SBI Personal Loan


You can now avail an SBI personal loan with low-interest rates starting at 11% p.a. Apply online through Buddy Loan for a loan amount of up to Rs. 20 Lakhs, with flexible repayment tenure extending to 72 months. Check your eligibility with SBI personal loan instantly,

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Online SBI Personal Loan Details

Now get approval with an attractive interest rate at the comfort of your home. Here are the highlights of SBI personal loan interest rates in detail:

Interest rate Starting at 11.00% p.a. up to 15.00% p.a.
Loan Amount Up to ₹20 lakhs
Tenure Up to 6 years
Minimum Salary ₹15,000 per month
Processing Fee Up to 1.50% (Rs 1,000-Rs 15,000)

Table of Contents: SBI Personal Loan

SBI Personal Loan Interest Rates & Charges

Prime borrowers with excellent credit scores and strong financial profiles are generally qualified for lower interest rates, while borrowers with lower credit scores or higher perceived risk would be offered higher interest rates. However, with SBI personal loan, the interest rates start from 11.00% p.a up to 15.00% p.a. Here are the interest rates for various types of SBI personal loans schemes:

SBI Personal Loan Scheme Interest Rates (p.a.) Processing Fees
XPRESS Credit 10.60% p.a. to 13.10% p.a. 1% of loan amount + GST
XPRESS Bandhan At the discretion of the bank 1% of loan amount + GST
SBI Pension Loan 9.60% p.a. Up to 12.60% p.a. 0.50% of the loan amount+ Tax (Min.₹250)
SBI Pre-Approved Personal Loans (PAPL) 12.60% p.a. At the discretion of the bank

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Note:Note: The current rates may vary marginally and are inclusive of prepayment charges of 3% and penal interest of 2% p.m. for SBI XPRESS Credit & SBI Quick Personal loan.

Types of SBI Personal Loan & Features

SBI offers a diverse & unique range of personal loan options; Creating the go-to personal finance solution for all your needs with each type of SBI personal loan. Apply now for simple and hassle-free loans and repayments.

SBI XPress Credit

  • Loan for existing SBI customers with a salary account.
  • Low processing fees, loan amount up to Rs. 20 Lakhs.
  • Interest rates range from 10.60% p.a. to 13.10% p.a.
  • Prepayment charges: 3% of the prepaid amount
  • Penal interest: 2% p.m.

SBI Pension Loan

  • Loan for defense personnel, government employees, and pensioners.
  • Quick disbursal, minimal documentation.
  • Interest rates range from 9.60% p.a. to 12.60% p.a., loan amount up to Rs. 14 Lakhs.

SBI XPress Bandhan

  • The loan is available even without an SBI account.
  • Minimum monthly income of Rs. 50,000.
  • Repayment duration up to 5 years or remaining years of service, interest rates as per bank's discretion. Loan amount up to Rs. 15 Lakhs.

SBI Pre-approved Personal Loans (PAPL)

  • Pre-approved loan for SBI savings account holders via SBI YONO app.
  • Convenient 24/7 service, eligibility determined by the bank.
  • Interest rates starting from 12.60% p.a.

SBI Kavach Personal Loans

  • Loan for COVID-19 treatment or medical emergencies.
  • No processing fees, and no collateral required.
  • Repayment tenure of 5 years with a 3-month moratorium period. Interest rate at 8.50%, loan amount up to Rs. 20 Lakhs.

SBI QUICK Personal Loan

  • Loan for salaried individuals without an SBI account.
  • Loan amounts up to Rs. 20 Lakhs, minimum monthly income of Rs. 15,000.
  • Interest rates range from 10.85% p.a. to 12.85% p.a.
  • Prepayment charges: 3% of the prepaid amount
  • Penal interest: 2% p.m.

SBI Personal Loan EMI Calculator

Planning to apply for an SBI personal loan? Calculate your Equated Monthly Installment (EMI) easily with SBI Personal Loan EMI calculator. This handy tool allows you to quickly determine your monthly installment.

Just enter the loan amount, interest rate, and tenure, and get an instant estimate of your monthly installment. Make informed financial decisions and manage your budget effectively with SBI Personal Loan EMI calculator.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Comparison of SBI Personal Loan Vs Other Banks

Here is a table showing the comparison of SBI Personal Loan rates with other banks:

Lender Interest Rates Processing Fees
SBI 10.30%-15.10% Up to 1.50%
HDFC 11.00% onwards Up to 2.50%
ICICI 10.75% onwards Up to 2.50%
Citibank 9.99% p.a. To 16.49% p.a. 0.25% to 3.00%

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SBI Personal Loan Eligibility

SBI personal loan eligibility is determined based on specific criteria set by the State Bank of India. To check eligibility, individuals can use the SBI personal loan eligibility calculator. This tool considers factors such as income, monthly expenses, and existing financial liabilities (loans, EMIs, credit card dues) to estimate the loan amount one may be eligible for from the lender.

Factors General Eligibility Criteria
Age 21 yrs to 58 yrs
Monthly Income Minimum ₹15,000
Work Experience Minimum 1 year completed at the current organization

Scheme-Wise SBI Personal Loan Eligibility

SBI XPress Credit

  • Net monthly income: At least Rs. 15,000
  • Eligible for employees of central and state governments, central and state PSUs, educational institutions with a national reputation, or quasi-government.
  • Specific corporates should have a solely business relationship with SBI.
  • EMI/NMI Ratio: Not more than 50%
  • Companies without any business relationship with SBI or Emigration Check Required (ECR) have specific terms and conditions.

SBI Pension Loan

  • Eligible for central or state government pensioners, defense pensioners, or family pensioners.
  • Age of pensioner and family pensioner: Not more than 76 years.
  • Pension disbursed by government treasuries requires a mandate to the treasury for pension payment to a specific SBI branch.
  • Defense pensioners can be pensioners of the armed forces.

SBI XPress Bandhan

  • Loan available even if you don't have an existing account with SBI.
  • Minimum income: Rs. 50,000
  • Repayment duration: Lower of 5 years or remaining years of service.

SBI Pre-approved Personal Loans (PAPL): Check eligibility by sending an SMS in the format "PAPL last 4 digits of SBI Savings Bank Account No." to 567676.

SBI Kavach Personal Loans

  • You or a family member should be diagnosed with Covid-19.
  • Proof of diagnosis required not more than 30 days old.

SBI QUICK Personal Loan

  • Requires a salary account with another bank.
  • Minimum and maximum ages: 21 and 58 years, respectively.
  • Minimum work experience: At least one year.
  • Monthly income: At least Rs. 15,000/-

Features of SBI Personal Loan

Here are the exclusive features and benefits of an SBI personal loan

Instant Loan Approval

Get your loan approved within minutes.

Flexible Repayment

Choose your preferred repayment tenure

Flexibility

Can be used for a variety of purposes.

Low Interest Rates

Starting from 11% p. a

No Collateral

Get fund without risking your assets.

Zero Hidden Charges

No hidden charges
and extra penalties.

SBI Personal Loan Documents Required

Here is a table for SBI Personal Loan documents required when applying for an SBI Personal Loan:

Identity Proof PAN Card, Voter ID, Driving License, Passport
Income Proof Latest salary slip, Form 16, last 6 months audited account statement, ITR returns for the last 2 years
Address Proof Landline Bill, Electricity Bill, Ration Card, Voter ID, Passport
Other Documents

Duly signed loan application form

Processing Fee cheque

Check-off letter from employer

4 Easy Steps to Apply for SBI Personal Loan with Buddy Loan

Steps To Apply For a Personal Loan with Buddy Loan

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take the next step ?

SBI Personal Loan for Government Employees

State Bank of India (SBI) offers personal loans for government employees with maximum benefits and tailored terms and conditions to suit financial needs. Here are the highlights of the SBI Personal Loan for Government Employees:

Loan Amount: Minimum: ₹24,000, Maximum: ₹ 20 lakhs

Interest Rate: 10.10% p.a.

Work experience: Minimum 1 year

Repayment Period: Loan tenure: 6 months to 6 years or up to residual job period

Collateral: No collateral or security is required

Credit Score: Minimum CIBIL score required: 700

Eligibility: Government employees from various departments, central and state PSUs, educational institutions, and select corporates with a business relationship with SBI.

Frequently Asked Question on Instant Loans

Yes, SBI offers instant personal loans. It offers different types of personal loans to cater to different financial needs.

Eligibility for a personal loan in SBI varies based on factors such as income, employment type, and credit history.

The personal loan amount from SBI can range from a minimum of Rs. 24,000 to a maximum of 24 times the net monthly income or Rs. 20 lakhs.

SBI offers personal loans such as SBI Xpress Credit, SBI Xpress Bandhan, SBI Pre-approved Personal Loans (PAPL), and SBI Kavach Personal Loan.

Eligibility for SBI personal loan varies, but typically includes individuals with a minimum monthly income of Rs. 15,000 and meeting specific employment criteria.

Yes, it is possible to get a personal loan from SBI with a salary of Rs. 20,000, subject to meeting other eligibility criteria and credit worthiness.

SBI personal loans are generally unsecured, meaning there is no requirement for collateral or security.

The approval time for an SBI personal loan can vary, but it typically takes a few business days once all the required documents and information are provided.

The documents required for an SBI personal loan include identity proof, income proof, address proof, and other related documents such as a check-off letter from the employer.

Yes, SBI allows the inclusion of a co-borrower on a personal loan application, which can help increase loan eligibility and improve the chances of approval.

The minimum CIBIL score required for an SBI personal loan in India is typically around 700 or above

For SBI personal loans with fixed interest rates, a prepayment fee of up to 3% is applicable on the outstanding loan amount.

If a personal loan from SBI is prepaid or foreclosed before the loan tenure ends, a prepayment charge of 3% will be applied to the amount paid. However, no charges will be imposed if the loan is closed by availing another loan under the same scheme.

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