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  • SBI Personal Loan

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  • 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.

    • Maximum loan amount is Rs.15 lakh 
    • Interest rates start at 11.05% p.a.
    • Quick approval
    • Processing fee is 1% of the loan amount
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    Why Should You Choose SBI Personal Loan?

    Customers of SBI personal loans can benefit from the following:

    • Quick disbursal of the loan amount, i.e., within 2-7 days.
    • Minimal preclosure charges for most personal loan products.
    • No administrative charges or any other kind of hidden costs.
    • Minimal documentation for application.
    • Most affordable interest rates in the market.
    • Convenient modes of repayment such as check-off facility, post-dated cheques, or cash.

    State Bank of India is a leading public sector lender that offers three types of personal loans –

    Compare various SBI 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

    Key Benefits

    • Loans can be repaid over a duration of 5 years
    • A second loan can be taken by borrowers

    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

    Key Benefits

    • Nominal processing fee
    • Borrowers need not have a salary account with SBI

    iii) SBI Pension Loan

    Effective Interest Rate Loan amount
    12% p.a. Rs.25,000 onwards

    Key Benefits

    • Defence pensioners do not have to pay a processing fee

    SBI Loan Rates

    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.
    *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.5,000.
    • The EMI/NMI Ratio should not be above 50%.
    • The applicant should be an employee at any of the following organizations:
    • Central and state governments
    • Central and state PSUs
    • Educational institutions with a national reputation
    • 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. This certain undertaking cannot be rescinded at any point in time. The treasury will also write a note that it will not agree to take any request from any pensioner to make changes to the pension payment to any other branch or bank.
    • A defence pensioner can be any pensioner of the armed forces. The armed forces include Paramilitary Forces, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles. The pension payment order will need to be with SBI.
    • The EMI (Equated Monthly Instalments) or NMP (Net Monthly Pension) should not be above 50% for every pensioner. For family pensioners, the EMI or NMP should not be above 33%.

    Eligibility for SBI Xpress Power

    • The prospective borrower will need to earn a minimum monthly income of Rs.50,000

    Applicants who are employed with the following entities are eligible to apply for this loan:

    • Central or state governments
    • Defence establishments
    • PSUs
    • Quasi-government bodies
    • Educational institutions that have a national reputation
    • Select corporates

    Documents Required to apply

    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
     

    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 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
    Apr  Rs.16,253  Rs.1,004  Rs.17,257  Rs.83,747  16.25% 
    May  Rs.16,416  Rs.841  Rs.17,257  Rs.67,331  32.67% 
    Jun  Rs.16,581  Rs.676  Rs.17,257  Rs.50,749  49.25% 
    Jul  Rs.16,748  Rs.510  Rs.17,257  Rs.34,002  66.00% 
    Aug  Rs.16,916  Rs.341  Rs.17,257  Rs.17,086  82.91% 
    Sep  Rs.17,086  Rs.172  Rs.17,257  Rs.0  100.00% 
     

    How SBI compares with other lenders? 

    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.

    Other loan schemes for NRI from SBI

    • NRI's can go for this loan scheme from SBI to meet any of their needs such as buying a house or meeting immediate financial needs. The bank will not be repatriating your loan amount abroad.
    • This SBI loan will be handed over solely to the depositor.
    • You can procure this loan in foreign currency or Indian Rupee by pledging a security of your NRE or FCNR or NRO deposit.
    • You can choose a demand loan, an overdraft, or a foreign currency loan.
    • The loan period for this loan is up to the outstanding maturity period.
    • The margin for this loan scheme is 10% which includes accrued interest as well principal.

    SBI online overdraft (OD) against your NRI deposit

    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
    Permissible limit
    • TDR or eTDR: 75% of the face value of the deposit
    • STDR or eSTDR: 90% of the face value of the deposit
    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.
    • In the above-mentioned table, the NRE or NRO fixed deposit in the eligibility criteria includes Special term deposit (STDR) or eSTDR or Term Deposit Receipt (TDR) or eTDR in a single name holder only.
    • In the above-mentioned table, the permissible limit section refers to the overdraft limit against deposits. You will not be able to make any modifications to the overdraft limit.
    • This loan scheme is not given to joint holders of deposits.
    • The loan will be provided to you with the help of internet banking. If you want to withdraw or shift the fund, you can do it via cheque or online banking.
    • If you want to close the SBI NRI overdraft account, you will have to visit any of the branches in India. This overdraft account closure cannot be done online as of now.
       

    FAQs for SBI Personal Loan

    What are the different types of SBI personal loans offered to employees of corporates?

    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.

    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.

    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.

    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.

    What are the personal loan products offered by SBI?

    The 3 main types of SBI personal loan products include: SBI Xpress Power, SBI Xpress Credit Personal Loan, and SBI Pension Loan

    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.

    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.

    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.

    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.

    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.

        

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    SBI Personal Loan Reviews

    • SBI Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I took a personal loan in State Bank of India, the process is very simple and have applied through SBI YONO app. They have done enquiry and within a week, they have disbursed the loan amount of 4.30L and it was sufficient. The processing fee is around 2,300rupees which is very low compared to others.
      Was this review helpful? 2
      , tirupati
      Reviewed on Oct 15, 2019
    • SBI
      SBI Personal Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I have taken personal loan directly through State Bank Of India .The rate of interest and the processing fee was nominal and it was good as well,I have got this loan amount on time and it was very sufficient as well. Each and every updates about the loan process was shared by the agent .
      Was this review helpful? 0
      , bathinda
      Reviewed on Oct 14, 2019
    • SBI Personal Loan
      "Fine Loan Service"
      0.5 5.0/5 "Blown Away!"
      I bought the personal loan from SBI. Its 2 years back since i got the loan. I have no idea about the interest rates but i had chosen the duration of 5 years. I am paying the EMI amount of Rs. 11200. The loan is going very smooth and I'm doing the payment on time through ECS.
      Was this review helpful? 0
      , dindigul
      Reviewed on Oct 14, 2019
    • SBI Personal Loan
      "Super Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI people have extended my due date when i request them since my salary is getting credited after 3rd of every month. They have sanctioned the loan within 1 hour. I never visited their branch and i bought the loan through their app. Their mobile application is very easy to use.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 09, 2019
    • SBI Personal Loan
      "Rate of interest to be less"
      0.5 3.0/5 "Satisfactory"
      Already am running a personal loan in State Bank of India which is going to complete in next 3 to 4months. The process was okay but the rate of interest is higher, they are charging 12.5%. The processing fee is applicable. The process was good.
      Was this review helpful? 4
      , coimbatore
      Reviewed on Oct 09, 2019
    • SBI Personal Loan
      "SBI process is lengthy"
      0.5 5.0/5 "Blown Away!"
      I never tried to contact the customer care service. I have not applied through online and i went to their branch to applied the loan. I bought my personal loan from State bank of India because one of my friend is working as a branch manager. They have sanctioned the loan within 2 days.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Oct 05, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan through State Bank Of India directly .The rate of interest and the processing fee was little bit high since had requirement taken this loan .I have got all the information about the loan process,This was a paperless approval since have salary account had an offer of this paperless.
      Was this review helpful? 4
      , dehradun
      Reviewed on Oct 04, 2019
    • SBI Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      On 2 years before I had taken a personal loan with STATE BANK OF INDIA which was applied directly to bank. I received a loan on time. The amount which was given for a sufficient for the tenure period of 3 years. The rate of interest and processing fee are nominal.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Oct 03, 2019
    • SBI Personal Loan
      "Very easy to get a loan"
      0.5 5.0/5 "Blown Away!"
      SBI bank is good and the service is very nice. I got the loan amount of Rs. 4.70 lakhs and they have sanctioned the loan in 2 days. They have provided me a interest rate of 11%. I have been paying the EMI amount of Rs. 9300 for the duration of 5 years. Through ECS, i make the payment every month.
      Was this review helpful? 3
      , bilaspur
      Reviewed on Sep 24, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with STATE BANK OF INDIA on 6 months before , I was holding a salary account with them so the process was smooth. They have sanctioned the loan within 2 days. For the loan amount of 1 lakh for the tenure period of 2 years. EMI is use to pay for 3800 rupees.
      Was this review helpful? 6
      , chennai
      Reviewed on Sep 22, 2019
    • SBI Personal Loan
      "Fast Approval Loan"
      0.5 5.0/5 "Blown Away!"
      When i approached for the personal loan in State bank of India, they have sanctioned the loan in a short span of time since i'm a customer for last 15 years. My salary account is in SBI hence i opted the loan amount. I bought the loan amount of Rs. 4.80 lakhs. Their interest rates are high which is 14.45%. I am paying the EMI of Rs. 9200 for the duration of 5 years.
      Was this review helpful? 4
      , chennai
      Reviewed on Sep 22, 2019
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Ihave availed personal loan from State Bank Of India through App it was a paperless approval ,it s very good just 30 seconds only my loan got sanctioned .The rate of interest was nominal pf was Rs.2000 only .The rate of interest was 13.05% it was nominal .I have got all the information about the loan through app itself.
      Was this review helpful? 4
      , mysore
      Reviewed on Sep 20, 2019
    • SBI Personal Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      SBI people are much clear in their rates and they showed me a clear figure in their app when i applied for the personal loan. They charged me a interest rate of 13%. My EMI amount is Rs. 10000 for the loan amount of Rs.4 lakhs. I have selected the tenure period of 54 months.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 19, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from SBI bank on 2 months before which was approached from bank directly. The amount which was given sufficient for the tenure period of 5 years. The rate of interest for 11.9% and there was no processing fee was applicable. Only one EMI was done.
      Was this review helpful? 1
      , jamnagar
      Reviewed on Sep 19, 2019
    • SBI Personal Loan
      "Best Service"
      0.5 3.0/5 "Satisfactory"
      I have taken personal loan through State Bank Of India .The rate of interest and the processing fee was nominal,I have got the loan amount on time and it was sufficient as well .The agent gave all the information about the loan process.This loan is still active and the process was very smooth .
      Was this review helpful? 4
      , mumbai
      Reviewed on Sep 17, 2019
    • SBI Personal Loan
      "Recommendable Loan Product"
      0.5 5.0/5 "Blown Away!"
      I am very much overwhelmed with SBI, they sanctioned my personal loan within 30 minutes its really faster, their customer executive who came to my place was helpful and he responded well. My principal amount is Rs.5 lakhs for the duration of 54 months and there is insurance fee only processing fee they took around Rs.599 its minimal.
      Was this review helpful? 3
      , guna
      Reviewed on Sep 13, 2019
    • SBI Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      From SBI , i have taken the personal loan and i have closed the loan 1.5 years. Since its a salary account, when i approached the loan, they have given immediately. Interest rate is 12.5%. I have got my NOC letter also. The processing fee was nominal.
      Was this review helpful? 6
      , chennai
      Reviewed on Sep 01, 2019
    • SBI Personal Loan
      "Awesome Loan"
      0.5 5.0/5 "Blown Away!"
      Recently i have availed the personal loan and they have provided me a instant services. Because of their brand and transparency, i have selected the SBI loan. When i apply the loan, they have informed directly about the interest rate of 14%. Within a day, they have disbursed the loan and the documentation process was fine.
      Was this review helpful? 13
      , vijayawada
      Reviewed on Aug 23, 2019
    • SBI Personal Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I received a promotional call from SBI people. They said i have a eligibility of Rs. 3 lakhs but i have got the loan amount of Rs. 1 lakhs. They have provided me a less interest rate of 9% and i have chosen the tenure period of 24 months. I paid the EMI of Rs. 5000 approximately. I closed the loan 3 months before.
      Was this review helpful? 13
      , chennai
      Reviewed on Aug 20, 2019
    • SBI Personal Loan
      "Good but can do better on the interest"
      0.5 2.0/5 "Expected more"
      I took SBI personal loan they charged 21% of interest for per annum, the documentation was simple to complete the loan. They are prompt enough in their response for the loan response. I took the loan amount of Rs. 1 lakh for the duration of one year. I suggest them to reduce the interest so that many customer avail this loan.
      Was this review helpful? 14
      , bangalore
      Reviewed on Aug 20, 2019
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