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.
State Bank of India is a leading public sector lender that offers three types of personal loans –
Listed below are the various personal loans offered by the SBI along with the particulars of each type of loan.
i) Xpress Credit Personal Loan
|Particulars||Effective Interest Rate||Loan amount|
|Term Loan||11.55% p.a. onwards||Rs.25,000 onwards|
|Overdraft Facility||12.05% p.a. onwards||Rs.5 lakh onwards|
ii) Xpress Power Loan
|Particulars||Effective Interest Rate||Loan amount|
|Term Loan||11.65% p.a. onwards||Rs.25,000 onwards|
|Overdraft Facility||12.15% p.a. onwards||Rs.5 lakh onwards|
iii) SBI Pension Loan
|Effective Interest Rate||Loan amount|
|12% p.a.||Rs.25,000 onwards|
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% of the loan amount||3% on the prepaid amount||2% p.a.|
|Xpress Power||-||2% p.a.|
|SBI Pension||0.5% of the loan amount||3% on the prepaid amount||2% p.a.|
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 Power
Applicants who are employed with the following entities are eligible to apply for this loan:
|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 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|
|Fees and charges||SBI Personal Loan||Bank of Baroda Personal Loan||Bank of India Personal Loan||Citibank Personal Loan|
|Interest rate||11.05% onwards||11.35% p.a. onwards||12.90% 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.
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|
|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.|
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.
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 3 main types of SBI personal loan products include: SBI Xpress Power, SBI Xpress Credit Personal Loan, and SBI Pension 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.
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.
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