Everything about SBI Personal Loan

SBI or State Bank of India is a bank that is owned by the government of India. SBI has its headquarters at Mumbai and Maharashtra. In India, SBI is offering many exiting SBI personal loan products. SBI has mainly 4 types of personal loans such as SBI Saral Loan, Xpress Credit Personal Loan, Personal Loans to pensioners and SBI Festival Loans. You can check your eligibility for a State Bank personal loan and SBI personal loan details by providing a few details about yourself, in seconds.

Eligibility & Document Needed for SBI personal Loan:

State bank of India or SBI has certain requirement for documents to apply for SBI personal loan. You can check your personal loan eligibility using SBI personal loan eligibility calculator.

SBI Personal Loan Eligibility:

  • Age: Age is a very important factor to know your eligibility for SBI personal loan and repayment capacity. SBI offers personal loan to only salaried individuals. The applicant should be at least 21 years old at the time of loan approval and the applicant has an age limit of maximum 58 years at the time of the maturity of loan.
  • Income: You can check your SBI loan eligibility based upon your income using the loan eligibility calculator SBI. Generally banks set the maximum income level to apply for a personal loan. SBI asks for a net minimum monthly income of Rs. 24,000. SBI personal loan eligibility calculator will help you to get details about your loan eligibility.
  • Applicant’s Job stability and Profession: If you are a salaried individual then you must have a job which is full-time for at least 24 months of which not less 12 month must be with your current company. The probability of getting a personal loan from SBI increases if you are working with a reputed company, as the income is considered to be more stable. SBI offers low-interest personal loan to the employees of reputed companies. Applicant’s job stability is a very important factor to improve your eligibility for a SBI personal loan
  • CIBIL Score: Applicant’s past CIBIL history as well as the repayment record of existing loans and credit cards has a direct impact on the personal loan eligibility. The applicant may not get the loan if the applicant has a poor repayment record. On the other side, a regular repayment record increases your personal loan eligibility.
  • Applicant’s Loan Amount: Depending upon your income, SBI gives personal loan. SBI gives you an amount ranging from Rs. 10,000 to Rs. 1,500,000. Apply for a loan amount that you can comfortably service to improve chances of approval.
Personal loan type Age Minimum loan amount Maximum loan amount
SBI Loan for Pensioners 60 to 76 years Rs.25,000 Maximum 10 months of pension for up to 14 lakhs
SBI Festival Loan 21 to 58 years Rs.5,000 Rs.50,000
SBI Xpress Credit Personal Loan 21 to 58 years Rs.24,000 Rs.15 lakhs
SBI Saral Loan 21 to 58 years Rs.24,000 in metro cities Rs.10,000 in other places Rs.10 lakh

Documents required for personal loan in SBI: To apply for a SBI personal loan you need to know about the necessary SBI personal loan documents.

SBI personal loan required documents are listed below

  • A Fully filled up loan application form.
  • Recent passport sized photo two copies.
  • Income Tax PAN Copy.
  • Any of your identity Proof – Driving License/ PAN/ Passport/ Voter ID.
  • Income Documents – 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit if applicable, 3-month pay slip.
  • Residential Address Proof – Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (up to 3 months old).

SBI customer service number

For any state bank personal loan service-related issue, you can contact the customer care of SBI.

  • SBI personal loan contact number: (022) 22029456, 22029451 22740432, 22740431, 22740433
  • Fax no: (022) 22742431
  • E-mail address – customer@sbi.co.in

SBI Personal Loan Interest Rate

State bank of India interest rates are of 2 types, such as the floating rate and the fixed rate.

  • Floating Rate of Interest: It is the rate of interest on a loan charged at the prevailing 1-year MCLR on a daily reducing balance. The rate of interest is subject to 1-year reset from the date of disbursement. Bank can reduce or increase the EMI or can also extend the period of repayment or both consequent upon revision in the interest rate.
  • Fixed Rate of Interest: Interest rate on the SBI personal loan will be charged at prevailing 2-year MCLR. The rate of interest depends on the date of sanction on a daily reducing balance with monthly rests. The rate of personal loan interest will be fixed for the entire tenure of the loan.
Particulars Salaried Self Employed
Interest Rate 11.90% onwards 12.40% onwards
Loan Tenure Maximum 5 years Maximum 5 years
Loan Amount Minimum Rs.25,000 Minimum Rs.25,000
Maximum Rs.15 lakh Maximum Rs.15 lakh
Processing Fee 1% of loan quantum 1% of loan quantum
Prepayment Charges 3% on prepaid amount 3% on prepaid amount

Features & Benefits of SBI personal Loan

SBI bank personal loan is a loan to fund taken by an individual for any personal expense like, a vacation, a wedding or to make renovations to the home etc. Every loan has some restrictions. But on personal loan, there is no restriction on how the borrowed amount is finally used. The borrower has the freedom to use the money for any purpose they want. You can check your SBI loan details and SBI loan interest rates using the SBI personal loan app. This app is available for every smart phone.

There are two attractive features of a personal loan:

  • Complete flexibility for all end-users: There are no restrictions on SBI personal loan. You can spend your loan amount wherever you want. There are absolutely no rules on spending the money. But other loan facilities have rules. As an example home loan can only be used to buy a property or land and auto loan amount can only be used to buy a vehicle. A personal loan gives you the freedom to use the loan amount in any way you want.
  • Lack of collateral: Personal loan is known as an ‘unsecured loan’ because you are not required to provide any security in the form of cash, shares or any other assets to the lender. This might make it more attractive to some customers. Sometimes customers may not be able to raise the cash required as collateral.

How to Calculate EMI for SBI Personal Loan

EMI or equated monthly installments are the amounts that you need to pay every month in order to pay off your personal loan. Though you can always calculate your EMI by hand, it is much easier to use a SBI loan EMI calculator in order to estimate your monthly EMI payouts. Do the following after logging on to the official SBI “My EMI calculator” website https://www.myemicalculator.com/  in order to estimate your loan repayments:

  • Go to the tools section of the website and click on My EMI Calculator.
  • Now choose your loan type from the drop down list
  • Enter the loan amount that you need
  • Enter your rate of interest
  • Finally enter your loan tenure in years
  • Click on “Calculate EMI”
  • Apart from receiving the instant results, you will also benefit from the fact that you can make an informed decision regarding how much you can take as an SBI personal loan and afford the associated EMI payouts.

SBI loan calculator

Before availing for loan, it is better to use SBI personal loan calculator. SBI calculator will make a rough image about the monthly installments in the mind of borrower. Moreover he will get to know that he can repay the loan or not. According to his calculation on SBI personal loan EMI calculator, borrower can plan his monthly expenses to the EMI.

To estimate your loan calculations, go to SBI MY EMI calculator official website.

Click on https://www.myemicalculator.com/personal-loan/

  • Go to the tools section of the website and click on personal loan calculator.
  • Now choose your occupation from the drop down list
  • Choose your residence city or pin code from the drop down list
  • Enter the loan amount that you need
  • Enter your net monthly income
  • Enter your full name
  • Finally enter your mobile number with country code.
  • Click on “Get quote”

Types of SBI Personal Loan

SBI Xpress Credit Loan:

SBI Xpress Credit Loan is offered to the employees of well-known organizations such as PSUs, quasi-government, central and state government etc. These loans are offered at a zero margin but will need to have their salary accounts with SBI.

Eligibility

  • The applicant’s minimum monthly net income should be Rs.5, 000.
  • The EMI or NMI Ratio should be below 50%.
  • The applicant should be an employee of well-known organizations such as Central and state PSUs, quasi-government, central and state government, Educational institutions with a national reputation etc

Interest rate for employees of unrated corporate

Facility Type 2-year MCLR Spread over 2-year MCLR Effective interest rate
Term loan 8.10% 4.55% 12.65%
Term loan 8.10% 5.05% 13.15%
Term loan 8.10% 5.40% 13.50%
Term loan 8.10% 6.65% 14.75%
Overdraft 8.10% 4.80% 12.90%
Overdraft 8.10% 5.30% 13.40%
Overdraft 8.10% 5.65% 13.75%
Overdraft 8.10% 6.90% 15.00%

Interest rate for employees of rated corporate

Facility Type 2-year MCLR Spread over 2-year MCLR Effective interest rate
Term loan 8.10% 3.80% 11.90%
Term loan 8.10% 4.30% 12.40%
Term loan 8.10% 5.90% 14.00%
Term loan 8.10% 6.40% 14.50%
Overdraft 8.10% 4.05% 12.15%
Overdraft 8.10% 4.55% 12.65%
Overdraft 8.10% 6.15% 14.25%
Overdraft 8.10% 6.65% 14.75%

SBI Saral Personal Loan

SBI Saral Personal Loan is a type of state bank of India personal loan. This kind of loan is given to an applicant when they have a proper and legitimate reason for their loan application. They can reply the SBI Saral Personal Loan in 48 EMIs. This kind of loan is mainly given for wedding arrangements, vacations, hospitalization, medical expenses, home renovation, asset purchases, educational expenditures etc.

Eligibility

  • The applicant needs to be a salaried individual at any company.
  • Self-employed individual as a doctor, architect, chartered accountant, engineer, or an MBA can apply for this loan.
  • The minimum income for an applicant in a metro or urban centre is Rs.24, 000.
  • The minimum income in a rural or semi-urban centre is Rs.10, 000.
  • The maximum net monthly income for pensioners and salaried employees has a ceiling of Rs.10 lakh in all the above-mentioned centers.

Interest rate for employees of unrated corporate:

Facility Type 2-year MCLR Spread over 2-year MCLR Effective interest rate
Term loan 8.10% 4.55% 12.65%
Term loan 8.10% 5.05% 13.15%
Term loan 8.10% 5.40% 13.50%
Term loan 8.10% 6.65% 14.75%
Overdraft 8.10% 4.80% 12.90%
Overdraft 8.10% 5.30% 13.40%
Overdraft 8.10% 5.65% 13.75%
Overdraft 8.10% 6.90% 15.00%

Interest rate for employees of rated corporate:

Facility Type 2-year MCLR Spread over 2-year MCLR Effective interest rate
Term loan 8.10% 3.80% 11.90%
Term loan 8.10% 4.30% 12.40%
Term loan 8.10% 5.90% 14.00%
Term loan 8.10% 6.40% 14.50%
Overdraft 8.10% 4.05% 12.15%
Overdraft 8.10% 4.55% 12.65%
Overdraft 8.10% 6.15% 14.25%
Overdraft 8.10% 6.65% 14.75%

SBI Pension Loan:

SBI has personal loan facility to pensioners. This loan facility includes almost all kind of pensioners such as family pensioners, state government pensioner, defense pensioner or a central government pensioner. You can avail all the personal loan benefits if you are a pensioner.

Here for this SBI pension loan scheme, you will need to pay a very minimal processing fee. You will not need to pay any processing fee if you are a defense pensioner. This loan is provided without any hidden costs.

Eligibility

  • You will need to be a central or state government pensioner, defense 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 age of pensioner should not be above 76 years.
  • For every pensioner the Equated Monthly Installments or EMI as well as the Net Monthly Pension or NMP should not be above 50%. The EMI or NMP should not be above 33% for family pensioners.
  • The pensioner will need to give an undertaking to SBI. You should know that this undertaking cannot be rescinded at any point of time. The treasury needs to write a note that it will disagree to take any kind of request from any pensioner asking to make changes to the pension payment to any other bank.
  • A defense 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 be with SBI.

Interest rate for SBI Pension Loan

Scheme 2-year MCLR Spread over 2-year MCLR Effective interest rate
SBI Pension Loan 8.10% 4.35% 12.45%
Jai Jawan Pension Loan 8.10% 4.35% 12.45%
Pension Loan to Coal Mines Provident Fund (CMPF) Pensioners 8.10% 4.35% 12.45%

SBI Festival Loan

It is a loan product to meet all expenses associated with a festival. You can use these funds to celebrate the festive season and to purchase gifts for your loved ones. You can also use this loan scheme to buy sweets, clothes, decorations, and other festive arrangements to make sure that you have a memorable gathering with your friends and family.

This loan comes with a low-interest rate and with a low-processing fee. The applicant will not have to pay any administrative fee and it has no hidden charges. It also has the minimal documentation work. What’s more, you do not have to pay any prepayment penalty for this loan product! SBI gives a lot of significance to the various festivals that are celebrated in India.

Eligibility

  • This lone is applicable for any person working in the government or a PSU or a private limited company. You will need at least 2 years of experience in this organization.
  • This loan is applicable for a self-employed individual who has at least 3 years of experience.
  • Applicant who has a monthly income of Rs.3, 000 or higher.
  • A person who has a steady income from TDRs, government securities, and National Savings Certificates (NSCs)

For employees of unrated corporate

Loan facility Type 2-year MCLR Spread over 2-year MCLR Effective interest rate
Term loan 8.10% 4.55% 12.65%
Term loan 8.10% 5.05% 13.15%
Term loan 8.10% 5.40% 13.50%
Term loan 8.10% 6.65% 14.75%
Overdraft 8.10% 4.80% 12.90%
Overdraft 8.10% 5.30% 13.40%
Overdraft 8.10% 5.65% 13.75%
Overdraft 8.10% 6.90% 15.00%

For employees of rated corporate

Loan facility type 2-year MCLR Spread over 2-year MCLR Effective interest rate
Term loan 8.10% 3.80% 11.90%
Term loan 8.10% 4.30% 12.40%
Term loan 8.10% 5.90% 14.00%
Term loan 8.10% 6.40% 14.50%
Overdraft 8.10% 4.05% 12.15%
Overdraft 8.10% 4.55% 12.65%
Overdraft 8.10% 6.15% 14.25%
Overdraft 8.10% 6.65% 14.75%

SBI personal loans for government employees: All the benefits of government employees using SBI personal loan is listed below:  

Minimum term loan amount Rs.25,000
Minimum overdraft amount Rs.5 lakh
Maximum term loan amount 24 times NMI with a maximum of Rs.15 lakh
Maximum overdraft amount 24 times NMI with a maximum of Rs.15 lakh
Minimum NMI Rs.5,000
EMI or NMI ratio should  be less than 50%
Repayment period 60 months
Penalty interest 2% p.a.
Prepayment charge 3% of prepaid amount
Processing fee 0.5% of the loan amount + service tax that will be applied

How to check SBI Personal loan status?

SBI Personal Loan Status Check Online:

You can check your SBI loan status online very easily from your home or being in your comfort zone without any hassle by simply proving some necessary details and documents at the SBI official portal. You just need to go to the SBI official webpage and provide your accurate loan details to get updates on your present loan application status.

Why Choose SBI Personal Loan

  • Transparent loan sanctioning procedure
  • SBI online personal loan minimal processing fees and no hidden charges
  • SBI bank personal loan online applications accepted for sanctioning the personal loan
  • Multiple personal loan options depending on customer requirement
  • Attractive interest rates on various types of personal loans
  • SBI comes with a loan tenure that is ranging from 1 to 5 years
  • Personal loan from SBI has dedicated customer care for all personal loan customer

How to apply SBI Personal Loan

There are multiple ways to apply for a SBI personal loan:

  1. SBI personal loan apply online:  SBI online loan apply process is very easy. You can apply for SBI personal loan online if have an account with the bank. You can apply directly through bank’s website even if you don’t have a net banking account with SBI.  You need to fill up the form given by bank website to check your eligibility for the loan. You can fill up the entire form online. You need to upload all the necessary documents that are needed for this application with two copies of your recent passport size photo.
  2. Email and phone banking requests: You can leave a request for personal loan through an email to the bank. You can also contact the customer service centre of the bank. After reviewing your eligibility, the bank will take the process further.
  3. ATM machine: Via ATM kiosks you can apply for your state bank personal loan as well. After raising a request the bank will contact you.
  4. SBI loan offline request at branch: You can directly walk into the nearest branch and request for a loan with your relationship manager. You need to fill up and submit the SBI personal loan application form.

Eligible customers can also get instant loan approval and have the loan amount remitted to their account within a day or two. If you already have an account with the bank from where you want to take the loan, the processing would be faster and you will get all the SBI loan schemes.