SBI Personal Loan

State Bank of India (SBI) has a wide range of personal loan options that aim to meet different needs of customers including personal expenses, medical emergencies, travel, and education. The minimum loan amount generally is 24,000 depending on which type of loan one is seeking while the maximum loan amount is 20 lakh depending on the eligibility of the borrower. One can apply for a loan through the bank’s website or the mobile app or by visiting a branch based on their individual needs as the lender has versatile offerings.

... Read More

Get Personal Loan upto ₹10 Lakhs in 10 mins!

  • Employment Type

    Features of SBI personal loans

    Competitive rates

    The bank offers competitive rates between 10.50% and 16% and has options such as fixed and floating rates.

    Flexibility in amount

    The loan amount usually starts from ₹24,000 and goes up to ₹24 lakh, depending on the type of loan and eligibility of the borrower.

    Flexibility in tenure

    Typically, the bank’s loan tenure ranges from 6 months to 6 years.

    Fast disbursement

    SBI has a streamlined application process that facilitates quick approval and disbursement, usually taking a few days.

    Easy documentation

    Standard documents such as identity proof, address proof, income proof, and employment proof are required.

    Unsecured

    SBI personal loans are accessible without any collateral or security.

    Repayment options

    The bank provides EMI payment option that stands for equated monthly installments and also allows to prepay or foreclose the loan with a fees agreed upon with certain conditions.

    Top-up facility

    Borrowers are allowed to apply for top-up loans in case they are short of funds. However, this might be subject to certain terms and conditions.

    Key details of SBI personal loans

    Interest Rates


    • Type: Fixed and floating
    • Range: 10.50% to 16% per annum

    Amount


    • Minimum: Generally, around 24,000, based on the type of loan and borrower’s profile
    • Maximum: Up to 20 lakh depending on eligibility

    Eligibility


    • Age: Between 21 and 58 years old
    • Income: A stable source of income – whether salaried or self-employed.

    Documentation


    • Identity Proof: Aadhaar card, passport, etc.
    • Address Proof: Utility bills, rental agreements, etc.
    • Income Proof: Salary slips, bank statements, income tax returns, etc.
    • Employment Proof: Employment letter or business registration documents.

    Application Process


    • Online: Via SBI's official website or mobile app.
    • Offline: At any SBI branch.

    Tenure


    • Minimum Tenure: 6 months
    • Maximum Tenure: Up to 6 years

    Processing Fees


    Usually around 1% of the loan amount. However, it may differ as some promotional offers may either cut it or waive it off.

    Repayment


    • Monthly Equated Installments (EMIs)
    • Prepayment or foreclosure with certain conditions or fees.


    SBI Personal Loan Fees & Charges

    Processing Fees


    Generally around 1% of the loan amount is charged as processing fee which is non-refundable. This differs from loan to loan depending on the type, amount, offers, etc.

    Late Payment Charges


    A penalty on late payment is applicable, which can vary. Generally, the norm is to charge a set percentage of the overdue amount or a fixed fee. Besides, additional interest may also accrue.

    Cheque Bounce Charges


    A penalty is typically charged if a cheque bounces.

    Prepayment Charges


    Typically around 2% of the prepaid amount is charged if the loan is partially prepaid. While for foreclosure, typically around 3% of the outstanding principal is applicable.

    Loan Conversion Fees


    A conversion fee may apply if one seeks to switch from floating to fixed rate.

    Stamp Duty and Legal Charges


    Stamp duty and legal charges depend on the state subject to local regulations.

    Document Issuance Charges


    Issuing loan documents or providing copies may also draw charges.

    Miscellaneous


    These may include fees for changing loan terms or getting a no-objection certificate (NOC) after loan closure.


    SBI Personal Loan Interest Rates

    Loan SchemeInterest Rate (Per Annum)Purpose
    SBI Xpress Credit11% - 16.00%Personal loan for salaried individuals
    SBI Pension Loan11.30% – 11.80%Loan exclusively for pensioners
    SBI Personal Loan for Government Employees10.30% to 13.85%For government employees, offering competitive rates.
    SBI Xpress Credit for Self-Employed Individuals11.00% - 16.00%For self-employed individuals.
    SBI Personal Loan for Medical Treatment10.50% - 16.00%For medical expenses with flexible repayment options.
    SBI Personal Loan for Education10.50% - 16.00%For educational purposes, similar to other loans.

    SBI Personal Loan Eligibility (Typically)

    Age


    Minimum: 21 years.
    Maximum: Up to 58 years.

    Income


    Salaried: Stable income with a minimum monthly income requirement.
    Self-Employed: Stable business with a minimum of 2-3 years of running operation.

    Employment


    Salaried: Employed with a reputed firm.
    Self-Employed: Stable business.

    Credit Score


    Most preferred: Generally 750 or above.

    Residency


    Indian citizens.

    Documentation


    Identity Proof: Aadhaar card, passport, etc.
    Address Proof: Utility bills, rental agreements, etc.
    Income Proof: Salary slips, bank statements, tax returns, etc.

    SBI personal loan documents required in detail


    1. Identity Proof - Generally, around 24,000, based on the type of loan and borrower’s profile

    2. Address Proof - Generally, around 24,000, based on the type of loan and borrower’s profile

    3. Income Proof


      • Salaried:

        • Salary slips
        • Bank statements
        • Income tax returns (ITR) or Form 16 (if applicable)

      • Self-Employed:

        • Income tax returns (ITR)
        • Bank statements
        • Profit and loss statements, balance sheet, etc
    4. Employment Proof


      • Salaried:

        • Employment letter
        • Salary slips

      • Self-Employed:

        • Business registration documents
        • Partnership deed (if applicable)
    5. Photographs


      • Passport-size photographs
    6. Loan Application Form


      • Completed and signed
    7. Other Documents (if applicable)


      • Pension payment slip or pension book.
      • Details of any existing loans or liabilities.

    SBI EMI Calculator

    Using an online personal loan EMI calculator is recommended, as it gives the borrower an accurate idea of the amount to be paid every month for the loan borrowed and the interest on it.

    https://www.paisabazaar.com/sbi-bank/personal-loan-emi-calculator/

    FAQs

    The minimum loan amount generally is ₹24,000 depending on which type of loan one is seeking while the maximum loan amount is ₹20 lakh depending on the eligibility of the borrower.

    SBI personal loan interest rates typically range from 10.50% to 16.00% per annum. However, the precise rate depends on several factors including the type of loan, credit profile of the borrower, and the loan amount. It offers options such as fixed and floating rates.

    One must be between 21 and 58 years old, should have a stable income and a good credit score. Individuals should either be employed with a reputable firm or have a stable business.

    · Identity Proof: Aadhaar card, passport, etc. · Address Proof: Utility bills, rental agreements, etc. · Income Proof: Salary slips, bank statements, income tax returns, etc. · Employment Proof: Employment letter or business registration documents.

    Yes, one is allowed to prepay or foreclose SBI Personal Loan with some charges that may vary based on the loan type.

    Know your CIBIL Score for free
    Get Instant Loan at Low Interest Rates
    Bajaj Finserv
    Loan Amount Upto
    Upto 40 Lacs
    Tenure
    12-60 months
    Rate of Interest
    14% - 18%*
    Processing Fee Upto
    Upto 1.15% of loan amount
    Axis Bank
    Loan Amount Upto
    Upto Rs 50 Lacs
    Tenure
    12-84 months
    Rate of Interest
    starts from 16%*
    Processing Fee Upto
    1.5% of loan amount
    View More Offers
    Calculators
    EMI Calculator
    Calculate your monthly installment amount for a loan based on the principal, interest rate, and tenure
    Income Tax Calculator
    Choose the right income tax regime & discover your tax savings
    Best offers for you
    Personal Loans
    100% Digital, Zero Paperwork.
    Credit score
    Know your score for Free.
    HomeMarketsPremiumInstant LoanMint Shorts