It doesn’t matter if your salary account is with SBI or not, SBI Personal Loan can fulfil all your needs. Whether you need to get married, travel somewhere, or face a medical emergency, personal loan is a great option. Because personal loans are mostly based on your good credit score and don’t require any security from you.
Topics covered:-
- What is SBI Personal Loan
- Eligibility Criteria
- Types of Personal loan schemes in SBI
- Documents required
- Application Process
- Rate of Interest
- Repayment Period
What is SBI Personal Loan?
State Bank of India is a Nationalised Bank and largest Public Sector Bank. It offers personal loans without asking you for any form of collateral. Obtaining a personal loan has become much simpler in the digital era. With just four clicks, you can apply for a pre-approved personal loan through the digital mobile banking software of your bank. If you’re an SBI client, you can use their Yono app to apply for a pre-approved personal loan. It’s not a big deal if you don’t have a salary account in SBI. You can just go to the nearest branch of SBI and apply for a personal loan offline.
Eligibility Criteria for an SBI Personal Loan
- Individuals having Salary Account with any other Bank
- Minimum Net Monthly Income: Rs. 15,000/-
- EMI/NMI Ratio less than 50%
- Employees working with
- Central/ State/ Quasi Governments,
- Central & State PSUs
- Corporate (Private & Public Ltd.)
- Educational institutions of National Repute
- Age: 21-58 years
- Minimum service of 1 year
- Loan Amount
- Minimum: Rs. 24,000
- Maximum: Rs. 20,00,000 / 24 times NMI
- You must have a good credit score.
Types of SBI Personal Loan scheme
| Scheme Name | Benefits |
|---|---|
| Xpress Flexi | Overdraft facility for Salaried Customers |
| SBI Pension Loan | Loans To Pensioners |
| SBI Xpress Credit | Loans to Salaried Employees having salary accounts with SBI |
| Pre-Approved Personal Loan | Pre-Approved Personal Loans in 4 clicks only |
| SBI Quick Personal Loan | Loans to Salaried Customers not maintaining Salary Account with us |
| SBI Xpress Elite | Special Personal Loan for Salaried Customers with Monthly Income of Rs. 1 lakh & above |
Click here to apply for SBI Quick Personal Loan
Documents Required for an SBI Personal Loan
Here is the list of documents required for SBI Quick Personal Loan:-
- Identity proof (Aadhaar Card, Passport, Driving License, Voter ID, PAN Card)
- Address proof (Aadhaar Card, Passport, Driving License, Voter ID, Utility Bill)
- Last 2 years Income Tax Returns
- Bank Account Statement of last 6 months
- Recent, 2-passport size photographs
- Latest month Salary Slip
- Statement of Asset & Liability
Application Process for an SBI Personal Loan
Taking a personal loan from SBI is very easy. You can apply for it online through the SBI website or visit your nearest branch to apply. Let’s see what the process for taking a loan is. Here are the steps to apply for an SBI personal loan:
• Firstly, you need to visit your nearest SBI branch or apply online through the SBI website.
• Fill out the SBI personal loan application form and submit it along with the required documents.
• Once your application is submitted, the SBI loan officer will check your credit score. If your credit score is above 700, then your personal loan will be easily sanctioned.
• After loan sanction, you will be called for documentation. Loan agreements will be signed at this stage.
• Once the loan agreements are signed, your loan account will be opened and the loan amount will be disbursed.
Read recommendation: Why Silicon Valley Bank fails? Explained in 8 points
SBI Personal Loan Interest Rate
| Scheme Name | Rate of Interest |
|---|---|
| Xpress Flexi | 11.00% to 12.00% |
| SBI Pension Loan | 11.15% to 11.65% |
| SBI Xpress Credit | 11.00% to 14.00% |
| Pre-Approved Personal Loan | 12.10% |
| SBI Quick Personal Loan | 11.00% to 12.00% |
| SBI Xpress Elite | 11.00% to 11.75% |
EMI Calculator
Repayment Tenure for an SBI Personal Loan
In banking terminology, the repayment period means how many months the borrower has to pay off the entire loan with interest. Here is the repayment period for SBI Personal Loan Scheme.
- Minimum: 6 months
- Maximum: 72 months or remaining period of service (whichever is lower).
SBI Personal loan Charges
| Type of Fees/Charge | Amount |
|---|---|
| Processing Fee | 1.50% of the Loan Amount (subject to minimum ₹ 1000/- & maximum ₹15000/-) plus GST |
| Penal Interest | 2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default. |
| Prepayment Charges | 3% on prepaid amount. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan account under same scheme. |
| CIBIL | ₹ 50 + GST i.e. ₹ 59 per Individual |
Conclusion
I hope you liked the article and understood SBI Personal Loan well. If you also want to get information, you can join our Telegram group. In this group you can ask any question related to your daily banking activities.
