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

Apply Personal Loan 10.99%*

Interest Rate & Charges for SBI Personal Loan

We all share a common dream - easy personal loan at a low interest rate. To help you achieve your dream, we showcase SBI products’ personal loans at competitive interest rates. Also, these great interest rates come with flexible options. Check out the SBI personal loan rate of interest along with other parameters to get the true cost of the loan. Join the bank that gives back and makes a wise decision. 

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

Are You Eligible? Apply Now

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

  1. ITRs for the last two Assessment years
  2. Salary slip for the last 6 months
  3. Bank Statement for the last 3 months
  4. Passbook statement for the last 6 months

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

personal loan by 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

  • Central / State / Quasi Government Organisation

  • Central / State PSUs

  • Educational Institute of National Repute

  • Selected Corporates

   

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

  • Central / State / Quasi Government Organisation
  • Central / State PSUs
  • Educational Institute of National Repute
  • Selected Corporates
   

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. pensioners can avail an SBI personal loan up to Rs 14 lakhs and family pensioners can avail up to a maximum of Rs 5 lakhs.

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

EMI Calculator For SBI Personal Loan

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.

How to Calculate EMI For SBI Personal Loan?

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. You can calculate the EMI for SBI personal loan by using Afinoz personal loan EMI Calculator or by using the formula in Microsoft Excel.

  • Rate of interest (provided by the lender)
  • SBI personal loan tenure

The formula to calculate EMI is:

E MI= P * R * (1+R)^N/((1+R)^N – 1)

  • P is the sum of money borrowed as an SBI personal loan
  • R is the interest rate applicable on SBI personal, which is calculated on a monthly basis rather than the annual interest rate. This can be calculated by using the formula r = (annual interest/12) * 100.
  • N is the loan tenure or the number of monthly installments that you will pay, such as 6o months for 5 years.

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

Don’t’ worry. Just relax. 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. Afterward, 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.

FAQs
Q1 How much interest is charged by SBI on a personal loan?
personal loan by SBI interest rate ranges from 10.90% to 15.30%.
Q2 What is the lowest EMI per lakh on SBI personal loan?
If you apply for a personal loan from SBI, your lowest EMI per lakh will be Rs. 2,658.
Q3 What is the minimum and maximum tenure of SBI personal loan?
You can easily repay your personal loan from SBI in a flexible period of a minimum of 6 months to a maximum of 48 months.
Q4 What is the maximum personal loan amount I can get from State Bank of India?
SBI offers a minimum loan amount of Rs. 10,000 to a maximum amount of Rs.15 lakhs to the borrower depending on their financial record and repayment history.
Q5 How much processing fee is charged by SBI on a personal loan?
SBI charges a processing fee of 2 to 3% of the loan amount with applicable service tax.
Q6 Is age an eligibility factor to get a personal loan from SBI?
Yes, age is an essential eligibility criterion to get a personal loan from SBI as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.
Q7 Are there any prepayment charges on SBI personal loan?
Prepayment charges on SBI personal loan vary in accordance with the year as follows: for the 2nd year - 4%; 3rd year - 3%, after 3rd year - 2%.
Q8 Can I check my SBI Personal Loan status?
 If you have applied for your SBI Personal Loan through Afinoz.com then all you need to do is to log in to our website with your application number and get your loan status in real-time.
Q9 What factors are taken into consideration by the bank when checking my eligibility for SBI personal loan?
When your SBI loan application is submitted along with the necessary documents, the bank will run a verification check to determine your eligibility for the loan. Your job status, job security, monthly income, outstanding debt, credit score, your ability to repay the loan are some factors which will be considered to ensure that you’re a risk-free customer.
Q10 Can I avail a personal loan from State Bank of India despite having a poor credit score?
Before bank sanctions any loan to you, it requires you to have a good credit score. Credit score plays an important role in the approval of SBI personal loan since it is an unsecured loan. It is mandatory to take steps to improve your credit score to increase your chances of being approved.
Q11 What is the Personal Loan Interest Rate in SBI?
SBI provides a personal loan to the borrowers to fulfil their personal needs. A personal loan is available for salaried and self-employed. SBI personal loan rate of interest is in the range of 10.90% to 15.30%. SBI personal loan interest rate is lower for the salary account holders as compared to the other customers. Additionally, you can take the top-up loan on your personal loan which is additional that can be availed from your existing bank on your current loan at the time of transfer of your loan at the new bank. Interest rates provided by the SBI on the top up loan starts from 12.50%.
Q12 How much time does SBI take to approve a personal loan?
SBI is one of the largest public sector banks of India with a widespread network. It is one of the preferred banks to get the personal loan for the average citizen of India. Banks generally convey their decision on a loan application with 15 days of its submission. But some banks do it on an instant basis and it can be done from a few hours to 2- 3 days. SBI has also initiated a quick loan approval system which assures that if you have submitted the complete documentation loan request can be approved within 3- 5 days.
Q13 Is it beneficial to take a personal loan from SBI?
SBI offers a personal loan to both salaried and self-employed individuals. SBI offers personal loans at very low-interest rates and assures to give out the seasonal offers which make it popular amongst the borrowers. It has low processing fees along with minimal prepayment penalties. It does not have any hidden charges and personal loan amount can be used for any purpose without any restriction criteria imposed on it. SBI provides the unsecured personal loan hence there is no requirement of any security or collateral against the personal loan. So it becomes the popular choice amongst all the verticals - the salaried, self-employed and working professionals.
Q14 Why should I opt for applying for an SBI personal loan online, rather than at a branch?
Some of the benefits of applying for an SBI online personal loan are as follows- - You can apply for loan online SBI anytime, from anywhere, without visiting any designated branch - You do not need to wait for your turn while interacting with a bank representative regarding your SBI loan requirement. Most of the details (such as SBI personal login, SBI personal loan calculator etc) are available online. - You can have details of various personal loan online SBI products through the links provided at the website - You may check your eligibility under different SBI personal loan schemes yourself and can evaluate all options available to you - Loan aggregators such as Afinoz will provide you expert guidance online for choosing the most suitable - -
Reviews
Ankur Sharma
10 Apr 2019
I was looking for the personal loan for home renovation. I applied in so many websites and after few hours I got too many calls (what else you can expect).but when I got a call from afinoz they resolved all my queries and approved my loan after applying. so its better to go with sbi personal loan instead of applying in so many websites.
Pulkit Samrat
08 Jan 2019
I have taken a personal loan with SBI and my loan experience was good, the loan amount was for Rs 2.5 lakhs with nominal interest rate when compared to others. Thanks, Afinoz For giving the best services.
Jatinder Das
12 Jun 2019
Very good response from the Afinoz team, I have received the phone call from the concerned bank, they suggested benefits also to me. I have recently started using Afinoz services and the services which have been provided through this. My Personal Loan was approved From SBI.
Priyatam Kumar
10 Apr 2019
I have taken a personal loan by SBI Bank. Through Afinoz.It has been a very good experience with them and the process of getting this loan had been good as well. It had taken almost a week in getting this loan.
Piyush Joshi
15 Apr 2019
The loan schemes are quite good by SBI. my personal loan has been approved within 3 days at 11.49%. it is the time to take the personal loan from SBI.
Anupam Shrivastava
07 May 2019
I just applied for SBI personal loan from Afinoz a week ago. and now I got the loan amount in my bank account after successful completion of all the documentation seamlessly.
Saad Wakeel
09 Apr 2019
I never applied for any financial product like a personal loan. but due to financial problem, I applied for SBI personal loan from Afinoz. I never thought that my loan will be disbursed within week @11.49%. now I am happy to that SBI personal loan is the best option for a personal loan.
Himanshu Mishra
06 Jun 2019
I am enormously excited to receive to my loan amount from SBI @12.48% as this is my first anniversary and we decided to take a personal loan by SBI Through Afinoz. The verification of documentation is very easy and fast. I will recommend everyone go with the SBI personal loan. 
Ankur Sharma
02 Apr 2019
I was looking for the personal loan for home renovation.i got the approval of my SBI personal loan at 11.73%. so it is better to go with a personal loan from SBI
Janendra Prashad
10 Jun 2019
I got SBI personal loan at a nominal fee and interest rate. Documentation is very easy and fast; I got loan in just 5 days without any hassle. 
Abhilasha Mukharjee
02 Jan 2019
While applying for a personal loan from SBI, I didn’t face any difficulties. After documentation, money was credited into my account in just 72 hours. State Bank of India is the best bank to get a personal loan from. 
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