SBI Personal Loan


You can now avail an SBI personal loan with low-interest rates starting at 10.30% p.a. Apply online through Buddy Loan for a loan amount of up to ₹35 Lakhs, with flexible repayment tenure extending to 84 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 10.30% p.a. - 15.30% p.a.
Loan Amount Up to ₹35 lakhs
Tenure 6 months to 7 years
Minimum Salary ₹20,000 per month (Government Employees)
₹25,000 per month (Corporate Employees)
Processing Fee Up to 1.50% of the loan amount + taxes

Table of Contents: SBI Personal Loan

SBI Personal Loan Interest Rates

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 an SBI personal loan, the interest rates start from 10.30% p.a. - 15.30% 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
SBI Personal Loan for Salaried 10.30% p.a - 15.30% p.a. Up to 1.50% of the loan amount + taxes
XPRESS Credit As per the Bank Up to 1.50% of the loan amount + taxes
SBI Pre-Approved Personal Loans (PAPL) As per the Bank Low Processing Fees(As per Bank)
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.

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 (%)

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.

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 60 yrs
Monthly Income Minimum ₹15,000
Work Experience Minimum 1 year completed at the current organization

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Types of SBI Personal Loan

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.

  1. Personal Loans for Salaried Employees
  2. SBI Real Time Express Credit
  3. SBI Pre-Approved Personal Loan

SBI Personal Loan for Salaried Employees

Individuals holding an SBI Salary Account can get a personal loan with minimum documentation and quick approval.

Features of SBI Personal Loan for Salaried

Let’s go through the key details below:

Features Details
Loan Amount Up to ₹35 Lakhs
Interest Rate Starting from 10.30% p.a.
Processing Fee Up to 1.50% of the loan amount
(Minimum ₹1,000 and Maximum ₹15,000) + GST
Prepayment Charges 2% of the prepaid amount
Penal Interest 2.40% p.a. for irregularity up to 60 days
5% p.a. for irregularity beyond 60 days

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Loan Eligibility for Salary Account SBI Personal Loan

Eligibility Criteria Details
Nationality Indian Citizen
Credit Score Good credit score as per the bank’s policy
Age Limit 21 to 60 years
Minimum Service - 6 months for Defence/Government employees
- 12 months for Corporate employees
Salary Account Requirement Must have a Salary Package Account with SBI

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Quick ways to get an SBI personal Loan as a Salaried Employee.

  • Dial 1800 1234 for loan information
  • Give a missed call on 7208933142
  • Or send an SMS with the word "PERSONAL" to 7208933145 to receive a callback.

Are you looking for a personal loan?

SBI Real Time XPress Credit Loan

Real Time XPress Credit Loan (RTXC) is a fully digital loan process offered by the State Bank of India.

Features of SBI Real-Time Express Credit Loan

Feature Details
Loan Type RTXC Loan for existing SBI customers with a salary account
Loan Amount Up to ₹35 Lakhs
Availability 24/7 Instant Funds via YONO App
Interest Rate Ranges from 10.60% p.a. to 13.10% p.a.
Processing Fee Up to 1.50% of the loan amount + GST

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Loan Eligibility for SBI Real Time XPress Credit Loan

  • Indian National
  • Age Limit: 21-60 years
  • The salaried employee should have a Salary Account with SBI.
  • Minimum Monthly Income: ₹25000/-
  • Loan Amount: Minimum of 1 Lakh and maximum of ₹35 lakhs, which can be up to 24 times of your net monthly income (NMI) or EMI/NMI Ratio upto 65% (whichever is lower).

SBI Pre-approved Personal Loans (PAPL)

Individuals have an SBI account can be offered a Pre-approved personal loan by the bank. The loan is offered through YONO app with instant approval & quick disbursal.

Features of 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.
  • Low Interest rates & low processing fees
  • No physical documentation, no branch visit needed.
  • 24*7 availability through YONO & SBI Internet Banking
  • Instant loan approval & disbursal in just 4 clicks.

Please note: PAPL is a pre-approved offer extended to select customers and does not constitute a final loan sanction. The actual sanction is subject to fulfillment of the applicable terms and conditions.

Get SBI Pre-Approved Personal Loan Instantly:

  • SMS PAPL <space> <last 4 digits of your SBI Savings Account number> to 567676.

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Comparison of SBI Personal Loan Vs Other Banks

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

Personal Loan Lenders Interest Rates (p.a) Processing Fees
SBI 10.30%-15.10% Up to 1.50% + Taxes
HDFC 10.9% to 24% Up to ₹ 6,500/- + GST
ICICI 10.85% to 16.65% Up to 2%
Citibank 11.49% to 20.49% 0.25% to 3.00%

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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.

Documents Required for SBI Personal Loan

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

Get a quick loan at low interest rates!

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 the SBI official website - sbi.co.in and click on ‘Personal Loan’ under the header ‘Loans’
  • Step 2: Choose the SBI personal loan option and click on ‘Apply Now’
  • Step 3: If you are existing customer of SBI, enter the required details and submit.
  • Step 4: The loan offer will be displayed on the screen. Review and complete the loan application by entering the required details.

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: ₹1 Lakh to Maximum: ₹35 lakhs.

Interest Rate: 10.30% p.a.

Work experience: Minimum of 6 months

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

Collateral: No collateral or security is required

Credit Score: Good CIBIL score required as per bank’s policy.

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

Ready to take the next step ?

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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