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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 XPress Credit
Key Highlights
Interest Rate | Loan Amount |
9.60% p.a. onwards | Up to Rs.20 lakh |
SBI Pension Loan
Key Highlights
Interest Rate | Loan Amount |
10.55% onwards | Up to Rs.14 lakh |
SBI XPress Bandhan
Key Highlights
Interest Rate | Loan Amount |
At the discretion of the bank | Up to Rs.15 lakh |
SBI Pre-approved Personal Loans
Key Highlights
Interest Rate | Loan Amount |
From 9.60% p.a. | At the discretion of the bank |
SBI QUICK Personal Loan
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) | 10.55% p.a. -11.05% 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. |
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 | 1.5% of the loan amount | 3% on the prepaid amount | 2% p.a. |
SBI Pension | 0.5% of the loan amount | 3% on the prepaid amount | - |
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 | - | - |
*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:
Eligibility for Xpress Credit Personal Loan
Eligibility for SBI Pension Loan
Eligibility for SBI Xpress Bandhan Loan
The eligibility criteria to avail the loan is mentioned below:
Eligibility for SBI Pre-approved Personal Loan
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.
Eligibility for SBI Quick Personal Loan
The eligibility criteria you will have to fulfil in order to avail this personal loan scheme are:
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 |
Fees and charges | SBI Personal Loan | HDFC Bank Personal Loan | Axis Bank | Citibank Personal Loan |
Interest rate | 9.60% p.a. onwards | 10.75% p.a. onwards | 12% p.a. onwards | 10.50% onwards |
Processing fee | 0.5% + GST | 2.5% + GST | 2% + GST | 3% of the loan amount |
Foreclosure charges | 3% of the outstanding loan amount | 2% to 4% of the outstanding loan amount | N/A | 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 |
You can track your SBI personal loan status by contacting customer care or visiting the nearest branch.
You can contact SBI personal loan customer care number through the following ways:
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 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.
The State Bank of India has now launched a new portal in its website. This will help all their retail customers to easily check eligibility for the purpose of loan restructuring. This is a process under the Reserve Bank of India scheme.
C.S. Shetty, the managing director of SBI had said that all their retail customers will be provided an option to choose 1-24 months of moratorium and also the rescheduling of loans. All the customers will be offered a relief measure in the form of a top-up home loan. The bank will, restructure a lot of the loans taking into account their customers’ future income and an assessment of the same. He had said that they wanted to address everyone who had a job loss.
23 September 2020
The Repo-Linked Lending Rate (RLLR) of SBI was cut by 75 basis points on the same day of the RBI’s announcement. This will impact the loans that are linked with the RLLR as well as with the External Benchmark linked lending Rate (EBR). With effect from 1 April 2020, there is a reduction in SBI’s RLLR and EBR by 75 bps. This has resulted in the RLLR now being 6.65% p.a. as opposed to 7.40% p.a. The EBR is now 7.05% p.a. as opposed to 7.80% p.a.
31 March 2020
State Bank of India announced a moratorium period of 3 months for all its term loans, following the policy announcement by the Reserve Bank of India of the same. This is applicable across the board for all of SBI’s term loans which will include personal loans, car loans, home loans, etc.
Term loans are those which have a specific and fixed repayment tenure. The moratorium policy was announced by the RBI Governor, Shaktikanta Das, as a measure to ease the economic impact of the Covid-10 pandemic which has resulted in a 21-day lockdown across India. The moratorium will be applicable for all kinds of terms loans on the outstanding effective from 1 March 2020.
27 March 2020
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