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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.
Customers of SBI personal loans can benefit from the following:
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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 |
Key Benefits
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
iii) SBI Pension Loan
| Effective Interest Rate | Loan amount |
| 12% p.a. | Rs.25,000 onwards |
Key Benefits
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:Â
| 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% |
| 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 |
| Permissible limit |
|
| 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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
The largest public sector lender in the country, State Bank of India (SBI) has made a re-entry into the elite club of the top-10 most valued companies by market valuation after a two weeks gap. On 1 October 2019, it had lost its position to Bajaj Finance when the latter had replaced its spot at the 10th position. On the Bombay Stock Exchange, the market capitalisation of SBI at the end of the session of 15 October stood at Rs.2,27,979.20 crore which was Rs.2,899 crore more than the market capitalisation of Bajaj Finance. The top position in the list of India’s most valued firm is occupied by Reliance Industries Ltd. Which has a market capitalisation of Rs.8,60,631.07 crore followed by TCS which has a market capitalisation of Rs.7,58,338.19 crore. The other companies in the list include Hindustan Unilever, HDFC Bank, ICICI Bank, Infosys, State Bank of India, and Kotak Mahindra Bank. The data on market capitalisation of companies changes daily with the movement of share prices.
17 October 2019
The State Bank of India (SBI) announced that it has removed the upper limit on cash deposits in non-home branches, which was earlier Rs.25,000. However, the bank would charge Rs.50 (plus GST) on each of the cash deposit transactions in non-home branches that is above the 3 free cash deposit transactions in the course of a month. SMEs would still have a cap of Rs.2 lakh per day deposit at non-home branches. The announcement was made ahead of the festive season. The cash deposits can be done using the SBI Cash Deposit Machine (CDM) machine. The deposits are done using the ATM debit card. The machine credits the amount instantly so visits to the bank branch office is unnecessary. There is a limit, per transaction, which is Rs.49,990 for cardless deposits and Rs.2 lakh for deposits through debit cards. The SBI CDM can also be used to deposit cash in loan, recurring deposit (RD) and Public Provident Fund (PPF) accounts. The CDM accepts currency notes up to 200 in number and in denominations of Rs.2,000, Rs.500, and Rs.100.
25 October 2018
The State Bank of India (SBI) has recently organised the SBI Carnival 2018 - a car and home expo from SBI - in Hyderabad. This event was inaugurated at Hitex on 1 September 2018 by the Special Chief Secretary of Revenue and Chairman of RERA, Telangana - Rajeshwar Tiwari - along with the Chief General Manager of the Local Head Office of SBI within Hyderabad Circle - Swaminathan J. During this 2-day event, more than 200 projects were showcased by over 50 builders while more than 10 car dealers unveiled. As per the statements of an official of SBI, this event is one of the biggest expos of its kind that are held in Hyderabad. Through this event, the bank has provided a platform to the visitors in order to help them select their dream car and the house that they have always wanted to own. SBI is a forerunner in bringing home loan products that are extremely competitive in nature. At this expo, the bank has decided to showcase its home loan products along with retail loan products such as car loan, personal loan, education loan, loan against property, etc. In addition to free CIBIL score check, SBI has also made arrangements so that customers can get their car and home loans approved on the spot at the expo.
SBI acclaims that the real estate market in Hyderabad is developing in leaps and bounds owing to the high office space occupancy rate, rapid infrastructure development, and improved connectivity by the Hyderabad Metro and ORR. It is speculated that the introduction of Real Estate Regulatory Act (RERA) will help the market get further streamlined and vibrant. In the meanwhile, SBI is offering its complete support to the market by launching the most competitive and innovative products.
14 September 2018
The State Bank of India (SBI) has recently organised the SBI Carnival 2018 - a car and home expo from SBI - in Hyderabad. This event was inaugurated at Hitex on 1 September 2018 by the Special Chief Secretary of Revenue and Chairman of RERA, Telangana - Rajeshwar Tiwari - along with the Chief General Manager of the Local Head Office of SBI within Hyderabad Circle - Swaminathan J. During this 2-day event, more than 200 projects were showcased by over 50 builders while more than 10 car dealers unveiled. As per the statements of an official of SBI, this event is one of the biggest expos of its kind that are held in Hyderabad. Through this event, the bank has provided a platform to the visitors in order to help them select their dream car and the house that they have always wanted to own. SBI is a forerunner in bringing home loan products that are extremely competitive in nature. At this expo, the bank has decided to showcase its home loan products along with retail loan products such as car loan, personal loan, education loan, loan against property, etc. In addition to free CIBIL score check, SBI has also made arrangements so that customers can get their car and home loans approved on the spot at the expo.
SBI acclaims that the real estate market in Hyderabad is developing in leaps and bounds owing to the high office space occupancy rate, rapid infrastructure development, and improved connectivity by the Hyderabad Metro and ORR. It is speculated that the introduction of Real Estate Regulatory Act (RERA) will help the market get further streamlined and vibrant. In the meanwhile, SBI is offering its complete support to the market by launching the most competitive and innovative products.
14 September 2018
The Chairman of the State Bank of India (SBI) inaugurated a branch in Meerut for its SME customers. Mr. Rajnish Kumar facilitated beneficiaries of the MUDRA loan and talked about the benefits of the loan.
In addition to drawing light on the Pradhan Mantri MUDRA Yojna, the chairman also met with army veterans and planted trees in the SBI cantonment branch. Mr Kumar further discussed the city’s dominance in SME businesses and the financial support that the MUDRA scheme provides these businesses.
29 August 2018
The National Bank for Agriculture and Rural Development (NABARD) and State Bank of India (SBI) have come together to sign a pact that will help customers avail collateral-free loans through Joint Liability Groups (JLGs) in the state of Telangana. Under this initiative, SBI and NABARD have signed a Memorandum of Understanding (MoU) along with 7 NGOs from the districts of Medak, Warangal, and Nizamabad. The tripartite MoU has been signed by J. Swaminathan, Chief General Manager of SBI, and P. Radhakrishnan, Chief General Manager of NABARD, at Hyderabad on 10 July 2018. This agreement will promote and link the credits of 2,000 JLGs of the state during the current financial year. Furthermore, the agreement states that NABARD will provide assistance to the NGOs to form, nurture, hand-hold JLGs of sharecroppers, tenant farmers, and oral lessees. On the other hand, under the pact, SBI will offer financial support without any collateral to the groups promoted by the NGOs.
25 July 2018
The State Bank of India recently flagged off YONO Rath, an effort to popularise the YONO app among its customer base. The YONO (You Only Need One) app was first released in November 2017 and satisfies all of your financial needs in one place by providing facilities such as digital banking that you might need on a daily basis. The app gives an option to open an Insta Savings Bank account without having to visit the bank branch. The application is jargon free and can be used by anyone for performing any bank activity.
22 June 2018
Before the policy rate announcement by the Reserve Bank of India (RBI), numerous lenders has increased their Marginal Cost funds-based Lending Rate (MCLR) by a minimum of 10 basis points or 0.10%. While the State Bank of India hiked its MCLR across all loan tenures up to 3 years effective from 1 June 2018, top lender such as ICICI Bank, HDFC Bank, and Kotak Mahindra Bank have followed suit. Since the interest rate offered by banks on most of the retail loan products are linked to the MCLR, this hike is expected to cause their interest rates to increase as well. This, in turn, will further lead to an increment in the EMIs of the home loan, personal loan, and car loan borrowers.
As per the official website of SBI, the current 1-year MCLR that the bank offers is 8.25%. On the other hand, the 1-year MCLR offered by ICICI Bank stands at 8.40%. The 1-year MCLR offered by HDFC Bank varies according to its product while that of Kotak Bank is currently 8.90%.
13 June 2018
The State Bank of India (SBI) recently put up 15 non-performing assets (NPAs) for sale. The amount of these assets are worth around Rs.989 crore. These NPA accounts will be offered to banks, asset reconstruction companies, etc. The bank issued a bid document with details regarding the NPA accounts. A few of the NPA accounts include KBJ Jewels Industry India, Aksha Gold Ornaments, and KBJ Hotel Varanasi assets. The total outstanding amounts of all these NPA accounts are around Rs.164.30 crore. Some of the other bad NPA accounts include Shri Jalaram Rice Industries, MCL Global Steel, and more.
12 March 2018
State Bank of India (SBI) has caused a twist in the interest rate cycle by increasing the interest rate on its 1-year marginal cost of funds-based lending rate (MCLR) by 20 basis points or 0.20%. Since the 1-year MCLR directly impacts the interest rate, this move is expected to cause retail loans such as car loan, personal loan, two-wheeler loan, education loan etc. to become more expensive. This is the first time that SBI has increased the benchmark lending rate since its implementation in April 2016. Additionally, Punjab National Bank and ICICI Bank has also increased their MCLR, but only by 15 basis points or 0.15%. On the other hand, HDFC Bank is likely to review its rates sometime in the near future.
6 March 2018
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