick Personal Loan | 1.5% of the loan amount | 3% on the prepaid amount | 2% p.m. |
| Xpress Bandhan | 1% of the loan amount | - | - |
| SBI Kavach Personal Loan | - | - | - |
*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
The eligibility criteria that prospective borrowers will have to meet to avail a personal loan from State Bank of India are as follows:
The eligibility criteria to avail the loan is mentioned below:
To know whether you are eligible for a pre-approved loan from SBI, send an SMS in this format - “PAPL <last 4 digits of SBI Savings Bank Account No.> to 567676.
The eligibility criteria you will have to fulfil in order to avail this personal loan scheme are:
You or any member of your family must be diagnosed with Covid-19. You must also be able to produce report not more than 30 days old to prove that you are availing the loan for the treatment of the condition.
| 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 |
Consider a scenario where a person earning Rs.40,000 per month takes a personal loan of Rs.1 lakh under the SBI Xpress Credit personal loan scheme. The bank charges an interest rate of 9.60% p.a. and a processing fee of 1% on the loan amount. For a loan repayment tenure of 1 year, he must pay an EMI amount of Rs.8,773 every month. His loan repayment schedule is given as follows:
| Year | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
| 2021 | Rs.91,296 | Rs.5,207 | Rs.96,503 | Rs.8,703 |
| Feb | Rs.7,973 | Rs.800 | Rs.8,773 | Rs.92,027 |
| Mar | Rs.8,037 | Rs.736 | Rs.8,773 | Rs.83,990 |
| Apr | Rs.8,101 | Rs.672 | Rs.8,773 | Rs.75,889 |
| May | Rs.8,166 | Rs.607 | Rs.8,773 | Rs.67,723 |
| Jun | Rs.8,231 | Rs.542 | Rs.8,773 | Rs.59,492 |
| July | Rs.8,297 | Rs.476 | Rs.8,773 | Rs.51,195 |
| Aug | Rs.8,363 | Rs.410 | Rs.8,773 | Rs.42,832 |
| Sep | Rs.8,430 | Rs.343 | Rs.8,773 | Rs.34,401 |
| Oct | Rs.8,498 | Rs.275 | Rs.8,773 | Rs.25,903 |
| Nov | Rs.8,566 | Rs.207 | Rs.8,773 | Rs.17,338 |
| Dec | Rs.8,634 | Rs.139 | Rs.8,773 | Rs.8,703 |
| 2022 | Rs.8,703 | Rs.70 | Rs.8,773 | Rs.0 |
| Jan | Rs.8,703 | Rs.70 | Rs.8,773 | Rs.0 |
| Other Banks | SBI Personal Loan | HDFC Bank Personal Loan | Axis Bank | Citibank Personal Loan |
| Interest rate | 9.60% p.a. onwards | 10.50% p.a. onwards | 12% p.a. onwards | 9.99% onwards |
| Processing fee | Up to 1.5% + GST | 2.5% + GST | At the discretion of the bank | Up to 2.5% of the loan amount |
| Foreclosure charges | 3% of the outstanding loan amount | 2% to 4% of the outstanding loan amount | 2% -5% | Up to 4% of the outstanding principal amount |
| Late payment fee | 2% of the overdue amount | 2% of the overdue amount | 2% of the overdue amount per month | No late payment charges |
Employees of corporates can apply for the SBI Pension Loan, the Xpress Credit Personal Loan, or the Xpress Bandhan Personal Loan provided they meet the eligibility criteria. Keep in mind that you will need to have a salary account with the lender to apply for the Xpress Credit Personal Loan.
Once the entire outstanding loan amount becomes zero, your liability for your SBI personal loan will be removed.
You can repay your SBI Personal Loan via EMIs through the ECS facility or through Standing Instruction.
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.
The 5 main types of SBI personal loan products include: SBI Xpress Credit Personal Loan, SBI Pension Loan, SBI Xpress Bandhan Loan, SBI Pre-approved Loans, and SBI Quick Personal Loan. The bank has introduced SBI Kavach so that you can meet the cost of treatment of Covid-19 in case you or any member of your family gets diagnosed with it.
The minimum loan amount for SBI loan for central and state government pensioners is Rs.25,000.
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.
All SBI personal loans are typically provided for a period of up to 60 months. However, depending on the scheme, the repayment tenure may also go up to 84 months.
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.
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.
Yes, you can apply for an SBI personal loan during Covid-19 pandemic by visiting the official website of the bank and applying for a personal loan. The bank also recently said that it also plans to offer pre-approved loans to its customers which one can apply through the bank’s digital banking solution YONO. Applying online for an SBI personal loan will not only make the application process fast and hassle-free but will also allow you to maintain the required social distancing norms laid down by the Government of India.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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