SBI loan: SBI offers various personal loans to its customers at interest rates starting from 11.05% per annum. You can visit the SBI website or the nearest branch of the bank to apply for a personal loan.
The application process is simple and hassle-free and your application for a personal loan will be approved provided you meet the eligibility criteria and all the documents submitted are in order.
Additional concession of 0.50% in interest rates till 31 December 2023 and waiver of processing fees till 31 January 2024.
SBI Personal Loan Details
| Rate of interest | 11.05% per annum onwards |
| loan amount | up to Rs 20 lakh |
| minimum income required | 15,000 |
| loan period | up to 6 years |
Note: For pension loans, the repayment period can go up to 7 years.
Types of SBI Personal Loan
SBI Express Credit
- low processing fees
- Maximum loan amount up to Rs 20 lakh.
- The minimum interest rate offered is between 11.05% per annum and 14.05% per annum.
| Rate of interest | loan amount |
| Between 11.05% per annum and 14.05% per annum. | up to Rs 20 lakh |
SBI Pension Loan
- Quick disbursement of loan amount.
- low processing fees
- Minimum documentation required.
| Rate of interest | loan amount |
| 11.20% p.a. to 11.70% p.a. | at the discretion of the bank |
SBI Pre-Approved Personal Loan
main idea
- The loan will be processed instantly.
- Low processing fees.
- The interest rates will be low and affordable and start from 13.55%.
| Rate of interest | loan amount |
| From 13.55% per annum to 14.05% per annum | at the discretion of the bank |
SBI Instant Personal Loan
- You can avail loan amount up to Rs 20 lakh.
- Even if you do not have an account with SBI, you can avail this loan.
- Repayment period up to 6 years.
| Rate of interest | loan amount |
| 7.2% – 27% per annum | up to Rs 20 lakh |
SBI PAPL (Pre-Approved Personal Loan)
You can get an instant personal loan anytime with SBI Pre-Approved Personal Loan (PAPL). Use the YONO app to avail this loan from the comfort of your home. Service is available 24*7. However, note that only the bank can determine who is eligible for this loan. To check your eligibility, you can SMS “PAPL” to 567676.
SBI Personal Loan Interest Rate
| plans | Rate of interest |
| Express Credit- Non-Permanent Employees (NPES) | 11% per annum to 14% per annum |
| Pension Loans (including PAPNL-pre-approved pension loans) | 11.15% per annum onwards |
| Express Credit Insta Top-up | 12.10% per annum |
| SBI Instant Personal Loan through CLP Portal | 7.2% – 27% per annum |
| Express Elite Scheme | 11.05% p.a. to 11.80% p.a. |
| Express Flexi Plan | For all brackets, 0.25% more than Express Credit plans |
| Express Lite Scheme | For all brackets, 1% more than Express Credit plans |
fees and charges
The various types of charges and fees charged by State Bank of India for personal loans are as follows:
| loan scheme | processing fee | Prepayment fees | penal interest |
| express credit | Processing fee waived till 31 January 2024 | 3% on prepaid amount | 2% per annum |
| sbi pension | Processing fee waived till 31 January 2024 | – | – |
| Pre-Approved Personal Loan | at the discretion of the bank | – | – |
| SBI Instant Personal Loan | 1.5% of loan amount | 3% on prepaid amount | 2% per month |
| SBI Express Flexi | 1.5% of loan amount | – | 2% per month |
| SBI Express Elite | 1.5% of loan amount | 3% on prepaid amount | 2% per month |
| Real-Time Express Credit | 0.75% of loan amount | – | 2% per month |
*If the borrower makes partial or full prepayment and closes the loan account before completion of the loan tenure, 3% will be charged on the prepaid amount.
SBI Personal Loan Eligibility
The eligibility criteria for potential borrowers to avail a personal loan from State Bank of India are as follows:
Eligibility for Express Credit Personal Loan
- The minimum net monthly income (NMI) of the loan applicant should be Rs 15,000.
- EMI/NMI ratio should not exceed 50%.
- Applicants must be employees in any of the following organizations:
- Central and State Governments
- Central and State Public Undertakings
- Educational institutions of national repute
- semi government
- Some corporates which have special business relationship with SBI.
- Companies that do not have any business relationship with SBI or any Emigration Check Required (ECR) are subject to specific terms and conditions.
Eligibility for SBI Pension Loan
- To apply for this loan scheme offered by SBI, you have to be a central or state government pensioner, defense pensioner or family pensioner. A family pensioner is the spouse of the pensioner who is allowed to receive pension on the death of the pensioner.
- The age of the pensioner, as well as the family pensioner, should not exceed 76 years.
- For pensioners whose pension is distributed by Government treasuries, the concerned pensioner will have to give an order to the treasury to make the pension payment to the particular bank branch.
- Defense pensioner can be any pensioner of the armed forces.
Eligibility for SBI Pre-Approved Personal Loan
To know if you are eligible for a pre-approved loan from SBI, send an SMS in this format – “PAPL” to 567676.
Eligibility for SBI Instant Personal Loan
To avail this personal loan scheme you must fulfill the eligibility criteria:
- You must have a salary account in any other bank.
- The minimum and maximum age of eligibility for this scheme is 21 years and 58 years respectively.
- You must have minimum 1 year work experience.
- Your minimum monthly income should be Rs 15,000.
Documents required to apply for SBI Personal Loan
| Photo | Passport size (2 copies) |
| identity proof | PAN Card/Voter ID/Driving License/Passport |
| Address proof | Landline Bill/Electricity Bill/Ration Card/Voter ID/Passport |
| Income ratio | Latest Salary Slip/Form 16/Audited Account Statement of last 6 months/ITR Returns of last 2 years |
| Other (related documents) | Check-off letter from employer |
How does EMI calculation work for SBI Personal Loan?
Consider a scenario where a person earning Rs 40,000 per month takes a personal loan of Rs 1 lakh under the SBI Express Credit personal loan scheme. The bank charges an interest rate of 11.05% per annum. On the loan amount. For a loan repayment period of 1 year, he has to pay an EMI amount of Rs 8,840 every month. Their loan repayment schedule is given as follows:
| Year | Principal Payment(A) | interest payment(b) | Total Payment (A+B) | outstanding loan balance |
| 2023 | Rs 15,913 | Rs 1,769 | Rs 17,682 | Rs 84,088 |
| november | Rs 7,920 | Rs 921 | Rs 8,841 | Rs 92,080 |
| December | Rs 7,993 | Rs 848 | Rs 8,841 | Rs 84,088 |
| 2024 | Rs 84,086 | Rs 4,317 | Rs 88,403 | 0 rupees |
| January | Rs 8,066 | Rs 774 | Rs 8,840 | Rs 76,022 |
| february | Rs 8,140 | 700 rupees | Rs 8,840 | Rs 67,881 |
| march | Rs 8,215 | 625 rupees | Rs 8,840 | Rs 59,666 |
| april | Rs 8,291 | Rs 549 | Rs 8,840 | Rs 51,375 |
| May | Rs 8,367 | Rs 473 | Rs 8,840 | Rs 43,007 |
| june | Rs 8,444 | Rs 396 | Rs 8,840 | Rs 34,563 |
| july | Rs 8,522 | Rs 318 | Rs 8,840 | 26,040 Rs |
| august | Rs 8,601 | 240 rupees | Rs 8,841 | Rs 17,440 |
| September | Rs 8,680 | 161 rupees | Rs 8,841 | Rs 8,760 |
| october | Rs 8,760 | 81 rupees | Rs 8,841 | 0 rupees |
| Official website | Visit here |
FAQ
If I take a personal loan from SBI, when will my liability to the bank end?
Once the entire outstanding loan amount becomes zero, your liability for your SBI personal loan will be extinguished.
What is the minimum loan amount for SBI loan for Central and State Government pensioners ?
The minimum amount of SBI loan for central and state government pensioners is Rs 25,000.
What should be my income to get a personal loan from State Bank of India ?
SBI offers personal loans to individuals with an income of less than Rs 5,000. However, this amount may vary depending on the scheme applied for.
Do I need a guarantor to apply for Express Credit Personal Loan from State Bank of India?
No, the lender does not require your guarantor. However, before applying for the loan, you must ensure that you meet the eligibility criteria specified by the lender.
Can you tell me the typical loan tenure for SBI personal loan ?
All SBI personal loans are generally offered for a tenure of up to 60 months. However, depending on the plan, the repayment period can even go up to 84 months.