About the SBI bank
SBI full form is State Bank of India. It is a government-owned financial institution headquartered in Mumbai. It is the 45th largest public sector bank in the world, and the largest in India with over 24,000 branches and 59,500 ATM’s across the country. The asset size of State Bank of India is approximately Rs. 40 lakh crore, and it has a customer base of around 500 million. The bank 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 is a very prominent financial product. It has diverse and attractive personal loan products such as SBI Saral personal loan, SBI Xpress credit personal loan, and SBI pension loan to meet the distinct requirement of salaried individuals, self-employed and working professionals as well as pensioners. SBI personal loan is available at the low-interest rate, minimum processing fees, no prepayment penalties to help customers support their genuine requirements. State bank of India (i.e. SBI), one of the biggest lenders in the country, offers a personal loan to help you (an individual) at the time of distress and emergencies.
What is Afinoz?
Afinoz is one of the leading online financial marketplaces for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient, and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +0120-411-0376 or by emailing at firstname.lastname@example.org. Afinoz.com provides solutions which are quick, reliable, transparent, confidential, and above all free.
Feature and Benefits of State Bank of India Personal Loan:
State Bank of India personal loan has attractive features and benefits from easy loan approval to higher loan amount with flexible loan tenure. Unmatched features and benefits are as follows:
- Attractive rate of Interest: SBI personal loan interest rate is highly competitive in the market
- Reducing Balance: SBI charge interest on a reducing balance
- 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
State Bank of India personal loan eligibility or State Bank of India personal loan interest rates can be easily assessed through Afinoz.com. 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 email@example.com and get all the details quickly.
State Bank of India Personal Loan Eligibility Criteria:
Any Indian citizen having a residual income and the ability to repay the loan is eligible for 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
- 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.
- Eligibility and EMI calculator: Now, you can easily evaluate and calculate your state bank of India bank personal loan eligibility and State bank personal loan EMI amount using utility tools like personal loan eligibility calculator and SBI personal loan EMI calculator at afinoz.com. These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at Afinoz.com is free, easy and simple.
- CIBIL score: Credit score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
State Bank of India Personal Loan Documents Required
For obtaining the maximum amount of personal loan from 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 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.
We all share a common dream - great 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:
Up to Rs. 15 lakhs
21 to 60 years
Term loan: 12.05% onwards
Overdraft facility: 12.55% p.a. onwards
1% of the loan amount + applicable tax
Minimum income requirement
Rs. 5000 per month
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:
11.95% to 16.80% p.a.
Rs. 25,000 to Rs. 14 lakhs
Up to 84 months
SBI Xpress Power Loan
Some notable features of SBI Xpress loan are as follows:
Term loan: 12.10% to 13.75% p.a.
Overdraft facility: 12.60% to 14.25%
21 to 60 years
Term loan: Rs.25,000 onwards
Overdraft facility: Rs. 5 lakh onwards
Up to 60 months or the remainder of service, whichever is lower.
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, with 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.
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.
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.
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.
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.
1. SBI Personal Loan For Government Employee
➤ No need for security/collateral -
As a government job is deemed to be a stable and a secured one, lenders do not often ask for a security. Some lenders even run special schemes to woo government employees in different sectors. For example - personal loans for government employees are offered at low-interest rates to ex-army or defense personnel.
➤ Convenient documentation-
Regardless of which government sector you are in, personal loans for government employees can be obtained with minimum documentation.
➤ Easy repayment options
A large section of the banks/NBFCs offers easy and flexible repayment options to government employees. A usual repayment tenure falls in the range of 12-60 months. Some lenders even offer prepayment facilities to government employees with zero processing fees.
2. SBI Personal Loan for NRIs
SBI has designed its personal loan structure for the NRIs so that they can easily avail the benefit of personal loan in India. When it comes to providing the loan, then most of the banks offer rupee loan or foreign currency loans to the holders of NRE/FCNR term deposit accounts. SBI grants loan for up to 90% of the amount deposited in the account. The upper limit, however, may vary.
features of SBI Personal Loan for NRIs
- The following are the key features of SBI personal loan for NRIs:
- One of the primary reasons that SBI has become a popular choice for those looking for the loan is that it offers simplified and easy loan procedures.
- The documentation procedure for the NRIs is simple.
- Easy repayment options and the repayment tenure may vary from 12 months to 60 months.
- The loan is available for high limits as well.
- SBI offers a lucrative personal loan interest rate
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 firstname.lastname@example.org. 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.
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 email@example.com.
HOW CAN I 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.
SBI offers its customers personal loan products for attractive interest rates. personal loan By SBI is approved in 3 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 firstname.lastname@example.org.
Whenever you take SBI personal loan to fulfil your financial requirements, in order 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?|
The principal loan amount you want to borrow Enter the following information while using Afinoz personal loan EMI Calculator 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|
|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|
Why should you apply for SBI Personal Loan through Afinoz.com?
Afinoz.com is one of India's leading personalized financial marketplace. It has created a personal loan platform which lets you choose the best personal loan from the multiple options available to you. All the options are system generated taking into consideration your specific needs and requirements.
- Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
- Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
- Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from the State bank of India for your personal financing.
- Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment in our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secure.
- 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.
- No third-party agent – Afinoz.com online loan application process is absolutely free. Through Afinoz one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and hassles.
- Free quotations – Get online deals on personal loans by SBI and free unbiased quotes of the best personal loan rates. All you have to do is select the loan amount you want to borrow and the tenure of the personal loan. You will get a targeted online quote within minutes of application.
Personal Loan Blogs
Query- How much interest is charged by SBI on a personal loan?
Reply-personal loan by SBI interest rate ranges from 11.95% to 14.55%
Query-What is the lowest EMI per lakh on SBI personal loan?
Reply- If you apply for a personal loan from SBI, your lowest EMI per lakh will be Rs. 2,658.
Query-What is the minimum and maximum tenure of SBI personal loan?
Reply- 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.
Query- What is the maximum personal loan amount I can get from State Bank of India?
Reply- 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.
Query-How much processing fee is charged by SBI on a personal loan?
Reply- SBI charges a processing fee of 2 to 3% of the loan amount with applicable service tax.
Query-Is age an eligibility factor to get a personal loan from SBI?
Reply- 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.
Query-Are there any prepayment charges on SBI personal loan?
Reply- 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%.
Query-Can I check my SBI Personal Loan status?
Reply- 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.
Query-What factors are taken into consideration by the bank when checking my eligibility for SBI personal loan?
Reply- 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.
Query-Can I avail a personal loan from State Bank of India despite having a poor credit score?
Reply: 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.
Query- What is the Personal Loan Interest Rate in SBI?
SBI provides a personal loan to the borrowers to fulfill their personal needs. A personal loan is available for salaried and self-employed. SBI personal loan rate of interest is in the range of 11.30% to 16.60%. 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%.
Query- 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.
Query- 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.
Query- Why should I opt for applying for an SBI personal loan online, rather than at a branch?
Reply- 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 SBI personal loan product, with the best affordable SBI personal loan rate of interest.
- You may customize the personal loan tenure and amount as per your unique requirement by using SBI personal loan EMI calculator.
- You have the flexibility to complete and submit the SBI loan apply on a later date if the required documents/information is not available readily.
- You can download a pre-filled SBI personal loan application and submit a signed copy to the bank executive who will be in touch with you. This will reduce your time and effort considerably while completing the SBI personal loan application.
- You can upload the income documents, KYC and other personal documents to expedite the process faster
- You can even track the SBI loan status of your personal loan online SBI application at every stage, after submitting the application.
- An appointment can be scheduled with the bank for collection of documents related to your SBI loan apply.
For any query about State Bank of India personal loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at email@example.com.
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.
Rated- 3.5/ 5 Review By - Pulkit Samrat
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.
Rated- 4/ 5 Review By - Jatinder Das
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.
Rated- 4/ 5 Review By - Priytam Kumar
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.
Rated- 4/ 5 Review By - Piyush Joshi
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.
Rated- 4/ 5 Review By - Anupam Shrivastava
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.
Rated- 4/ 5 Review By - Saad Wakeel
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.
Rated- 4/ 5 Review By - Himanshu Mishra
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
Rated- 5/ 5 Review By - Ankur Sharma
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.
Rated- 5/ 5 Review By - Janendra Prashad
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.
Rated- 5/ 5 Review By - Abhilasha Mukharjee
Easy application, fast disbursal and excellent support system that is what I can say about State Bank of India. 4 months ago, I got a personal loan from SBI. Overall it was an extremely satisfying experience.
Rated- 5/ 5 Review By - Abhinav Pandey