State Bank of India Personal Loan
Apply Now| State Bank of India Personal Loan | Details |
|---|---|
| Loan Amount | Rs. 50,000 to Rs. 15 lakhs |
| Tenure | 6 months to 48 months |
| Interest Rate | 10.55% to 11.20% onward |
| Processing Fee | 2% to 3% of the principal loan amount |
| Pre-closure Charges | None to 3%, allowed after payment of first 6 EMIs |
| Part Prepayment Charges | Nil |
State Bank of India (SBI) personal loan is a collateral-free loan offered to salaried and self-employed individuals. It serves the economic needs of people from different income groups. You can use the funds for any expense. Being a multi-purpose loan, many take the loan for home renovation, wedding, medical emergency, travel, education expenses of children, big-ticket purchase, debt consolidation, and other requirements. SBI disburses the funds within 2 to 3 days of the loan approval.
At Loanbaba, you will get all the details about SBI personal loan, its schemes, interest rate, EMI, fees, charges, eligibility criteria, documents required, and other details.
Features and Benefits of SBI Personal Loan
Below mentioned are the features and benefits of personal loan State Bank of India.
- People of low income group can also apply for the funds.
- Personal loan for NRIs, defence personnel, armed forced, etc.
- Flexible tenure and repayment modes.
- Lowest EMI is Rs. 1,880 per Rs. 1 lakh
- There are no part pre-payment charges.
- Pre-closure is allowed after paying the first EMI
- There is no pre-closure charge.
Types of SBI Personal Loans in India
The State Bank of India has different personal loan schemes for salaried individuals and professionals. The loan amount can be used for any need, except purposes that are speculative in nature. Below-given are details about personal loan schemes by SBI.
- SBI Xpress Credit Loan
- SBI Saral Personal Loan
- SBI Festival Loan
- SBI Career Loan
- SBI Personal Loan for Pensioners
- Here, the pensioner gives an irrevocable undertaking that no further modifications to the pension payment instructions is allowed.
- The treasury responds to the pensioner’s undertaking in writing that no appeal will be entertained to change the pension payment bank or branch without receiving a No Objection Certificate (NOC) from the particular bank/ branch.
- 6. SBI Personal Loan for NRIs
- You can obtain this loan in Indian Rupee as well as foreign currency just by pledging your FCNR or NRE or NRO deposit with the bank.
- The period of loan is the maturity period of deposit.
- Margin under this scheme is 10%.
| Xpress Credit Loan SBI | Details |
|---|---|
| Who Can Apply? |
• Employees working in the State government, central government, quasi-government, PSUs, etc.
• The employees need to have salary account with SBI to avail this loan. |
| Minimum Loan Amount |
• Rs. 5 lakhs in case of an overdraft
• Rs. 25,000 for a term loan |
| Maximum Loan Amount |
• For term loan and overdraft the maximum loan amount is 24 times of the applicant’s net monthly income (NMI).
• If the applicant is a school teacher, then he/she can obtain up to 12 times of monthly gross salary. • The loan amount is capped at Rs. 15 lakhs. |
| Tenure | The loan tenure is up to 60 months. |
| Processing Fee | It is 0.5% of the principal amount + GST |
| Prepayment Charges | It is 3% of the outstanding amount |
This loan is provided for specific purposes only, such as educational, purchase of an asset, medical emergency, wedding, hospitalization, vacation, home renovation, etc. The maximum tenure is 48 months.
State Bank of India offers loans on festive occasions so that you can meet the expenses of the celebrations without a worry. This loan product caters particularly to the needs of people during festival time.
| Career Loan SBI | Details |
|---|---|
| Purpose of the Loan |
• SBI assists young aspirants to build their career by providing timely financial support.
• The loan can be used to fund an academic course that will help you grow in your career. |
| Security Required | • A property mortgage is required to apply for the loan. • The eligible property for the funds could be immovable, NSC, RBI bond, LIC policy, term deposit at bank, government securities, Kisan Vikas Patra, public sector bonds, etc. |
| Instalments | • The loan should be repaid in 36 instalments |
| Moratorium Period | • Maximum 1 year from the completion of the academic course. |
Below-given are details about personal loan by State Bank of India for pensioners.
A) SBI Personal Loan for State and Central Government Pensioners
| Pension Loan for State and Central Govt. Employees | Details |
|---|---|
| Loan Amount | • Rs. 25,000 and Rs. 14 lakhs |
| Maximum Loan |
• Up to 72 years: Rs. 14 lakhs
• 72-74 years: Rs. 12 lakhs • 74-76 years: Rs. 7.5 lakhs |
The pensioner may give a mandate to the government treasury to draw pension cheque in favour of any SBI branch. In such a case, the pension is routed too his/her savings account in SBI. The pensioner can then request the treasury to make payment through this specified SBI branch. PPO (Pension Payment Order) will be retained by the treasury itself.
B) SBI Personal Loan for Defence Pensioners
This is a special loan scheme offered only to retired personnel of the armed forces. The armed force can be of army, coast guards, paramilitary (ITBP, BSF, CISF, CRPF, etc.), navy, air force, Assam rifles, Rashtriya rifles. There is no minimum age limit under this scheme. However upper age limit for this account is 76 years.
| Pension Loan for Defence Personnel | Details |
|---|---|
| Minimum Loan Amount | • Rs. 25,000 |
| Maximum Loan Amount |
• Up to 36 times of the applicant’s monthly pension.
• Up to 72 years: Rs. 14 lakhs • Up to 72-74 years- Rs. 12 lakhs • Up to 74-76 years- Rs. 7.5 lakhs |
C) SBI Personal Loan for Family Pensioners
Family pension means pension to the spouse of the pensioner. The loan can be applied for after the pensioner’s death. In case of no spouse, the pension can be availed by children if their age is less than 21 years. After this, the pension ceases to be credited. Personal loan under this scheme can also be taken up to an age of 76 years.
| Pension Loan for Family Pensioners | Details |
|---|---|
| Minimum Loan Amount | • Rs. 25,000 |
| Maximum Loan Amount |
• Up to 18 times of the applicant’s monthly pension.
• Up to 72 years: Rs. 5 lakhs • Up to 72-74 years- Rs. 4.5 lakhs • Up to 74-76 years- Rs. 2.5 lakhs |
Note: EMI/ NMP ratio cannot exceed 50% for any kind of pensioner. For family pensioners, this ratio cannot exceed 33%. Here, EMI is: Equated Monthly Instalments and NMP is: Net Monthly Pension. Calculation of repayment period is as per age of the pensioners for a personal loan against pension.
SBI offers personal loan to NRIs (Non Resident Indians) through either mode: offline as well as online (Internet Banking). As an NRI, you can opt for either term loan or OD against NRI deposit.
A) SBI Personal Loan against NRI Deposit
This scheme is meant for NRIs to meet their personal needs like buying a house or purchasing a car, without liquidating their deposits. The loan is handed over solely to the depositor.
B) SBI Online OD against NRI Deposit
To avail an overdraft against NRI deposit, you do not have to visit the bank branch. You can simply apply for the personal loan online via internet banking. The application process is very easy and quick. The features are discussed below:
| Online OD against NRI Deposit | Details |
|---|---|
| Eligibility | • Any NRI customer with NRE or NRO FD with minimum residual period of 6 months |
| Minimum Loan Amount | • Rs. 25,000 |
| Maximum Loan Amount | • Rs. 5 crores |
| Tenure |
• Up to the tenure of the Fixed Deposit
• Maximum of 3 years |
| Interest Rates | • 1% over the rate of FD interest |
SBI Personal Interest Loan Rates
The rate of interest is different for different SBI personal loan schemes. For salaried individuals, the starting rate of interest is 10.55%, whereas for self-employed individuals it is 11.20% onward. Below is the updated SBI personal loan interest rate information.
| Personal Loan Scheme | Interest Rate |
|---|---|
| 1. SBI Saral Loan | 17.65% to 17.65% |
| 2. SBI Xpress Credit Loan | 11.90% to 15.00% |
| 3. SBI Pension Loan | 12.45% to 12.45% |
| 4. SBI Festival Loan | 12.50% to 16.60% |
| 5. SBI Jai Jawan Pension Loan | 12.45% to 12.45% |
SBI Personal Loan Eligibility Criteria
The eligibility criteria for State Bank of India personal loan differs from a scheme to another. Below are the details to it:
| Personal Loan SBI Schemes | Eligibility Criteria |
|---|---|
| 1. SBI Xpress Credit Loan |
• The applicant should be working in any of the following: state and centre PSUs, quasi government organizations, companies/ corporate having or not having exclusive/ any business with SBI, central and state government, reputed educational institutions, etc.
• The applicant should have a net monthly income of minimum Rs. 5000. • EMI to NMI (net monthly income) ratio should be less than 50%. |
| 2. SBI Saral Personal Loan |
• The applicant can be a salaried employee or self employed such as CA, engineer, doctor, architect, investment planner, etc.
• The minimum monthly income requirement is Rs. 24,000 in urban/metro area and Rs. 10,000 in rural/semi-urban area. • The maximum limit of NMI (net monthly income) for salaried employees and pensioners is Rs. 10 lakhs. |
| 3. SBI Personal Loan for Pensioners |
• The applicant must be up to 76 years of age, to the time of loan’s maturity.
• Spouse of the pensioner is entitled to receive family pension. • Guarantor is required. |
| 4. SBI Festive Loan |
• The applicant needs to be working with PSU, private company, government, a public company or institution with an experience of not less than 2 years in the same organization.
• Self-employed individuals can also apply but with an experience of at least 3 years in his/ her field. • Minimum NMI (net monthly income) should be Rs. 3,000. • An individual who has other sources of income is also eligible. The eligible sources of income include interest from TDRs, NSCs (National Savings Certificates) or government securities. |
| 5. SBI Career Loan |
• The applicant’s age should be more than 18 years.
• The maximum age of the co-borrower till the time of loan’s maturity is 60 years. • The co-borrower should be spouse, parent, or a guardian. |
Documents Required for SBI Personal Loan Application
Below-given are documents needed for application:
- Identity Proof (any of the following): Voter ID Card, Aadhar Card, Passport, Employer issued ID Card, Electricity Bill, Ration Card, Driver’s License, PAN Card, Life Insurance Premium Receipt, Title deed/utility bill/municipal tax receipt, Mobile/Telephone Bill.
- Age proof (any of the following): Birth Certificate, Ration Card, PAN Card, Passport, Voter ID, Aadhar Card, Life Insurance Premium Receipt , Secondary school certificate (Class 10).
- Residence proof (any one of the following): Ownership and Title Deeds of Property, Electricity Bill, Ration Card, Telephone Bills, Government-issued Employee Residence Proof.
- 2 recent passport-sized photographs
- Filled and signed loan application form
- Salary slips or income proof of last three/six months
- Form 16 or proof of Income Tax Returns.
- Bank statement of last six months.
- Income tax returns and computation of income of last three years.
- Audited balance sheet and profit & loss account of the last three years, which is certified by a Chartered Accountant.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of State Bank of India.