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.

Get Lowest Personal Loan 10.99%*

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.

Apply SBI Personal Loan

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.

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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