State Bank of India Personal Loan
SBI Personal Loan is a loan offered by the State Bank of India to help people cover personal expenses like education, travel, medical emergencies, or weddings. You can borrow amounts between ₹25,000 to ₹15 lakhs, with interest rates ranging from 10.5% to 14.5%. The loan can be paid back over a period of 6 to 72 months. You don’t need to provide any collateral (security), but your credit score should be 750 or above, and you must have a steady income if you’re salaried or self-employed.
SBI Personal Loan Details
| Feature | Details |
|---|---|
| Loan Amount | ₹25,000 – ₹15 lakhs |
| Interest Rate | 11.45 p.a. |
| Tenure | 6 – 72 months |
| Processing Fee | 1% – 2% of loan amount |
| Eligibility | Salaried/ Self-employed individuals |
| Age | 21 – 58 years |
| Income | ₹2 lakhs p.a. (salaried), ₹3 lakhs p.a. (self-employed) |
| Credit Score | 750+ |
| Collateral | None |
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Features and Benefits
A lower SBI personal loan interest rate isn’t the only deal-breaker for the bank. The following features and benefits must be considered when choosing the State Bank of India.
- Low Processing Charges:
SBI charges minimal fees for processing your loan application, making it more affordable. - Low Interest Rates:
Competitive interest rates ensure that your loan remains cost-effective. - Minimal Documentation:
The application process is simple and requires minimal paperwork. - No Hidden Costs:
SBI maintains complete transparency, so you won’t encounter any surprise fees. - Interest on Daily Reducing Balance:
Interest is calculated on the daily reducing balance, helping you save on overall interest. - High Loan Amount:
You can borrow up to ₹20 lakhs, depending on your eligibility. - Instant Loan Approval:
Quick approval ensures that you get the funds you need without delay. - No Prepayment Penalty:
You can repay the loan early without worrying about prepayment penalties. - No Security, No Guarantor Required:
As an unsecured loan, there’s no need for collateral or a guarantor. -
Flexible Repayment Period:
Choose a repayment tenure that suits you, ranging up to 72 months.
Personal Loan Eligibility
SBI personal loan eligibility criteria must be met by individuals seeking personal loans. A borrower must fulfil the following SBI personal loan requirements:
| Criteria | Details |
|---|---|
| Age | – Minimum: 21 years – Maximum: 58-60 years (varies depending on loan type and profile) |
| Income | – Salaried Individuals: ₹2 lakhs p.a. – Self-employed Individuals: ₹3 lakhs p.a. |
| Employment | – Salaried Employees: Government, PSUs, or reputed private organizations – Self-employed Professionals: Stable business or practicing professionals (doctors, architects, etc.) – Pensioners: Retired government employees or family pensioners drawing SBI pension |
| Credit Score | 750+ (preferred for faster approval and better terms) |
| Work Experience | – Salaried Individuals: 1+ year with current employer – Self-employed Individuals: 2+ years of stable business |
SBI Personal Loan Documents Required
The documents required for SBI personal loan are given below:
- Two passport-size photographs.
- Documents such as PAN card, driving license, aadhaar card, passport and voter ID card verifying the applicant’s identity proof.
- Documents such as utility bills, ration cards, passports, voter ID cards, landline bills, and electricity bills can be produced to authenticate the address proof.
- Documents such as the bank statement for the last six months, salary slip, and ITR return for the past two years can be submitted for income proof.
- Other documents may include a check-off letter from your employer.
SBI Personal Loan Schemes
SBI Bank charges no fees when you apply for SBI personal loan. However, the bank may charge an amount when processing the loan, or a fee may be levied. The applicant may have to bear the following charges on the SBI personal loan type:
| Scheme | Overview | Key Features |
|---|---|---|
| SBI Xpress Credit | Quick Loan for Salaried | – Fast processing and disbursal – Minimal documentation – Attractive interest rates – Tenure: 6-60 months |
| SBI Personal Loan | General-Purpose Loan | – Flexible loan amount (₹25,000 – ₹15 lakhs) – Competitive interest rates – Repayment tenure: 6-72 months – No collateral required |
| SBI Pension Loan | Loan for Pensioners | – Exclusive loan for retired government employees – Easy documentation – Attractive interest rates – Tenure: 6-60 months |
| SBI Saral Personal Loan | Simplified Loan Process | – Streamlined application process – Quick approval and disbursal – Flexible repayment options – Tenure: 6-72 months |
How to calculate EMI interest for SBI personal loan?
You can employ the various SBI personal loan EMI calculators available online to compute the monthly EMIs on the personal loan. The calculator gives the user an accurate result by taking into account crucial parameters, which are the principal amount, interest rate, and tenure. However, if someone is determined to figure out their EMIs manually, they can apply the formula below.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here, “EMI” is for Equated Monthly Instalments, “N” stands for the number of monthly instalments, “P” stands for the loan’s principal, and “R” stands for the interest rate.
FAQs
Yes, SBI provides personal loans to its customers at attractive interest rates.
The SBI personal loan interest rate ranges between 10.30% to 15.10%.
Low interest rates and impeccable customer support are the benefits SBI provides to its customers of personal loans.
No, various factors such as income, credit score and other parameters influence your SBI personal loan interest rates.
You must follow the ‘Documents Required’ section of the guide to know the documents required in SBI for a personal loan.
You can begin by logging in to your account with SBI. The next step will be to visit the ‘Personal Loan’ window and click on ‘Apply.’
You can contact customer care or log in to the official portal of the bank to check your loan status in SBI.
Yes, SBI evaluates the CIBIL score of the applicant before granting a personal loan.
The maximum amount that one can avail is INR 20 lakhs.
The KYC documents you must submit when applying for a personal loan are documents supporting identification such as a PAN card, aadhaar card, driving license etc., And two passport-sized photographs.