SBI Personal Loan

Table of Contents

In our day-to-day life, even on special occasions and situations of emergency, we require a good amount of funds to meet our financial needs and liabilities. We generally spend money on vacation, education, property, vehicles, marriage, and medical emergencies as well. There are situations when we have to arrange a hefty amount within a shorter duration. To meet the financial needs in such situations, personal loans play a vital role.

State Bank of India, one of the biggest lenders in the country, offers a range of personal loan schemes to help you out in times of distress. State Bank of India offers personal loans under four categories – SBI Pension Loan, SBI Xpress Credit Personal Loan, SBI Saral Personal Loan, and SBI Festive Season Loan. Compare SBI with other Personal loan banks for Interest Rates.

Features

  • Low-interest rates. Further, we charge interest on a daily reducing balance!
  • Low processing charges 
  • No hidden cost / administrative charges 
  • Minimal documentation
  • No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan

Factors affecting SBI Personal Loan EMI

  1. Loan amount – This is the amount that you have borrowed from SBI. If you apply for a higher loan amount, your monthly EMI will be high. SBI gives a minimum loan of ₹ 50,000, which can go up to an amount of ₹ 15 Lakh.
  2. Interest rate – Higher interest rate increases your loan EMI as well as the total cost of the loan. SBI personal loan interest rates for salary account holders can be lower than their quote rates, which can reduce the overall cost of loans and EMI. The lowest interest rate offered by SBI is 9.60%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  3. Loan tenure – This is the period in which you can repay your loan in SBI. Longer loan tenure means lower personal loan EMI. Generally, SBI offers a loan for a maximum tenure of 6 years.

Documents required of SBI Personal Loan

Salaried (Salaried Class)

Types of SBI Personal Loan

1. SBI Xpress Credit Personal Loan

SBI Xpress Credit is a special loan for employees of Central and state government, Quasi-Government, Central PSUs, Profit making State PSUs, Educational National Institute, and few selected companies to help them meet their urgent cash requirements such as a medical emergency or a family vacation.

Key Loan Terms

  • Loan available at the age of 21 – 58 years
  • The loan amount that you can borrow ranges from ₹ 25,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • The minimum income to get this loan should be ₹ 15,000

2. SBI Saral Personal Loan

This loan is granted to salaried or self-employed individuals for their personal expenses such as domestic or foreign travel, medical treatment, the marriage of children, etc.

Key Loan Terms

  • Loan available at the age of 21 – 58 years
  • The loan amount that you can borrow ranges from ₹ 24,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • The minimum income to get this loan should be ₹ 15,000

3. SBI Pension Loan

A pension loan is granted to government pensioners to meet their urgent need for funds for medical expenses, travel, or a family obligation.

Key Loan Terms

  • Loan available at the age of 21 – 58 years
  • The loan amount that you can borrow ranges from ₹ 24,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • The minimum income to get this loan should be ₹ 15,000

4. State Bank Festival Loan

SBI Festival Loan can be availed in the festival season, to meet personal requirements of funds

Key Loan Terms

  • Loan available at the age of 21 – 58 years
  • The loan amount that you can borrow ranges from ₹ 5,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • The minimum income to get this loan should be ₹ 3,000

5. Jai Jawan Pension Loan

This loan is for all the young defense and paramilitary forces pensioners to meet their personal expenses such as a wedding, traveling, or medical expenses.

Key Loan Terms

  • Loan available at the age of 21 – 58 years
  • The loan amount that you can borrow ranges from ₹ 5,000 to ₹ 20,00,000
  • Loan for a maximum period of 72 months
  • The minimum income to get this loan should be ₹ 3,000

6. SBI Emergency Loan

The SBI emergency loan is offered to the existing SBI account holders, to help them fund their financial requirements during urgencies.

Key Loan Terms

  • Loan available at the age of 21 – 58 years

Online Application Process

The step-by-step procedure to get a personal loan online from SBI is mentioned below:

  • Visit the official website of SBI. You can also apply for an SBI personal loan through an online marketplace.
  • Now, fill in personal, professional, and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, SBI will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by SBI, and on successful approval of the loan, the funds will be disbursed to your SBI account immediately.

SBI Personal Loan Processing fee

SBI Personal Loan Interest Rates

For more details on Interest Rates click on the link SBI Interest Rates

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