Description
About the SBI bank
State bank of India is a government-owned financial institution headquartered in Mumbai. State Bank of India 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. State Bank of India has 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 one of the highly recognized Personal Loan. SBI 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 scheme offers personal loans at the low interest rate, minimum processing fees, no prepayment penalties and lots more to help customers to support their genuine requirements. State bank of India (i.e. SBI), one of biggest lenders in the country, offers a personal loan to help you (an individual) at the time of distress and emergencies. SBI loan department has introduced Xpress credit personal loan to assure that the disbursement of personal loan takes less time so as to help a borrower in getting the personal loan instantly.
What is Afinoz?
Afinoz is India's topmost online financial marketplace 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 +918795021552 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
Features and Benefits of SBI personal Loan
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. State Bank of India provides personal loans with unmatched features and benefits as follows:
- Attractive rate of Interest: SBI personal loan interest rate is lowest 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 +91-8795021552 or mail us at info@afinoz.com and get all the details quickly.
We also offer other financial products such as SBi Business Loan, Home loan, Mahindra Finance Personal Loan, car loan, Education loan, PNB Business Loan etc. from the top banks and NBFCs at the lowest possible interest rate with no hassle. Our aim is to make financial products reasonable and easily accessib to everyone. We promise to provide quick, reliable, transparent and confidential solutions without any charge. We provide Best Personal Loan In India.
Eligibility & Document Required for SBI Personal Loan
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 an SBI personal loan facility:
- Central and State Government
- Quasi-Government
- Central PSUs
- Profit making State PSUs
- Educational institutes of National Repute
- Selected corporate which has business relationship with the Bank
- Corporate which does not have business relationship with the Bank as well as does not have ECR, subject to certain terms and conditions
- Age limit: The applicant of SBI personal loans should be a minimum of 21 years to a maximum 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 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 credit worthiness 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
Apply for SBI personal loan online at Afinoz.com. You can call us at +918795021552 or email us at info@afinoz.com.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 throughAfinoz.com, you can effortlessly track your loan application status on our website on a real time basis, 24x7.
Interest Rate & Charges for SBI Personal Loan
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 interest rate 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 |
Upto Rs. 15lacs |
|
Age |
21 to 60 years |
|
Interest rate |
11.75% - 14.75% p.a. |
|
Processing fee |
1% of the loan amount + applicable tax |
|
Minimum income requirement |
Rs. 5000 per month |
|
Loan tenure |
Maximum 60 months or residual service period whichever is less |
SBI Saral Personal Loan
Some notable features of SBI Saral personal loan are as follows:
|
Interest rate |
From 11.85% to 14.70% p.a. |
|
Age |
21 to 60 years |
|
Loan amount |
Rural areas or semi-urban centres:Rs.10,000 to Rs.10 lacs;Metro and urban centres:Rs.24,000 to Rs.10 lacs |
|
Loan tenure |
Upto 48 months |
SBI Personal Loan for Pensioners
Some prominent features of SBI personal loan for pensioners are as under:
|
Interest rate |
11.70% to 16.80% p.a. |
|
Maximum age |
76 years |
|
Loan amount |
Rs. 25,000 to Rs. 14 lacs |
|
Loan tenure |
Upto 84 months |
Type Of SBI Personal Loan
SBI Xpress Credit Personal Loan
SBI personal loan 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.
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 a 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 a 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 a sbi personal loan up to Rs 14 lakhs and family pensioners can avail up to a maximum of Rs 5 lakhs.
SBI Personal Loan Under Various Category
SBI Personal Loan For Government Employee
A best personal loan is meant to address the short-term financial needs of an individual. Due to the tag of ‘job-security’ attached with a government job, banks and financial institutions often come up with attractive personal loans for government employees.
Personal Loan for Government Employees
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No need of 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.
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Convenient documentation-
Regardless of which government sector you are in, personal loans for government employees can be obtained with a minimum documentation.
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Easy repayment options
A large section of the banks/NBFCs offer 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.
Read More : SBI Personal Loan For Government Employee
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 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 lucrative personal loan interest rate
Read More : SBI Personal Loan for NRI
Why Afinoz
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 State bank of India for your personal financing.
- Secure Environment - Afinoz.com has a 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 SBI personal loans 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.
Compare SBI Personal loan with other banks
Personal Loan Blogs
➤ Personal Loan for Jobless/Unemployed people?
➤ Personal Loan for Low Salary Professionals
➤ Personal Loan for Pensioners
➤ Personal Loan for Government Employees
➤ SBI Personal Loan for Government Employees – Eligibility, Interest Rate
FAQs
Query- How much interest is charged by SBI on a personal loan?
Reply-SBI personal loan 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 minimum 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 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.
For any query about State Bank of India personal loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com.
Review
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 a best services.
Rated- 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 has 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 in 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 the personal loan. but due to financial problem, i applied for sbi personal laon 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 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 approval of my sbi personal loan loan at 11.73%. so its better to go with sbi personal loan .
Rated- 5/ 5 Review By - Ankur Sharma