SBI Personal Loan

State Bank of India offers personal loans at reasonable interest rates starting at 10.55% p.a. for loan amounts of up to Rs.20 lakh and tenure of up to 6 years. SBI also offers pension loans of up to Rs.14 lakh for loan tenure of up to 6 years and the pensioner’s age should be below 76 years. They also offer pre-approved personal loans to customers who are pre-selected on certain parameters pre-defined by them.

SBI Personal Loan Overview
Loan Amount	Up to Rs.20 Lakhs
Loan Tenure	Up to 6 years
Interest Rate	10.55% per annum onwards
Processing Fees	Up to 1.5% of the loan amount (Rs.1000 to Rs.15000 + GST)
Minimum Income	Rs.15,000 per month
Age Limit	21 years to 76 years

Key Features or Benefits: SBI Personal Loan

• SBI provide personal loan at a low-interest rate and charge interest on a daily reducing balance.
• Processing charges are very low to avail loan from SBI.
• Documentation process is hassle-free and minimum documents are required.
• Zero/No hidden costs
• No security need to pledge and no guarantor are required for taking a loan from SBI.
• 24*7 availability through SBI YONO App.
• Instant loan processing & fast disbursement after approval. 
   

Eligibility Criteria for SBI Personal Loan

1. SBI Xpress Credit (Personal loan for salaried applicants)

• Borrowers/Employees are working with Central/ State/ Quasi-Government, Central PSUs and profit-making state PSUs, Nationally recognized educational institutions and selected corporates with/ without a relationship with the bank.
• Individuals having salary account with SBI.
• Minimum monthly required income- Rs.15,000
• EMI/NMI ratio is less than 50%
• SBI personal loan eligibility also depends on the credit score of its applicants, just like other lenders.
• You are eligible for a second loan only on regular EMI repayments of the first loan.
   

2. SBI Real Time Xpress Credit

• Government/defense salary package account holders with KYC compliant accounts.
• Minimum Net Monthly Income
  1. 1. >=Rs.15000/- for RTXC
     2. >=Rs.1,00,000/- for RTXC-Elite
• EMI/NMI ratio- For RTXC:< 50%, and for RTXC Elite-:< 60%
   

3. SBI Quick Personal Loan

• Employees working with Central/ State/ Quasi-Governments, Central & State PSUs, corporates (private and public limited), and educational institutions of national repute.
• Age limit- 21 to 58 years
• Employees having salary account with any other bank than SBI.
• Minimum net monthly income is Rs.15,000.
• EMI/NMI ratio- less than 50%
• At least 1 year of service is required.
   

4. Pre-approved Personal Loan

• The savings bank account holders can apply.
• The bank account holder can SMS “PAPL” to 567676 to check eligibility.
   

5. SBI Pension Loan

For Central/ State Government Pensioners

• Age- The pensioner should be below 76 years.
• Pension is drawn through an SBI account.
• The pensioner is to give an irrevocable undertaking not to modify his mandate to the treasury during the loan tenure.
• The Treasury to give permission in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued.
• All other terms and conditions of the Scheme will be applicable, including a guarantee by the spouse (eligible for family pension) or by an appropriate third party.

 

For Defense Pensioners

• Maximum age at the time of processing the loan should be up to 76 years.
• No minimum age limit is required under this scheme.
• Pension accounts of employees should be maintained with SBI.
• Pensioners of Armed Forces including Army, Navy, and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles, Assam Rifles.

For Family Pensioners

• Maximum age- Up to 76 years
• Family pensioners include authorized members of the family to receive a pension in place of the deceased pensioner.
   

SBI Xpress Elite

• Individuals/Borrowers having salary account with SBI or any other Bank.
• Minimum Income: Rs.1,00,000/- per month
• EMI/NMI Ratio <= 60%
• Employees working with the Central/ State/ Quasi Governments, Defense/ Central Armed Police/ Indian Coast Guard, Central & State PSUs, Corporates (Private & Public Ltd.), and educational institutions of National Repute.
   

Mandatory Documents Required for SBI Personal Loan

The documents required for a personal loan from SBI may differ depending on the type of personal loan you are applying for. At present, only salaried individuals or professionals and pensioners can avail of SBI Personal Loan. The following are the mandatory documents required for availing SBI personal loan.

1. Documents required for salaried individuals

• Duly filled application form along with latest passport-sized photographs.
• Identity Proof- Passport/PAN card/ Voter Identity Card/Driving License/Aadhar Card
• Address Proof- Ration Card/Bank Account Statement/Passport/Driving License/Electricity Bill/Telephone Bill,/Sale Deed or Property purchase agreement (owned properties), and Aadhar Card
• Income Proof- Bank Account Statement, Salary Slips, ITR, and Form 16
• Copy of ID card issued by the present employer
• Irrevocable Letter of authority addressed to spending authority.
• Irrevocable Letter of authority from the person officially authorized to disburse salary and allowances.
• Any other necessary document required by SBI.
   

2. Documents required for Defense Salary Package/Para-military Salary Package/Indian Coast Guard Salary Package

• Duly filled application form with 2 latest photographs.
• ID Proof- PAN Card, driving license, passport, voter ID, and Aadhar card.
• Residence Proof- telephone bills/electricity bills/passport/voter ID.
• Last 6 month’s bank account statement where your salary is credited.
• Salary slips for the previous 6 months.
   

SBI Personal Loan: Interest Rate, Processing Fees, and Other Fees and Charges

SBI Personal Loan starting interest rate is 10.55% p.a. The SBI offers personal loan interest rates based on the type of SBI Personal Loan schemes availed, employment profile, loan amount, and the SBI existing salary account relationship with the applicants.
 

1. SBI Xpress Credit Personal Loan

SBI Xpress Credit Personal Loan Interest Rates

Defense/Para-military/Indian Coast Guard salaried applicants

Types	Interest Rates
Term Loan	10.55% to 12.05% p.a.
Overdraft	11.05% to 12.55% p.a.

Borrowers of Central & State Govt. / Police / Railway/ Central Public Sector Enterprises (CPSEs) considered under ‘RATNA’ Status

Types	Interest Rates
Term Loan	10.55%-13.05% p.a.
Overdraft	11.05%-13.55% p.a.

Interest Rates for Other Applicants

Types	Interest Rates
Term Loan	11.55%-13.55% p.a.
Overdraft	12.05%-14.05% p.a.

SBI Xpress Credit Personal Loan Foreclosure Charge and Penalty

Pre-payment Charges	3% on the prepaid amount are charged. No foreclosure charges if an account is closed from the proceeds of a new loan account under the same scheme.
Penal Interest	2% per month

2. SBI Real Time Xpress Credit Personal Loan

SBI Real Time Xpress Credit Personal Loan Processing Fees and Penalty

Processing Fees	Up to 0.75% of loan amount + GST
Penal Interest	2% per month

3. SBI Quick Personal Loan

This offer is for those salaried customers who do not maintain a salary account with SBI.

• Charges are 0.25% higher than Xpress Credit Scheme for all available brackets.

SBI Quick Personal Loan Processing Fees, Penal Interest, and Foreclosure Charges

Processing Fees	1.50% of the loan amount (Rs.1,000- Rs.15,000) + GST
Penal Interest	2% per month
Foreclosure Charges	3% on the prepaid amount is charged. No foreclosure charges if an account is closed from the proceeds of a new loan account under the same scheme.

4. SBI Pension Loan

SBI Pension Loan Interest Rate and Foreclosure Charges

Interest Rate	10.70% per annum
EMI/NMP Ratio (for family pensioners)	Up to 33%
EMI/NMP Ratio (for other pensioners)	Up to 50%
Foreclosure Charges	3% on the prepaid amount is charged. No pre-payment charges are applicable if an account is closed from the proceeds of a new loan account under the same scheme.

5. SBI Xpress Elite Personal Loan

SBI Xpress Elite Interest Rate

Types of Applicants/Borrower’s	Interest Rates
Salary Account Holders with SBI	10.55%-12.05% p.a.
Applicants having salary accounts with any other banks	10.80%-12.30% p.a.

SBI Xpress Elite Processing Fees, Penal Interest, and Pre-payment Charges

Processing Fees	Up to 1.50% of the loan amount (minimum Rs.1000 & maximum Rs.15000) + Applicable GST
Penal Interest	2% per month
Foreclosure Charges	3% on the prepaid amount is charged. No pre-payment charges if an account is closed from the proceeds of a new loan account under the same scheme.

Types of SBI Personal Loans

1. SBI Xpress Credit Personal Loan

Purpose- SBI Xpress Credit is a personal loan scheme offered to salary account holders at SBI to meet unexpected emergencies.

• Term loan amount: Rs.25,000 to Rs.20 lakh
• Overdraft loan amount: Rs.5 lakh to Rs.20 lakh
• Tenure- 6 months to 6 years or the remaining period of service (whichever is lower).
   

2. Pre-approved Personal Loan through SBI YONO App

Purpose- It is a pre-approved personal loan facility popularly known as SBI Yono Pre-approved Personal Loan. It is a kind of reward offered to savings account holders of SBI. You can avail of a loan amount of up to Rs.8 lakh.

Also Read- Bank of India Personal Loan

Steps to avail of pre-approved personal loans on YONO

• Step 1: Login to YONO App
• Step 2: Click on the ‘Avail’ Now option
• Step 3: Select loan tenure & the loan amount
• Step 4: Enter received OTP -> Amount Credited
   

3. SBI Real Time Xpress Credit (RTXC) Personal Loan

Purpose: RTXC is a fully digitized loan journey on the YONO app designed for Government and Defense salary package customers for Xpress credit loans up to Rs.35 lakhs and can be availed immediately at your convenience on a 24*7 basis.

• Loan Amount: Minimum Loan amount required is Rs.25000/-
• Maximum Loan Amount: Rs.30 lakh for RTXC and Rs.35 lakh for RTXC Elite
• Loan tenure: 6 months to 72 months
   

4. SBI Quick Personal Loan

Purpose: It is a personal loan provided for salaried individuals who do not maintain a salary account with SBI.

• Loan Amount: Rs.24,000 to Rs.20 lakh
• Minimum loan tenure- 6 months
• Maximum tenure-6 years or the remaining period of service (whichever is lower).
   

5. SBI Pension Loan

Purpose- SBI pension loan scheme is accessible to central and state government pensioners, defense pensioners, and family pensioners drawing their pension through the SBI account. Such pensioners can use the loan proceeds for supporting their personal needs.

Loan Amount:

• Central/ State government employees/Defense pensioners - Up to 14 lakh.
• Family Pensioners can avail of loans up to 5 lakh.
   

Loan Repayment Tenure:

• For Central/ State Government Employees/Family Pensioners- Up to 5 years
• Defence Pensioners- Up to 7 years
   

6. SBI Xpress Elite

Purpose- SBI offers customized personal loans for all high-value salaried customers having a minimum monthly income of Rs.1 lakh. The borrower can use these expenses for weddings, vacations, unplanned emergencies, or planned purchases, and you will get quick approval and disbursal with minimal documentation.

• Loan amount- Rs.3,00,000 to Rs.35 lakhs.
• Repayment period- 6 months to 6 years or the remaining period of service (whichever is lower).
   

Pros and Cons of SBI Personal Loan

Following are the pros and cons of availing of a personal loan from SBI including a review of the users.

PROS	CONS
Various types of personal loans are available	App is not working properly, lots of bugs
Provision for a second loan is available	Difficult to compatible with all android devices
No hidden costs are included	Not user friendly
Secure and trustable app
Interest rates and other charges are low

Important Points to Remember

• SBI offers personal loans only on fixed interest rates they do not offer personal loans on floating interest rates.
• It takes usually up to 2 to 7 days for the disbursement of the loan.
• You can make repayment of your SBI Personal Loan via EMIs through the ECS facility or through Standing Instruction.
   

YONO SBI App Ratings & Review

The rating given by the customers on the YONO SBI App is great on google playstore, More than 10 Crore users downloaded their app, and customers are happy with their product and the number of financial services available you can see the app review and ratings below.

Google Playstore Rating	4.2/5*
Number of App Downloads	10 Crore+
Number of Users Review	14,64,210
Content rating	3+
App Size	39 MB

SBI Customer Care Details

You can call SBI's 24X7 helpline number (toll-free) i.e. 1800 1234, 1800 11 2211, 1800 425 3800, 1800 2100, or 080-26599990. All these toll-free numbers are accessible from all landlines and mobile phones in the country.

Conclusion- SBI is one of the reputed banks in India and it offers loan amounts of up to Rs.20 lakhs to salaried employees at starting interest rates of 10.55% per annum. Users are happy with their various numbers of services and low-interest rates with other charges.

You can use SBI YONO App to get access to all products and services. But users are facing technical issues in-app, and lots of bugs and errors are there. The number of reviews given by the users is high. You must need to read about various financial lenders for a better selection to avail of personal loans.