How to take SBI Personal Loan, Eligibility, Document & Fees
Personal loans up to Rs 20 lakh can be availed from State Bank of India (SBI) at an interest rate of 9.60% p.a. for a maximum repayment tenure of 72 months. Check loan eligibility online and get SBI instant personal loan approval for attractive interest rate.
Features of SBI Personal Loan
State Bank of India (SBI) personal loan has something for everyone. For emergency needs, you can avail an instant loan by applying online.
Loan Amount: Term loan i.e. for a fixed tenure, you can avail minimum Rs 25,000 and maximum Rs 20 lakh. The minimum loan amount available for an overdraft loan is Rs 5 lakh and the maximum loan limit is Rs 20 lakh.
Repayment Tenure: You can repay the SBI instant personal loan amount within 72 months.
Minimum Interest Rate: SBI personal loan interest rates start from 9.60% p.a. It can go up to 15.65% p.a. depending on the type of loan, income and repayment capacity of the borrower.
Minimum Processing Fee : Presently, SBI Personal Loan processing fee is waived up to 100% till 31.01.2022.
Easy Process: The entire loan process of SBI is smooth, quick and easy.
Personal Loan for All: SBI Bank offers various schemes, such as SBI Personal Loan for Government Employees, and so on to meet the financial needs of all categories of borrowers.
SBI Personal Loan Complete Details
Following are the charges and other charges of SBI personal loan:-
|Rate of interest||Starts at 9.60% p.a.|
|Minimum loan amount||Rs 25,000 for term loan and Rs 5 lakh for overdraft loan|
|Maximum loan amount||Rs 20 lakh for term loan as well as overdraft loan|
|repayment period||6 months to 6 years|
|processing fee||1.50% of the loan amount (minimum Rs.1,000 and maximum Rs.15000) + GST|
|prepayment fee||Nil, if the account is closed from the proceeds of a new loan account under the same scheme. 3% in other cases.|
|Minimum Income Required||Rs 15,000.00|
|age of eligibility||21 years to 58 years|
SBI Personal Loan Types
SBI Kavach Personal Loan
One can avail instant loans up to Rs 5 lakh under SBI Kavach Personal Loan for COVID treatment of self or one’s family members. This loan starts with an interest rate of as low as 8.50% per annum and can be easily repaid over a tenure of up to 5 years including a moratorium period of 3 months. You also get reimbursement of expenses you have already incurred for medical expenses related to COVID. With this loan scheme, SBI Bank aims to provide immediate monetary support to the borrowers during the COVID 19 pandemic.
SBI Express Credit
- SBI Express Credit Personal Loan is given to salaried employees who have a salary account with SBI.
- You can get a maximum loan amount of up to Rs 20 lakh.
- The maximum period of repayment is 6 years.
- SBI personal loan interest rate varies between 10.60% to 13.85% p.a. for salary account holders.
- The processing fee is 1.50% of the loan amount, or a minimum of Rs 1,000 + GST and a maximum of Rs 15,000 + GST.
Pre-approved Personal Loan (PAPL) on YONO
- If you have an account with SBI, you can avail instant SBI PAPL in just 4 clicks through YONO app at your convenience. Presently, this loan is offered to a pre-selected category of customers on certain parameters pre-determined by SBI.
- The interest rate varies between 9.60% to 12.60% p.a.
- SBI offers low processing fee for pre-approved loans through YONO.
- You can SMS “PAPL” to 567676 to check your eligibility.
- These loans come with quick processing and disbursement in just 4 clicks.
- You do not need any physical documents for these loans.
- No branch visit is required.
SBI Instant Personal Loan
- Personal loan for salaried employees who do not have salary account with SBI.
- You can take a maximum loan amount of up to Rs 20 lakh.
- The maximum repayment period is 72 months.
- The interest rate varies between 10.85% to 12.85% p.a.
- The processing fee for this loan is 1.50% of the loan amount (minimum Rs.1,000 and maximum Rs.15,000) + GST.
- There is a provision for another loan.
SBI Pension Loan
- This personal loan is offered by SBI for defense personnel, central, state government and family pensioners below the age of 76 years.
- The maximum loan amount for defence, central and state government pensioners is Rs 14 lakh. 5 lakh for family pensioners. The loan amount eligibility depends on the age of the borrower, pension income, repayment tenure and other factors.
- The maximum repayment period is 84 months for defense pensioners, 60 months for central and state government pensioners.
- The interest rate varies between 9.75% to 10.25% p.a.
How to Calculate EMI for SBI Personal Loan?
SBI personal loan EMI can be calculated on the basis of reducing balance method, i.e., interest on your next EMI is calculated on the outstanding loan amount. This method significantly reduces the interest expense.
EMI Calculation on SBI Personal Loan of 1 lakh for various interest rates and tenors
|Rate of interest||repayment period||EMI (per lakh)||total interest||Total payment|
|9.60%||1 year||Rs 8,773||Rs 5,276||Rs 1,05,276|
|10.70%||2 years||Rs 4,647||Rs 11,525||Rs 1,11,525|
|11.50%||3 years||Rs 3,298||Rs 18,714||Rs 1,18,714|
|12.60%||4 years||Rs 2,663||Rs 27,821||Rs 1,27,821|
|15.65%||6 years||Rs 2,150||Rs 54,797||Rs 1,54,797|
SBI Personal Loan Comparison with Other Borrowers
|Name of the lending banks||Interest Rate (per annum)||processing fee||Maximum loan limit|
|State Bank Of India||9.60% to 15.65%||Up to 1.50% + GST||20 lakh rupees|
|ICICI Bank||11.25% to 21%||Up to 2.25% + GST||20 lakh rupees|
|HDFC bank||10.75% to 21.30%||Up to 2.50% + GST||40 lakh rupees|
|Bank Of Baroda||9.85% to 15.45%||up to 2||10 lakh rupees|
|Yes Bank||13.99% to 16.99%||Up to 2.50% + Tax||40 lakh rupees|
|axis Bank||10.49% to 24%||Up to 2% + GST||Rs 15 lakh|
Documents Required for SBI Personal Loan
To complete your application, you need to submit the following SBI personal loan documents:
For Salaried Employees and Self Employed
- Duly filled loan application form and 2 passport size photographs.
For Identity Proof:
- photocopy of pan card
- Driver’s license
- voter id card
- Aadhar card (any)
For Residence Proof:
- Photocopy of recent telephone bill / electricity bill
- property tax receipt
- Voter ID card (any one).
For proof of income:
- Copy of identity card issued by the employer.
- Bank account details of last 6 months where salary is credited.
- income tax return.
- Last 6 months salary slip/bank statement.
- ITR and account statement for the last 2 years by self-employed individuals.
How to Check SBI Personal Loan Application Status?
You will receive a reference number once your SBI personal loan application is submitted. Using this unique reference number you can check the status of your loan application.
Steps to Check SBI Application Status:
- Visit the official website of SBI.
- To check personal loan application status page, visit – https://onlineapply.sbi.co.in/personal-banking/application-status
- Submit Unique Reference Number (URN)
- Enter mobile number with ISD code (91 for India)
- Click on Track and Application Status will be displayed on your screen.
What are the SBI Personal Loan interest rates?
SBI personal loan interest rate 2022 for application depends on the type of loan applied for, occupation of the applicant, CIBIL score and repayment capacity and other factors. You can apply for the loan online to get the best possible interest rate. Below is the list of current SBI personal loan interest rate:
1. Express Credit (including pre-approved Express Credit)
|Defense / Para Military / Indian Coast Guard Salary Account Holders|
|Term loan||10.60% to 11.10%|
|Overdraft||11.10% to 11.60%|
|Term loan||10.60% to 12.60%|
|Overdraft||11.10% to 13.10%|
2. Express Credit – Non-Permanent Employees
|Type of applicant||rate of interest|
|Central/State/Semi Government, Central/State Public Sector Undertakings, Defense Personnel, and Educational Institutions of National repute||11.50% to 13.60%|
|Co-operatives/Societies not covered under Regular Express Credit Scheme and Non-rated Corporates||12.25% to 13.85%|
3. Express Elite Scheme
|Type of applicant||Rate of interest|
|SBI Salary Account Holder||9.60% to 11.10%|
|Other than salary account holders||9.85% to 11.35%|
4. Other Unsecured Personal Loans
|Plan||Rate of interest|
|Pension Loan (including pre-approved pension loan)||9.75% to 10.25%|
|Express Credit Insta Top-up||10.70%|
|Pre-approved Personal Loan||12.60%|
|Exclusive Pre-approved Personal Loan||9.60%|
|Instant SBI Personal Loan through CLP Portal||10.85% to 12.85%|
SBI Personal Loan Customer Care Number
SBI personal loan customer care number and other details are given below :-
Toll Free Number: 1800112211/18004253800
Email ID : firstname.lastname@example.org
You can write the application and send it to the following address :-
Deputy General Manager,
customer service department
State Bank Building, 4th Floor, Madam Cama Road, Mumbai – 400021
Frequently Asked Questions (FAQs) on SBI Personal Loan
For what purposes SBI personal loan can be used?
SBI Personal Loan can be used for any number of personal purposes, such as purchase of consumer durables (such as furniture, computers, etc.), flat or house repairs and renovations, weddings and other religious functions, domestic or foreign visits, Repayment of existing debt and medical expenses for family members or self.
Do I need any guarantor for the loan?
No guarantor is required to take a personal loan from SBI.
How much loan amount can I take from SBI?
You can get loan amount up to 24 times of your monthly salary.
What is the maximum age to apply for Pensioners Loan?
The age of the applicant should not be more than 76 years while applying for the personal loan.
What is the maximum repayment tenure for Personal Loan with SBI Bank?
The maximum repayment period available is 60 months. In case of loans for pensioners, the repayment period varies according to the age of the applicant.
What are the penal charges for any default in loan repayment?
Any overdue amount for the period of default is charged a penal interest of 2% p.a. over and above any applicable interest rate. If a part of EMI or part installment remains overdue, penal interest will not be levied.
Can a government employee get a personal loan from SBI Bank?
Yes, there is an SBI personal loan for government employees as well. Government employees can avail personal loans from SBI at attractive interest rates and terms.
Question: Is third party guarantee required for SBI personal loan?
Answer: The following third party guarantee is required only for SBI pensioner loan:
- Spouse’s TPG for family pension.
- In Absence of Spouse: TPG of any other family member or third party for loan amount.
Question: How can I check the status of my SBI personal loan?
Answer: Once you have applied for the loan, you can check the status of your application both online and offline. After applying, you will be given a reference number. Using this reference number and your registered mobile number, you can check the status of your SBI personal loan. All you have to do is follow the steps given below:
- Visit the SBI website and go to the Personal Loan section.
- Click on ‘Apply Online’ and you will be directed to a separate page.
- Click on ‘Application Tracker’ given on the top right side of the page.
- A pop-up will appear, select ‘Track’ and ‘Retail Loan’.
- Enter your reference number and registered mobile number.
- Click on ‘Track’ to view the status of your personal loan.
- To check your SBI loan status offline, visit the nearest SBI branch and take the help of an SBI official to check your loan status.
- You need to carry all the relevant documents and also your reference number to help the SBI official to check your SBI personal loan status in a hassle-free manner.
Question: How to get personal loan from SBI?
Answer: You can get a personal loan from SBI in any of the following ways:
- Apply online through official website of SBI.
- Apply through Bank’s YONO mobile app.
- Visit the nearest SBI branch.
- Call the customer care team of the bank.
- You can also contact via email.
Complete details of SBI Personal Loan have been told in this post. What is the interest rate of SBI Personal Loan? What are the documents required for SBI Personal Loan? What is the eligibility for SBI Personal Loan? How to apply for SBI Personal Loan? What is the SBI Personal Loan customer number? Everything is explained in detail.