Description
About the SBI 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.
State Bank of India Personal Loans
SBI personal loan 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.
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:
- The employees of the following bodies who have a salary account can apply for a personal loan by SBI facility:
- Central and State Government
- Quasi-Government
- Central PSUs
- Profit making State PSUs
- Educational institutes of National Repute
- The selected corporate which has a business relationship with the Bank
- The corporate which does not have a business relationship with the Bank as well as does not have ECR, subject to certain terms and conditions
- Age limit: The applicant of personal loans by SBI should be a minimum of 21 years to a maximum of 58 years of age at the time of loan maturity.
- Service: Salaried individuals must have completed 2 years of service in a reputed organization.
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:
- Signed loan application form
- Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
- Processing fee cheque
- Last 3 months bank statement 6 months bank passbook statement
- Latest salary slip & Current dated salary certificate with the Latest Form 16 for salaried individuals
- Latest Bank statement or Latest ITR of Form 16 for self-employed individuals
You can check your eligibility and tentative EMI for SBI personal loan using our utility tools like sbi personal loan eligibility calculator and personal loan EMI calculator. We assure you of our best services without any hassle and effort at the click of a button from the comfort of your home or office. Once you complete and submit your SBI bank loan application through Afinoz.com, you can effortlessly track your loan application status on our website on a real-time basis, 24x7.
Features and Benefits of SBI personal Loan
Feature and Benefits of State Bank of India Personal Loan:
SBI's personal loan products have attractive features and benefits. Easy loan approvals with flexible loan tenures make them unique among themselves
- SBI personal loan interest rate is competiive in the market
- SBI charge interest on a reducing balance method
- No hidden cost or administrative charges
- Zero foreclosure charges
SBI Xpress Credit personal loan: State Bank of India provides you with an option of taking second Xpress loan if you have taken the first loan and repaid it on time. The second loan can be taken only after 1 year of disbursement of the first loan provided the first loan has been adequately attended and is regular at the time of sanction of the second loan.
- No collateral or security required
- No prepayment penalties
- Instant loan approval
- Higher personal loan quantum
- Fast approval and disbursal
Apply through Afinoz and win cashback rewards. If there is any query about SBI personal loan application, you should log on to Afinoz.com or call us at +0120-411-0376 or mail us at info@afinoz.com and get all the details quickly.
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.
SBI Saral Personal Loan
The amount of loan you can avail in SBI Saral Personal loan depends on your income and repayment capacity. Here, you can get an SBI personal loan up to 12 times your NMI (Net Monthly Income) which is required to pay off in 48 EMIs. No security/collateral will be asked and you need to go through minimal documentation only. Also, the bank does not levy any additional prepayment charge upon you.
State Bank Festival Loan
SBI offers Festival Personal Loans to cover the festival expenses of an individual. These SBI personal loans are disbursed through a very transparent process, without any hidden charges. It needs no security; no pre-payment charges and the interest rates are also much lower, as compared to other lenders. You can avail a loan amount up to 4 times your NMI which needs to be repaid within 12 months. But, you need to have an NMI of Rs 3000 or above.
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.
SBI Agriculture Loan
India’s largest bank has structured its items by centering at the necessities of our farmers. Its agribusiness banking products have multiple benefits with low-interest rates. SBI comprehends that a delay in giving timely finance can have drastic consequences for farmers – they may miss a yield sowing season. To maintain a strategic distance from this, it sanctions loan rapidly and offers loan disbursement in the most limited timeframe.
Features of SBI Agriculture Loan
- Low-interest rate
- No intermediaries
- No hidden cost
- Quick loan sanction and disbursement
Kisan Credit Card Scheme (KCC)
SBI offers loan to farmers for crop production as KCC (Kisan credit card). The credit covers the yield generation costs, machine cost, contingencies, and so forth.
Eligibility: All farmers, including tenant farmers, joint cultivator owners, Self Help Groups or Joint liability groups, are eligible to get a loan under this 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 |
| 0 | 0 | 0 | 0 | 100,000 | 0 | 0% |
| 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.