Description
Personal loan from SBI schemes have low-interest rate, minimum processing fees, no prepayment penalties, and lots more to help customers to support their genuine requirements. The products have been designed in such a way, so as to meet the needs of varied class of people.
❂ High Quantum of Loan
❂ Quick disbursal & Fast Loan Processing
❂ Most affordable & Lowest Rate of Interest in the market
❂ Specialized Loan Schemes & discounts
❂ 24×7 Customer Service
❂ No collateral or security required
❂ No prepayment penalties
Interest Rate & Charges for SBI Personal Loan
We all share a common dream - easy personal loan at a low-interest rate. Check out the SBI personal loan rate of interest along with other parameters to get the true cost of the loan.
SBI Xpress Credit Personal Loan
Some notable features of SBI Xpress credit personal loan are as under:
|
Loan amount |
Up to Rs. 15 lakhs |
|
Age |
21 to 60 years |
|
Interest rate |
10.90% to 15.30% |
|
Processing fee |
1% of the loan amount + applicable tax |
|
Minimum income requirement |
Rs. 5000 per month |
|
Loan tenure |
Maximum 72 months or residual service period whichever is less |
SBI Pension Loan
Some prominent features of SBI personal loan for pensioners are as under:
|
Interest rate |
11.95% to 16.80% p.a. |
|
Maximum age |
76 years |
|
Loan amount |
Rs. 25,000 to Rs. 14 lakhs |
|
Loan tenure |
Up to 84 months |
SBI Xpress Power Loan
Some notable features of SBI Xpress loan are as follows:
|
Interest rate |
Term loan: 12.10% to 13.75% p.a. Overdraft facility: 12.60% to 14.25% |
|
Age |
21 to 60 years |
|
Loan amount |
Term loan: Rs.25,000 onwards, Overdraft facility: Rs. 5 lakh onwards |
|
Loan tenure |
Up to 60 months or the remainder of service, whichever is lower. |
Eligibility Criteria for SBI Personal Loan
Any Indian citizen having a residual income and the ability to repay the loan is likely to be eligible for the State Bank of India personal loans. Eligibility for personal loans in SBI depends upon various factors as follows:
|
Eligibility Criteria |
Salaried Individuals |
Self-Employed Professionals |
|
Profession |
Salaried persons working in government, private or MNCs companies |
Professionals like Doctors, CA, CS, Architects |
|
Applicant Age |
21 - 58 years |
21 - 65 years |
|
Minimum Eligible Income |
₹ 24,000 per month |
₹ 5 Lakh gross annual receipts |
|
Maximum Eligible Loan |
15x of monthly income |
NA |
|
Maximum Loan Amount Eligibility |
₹ 15 Lakh |
₹ 15 Lakh |
|
Minimum Work Experience |
24 months |
24 months |
State Bank of India Personal Loan Documents Required
For obtaining the maximum amount of personal loan from he State Bank of India, a borrower should produce the following documents according to their business profiles as follows:
|
Particulars |
Details |
|
Application |
Application Form duly filled and signed |
|
Photographs |
4 Passport size photographs (coloured) |
|
Proof of Identity (Any of these) |
Copy of Passport/Driving License/Copy of Aadhar Card/Copy of Voter ID Card |
|
Proof of Residence |
Registered Rent Agreement (Min. 1 year of stay)/Utility Bills (For the last 3 months) |
|
Proof of Incomes |
|
|
Concession Request |
Check-off letter from the Employer |
Features and Benefits of SBI personal Loan
Lucrative Rate of Interest: SBI ensures that it’s customers get one of the lowest personal loan interest rates and hence is customer-friendly. The interest rates are aligned with daily recurring balance basis, thus ensures maximum benefit to the borrower.
Schemes and Offers: The bank offers a wide range of discount schemes on personal loans at regular intervals and mostly on occasions like Diwali and other festive events.
No Hidden Charges: SBI ensures that the borrowers do not incur any extra cost during the processing and repayment period other than standard applicable rates.
Instant Loan Approval: SBI enables it’s customers to avail the loan at minimal documentation, resulting in quick and smooth disbursal of funds.
Online Loan Submission: SBI assures it’s customers that by simply providing their details online including the application form and other relevant details, a loan can be processed by the online measures itself.
| Read More : SBI पर्सनल लोन - इंटरेस्ट रेट, ईएमआई कैलकुलेटर |
Type Of SBI Personal Loan
SBI Xpress Credit Personal Loan
SBI provides an instant personal loan scheme to those with urgent fund requirements such as a medical emergency. These loans are provided at low-interest rates (with reducing balance), low processing charges, minimal documentation and without any security. You do not need to pay any administrative charges or hidden cost either.
Moreover, SBI provides you with the option of availing a second Xpress loan, provided you have repaid the first one on time. You may get a higher personal loan quantum with added facilities.
|
Eligibility Criteria |
Key Features |
||
|
Profession |
Salaried person with SBI salary account |
||
|
Employer Type |
|
||
|
Applicant Age |
21 - 58 years |
||
|
Minimum Eligible Income |
₹ 15,000 per month |
||
|
Maximum Eligible Term Loan |
₹ 25000 to ₹ 20 Lakh or 24 times NMI |
||
|
Maximum Overdraft Loan Amount |
₹ 5 Lakh to ₹ 20 Lakh or 24 times NMI |
||
|
Minimum Work Experience |
24 months |
||
SBI Xpress Power Personal Loan
SBI’s Xpress Power, earlier known as SBI Saral Personal loan, ensures that an applicant gets access to the funds without an obligation of maintaining a salary account with the bank. This loan is offered to government employees including Central and State governments, Armed forces, Educational Institutes, and selected corporates. The loan can be availed in the form of a Term Loan or as an Over-Draft facility in case of variable needs over a period of time.
Features for SBI Xpress Power Personal loan –
- One can avail this loan on an urgent basis for any purpose, be it for medical emergencies, travel, education, wedding and others
- The disbursal amount depends on your Net Monthly Income (NMI) and Repayment Capacity. Here, one can avail a loan up-to 24 times of NMI or ₹ 15 Lakh, which is required to be paid off in 60 EMIs
- The minimum amount of loan provided is ₹ 25,000 for metro/urban areas and ₹ 10,000 for rural/semi-urban areas
- No security/collateral required for the processing of the loan
- Minimal documentation required. For example, a passport size photograph will do for an existing SBI customer. For salaried employees, Form 16 and latest salary slip will be required, in addition
- The processing fee levied is 1% of the total loan amount. However, the bank also has a provision for concession up-to 0.5% in case a ‘Check-off’ is provided during the processing or the total loan amount is equal or above ₹ 10 Lakh
|
Eligibility Criteria |
Key Features |
||
|
Profession |
Salaried person without SBI salary account |
||
|
Employer Type |
|
||
|
Applicant Age |
21 - 58 years |
||
|
Minimum Eligible Income |
₹ 50,000 per month |
||
|
Maximum Eligible Term Loan |
₹ 25,000 to ₹ 15 Lakh or 24 times NMI |
||
|
Maximum Overdraft Loan Amount |
₹ 5 Lakh to ₹ 15 Lakh or 24 times NMI |
||
|
Minimum Work Experience |
24 months |
||
SBI Pension Loan
This SBI pensioner loan scheme is for covering the sudden and unexpected funding needs of Govt, Defence or family pensioners not more than 76 years of age. It offers zero hidden charges, nominal processing fees (nil for Defence pensioners) and quick processing/approval facilities. Central/State Govt.
|
Eligibility Criteria |
Key Features |
||
|
Profession |
For Central and State Government Pensioners |
For Defence Pensioners |
For Family Pensioners |
|
Employer Type |
Central and State Government |
Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles |
Central and State Governments including all Armed Forces |
|
Applicant Age |
Below 76 years of age |
||
|
Account Type |
Pension payment order maintained by SBI |
||
|
Treasury Terms |
Written consent from the treasurer not to accept any pension transfer requests |
Not applicable |
Not applicable |
|
Guarantee Terms |
By the spouse (eligible for family pension) or any other third party |
Not applicable |
Authorised members of the family under family pension scheme |
SBI Personal Loan EMI Calculator
To figure out the best suited EMI and make sure it fits into your monthly budget, you need an EMI calculator. SBI personal loan EMI calculator helps you calculate and plan your finance with ease.
Rate of interest (provided by the lender)It is always a smart decision to calculate your personal loan EMI in advance to calculate how much amount you will have to pay every month. Today it is pretty easy to calculate the EMI for any loan.
SBI Personal loan EMI calculation in detail
SBI Personal Loan EMI for different loan amounts and tenures @ 11% interest rate
| Loan Amount (Rs) | 1st year | 2nd year | 3rd year |
| 100000 | 8,838 | 4,661 | 3,274 |
| 200000 | 17,676 | 9,322 | 6,548 |
| 500000 | 44,191 | 23,304 | 16,369 |
| 1000000 | 88,382 | 46,608 | 32,739 |
| How the EMI calculation works for SBI Personal Loan? |
Let’s have a glance how the EMI calculation works for SBI personal loan. Suppose you take a personal loan of Rs.1 lakh for a tenure of 12 months. Let’s assume that SBI Personal Loan charges an interest rate of 11% p.a.
Then, the schedule for the loan repayment will be -
| Month | Principal | Interest @11.00%P.A | EMI (Total Payment) | Outstanding Loan Balance | Total principal amount paid | Percentage of loan paid to date |
| JAN | 7,922 | 916 | 8,838 | 92,078 | 7,922 | 7.92% |
| FEB | 7,991 | 843 | 8,838 | 84,087 | 15,913 | 15.91% |
| MAR | 8,068 | 770 | 8,838 | 76,019 | 23,981 | 24.05% |
| APR | 8,142 | 696 | 8,838 | 67,878 | 32,122 | 32.19% |
| MAY | 8,216 | 622 | 8,838 | 59,661 | 40,339 | 40.41% |
| JUN | 8,292 | 546 | 8,838 | 51,370 | 48,630 | 48.70% |
| JUL | 8,367 | 471 | 8,838 | 43,002 | 56,998 | 57.07% |
| AUG | 8,444 | 394 | 8,838 | 34,558 | 65,442 | 65.59% |
| SEPT | 8,521 | 317 | 8,838 | 26,037 | 73,963 | 74.11% |
| OCT | 8,600 | 238 | 8,838 | 17,437 | 82,563 | 82.71% |
| NOV | 8,678 | 160 | 8,838 | 8,759 | 91,241 | 91.39% |
| DEC | 8,758 | 80 | 8,838 | 0 | 100000 | 100% |
| Total | 100000 | 6054 |
SBI Personal Loan Customer Care Number
If you have any questions regarding Personal loan by SBI, feel free to connect with us. The customer care team of Afinoz is available to help you. Pick up your phone and dial 0120-411-0376 or email your suggestions/questions to us at info@afinoz.com. We value your requirements and are dedicated to helping you in the best possible manner.
SBI Personal Loan Customer Care Number – Toll-Free
If you have any queries/complaints/issues related to your personal loan from SBI, you can talk to a customer care representative by calling their toll-free number.
- 1800-11-2211
- 1800-425-3800
- 080-26599990/
SBI Personal Loan Customer Care Email
By writing an email, you can book a complaint, raise a query or just give feedback. The email ID to their customer care team is customercare@sbi.co.in.
Check SBI Personal Loan Status
- Login to Afinoz and easily track the status of your application.
- Welcome to Afinoz Track Application Portal - Track Status
- Enter your application number and then click on ‘track’. All the necessary details regarding your application will be displayed. Below the track application, there is a contact us button. Click it and get in touch with the Afinoz executives and solve your problem with just a simple call.
personal loan By SBI is approved in 3-4 days if all the documents are correctly submitted fulfilled and eligibility criteria are fully met. The timeline of the loan approval starts from the date of receipt of complete documents by the bank from the applicant. In the meantime, the applicant needs to check their loan status. You can check the personal loan status by both offline and online ways.
You can also inquire on the following SBI helpline numbers -
- Toll-free number: 1800 11 2211, 1800 425 3800 (Accessible through mobiles and landlines throughout India).
- No toll – free number: 080- 26599990 (Accessible through mobile and loan phones in the country).
You can call on any of the numbers and talk to the bank representatives and clarify your personal loan credit enquires. When you get connected to the executive, you have to give some personal details like your name, father’s name, permanent account number, your residential address, and type of ID. Afterwards, you can ask him to check the status of your SBI personal loan.
In case you are not satisfied with the details and information provided by the bank executive, you have two options to give your feedback.
- Write an SMS to the bank. You need to type ‘UNHAPPY’ and send it to the 8008 20 20 20.
- By writing an email, you can book a complaint, raise a query or just give feedback. The email ID to their customer care team is customercare@sbi.co.in.
About Bank
SBI full form is State Bank of India. It is a government-owned financial institution headquartered in Mumbai. The asset size of State Bank of India is approximately Rs. 40 lakh crore and it has a customer base of around 500 million. State Bank of India has a 20% share in deposits and loans with respect to the other commercial banks in India.