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.
Loan Scheme | Interest Rate (Per Annum) | Purpose |
---|---|---|
SBI Xpress Credit | 11% - 16.00% | Personal loan for salaried individuals |
SBI Pension Loan | 11.30% – 11.80% | Loan exclusively for pensioners |
SBI Personal Loan for Government Employees | 10.30% to 13.85% | For government employees, offering competitive rates. |
SBI Xpress Credit for Self-Employed Individuals | 11.00% - 16.00% | For self-employed individuals. |
SBI Personal Loan for Medical Treatment | 10.50% - 16.00% | For medical expenses with flexible repayment options. |
SBI Personal Loan for Education | 10.50% - 16.00% | For educational purposes, similar to other loans. |
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.