State Bank of India is one of the most reputed banks in India to cater financial products and services to different segments of the customers. One of the crucial financial products that is offered by the SBI is personal loan. State Bank personal loans are one of the important types of loans which help aid the financial requirements of an individual such as clearing off debts, repairing a house, vacations etc. If you are hunting for a SBI personal loan then you may read on and know everything you need to know about this type of loan by SBI.
Interest Rate | 6.80% p.a. – 7.50% p.a. |
EBR | 6.65% |
Loan Amount | Based on eligibility |
Processing Fees | 0.35% - 1% of loan amount |
Prepayment/Foreclosure Charges | Nil |
Max Tenure | 30 Years |
Rate Packages Available | Floating |
Interest Rate | 6.70% p.a. onwards |
Processing Fee | Nil |
Here are some key features of SBI loan to look up to:
1. Loan Amount: The loan amount to be availed by State Bank of India differs based on the loan scheme and profile of applicant.
2. Different Schemes: State Bank of India personal loans offer a variety of schemes when it comes to availing personal loans. These schemes are designed to suit different categories of profiles such as self employed, salaried individuals, pensioners etc.
3. Hassle-Free Process: You don’t need to worry about the flexibility of the entire loan application process when it comes to the SBI personal loan application. State Bank personal loan takes minimal amount of time and documentation to avail personal loans.
4. Flexible Tenure: You can repay the loan amount of SBI personal loan with quite an ease. The tenure of repayment for SBI personal loans is convenient, ranging from 6 months to 6 years of period.
SBI bank personal loan interest rates range among different individuals for multiple reasons. The EMI of SBI personal loan are determined by the following factors:
Loan Amount: The amount of loan is a crucial factor affecting the interest rate on SBI personal loan. Depending on the amount of loan you avail, the rate of interest can change.
Loan Tenure: The tenure of repayment of SBI personal loan is another important factor that can change the interest rate. Depending on the bank, the rate of interest for a longer repayment period can go higher or lower.
CIBIL Score: Take it as an obvious reason. Your credit score surely plays a crucial role in deciding the interest rate on SBI bank personal loan. The bank always takes the CIBIL score into consideration before deciding the rate of interest and thus, your credit score might get you a better one.
Repayment Capacity: Your capacity to repay the loan amount is an important aspect of getting a better interest rate on State Bank personal loan. The bank checks your repayment capacity based on the amount of transactions and cash inflows.
Your Relationship with the Bank: Another important factor to affect the SBI personal loan interest rate is your relationship with the bank. Know that the existing State Bank of India customers get preference at getting better interest rates.
These are the key factors to determine SBI personal loan interest rates. However, you must keep in mind that the SBI interest rates are subject to RBI and may go up and down. Besides that, the SBI bank personal loan interest rates also range among different loan schemes.
SBI bank personal loans come in a range of schemes to meet several different profiles. These schemes differ in terms of eligibility criteria, salary, interest rate, loan tenure etc. Let us know everything about these schemes.
Here are different types of SBI bank personal loan:
The SBI Xpress Credit loan is a loan scheme by State Bank of India that is availed to the salaried individuals as funds to meet several needs.
Here are the important features of SBI Xpress Credit Loan:
Loan Amount: The amount of loan an individual under this scheme of SBI personal loan starts from Rs 25,000 and goes up to Rs 20,000.
Repayment Tenure: The tenure for the repayment of SBI Xpress credit loan goes as high as 6 years.
Income: The minimum salary of an applicant to avail this loan should be Rs 15,000.
The SBI Xpress Bandhan loan is a type of personal loan that can be availed by the individuals who do not have any account with the State Bank of India.
Here are the important features of SBI Xpress BandhanLoan:
Loan Amount: The amount of loan an individual under this scheme of SBI personal loan starts from Rs 25,000 and goes up to Rs 15,000.
Repayment Tenure: The SBI Xpress Bandhan Lan can be rapid within the tenure for the repayment of 5 years.
Processing Fees: The processing fee to be applied on this type of loan 1% of the loan amount + GST.
3. SBI Pension Loan
The SBI Pension loan is a type of personal loan by State Bank of India that is designed to meet the financial needs of retired individuals. If you are retired and require funds to fulfill certain needs such as home repair. Vacations etc. then the SBI pension loan just for you.
Here are the important features of SBI Pension Loan:
Types of Pensioners: SBI Pension loan can be availed by three types of pensioners- Defence pensioners, Pensioners of Central and State government and the family pensioners (the spouse of a deceased pensioner).
Loan Amount: Below is the table showing the amount of loan that can be availed by pensioners under the SBI Pension loan.
Type of Pensioner |
Minimum Amount of Loan that can be availed |
Maximum Amount of Loan that can be availed |
Defence Pensioner |
Rs. 25,000 |
Ranges from Rs. 7.5 lak to Rs. 14 lakh |
Central and State Government Pensioner |
Rs. 25,000 |
Ranges from Rs. 7.5 lak to Rs. 14 lakh |
Family Pensioner |
Rs. 25,000 |
Ranges from Rs. 2.5 lakh to Rs. 5 lakh |
Repayment Tenure: Below is the table showing the repayment tenure for different types of pensioners under the SBI Pension loan:
Type of Pensioner |
Repayment Tenure |
Defence Pensioner |
24 months to 84 months |
Central and State Government Pensioner |
24 months to 60 months |
Family Pensioner |
24 months to 60 months |
The eligibility criteria to avail personal loan from State Bank India differ based on the different types of loan schemes.
The eligibility criteria for SBI Xpress Credit loan is as follows:
The loan applicant should have a minimum income of Rs 15,000.
The maximum Equated Monthly Installment (EMI)/Net Monthly Income (NMI) ratio should be 50%.
The employees of these organizations are eligible:
Central and state governments
Central and state PSUs
Educational institutions with a national reputation
Quasi-government
The eligibility criteria for SBI Xpress Bandhan loan is as follows:
The gross income of the loan applicant must be Rs 50,000 at minimum.
The maximum Equated Monthly Installment (EMI)/Net Monthly Income (NMI) ratio should be 50%.
The employees at the following organizations are eligible to avail this loan:
Central and State governments
Central and State PSUs
Educational Institutions of National Repute
Quasi-government
Defence
Public Sector
Select Rated Corporates
SBI Pension Loan
The age of the loan applicant under this scheme should not cross 75 years.
These pensioners can avail the SBI Pension loan:
Defence pensioner
Central and State government pensioner
Family pensioner
The documents required for the State bank personal loan application may vary based on the type of personal loan. However, one should have certain basic documents to present to the bank at the time of loan application.
Here are the documents required for personal loan application:
TYPE |
DOCUMENTS |
Identity proof |
Aadhaar Card, PAN, Passport, Voter Identity Card, Driving License |
Address proof |
Bank Account Statement, Passport, Driving License, Aadhaar Card, Ration Card, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties) |
Income proof |
Salary Sips, Bank Account Statement, ITR, Form 16 |
COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE :
BANKS |
INTEREST RATES |
12% to 24% |
|
11.30% to 16.40% |
|
12.15% to 15.15% |
|
11.50% to 12% |
|
10.75% to 21.50% |
|
10.50% to 16.99% |
|
20.00% to 22.00% |
|
10.50% to 17.99% |
|
10.99% to 16.25% |
|
11.00% to 19.20% |
|
12.00% to 14.00% |
|
14.00% to 23.00% |
|
10.75% to 17.84% |
|
11.00% to 16.75% |
|
7.65% to 12.65% |
|
12.15% to 14.15% |
|
12.05% onwards |
OTHER PRODUCTS OF SBI BANK PERSONAL LOAN :
1. SBI Bank Personal Loan
2. SBI Bank Business Loan
3. SBI Bank Car Loan
4. SBI Bank Holiday Loan
5. SBI Bank Commercial Vehicle Loan
Applying for a SBI personal loan is a seamless process and it can be done using multiple ways. You can either apply for an SBI personal loan online or offline.
Here is how you can do that:
Apply Offline: You can apply for SBI loan offline by visiting the nearest branch of State Bank of India.
Apply Online: You can apply for an SBI loan online by visiting the official web portal of State Bank of India.
This is how the EMI of State Bank of India Personal Loan is calculated:
EMI (Equated Monthly Installment) = [P x R x (1+R)^N]/[(1+R)^N-1]
Here:
How to Check SBI Personal Loan Status
You need to present the registered mobile number and the reference number to know the SBI personal loan status. You can use two modes to know about the status of your SBI personal loan:
Offline Mode: If you want to track the status of your SBI personal loan offline, you can simply
Call the customer service on their toll-free number and enquire about it with the agent.
Visit the nearest SBI bank branch and quire about the loan status.
Online Mode: In order to track the status of your of SBI personal loan via online mode, you can:
Visit the Web Portal: You can navigate to the official website of the State Bank of India.
Use the Mobile App: You can download the SBI mobile app from Play Store or the App Store. You can use the app to track the status of your State Bank personal loan.
FAQs
You can track the status of your SBI personal loan by:
Contacting the customer helpline
Visiting the nearest branch
Yes. If you have sufficient funds required to pay off the loan then you can prepay it. The bank does charge prepayment penalties which you need to pay for foreclosure. For more details, you can contact the bank.
The general tenure for repaying the SBI personal loan counts for up to 60 months. However, the tenure can go up to 84 months based on the scheme personal loan.
You can repay your SBI personal loan in EMIs via:
ECS facility
Standing Instruction
The minimum income which one must have to secure a personal loan from SBI goes as low as Rs. 5,000. However, it can range among different schemes of loan.
You can contact the SBI customer service using the following numbers:
Toll-free number: 1800 11 2211, 1800 425 3800
Toll number: 080-26599990
Know More About
You're eligible for a Sbi Personal Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
Sbi Personal Loan Details | |
---|---|
Interest Rate (Monthly reducing balance) | 11.3% - 16.4% |
Processing Fees | 1% |
Loan Tenure | 1 year to 5 years |
Pre-closure Charges | Varies with bank |
Guarantor Requirement | Varies with bank |
Personal Loans EMI Calculator