SBI BANK PERSONAL LOAN

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.

SBI Personal Loan Hiighlights

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Features of SBI Personal Loan

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. 

• For salaried or self-employed individuals: Minimum Rs. 25,00 and Maximum Rs. 20,00,000 amount of loan can be availed. 
• For pensioners: Minimum Rs. 25,00 and Maximum Rs. 14,00,000 amount of loan can be availed. 

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. 

Factors Affecting the SBI Personal Loan EMI 

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. 

Types of State Bank of India Personal Loan

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:

1. SBI Xpress Credit 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. 

2. SBI Xpress Bandhan Loan

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.

Repayment Tenure: Below is the table showing the repayment tenure for different types of pensioners under the SBI Pension loan:

Eligibility Criteria for SBI Personal Loan

The eligibility criteria to avail personal loan from State Bank India differ based on the different types of loan schemes. 

1.Eligibility for SBI Xpress Credit Loan

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:

1. Central and state governments

2. Central and state PSUs

3. Educational institutions with a national reputation

4. Quasi-government

2. Eligibility for SBI Xpress Bandhan Loan

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:

1.  Central and State governments

2. Central and State PSUs

3. Educational Institutions of National Repute

4. Quasi-government

5. Defence 

6. Public Sector 

7. Select Rated Corporates

8. SBI Pension Loan

The eligibility criteria for SBI Pension loan is as follows:

• The age of the loan applicant under this scheme should not cross 75 years.

• These pensioners can avail the SBI Pension loan:

1. Defence pensioner 

2. Central and State government pensioner 

3. Family pensioner

Documents Required for SBI Personal Loan

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:

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE :

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 

How to Apply for SBI Personal 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.

State Bank of India Personal Loan EMI Calculator

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:

• P is the Principal Loan Amount
• R is the Monthly Interest Rate
• N is the Number of Monthly Installments

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

1. How can I check my SBI personal loan status?

You can track the status of your SBI personal loan by:

• Contacting the customer helpline

• Visiting the nearest branch

2. Can I prepay the SBI personal loan? Do I have to pay any prepayment charges?

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.

3. What is the general tenure to repay the SBI personal loan?

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. 

4. How can I repay my SBI personal loan?

You can repay your SBI personal loan in EMIs via:

• ECS facility

• Standing Instruction

5. What should be the minimum income to avail SBI personal loan?

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. 

6. How can I contact SBI bank?

You can contact the SBI customer service using the following numbers:

• Toll-free number:  1800 11 2211, 1800 425 3800 

• Toll number: 080-26599990