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(SBI) State bank of India Personal Loans from 11%

Get loan amount upto 30% with minimal documents at a low interest rate. Check the features and benefits of various types of SBI personal loans.

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Key Takeaways

    SBI Personal Loans

    SBI Offers personal loan for various purposes to Indian Banking customers with interest rates starting from 11.0% with enticing offers like low processing charges, low interest rates along with minimal documentation

    SBI Personal Loan Types & Features

    SBI Xpress Credit

    Given to salaried employees having salary account with SBI

    • Loan upto 30 Lakhs
    • Zero Hidden costs
    • Minimal documentation
    • Low Processing fees
    • Chance to get second loan

    SBI Quick Personal Loan

    Given to salaried employees who do not have their salary account with SBI,

    • Loan upto 20 Lakhs
    • Zero Hidden costs
    • Minimal documentation
    • Low Processing fees
    • Chance to get second loan

    SBI Pension Loan

    A Loan given to pensioners that can used for a range of purposes

    • Low Processing Fees
    • No hidden costs
    • Quick loan processing
    • Easy EMIs through SI

    Pre-approved Personal Loan

    • Pre-approved loan provided to existing customers through YONO app
    • Low Processing fees
    • Instant Disbursement in just 4 clicks
    • Zero Documentation
    • No branch visit required

    SBI Xpress Flexi

    Provided to salaried customers whose monthly income is above 1 Lakh,

    • Loan upto 35 Lakhs
    • Low Interest rates
    • Low Processing Charges
    • No Hidden Costs

    Realtime Xpress credit

    It is a Loan given for Govt. and defence package customers.

    • The maximum loan amount is Rs. 35 Lakhs
    • Complete digitization process
    • Aadhar OTP based e-sign of the customers
    • Instant Loan disbursement

    Eligibility criteria for SBI Personal Loan

    The eligibility criteria varies for various types of personal loan offered by SBI:

    Eligibility Based on Age

    For Xpress Credit and SBI Quick Personal Loan, you must be aged atleast 21 years and below 58 years at the time of applying

    For pension loan, you must be below 76 years and not more than 78 when the loan matures

    Eligibility based on Salary

    SBI Xpress credit, individuals must have an account with SBI. The minimum monthly income should be Rs. 15000

    For Quick Personal loan, individuals can have salary account with other banks and the minimum monthly income should be Rs. 15000

    CIBIL score

    • For all types of Personal loan, SBI expects a credit score of atleast 750 in order to process the loan
    •  Work experience of 1 year atleast is preferred
    • EMI/NMI Ratio: Less than 50% (NMI – Net monthly income)

    Charges in SBI personal loan

    Interest rates 10.75 – 18.5%
    Loan Processing Charges Upto 2% of Loan amount + taxes, For govt employees with salary accounts with BoB, there will be No processing fee
    Prepayment charges  Nil
    Penal Interest @24% pa
    Loan Tenure For Govt employees –   5 years, for others – 4 years

    Fees and Charges

    Loan Scheme Processing fee Foreclosure charges
    Xpress  Credit Waived off 3% on the prepaid amount
    SBI Pension Waived off –
    Pre-approved loan Bank’s discretion –
    Quick Personal loan 1.5% of loan amount 3% on the prepaid amount

    Documents required for SBI personal loan

    Xpress credit loan

    • Proof of Identity – Passport/Driving License/Voter ID/ PANCard
    • Residence Proof – Passport/ Last 6 months bank statement and updated passbook
    • Salary slips for 3 months
    • Duly filled application form along with recent photograph

    For Defence personnel

    • Duly Filled application form
    • Proof of Identity
    • Proof of residence
    • Six Months statement where salary is credited
    • Last 6 months payslip
    • Letter from organization

    SBI Customer Care

    • Customer Care: 1800-112-211 and 1800-425-3800

    How to Apply for a Loan at SBI

    Get your loan approved in 4 simple steps,

    • Check if you have a pre-approved loan offer from SBI
    • Submit your personal loan application and check your eligibility at Fincover
    • Check your personal approval
    • If approved and verified, the loan will disbursed in few minutes
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    FAQs
    What is the EMI/NMP ratio under the SBI Pension Loan?
    SBI pension plan’s EMI/NMP ratio should not exceed 33% of family pensioners
    Is Guarantor required for SBI pension loan?
    Yes, third party guarantor is required mandatorily for SBI pension loan
    What are the options to repay SBI Personal Loan?
    You can repay SBI loan through autopay feature
    Do I need to pay prepayment charges for foreclosing a loan?
    Not every loan comes with prepayment charges. Certain loans like Xpress credit and instant personal loan have 3% of the outstanding loan amount as foreclosure charges
    Instant Loan Eligibility Checker