SBI offers 4 exciting types of Personal Loans: Xpress Credit Personal Loan, SBI Saral Loan, SBI Festival Loans, Personal Loans to pensioners.
SBI Personal Loan Interest Rate
Personal loan interest rates in SBI are of 2 types, 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 has the option to reduce or increase the EMI or extend the repayment period or both consequent upon revision in the interest rate.
- Fixed Rate of Interest: Interest rate on the loan will be charged at prevailing 2-year MCLR as on the date of sanction on a daily reducing balance with monthly rests. The rate of 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 |
|
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| Processing Fee | 1% of loan quantum | 1% of loan quantum |
| Prepayment Charges | 3% on prepaid amount | 3% on prepaid amount |
Why Choose SBI Personal Loan
- Transparent loan sanctioning procedure
- Attractive interest rates on various types of personal loans
- Minimal processing fees and no hidden charges
- Loan tenure ranging from 1 to 5 years
- Online Applications accepted for sanctioning the personal loan
- Dedicated round the clock customer care for personal loan customer
- Multiple personal loan options depending on customer requirement
Documents required for SBI Personal Loan
- Fully filled loan application form.
- Passport Size Photos (2 copies).
- Income Tax PAN Copy.
- Identity Proof – Driving License/ PAN/ Passport/ Voter ID.
- Residential Address Proof – Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (up to 3 months old).
- Income Documents – 2 years Form 16, 3-month payslip, 3 months bank statement showing salary credit and any EMI debit.
SBI Personal Loan Features & Benefits
- Higher Loan Quantum: SBI offers a high amount as personal loan
- Low-Interest Rates: Some of the lowest rate of interest offered
- Quick Loan Disbursal: Fast disbursal and approval of loan
- Targeted Loan Schemes: Specific loan schemes for every borrower
- Wide network of operation enables loan applications at almost every location in India
SBI Personal Loan Eligibility
- Age: Age plays an important role to know your eligibility and repayment capacity. SBI offers personal loans to salaried individuals who are at least 21 years old at the time of loan approval and maximum of 58 years at the time of loan maturity.
- Income: The personal Loan calculator calculates your eligibility based upon your income. Usually, banks set minimum levels of income to apply for a personal loan. SBI asks for net monthly income of minimum Rs. 24,000.
- Job stability and Profession: Job stability is important to improve your status and eligibility for a personal loan from SBI. In case you are salaried, you must be in a full-time job for at least 24 months of which not less 12 months must be with your current company. If you are working with a reputed company, the probability of getting a personal loan from SBI increases as the income is considered to be more stable and bank offers low-interest personal loan to the employees of reputed companies.
- CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards have a direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
- Loan Amount: SBI gives your personal loan depending upon your income. SBI gives you an amount ranging from Rs. 10,000 to Rs. 1,500,000. To improve the chances of approval, apply for a loan amount that you can comfortably service.
| Type of personal loan | Age | Minimum loan amount | Maximum loan amount |
|---|---|---|---|
| SBI Xpress Credit Personal Loan | 21 to 58 years | Rs.24,000 | Rs.15 lakh |
| 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 Saral Loan | 21 to 58 years | Rs.24,000 in metro cities Rs.10,000 in other places | Rs.10 lakh |
How to Calculate EMI for SBI Personal Loan
SBI Personal Loan Interest rate calculator works on various inputs like:
- Loan Amount: Generally banks offer lower interest rates for a higher amount. However, SBI offers loan between Rs. 10,000 and 1,500,000.
- Salary: Higher salary bracket individuals are offered loans at lower interest rates. SBI interest rate varies with your net monthly income.
- Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. SBI has a list of company categories of salaried individuals to which they avail a personal loan. So, higher company category leads to a low rate of interest.
- Relationship with the Bank: SBI offers special rates, offers, and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low SBI personal loan interest rate.
- Loan Tenure: SBI Personal loans are of shorter tenure ranges from 6 months to 48 months and carry a high rate of interest compared to longer-term loans.
- Repayment Capacity: Before giving a loan to the borrower, SBI checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
SBI Personal Loan for Government Employees
SBI has a personal loan scheme for government employees exclusively known as the Xpress Credit Personal Loan. It is a loan facility offered by SBI to employees working in Central and State Government, State PSUs, Quasi Government, Central PSUs, educational institutions of national reputation, and certain corporates that do not have any business relationship with the bank and that do not have any ECR (Emigration Check Required); depending on terms and conditions.
Benefits of SBI Personal Loan for Government Employees
- It offers low-interest rates and the interest is charged on a daily reducing balance.
- You will not be asked to provide any security or collateral for this loan scheme.
- You will not have to pay any administrative charge or hidden cost for this product offered by SBI.
- The documentation process for this personal loan scheme is very quick and simple.
- You can apply for this product online by visiting the official website of SBI or by checking out the BankBazaar website.
Features of SBI Personal Loan for Government Employees
| 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 | It should not be higher than 50% |
| Repayment period | 60 months or residual service period, whichever is lesser |
| 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 |
SBI Personal Loan for Pensioners
SBI offers an exclusive personal loan for pensioners who used to work in the Central or State government or the Defense forces. You can go for this loan product from SBI if your age is not more than 75 years. This loan will get processed very smoothly in a quick mode. You will need to visit the SBI bank branch to apply for this loan scheme. You will not be paying any hidden cost for this loan product.
SBI Personal Loan for Central and State Government Pensioners
- Your age should be 76 years or lesser.
- If an individual’s pension is offered by government treasuries through cheque which is drawn in any SBI bank branch according to the pensioner’s mandate, then this pensioner is also eligible for this loan product provided by SBI. In this case, the actual Pension Payment Order (PPO) will be retained with the custody of Treasury. The pensioner will give an instruction to the Treasury to make the pension payment via a certain bank branch.
- Under this loan facility, the pensioner will need to provide a certain undertaking that cannot be withdrawn which states that he or she will not make any modifications to the instruction regarding the payment of pension to the particular bank branch.
Further, the treasury will respond to this undertaking by writing that it will not take any appeal from the pensioner to shift the payment of pension from the present bank (mentioned in the undertaking) to any other branch or any other bank until the present bank provides a No Objection Certificate (NOC).
- Under this scheme, a guarantee will be given to the spouse or a certain third party. In this facility, the spouse of the pensioner is entitled to receive the family pension.
SBI Personal Loan for Defence Pensioners
If you are a pensioner who used to work in the armed forces, you can apply for this personal loan offered by SBI. Whether you worked with the Navy, Army, Air Force, Coast Guards, Assam Rifles, Paramilitary Forces (CISF, ITBP, CRPF, BSF, etc.), Rashtriya Rifles, you can obtain this loan scheme provided your Pension Payment Order is with SBI.
This loan scheme provided by SBI does not have any minimum age limit. Your age will need to be 76 years or lesser when you apply for this loan option.
SBI Personal Loan for Family Pensioners (including defence family pensioners)
A family pensioner is the spouse of a pensioner who can obtain the pension amount from the government or defence forces when the pensioner passes away. This is allowed if the family pensioner’s age is not higher than 76 years.
For Central & State Government Pensioners
Minimum loan amount: Rs.25,000
Maximum loan amount : Pension amount of 18 months with a ceiling of:
| Age | Max Loan Amount |
|---|---|
| 72 years | Rs.14 lakh |
| Greater than 72 years but not more than 74 years | Rs.12 lakh |
| Greater than 74 years but not more than 76 years | Rs.7.5 lakh |
Defence pensioners
Minimum loan amount: Rs.25,000
Maximum loan amount :Pension amount of 36 months with a ceiling of Rs.14 lakh for pensioners whose age is up to 56 years.Pension amount of 18 months with a ceiling of:
| Age | Max Loan Amount |
|---|---|
| Greater than 56 years but 72 years | Rs.14 lakh |
| Greater than 72 years but not more than 74 years | Rs.12 lakh |
| Greater than 74 years but not more than 76 years | Rs.7.5 lakh |
The EMI or NMP should not be higher than 50% for every kind of pensioner.
Family pensioners (including defence pensioners)
Minimum loan amount: Rs.25,000
Maximum loan amount : Pension amount of 18 months with a ceiling of:
| Age | Max Loan Amount |
|---|---|
| 72 years | Rs.5 lakh |
| Greater than 72 years but not more than 74 years | Rs.4.50 lakh |
| Greater than 74 years but not more than 76 years | Rs.2.50 lakh |
The EMI or NMP should not be higher than 33% for every family pensioner.
In the tables given above, EMI = Equated Monthly Instalments
NMP = Net Monthly Pension
Repayment period and age details regarding SBI personal loan for pensioners
- For central and state government pensioners
| Age at when the personal loan is approved | Repayment period | Age at when the loan is completely repaid |
|---|---|---|
| Up to 72 years of age | 60 months | 77 years |
| Higher than 72 years but not more than 74 years | 48 months | 78 years |
| Higher than 74 years but not more than 76 years | 24 months | 78 years |
- For defence pensioners
| Age at when the personal loan is approved | Repayment period | Age at when the loan is completely repaid |
|---|---|---|
| Up to 56 years of age | 84 months | 63 years |
| Higher than 56 years but not more than 72 years | 60 months | 77 years |
| Higher than 72 years but not more than 74 years | 48 months | 78 years |
| Higher than 74 years but not more than 76 years | 24 months | 78 years |
Repayment period and age details regarding SBI personal loan for family pensioners
| Age at when the personal loan is approved | Repayment period | Age at when the loan is completely repaid |
|---|---|---|
| Up to 72 years of age | 60 months | 77 years |
| Higher than 72 years but not more than 74 years | 48 months | 78 years |
| Higher than 74 years but not more than 76 years | 24 months | 78 years |
Key characteristics regarding personal loans offered by SBI for pensioners
- You can repay your SBI personal loan for pensioners by giving a Standing Instruction from your pension account for clearing your EMIs.
- The margin for this personal loan scheme is NIL.
- If you are a State or Central Government pensioner (even family pensioners), you will need to pay a processing fee. It will be 0.25% of your personal loan amount along with the service tax that is applicable.
- If you are a defence pensioner, you will not be asked to pay any processing fee.
- If you prepay your SBI personal loan EMIs completely or in portions before your loan period gets over, you will be required to pay 3% on your prepaid amount as your prepayment fee.
- If you terminate your personal loan account with the funds from a new loan account, you will not be asked to pay any foreclosure or prepayment charge.
- A guarantee is given to the spouse of the pensioner where the spouse can obtain the family pension amount. This loan scheme does not offer any insurance policy.
