Thursday, December 8, 2022

SBI Personal Loan: Interest Rate @10.55%, EMI Calculator

SBI Personal Loan is available to you with attractive interest and long tenure. If you have a personal loan requirement, you can take a loan from the State Bank of India through online and offline means. SBI gives you a loan of up to Rs 20 lakh at an interest rate of 10.55% per annum with a flexible tenure of 6 years. SBI provides you with loans under various personal loan schemes. Here we will walk you through the features, benefits, and charges of an SBI personal loan and also offer you the link button to apply for the loan so that you do not face any problems in availing of the loan.

SBI Personal Loan Details

SBI Personal Loan Interest Rate10.55% to 15.05% p.a.
Loan AmountUp to Rs 20 lakh
Tenure TimeUp to 6 years
Minimum Monthly SalaryRs 15,000
Processing feeUp to 1.50% + GST (Maximum Rs 15,000)
Age Limit21 to 76 years old
Pre-closure ChargesNil
Part-payment feesNil
SBI Personal Loan Customer Care Number1800-11-2211 1800-425-3800
ExampleLoan Amount: Rs 50,000
Tenure: 12 Months
Interest Rate: 10.55% (on Reducing Principal Balance Interest Calculation)
EMI Amount: Rs 4.408
Total Interest Payable: Rs 2,903
Processing Fees (incl. GST): Rs 1,500
Disbursed Amount: Rs 50,000 – 1,500 = 48,500
Total Amount Payable: 52,903

SBI Personal Loan Interest Rate

State Bank of India is the largest government bank in India, which provides personal loans to people under various schemes. SBI offers personal loans up to Rs 20 lakh to customers at the lowest interest rate of 10.55% per annum. Customers can apply online as well as offline mode. Applicants having an SBI savings account can apply for a personal loan through the YONO app. State Bank of India fixes the interest rate based on customer profile, income structure, credit score, etc., which may vary from customer to customer.

Xpress Credit

For Défense/Para-military/Indian Coast Guard Salaried Application

TypesInterest Rates (p.a.)
Term Loan10.55% to 12.05%
Overdraft11.05% to 12.55%

Application of Central Govt./State Govt./Police/Railway/Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status

TypesInterest Rates (p.a.)
Term Loan10.55% to 13.05%
Overdraft11.05% to 13.55%

Application of Other Corporates

TypesInterest Rates (p.a.)
Term Loan11.55% to 13.55%
Overdraft12.05% to 14.05%

Xpress Elite Scheme

Types of ApplicantsInterest Rates (p.a.)
Salary Account Holders with SBI10.55% to 12.05%
Applicants having salary account with other banks10.80% to 12.30%

Xpress Lite Scheme

1% higher than the Xpress Credit scheme for all brackets

SBI Pension Loan Schemes

SchemesInterest Rates (p.a.)
SBI Pension Loan10.70%
Jai Jawan Pension Loan10.70%
Pre-Approved Pension Loans10.70%
Pre-Approved Insta Pension Top-up10.70%
Pension Loan Scheme for Treasury & PSU Pensioners10.70% to 11.20%

Other Schemes

ProductsRate of Interest (p.a.)
Xpress Credit Insta Top-up Loans11.65%

Note: Rates as of 14th November 2022

Please Note: SBI is not a Creditloanz partner. Offers would be from partner Banks/NBFCs only.

Features of SBI Personal Loan

SBI provides a personal loan to meet our financial needs. We can use this personal loan for home renovation, medical emergencies, family marriage, urgent household expenses, etc. We can also apply for Small Instant Personal Loan from the State Bank of India.

Loan amount: SBI offers loans ranging from Rs 25,000 to Rs 20 lakh as personal loans to customers, which proves to be very beneficial to meet our financial needs. State Bank of India provides loan amounts under different schemes on a single platform. The minimum loan amount available for an overdraft loan is Five lakhs, and the maximum loan limit is 20 lakhs.

Repayment Tenure: You get a flexible tenure of 6 years to repay the amount taken as a personal loan, which proves very beneficial for all the customers.

Interest Rate: SBI provides personal loans to its customers at an interest rate of at least 10.55% per annum. State Bank of India fixes the interest rate based on customer profile, income structure, credit score, etc., which may vary from customer to customer.

Low Processing Fee: You are charged a low processing fee on the loan amount get by you. A processing fee of 1.5% + GST of the sanctioned loan amount will be applicable.

Customer Care Support: Immediately after you submit the SBI Personal Loan form, the SBI Personal Loan team gets in touch with you and gives you complete details about the loan.

Without Security Loan: You do not need to deposit security while taking a loan from SBI Personal Loan. Here you get loans up to 20 Lakhs without a collector.

Digitally Process: You don’t need to submit any documents manually if you apply for a loan here. Here the entire loan process is 100% online.

All Your Loan in One Place: State Bank of India works relentlessly to bring all personal loan options on the same platform. Get multipurpose instant loans without any guarantee & collateral security for all your needs. SBI Personal loan makes it possible with a quick & easy online process.

Types of SBI Personal Loan

SBI Kavach Personal Loan

Get an instant loan of up to Rs 5 lakhs under SBI Kavach Personal Loan for COVID treatment of yourself or your family members. This one of its kind loan comes at an interest rate starting from as low as 10.55% per annum and can be repaid smoothly in a tenure of up to 5 years, including the moratorium period of 3 months.

  • You also get the reimbursement of expenses already incurred by you for COVID-related medical expenses.
  • With this loan scheme, the SBI bank aims to provide borrowers access to instant monetary assistance during the COVID-19 pandemic.

SBI Xpress Credit

  • SBI Express Credit personal loans give to salaried employees who have a salary account with SBI.
  • You can get a maximum personal loan of up to Rs 20 lakhs.
  • The maximum period of repayment is six years.
  • SBI personal loan interest rate varies between 10.55% to 13.85% p.a. for salary account holders.
  • 1.50% of the loan amount, minimum Rs. 1,000 + GST and a maximum of Rs. 15,000 + GST.

SBI Pre-approved Personal Loans

  • If you have an account with SBI, you can avail instant SBI pre-approved personal loan at your convenience through the YONO app.
  • The interest rate varies between 13.30% to 12.60% per annum
  • SBI offers low processing fees for pre-approved loans through YONO.
  • SMS “PAPL” to 567676 to check your eligibility.
  • You do not need any physical documents for these loans.

SBI Quick Personal Loan

  • It offered personal loans for salaried employees who did not have a salary account with SBI.
  • You can avail of a maximum of Rs. 20 lakhs as the loan amount.
  • The maximum repayment tenure is 72 months.
  • The interest rate varies between 11.40% to 12.85% per annum.
  • The processing fee for this loan is 1.50% of the loan amount (Maximum Rs.15,000) + GST.

SBI Pension Loan

  • The maximum loan amount offered for defense and central and state government pensioners is Rs 14 lakh. For family pensioners, it is Rs 5 lakh. The eligibility of the loan amount depends on the borrower’s age, pension income, age, repayment tenure, and other factors.
  • The maximum tenure is 84 months for defense pensioners and 60 months for family and central and state government pensioners.
  • The interest rate starts from 10.45% per annum.

SBI Personal Loan Eligibility

The eligibility criteria that prospective borrowers will have to meet to avail of a personal loan from the State Bank of India are as follows:

Eligibility for Xpress Credit Personal Loan

  • The loan applicant’s minimum net monthly income (NMI) should be Rs.15,000.
  • The EMI/NMI Ratio should not be above 50%.
  • The applicant should be an employee at any of the following organizations:
  • Central and state governments
  • Central and state PSUs
  • Educational institutions with a national reputation
  • Quasi-government
  • Certain corporates that have an exclusive business relationship with SBI

Eligibility for SBI Pension Loan

  • You must be a Central or State Government Pensioner, Defense Pensioner, or Family Pensioner to apply for this loan scheme offered by SBI. A family pensioner is the spouse of a pensioner who is allowed to receive a pension on the death of the pensioner.
  • The age of the applicant should not be more than 76 years.
  • For pensioners whose pension is disbursed by Government Treasuries, the concerned pensioner has to order the Treasury to make pension payments to the particular bank branch.
  • A Defense Pensioner can be any pensioner of the Armed Forces.

Eligibility for SBI Quick Personal Loan

  • The eligibility criteria you will have to fulfill to avail of this personal loan scheme are:
  • You must have a salary account with another bank.
  • The minimum and maximum ages are 21 to 58 years.
  • You must have a minimum of work experience of 1 year.
  • You must be drawing a minimum monthly income of Rs.15,000.

SBI Personal Loan Documents Required

To complete your application, you need to furnish the following SBI Personal Loan Documents:

Salaried employees & Self employed

  • Duly filled loan application & 2 passport-sized photographs.
  • Photocopy of PAN Card
  • Passport
  • Driver’s License
  • Voters ID
  • Aadhaar Card (anyone).
  • Photocopy of recent Telephone Bill/Electricity Bill, Property Tax Receipt, Passport
  • Voter’s ID Card (anyone).
  • Copy of Identity Card issued by the employer.
  • Bank statement of last six months of account where salary is credited.
  • Income Tax Return.
  • Last six months’ salary slip/bank statement.
  • Last two years” ITR and account statements by Self Employed individuals.

How to apply for SBI Personal Loan?

You can apply for SBI personal loan online through the YONO mobile app offered by the bank and through the official website of SBI. If you are looking for an SBI personal loan, apply online through the bank’s website by following the steps given below:

  • Visit the official website of the bank i.e., sbi.co.in
  • Click on the Personal Loan tab given under the loan section.
  • Compare all personal loan options offered by SBI based on your requirement, eligibility, scheme features, and interest rates.
  • Click on the Apply Now button.
  • Fill out the online personal loan application form by entering the required details.
  • Click on submit button.
  • You will receive a call from a bank representative to guide you through the rest of the process.

SBI Personal Loan Customer Care Number

Check SBI Personal Loan Customer Card Number & Other Details Below

24X7 Toll-Free Number: 1800112211/18004253800

Email ID: [email protected]

Postal Address:

Deputy General Manager,

Customer service department

State Bank Building, 4th Floor, Madam Cama Road,

Mumbai – 400021

FAQ:

What is Personal Loan?

Personal loans help you to borrow money for a price of a personal nature – be it for some other requirement such as an emergency, education, family marriage, or home renovation. With SBI Personal Loan, with various loans ranging from 25k to 20 Lakh, you can enjoy an interest rate of 10.55% to 15.05% p.a. with flexible functions ranging from 24 to 72 Months.

What is an EMI?

EMI Stands for Equated Monthly Installment. Which is the fixed amount paid for the repayment of your loan. It includes both the principal component and the interest amount. It gives you the convenience and benefit of repaying the personal loan amount in small and easy installments.

What are the different types of SBI personal loans to employees of corporates?

Employees of corporates can apply for SBI Pension Loan, Express Credit Personal Loan, or Express Bandhan Personal Loan, provided they fulfill the eligibility criteria. You must have a salary account with the lender to apply for the Express Credit personal loan.

What are the personal loan products offered by SBI?

The Five main types of SBI personal loan products include SBI Xpress Credit Personal Loan, SBI Pension Loan, SBI Xpress Bandhan Loan, SBI Pre-approved Loans, and SBI Quick Personal Loan. The bank has introduced SBI Kavach so that you can meet the cost of treatment for Covid-19 in case you or any member of your family gets diagnosed with it.

What is the minimum loan amount for SBI Loan for Central and State Government Pensioners?

The SBI minimum loan amount for central and state Government pensioners is Rs 25,000.

How can a personal loan borrower contact SBI if he has any queries?

The personal loan borrower can contact SBI for assistance using customer care numbers or email addresses. The customer can also write an email to SBI’s complaint cell or visit any SBI branch for help.

Can you tell me the typical loan tenure for SBI personal loans?

Most SBI personal loans offer tenure of up to 60 months. However, depending on the scheme, the repayment tenure can go up to 84 months.

What is the interest for 2 lakhs in SBI personal loan?

If the applicant’s savings account is managed by the State Bank of India, the interest rates for a personal loan of Rs 2 lakh usually start at 10.55% per annum. For account holders of other banks, the interest rate is usually 10.80% per annum.

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