SBI Personal Loan

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SBI Personal Loan Interest Rates

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.

Types of SBI Personal Loans

SBI XPress Credit

Key Highlights

• Low processing fees.
• Maximum loan amount of up to Rs.20 lakh.
• Lowest interest rate offered is 10.60% p.a.

Interest Rate	Loan Amount
10.60% p.a. onwards	Up to Rs.201akh

SBI Pension Loan

Key Highlights

• Quick disbursal of loan amount.
• Low processing fees
• Minimal documentation required.

Interest Rate	Loan Amount
10.55% onwards	Up to Rs.14 lakh

SBI XPress Bandhan

Key Highlights

• You can apply for this loan even if you don’t maintain an account with the bank.
• You must be drawing a minimum gross monthly income of Rs.50,000 to avail this loan.
• Repayment tenure is up to 5 years or the remainder of the service whichever is lower.

Interest Rate	Loan Amount
At the discretion of the bank	Up to Rs.15 lakh

SBI Pre-approved Personal Loans

Key Highlights

• The loan will be instantly processed.
• Low processing fee.
• The interest rate will be low and affordable and starts at 9.60%.

SBI QUICK Personal Loan

Key Highlights

• You can avail a loan amount of up to Rs.20 lakh.
• You can avail this loan even if you do not maintain a bank account with SBI.
• You need to draw a minimum monthly income of Rs.15,000 to avail this loan

Fees and Charges

The various types of fees and charges that are levied by State Bank of India for personal loans are as follows:

*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

SBI Personal Loan Eligibility

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.15,000.
• The EMI/NMI Ratio should not be above 50%.
• The applicant should be an employee at any of the following organizations:
  1. Central and state governments
  2. Central and state PSUs
  3. Educational institutions with a national reputation
  4. 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.
• A defence pensioner can be any pensioner of the armed forces.

Eligibility for SBI Xpress Bandhan Loan

The eligibility criteria to avail the loan is mentioned below:

• The gross monthly income of the individual must be at least Rs.50,000.
• Employees working with Educational Institutions of National Repute, Defence Establishments, State and Central Governments, Public Sector Undertakings (PSUs), Quasi Government Bodies, and Select Rated Corporates can avail for this loan facility.
• No requirement of maintaining a salary account with the bank.
• The Equated Monthly Instalments (EMI)/Net Monthly Income (NMI) ratio can be a maximum of 50%.

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:

• You must have a salary account with another bank.
• Minimum and maximum age of eligibility for this scheme are 21 years and 58 years respectively.
• You must have a minimum work experience of 1 year.
• You must be drawing a minimum monthly income of Rs.15,000.

Documents Required to apply

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 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:

How SBI compares with other lenders?

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.

FAQs for SBI Personal Loan

1. How to check SBI personal loan status?

   You can track your SBI personal loan status by contacting customer care or visiting the nearest branch.

2. How to contact SBI personal loan customer care?

   You can contact SBI personal loan customer care number through the following ways: 

   • Call the 24x7 toll-free helpline numbers which are 1800 425 3800 and 1800 11 2211. 
   • You can also call the number 080-26599990 which is chargeable. 
3. What are the different types of SBI personal loans offered to employees of corporates?

   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.

4. 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.

5. 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.

6. 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.

7. What are the personal loan products offered by SBI?

   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.

8. 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.

9. 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.

10. 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. However, depending on the scheme, the repayment tenure may also go up to 84 months.

11. 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.

12. 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.

13. Can I apply for an SBI Personal Loan during Covid-19 pandemic?

    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 YOLO. 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.