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SBI Personal Loan
SBI SBI personal loan interest rate are very attractive as compared to other banks. Personal Loans are available to self-employed and salaried individuals, as well as business owners, and are designed to meet personal or commercial needs that are not covered by regular lending schemes. In brief, SBI personal loans can help with needs that haven’t been anticipated ahead of time. State Bank of India offers personal loans with little documentation, no security/guarantor, and no prepayment penalties.Table of Contents
SBI Personal Loan Interest Rate Information
sbi bank personal loan interest rate offers quite a decent and attractive rates as low as 9.60 percent per annum and terms as long as 7 years. Depending on your eligibility, the loan amount can range from Rs.25,000 to Rs.20 lakh. A processing fee of 0.5 percent to 1.5 percent of the loan amount is charged.
| Rate Of Interest | Starts from 9.60 Percentage Annually |
| Loan Amount | Up to Rupees 20 Lakhs |
| Income Required | Minimum Rs. 15000 per Month |
| Loan Term | Maximum to 6 years |
| Description | Self Employed / Salaried | Pension Holders |
|---|---|---|
| Rate of interest | 9.60 percent per annum to 15.65 percent per annum | 10.55 percent per annum -11.05 percent per annum |
| Eligible Loan Amount | Maximum: Rs.20 lakh Minimum: Rs.25,000 | Maximum: Rs.14 lakh Minimum: Rs.25,000 |
| Term of the Loan | Up to 72 Months | Upto 84 Months |
| Processing Fee | 1.5% of loan amount + GST | 0.5% of loan amount + GST (Minimum of Rs.500) |
| Age Limit | 21 - 58 Years | Up to 78 years |
| Income/Salary Required | Rs.15,000 onward | The bank's decision is final. |
| Credit Score | 750 points and above | The bank's decision is final. |
| Charges for Advance Payment | 3% on prepaid Capital amount | 3% on prepaid Capital amount |
Schemes of SBI for Personal Loan
| Schemes of Personal Loan- SBI XPRESS CREDIT(including PAXC-Pre-Approved Xpress Credit) | Term Loan (Rate of Interest) | Overdraft Loan (Rate of Interest) |
|---|---|---|
| For Defence/ Para-Military/ Indian Coast Guard Salary Package Applicants | 10.60% to 11.10% | 11.10% to 11.60% |
| For Other Applicants | 10.60% to 12.60% | 11.10% to 13.10% |
SBI XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES)
| Personal Loan Schemes | Term Loan (Rate of Interest) | Overdraft Loan (Rate of Interest) |
|---|---|---|
| For Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute | 11.50% to 13.60% | 11.50% to 13.60% |
| For Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates: | 12.25% to 13.85% | 12.25% to 13.85% |
OTHER UNSECURED PERSONAL LOANS
| Personal Loan Schemes | Term Loan (Rate of Interest) | Overdraft Loan (Rate of Interest) |
|---|---|---|
| Pension Loan | 10.55%-11.05% | 10.55%-11.05% |
| Clean Overdraft | 15.65% | 15.65% |
| Xpress Credit Insta Top-Up | 10.70% | 10.70% |
| Pre-Approved Personal Loans (PAPL) | 12.60% | 12.60% |
| SPL. PAPL | 9.60% | 9.60% |
| SBI QUICK PERSONAL LOANS THROUGH CLP PORTAL | 10.85% - 12.85% | 10.85% - 12.85% |
| SBI Xpress Bandhan | The bank's decision is final. | The bank's decision is final. |
Xpress Credit Personal Loan from SBI
You can use this loan to cover a variety of expenses, including paying for your children’s schooling, medical treatment, vacations, and so on. This personal loan scheme from SBI is available to salaried individuals.
The following are some of the plan’s features and benefits:
- Income: Minimum income is Rs.15,000, and maximum income is Rs.50,000. The EMI/NMI ratio should not exceed 50%.
- Duration of repayment: 6 years
- Loan amount: You can choose between two sorts of loan amounts: Term Loan and Overdraft.
Loan for a set period of time:
- Rs.25,000 is the minimum amount required.
- The highest sum is 24 times the NMI, up to a maximum of Rs.20 lakh.
Overdraft credit:
- The minimum investment is Rs.5 lakh.
- The highest sum is 24 times the NMI, up to a maximum of Rs.20 lakh.
- 1.5 percent of the loan amount as a processing cost
- Penal interest: If you do not pay the loan amount within the specified time frame, you will be charged a penalty interest rate of 2% per year on the available interest rate.
Pension Loan from SBI
Those who have retired and have financial obligations can apply for this personal loan. If you are a retired employee, you can take advantage of this personal loan scheme to meet your varied demands, such as house repairs, vacations, and so on.
The following are some of the plan’s features and benefits:
- This system benefits three groups of Pensioners: Central and State government retirees, defence retirees, and family pensioners.
- The loan amount is:
| Pensioner Category | Minimum Loan Amount | Maximum Loan Amount |
|---|---|---|
| Central and State Pensioner | Rs.25,000 | Pension for 18 months with a limit of Rs.7.5 lakh to Rs.14 lakh depending on the pensioner's age |
| Defence Pensioner | Rs.25,000 | Pension for 18 months with a limit of Rs.7.5 lakh to Rs.14 lakh depending on the pensioner's age. Pension for 18 months with a limit of Rs.2.5 lakh to Rs.5 lakh depending on the pensioner's age. |
| Family Pensioner | Rs.25,000 | Pension for 18 months with a limit of Rs.2.5 lakh to Rs.5 lakh depending on the pensioner's age. |
3. Tenure Of Repayment
| Pensioner Category | Tenure for Repayment |
|---|---|
| Pensioners from the Central and state governments | 24 months to 60 months |
| Defence Pensioners | 24 months to 84 months |
| Family Pensioners | 24 months to 60 months |
SBI Xpress Bandhan Loan
Salaried employees who do not have a bank account with the State Bank of India can apply for this loan.
The interest rate offered will be at the bank’s discretion and will be determined by factors such as the loan amount requested, repayment term, credit score, and so on.
The following are some of the plan’s features and benefits:
Amount of the loan:
You can get a loan for two different amounts:
Term Loan:
- The minimum loan amount is Rs.25,000, and the maximum loan amount is 24 times the NMI, up to a maximum of Rs.15 lakh (SI).
Overdraft Facility:
Minimum loan amount is Rs.5 lakh, with a maximum loan amount of 24 times the NMI and a maximum loan amount of Rs.15 lakh.
- Tenure of Repayment: Up to 5 years or the balance of the service, whichever comes first.
- The processing cost is 1% of the loan amount plus GST.
- Mode of payment: NACH or Standing Instruction (SI).
Interest Rates on SBI Personal Loans : Factors to Consider
SBI personal loan interest rates are subject to alter at any time for anyone who has been approved for a personal loan. The approval process could be influenced by a number of things, including:
Personal loan amount – For specific clients or types of customers, the interest rate may be altered beyond the advertised rate based on the amount of personal loan applied for.
- The term of the personal loan – Depending on the bank’s judgement, a longer term may have a lower or higher interest rate.
- Repayment capacity – The State Bank of India will examine a customer’s repayment capacity. The bank may grant some leniency on personal loan interest rates depending on the quantity of cash inflows and transactions made by a customer.
- Income is also significant in determining loan eligibility. In addition, depending on a customer’s income, the bank may modify the interest rate on a personal loan.
- Assets – The presence of fixed and moveable financial assets is critical in improving one’s financial situation. Based on this, the State Bank of India may offer personal loans at a lower interest rate.
- Relationship with the bank – An existing State Bank of India customer is likely to be given priority when applying for a personal loan, and the bank may consider offering the customer a lower interest rate.
- CIBIL scores – When applying for a personal loan, one’s credit history is taken into consideration. As a result, the CIBIL score may help you secure a better interest rate from the bank.
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SBI Personal Loan interest rate calculator/EMI Calculation
While there is a formula for calculating your loan’s EMI, using an EMI calculator makes calculating the interest payable much easier. To figure out how much you’ll have to pay each month, visit our Personal Loan EMI Calculator. Enter your loan information and click the ‘Calculate’ button.
Formula for SBI Personal Loan Interest Calculator
The EMI for a personal loan is calculated by SBI using the formula below.
Pr (1+r)^n/([(1+r)^n]-1)
The following is an example of how the SBI Personal Loan EMI is calculated:
P is the loan amount in the formula above.
SBI personal loans are available in amounts ranging from 50,000 to 15 lakh rupees.
r is the monthly interest rate.
The current interest rate on an SBI Personal Loan is 9.60 percent.
n is the number of months in a month’s tenure.
In the case of SBI, this can last up to 72 months.
Example:
SBI Personal Loan EMI for ₹ 1 Lakh
| Amount of Loan | Rate of Interest | Tenure of Loan (Year) | EMI |
|---|---|---|---|
| Rs.1,00,000 | 9.60% | 1 | Rs.8,773 |
| Rs.1,00,000 | 9.60% | 2 | Rs.4,596 |
| Rs.1,00,000 | 9.60% | 3 | Rs.3,208 |
| Rs.1,00,000 | 9.60% | 4 | Rs.2,517 |
| Rs.1,00,000 | 9.60% | 5 | Rs.2,105 |
BI Personal Loan EMI for ₹ 3 Lakh
| Amount of Loan | Rate of Interest | Tenure of Loan (Year) | EMI |
|---|---|---|---|
| Rs.3,00,000 | 9.60% | 1 | Rs.26,319 |
| Rs.3,00,000 | 9.60% | 2 | Rs.13,788 |
| Rs.3,00,000 | 9.60% | 3 | Rs.9,624 |
| Rs.3,00,000 | 9.60% | 4 | Rs.7,551 |
| Rs.3,00,000 | 9.60% | 5 | Rs.6,315 |
BI Personal Loan EMI for ₹ 5 Lakh
| Amount of Loan | Rate of Interest | Tenure of Loan (Year) | EMI |
|---|---|---|---|
| Rs.5,00,000 | 9.60% | 1 | Rs.43,865 |
| Rs.5,00,000 | 9.60% | 2 | Rs.22,980 |
| Rs.5,00,000 | 9.60% | 3 | Rs.16,040 |
| Rs.5,00,000 | 9.60% | 4 | Rs.12,585 |
| Rs.5,00,000 | 9.60% | 5 | Rs.10,525 |
BI Personal Loan EMI for ₹ 10 Lakh
| Amount of Loan | Rate of Interest | Tenure of Loan (Year) | EMI |
|---|---|---|---|
| Rs.10,00,000 | 9.60% | 1 | Rs.87,730 |
| Rs.10,00,000 | 9.60% | 2 | Rs. 45,961 |
| Rs.10,00,000 | 9.60% | 3 | Rs.32,080 |
| Rs.10,00,000 | 9.60% | 4 | Rs.25,171 |
| Rs.10,00,000 | 9.60% | 5 | Rs.21,051 |
SBI personal loan interest Rate: Important Points
Individuals who match the basic qualifying conditions can easily obtain a personal loan from State Bank of India; however, the following points should be kept in mind:
- SBI personal loan interest rate for salary account has some added advantage
- The interest rates on personal loans at the State Bank of India are determined by the RBI’s repo rate and may fall further, but not necessarily immediately.
- The interest rates on personal loans at State Bank of India are variable, not fixed, and vary depending on the programme.
- Although no security or guarantor is required for personal loans from the State Bank of India, having a strong financial history and investments in government assets may help you achieve a better interest rate.
- While State Bank of India may keep your credit score in mind, interest rates may or may not change as a result.
SBI Personal Loan FAQs:
What are the requirements for obtaining a personal loan from SBI?
The eligibility conditions vary depending on the SBI personal loan scheme you choose. For example, if you want to take out an SBI Xpress Credit Loan, you must have an SBI holding bank account and be a paid employee. Similarly, if you are a retired employee, you may apply for an SBI Pension Loan if you are under the age of 76. The SBI Xpress Power Loan is available to salaried individuals who do not have an SBI bank account and wish to take out a personal loan.
What is the best way to keep track of my personal loan?
You can check the status of your personal loan by going to https://onlineapply.sbi.co.in/personal-banking/application-status. This link can be found under the personal loan section of the bank’s official website. You must provide your personal information, such as your application number, date of birth, and so on, in order to check the progress of your personal loan.
How can I figure out the EMI for the personal loan I’m considering?
You may determine the EMIs you’ll have to pay after taking out a personal loan by going to the SBI website. You only need to enter the loan amount, repayment period, and interest rate. You’ll be able to see how much you’ll have to pay in monthly EMIs. You can also use third-party websites to calculate the EMIs you’ll have to pay based on the loan amount, interest rate, and repayment period.
How can I figure out what my EMI would be for the personal loan I’m considering?
You can calculate your EMIs after taking out a personal loan by going to the SBI website. Simply enter the loan amount, repayment period, and interest rate. You’ll be able to calculate your monthly EMIs. You can also use third-party websites to estimate your EMIs based on the loan amount, interest rate, and repayment period.
Is a security or collateral required to obtain a personal loan from SBI Bank?
In order to obtain a personal loan from SBI, no collateral, security, or guarantee is required.
What are the interest rates on personal loans from the State Bank of India for salary account holders?
Interest rates will range from 9.60 percent to 15.65 percent per annum, depending on the type of personal loan taken out by the salary account holder and his or her eligibility.
Is it possible to pay off my personal loan with State Bank of India after a year?
According to the terms and conditions, the holder of a personal loan account cannot pay off an existing loan with funds from another personal loan from the same programme.
How do I have my SBI personal loan closed online?
The personal loan can be closed in advance at the SBI bank branch where your account is held. The bank does not offer a pre-closure service online.
How do I pay off my SBI personal loan in less than a year?
The SBI personal loan cannot be paid off earlier than one year.
Is it possible to negotiate the interest rate on a personal loan with SBI?
Yes, you can negotiate your personal loan interest rate depending on your qualifications and relationship with SBI.
Which documents should I bring with me when I go to SBI?
Carry your identification and address proof documents (Aadhaar cards, passports, voter ID cards), income proof documents (Form 16, salary slips, bank statements), PAN card, and passport-size photographs while applying for an SBI personal loan.
Is it feasible to receive a personal loan from SBI Bank if you aren’t an SBI customer?
Non-SBI customers can apply for an SBI personal loan as well.
How do I check the status of my SBI personal loan?
To find out how much your personal loan is worth, obtain a copy of the repayment schedule from SBI. This will be a combined report that shows how much you’ve paid so far and how much you still owe on your personal loan.
How do you pay the EMI on your SBI personal loan?
Non-SBI customers can pay their EMIs through ECS, NACH, or ACH services, while SBI personal loan account holders can pay their EMIs through their net banking account linked to their SBI salary or pension account. Customers can also use post-dated checks to pay their EMIs.
How can I make a net banking payment on my SBI personal loan EMI?
Customers can choose the auto debit method from their net banking account using standing instructions. Customers can also pay their EMIs through fund transfer services and electronic payment methods.
How can I get a copy of my SBI personal loan statement?
At the conclusion of each month, SBI will automatically email the personal loan statement. Customers can get their SBI personal loan statement through their net banking account if they have one.
How do I pay my SBI personal loan EMI from another bank online?
To plan EMI payments from a non-SBI account, link your SBI personal loan to your bank account.
How can I check the status of my SBI personal loan using my mobile number?
To receive regular personal loan status updates, register your mobile number with SBI while applying for a personal loan.
How can I check/track the status of my SBI personal loan application?
You can check the status of your personal loan application using your application reference number in your net banking account, at a bank branch, or by phoning SBI’s customer service unit.
When will my SBI personal loan be paid?
Following verification and approval, SBI typically takes 2-7 days to release the personal loan amount.
Why should I calculate out my SBI loan EMI before applying for a loan?
Before taking out a personal loan, it is a good idea to figure out the EMI (SBI EMI Calculator). The following are some of the advantages of estimating your SBI personal loan EMI:
- If your EMI exceeds your monthly budget, you have the option of applying for a smaller loan amount that fits your monthly budget and makes EMI more manageable.
- If you already know how much EMI you’ll have to pay each month, you can budget accordingly.
- You can choose to prepay your personal loan in the future if you have a surplus amount based on the EMI amount.
Why should I calculate out my SBI loan EMI before applying for a loan?
Before taking out a personal loan, it is a good idea to figure out the EMI.
The following are some of the advantages of estimating your SBI personal loan EMI:
On a personal loan, what is the lowest EMI per lakh offered by SBI?
SBI offers a personal loan for a maximum of 72 months at a rate of 9.60 percent, resulting in the lowest EMI per lakh loan amount of 1,832. SBI, on the other hand, may provide a cheaper interest rate and different EMIs to its salary account holders or existing bank customers.
How can I close my SBI personal loan early?
By bringing the relevant documentation to the branch, you can pre-close your SBI personal loan. Submit the preclosure form, pay the fee, and get a receipt for the remaining balance.
What are the fees for making a prepayment with SBI?
SBI allows you to prepay at a rate of 3% after six months. If you choose to pay the loan amount before the due date, you must pay these fees.
Is there a processing fee with an SBI personal loan?
Yes, SBI charges a processing fee for the processing of your loan application. SBI now imposes a 1.00 percent processing fee on Personal Loans.
Will I be able to receive a personal loan from SBI if my credit score is poor?
No, you must have a credit score of 700 or higher to take out a loan from SBI. Most banks will not provide you a loan if your credit score is low. Furthermore, taking for a personal loan with a low credit score may result in a higher interest rate.
What is the EMI for an SBI Bank 20 lakh personal loan?
The EMI on an SBI personal loan for a loan amount of 20 lakh varies depending on the loan period at the present rate of 9.60 percent. For example, the EMI for a two-year, three-year, and six-year loan is 2,31,043, 2,42,860, and 2,80,088 respectively.
When applying for a personal loan with SBI, may I have a co-applicant?
Yes, you can apply for a personal loan from SBI with a co-applicant, which will boost your loan eligibility because the co-income applicant’s is also considered.
Is it possible to pay more than the EMI on an SBI personal loan?
You can pay more than the standard EMI on your SBI Personal Loan if you have the finances. This will help you save money on interest as well as the outstanding principal. You can also pay an extra EMI each year to shorten the loan’s term and, as a result, the amount of interest you pay.
What is the best way for me to pay my SBI loan EMI?
The ECS facility or a standing instruction can be used to pay the SBI personal loan EMI. You can either submit the EMI check in person at the branch or set up automated deductions from your salary account.
From July 1, 2017, banking services and products are subject to an 18% GST rate.
SBI Personal Loan Customer Service Phone Numbers, Email Addresses, Application Status, and Locations
| City | Customer Care Numbers |
|---|---|
| Anand | 972-434-2211 |
| Aurangabad Bihar | 973-001-2211 |
| Bangalore | 973-193-2211 |
| Bhilai | 989-328-2211 |
| Bhilwara | 979-933-2211 |
| Bhiwadi | 973-001-2211 |
| Bhopal | 989-328-2211 |
| Bhubaneswar Cuttack | 977-745-2211 |
| Bikaner | 979-933-2211 |
| Chandigarh | 977-916-2211 |
| Chennai | 979-094-2211 |
| Cochin | 999-539-2211 |
| Coimbatore | 979-191-2211 |
| Dehradun | 976-020-2211 |
| Delhi | 995-880-2211 |
| Durg | 989-328-2211 |
| Faridabad | 995-880-2211 |
| Gandhinagar | 972-434-2211 |
| Ghaziabad | 995-880-2211 |
| Goa | 973-001-2211 |
| Greater Noida | 995-880-2211 |
| Gurgaon | 995-880-2211 |
| Guwahati | 995-705-2211 |
| Gwalior | 989-328-2211 |
| Hyderabad | 995-919-2211 |
| Indore | 989-328-2211 |
| Jabalpur | 989-328-2211 |
| Jaipur | 979-933-2211 |
| Jalandhar | 977-916-2211 |
| Jodhpur | 979-933-2211 |
| Kanpur | 979-350-2211 |
| Karnal | 999-637-2211 |
| Kolhapur | 973-001-2211 |
| Kolkata | 974-842-2211 |
| Kota | 979-933-2211 |
| Kozhikode | 999-539-2211 |
| Lucknow | 979-350-2211 |
| Ludhiana | 977-916-2211 |
| Madurai | 979-191-2211 |
| Meerut | 976-020-2211 |
| Mehsana | 972-434-2211 |
| Mohali Sas Nagar | 977-916-2211 |
| Mumbai | 998-755-2211 |
| Mussoorie | 976-020-2211 |
| Nagpur | 973-001-2211 |
| Nashik | 973-001-2211 |
| Noida | 995-880-2211 |
| Noida Extn | 995-880-2211 |
| Panipat | 999-637-2211 |
| Patna | 995-595-2211 |
| Pondicherry | 979-191-2211 |
| Pune | 973-001-2211 |
| Raipur | 989-328-2211 |
| Rajkot | 972-434-2211 |
| Ranchi | 995-595-2211 |
| Rohtak | 999-637-2211 |
| Roorkee | 976-020-2211 |
| Salem | 979-191-2211 |
| Shimla | 980-509-2211 |
| Sonipat | 999-637-2211 |
| Surat | 972-434-2211 |
| Trichy | 979-191-2211 |
| Udaipur | 979-933-2211 |
| Vadodara | 972-434-2211 |
| Varanasi | 979-350-2211 |
| Vijaywada | 995-919-2211 |
| Vizag | 995-919-2211 |
