SBI PERSONAL LOAN
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Interest Rates for SBI Personal Loan
| Particulars | Details |
|---|---|
| Interest Rate | 11.35% - 15.10% |
| Loan Amount |
For Term Loan: Minimum- 24,000/- Maximum- 24 times NMI subject to a maximum of 15 lakhs For Overdraft: Minimum- 10 lakhs Maximum- 24 times NMI subject to a maximum of 15 lakhs |
| Tenure | 5 Years or 60 months |
| Processing Fees | Nil-0.5% of the Loan Amount + GST |
| Prepayment Charges | NIL-3% of the principal outstanding |
| Collateral | Not Required |
SBI Xpress Credit Personal Loan
The Xpress credit loan is a type of loan that you may avail without any problems on any occasion, be it an unplanned vacation, an emergency or for any medical charges. This loan is for meeting all your emergency requirements. To avail this loan, minimal documentation is required, with no hidden costs, but pre-payment charges are applicable. Also, processing fee to apply for SBI Xpress Credit Personal loan is very low. To understand more about SBI Xpress Credit Personal loan, go through the table below:
| Particulars | Details |
|---|---|
| Interest Rate | 11.85% to 14.85% p.a. |
| Loan Amount |
For Term Loan: Minimum- 24,000/- Maximum: 24 times Net Monthly Income (NMI) subject to maximum of 15.00 lacs Overdraft - Minimum: 5.00 lacs Maximum: 24 times NMI subject to maximum of 15.00 lacs |
| Tenure | 60 Months (5 Years) |
| Processing Fees | 0.50% of the loan amount |
| Prepayment Charges | Nil to 3% of the principal outstanding |
SBI Xpress ELITE Scheme
Individuals holding a salary account with any Indian bank can avail this product from SBI to meet various needs. The effective rate of interest for this would be determined by a combination of credit score of an applicant and one year of Marginal Cost of Funds based Lending Rate (MCLR).
Refer to the table below to understand more about this scheme
| Particulars | Details |
|---|---|
| Interest Rate | 11.35% to 15.10% p.a. |
| Loan Amount |
Term Loan - Min: 24,000/- Maximum: 24 times Net Monthly Income (NMI) subject to maximum of 15.00 lacs Overdraft - Minimum: 5.00 lacs Maximum: 24 times NMI subject to maximum of 15.00 lacs |
| Tenure | 60 Months (5 Years) |
| Processing Fees | 0.50% of the loan amount |
| Prepayment Charges | Nil to 3% of the principal outstanding |
SBI Pension Loan
SBI Pension mortgage is a type of a loan that is given to pensioners who are receiving their pensions from the central or the state government. The pensioners can easily avail this loan as a way to meet their medical needs or unexpected personal monetary situations. A nominal processing fee is applicable with no hidden and prepayment charges.
| Specifications | Details |
|---|---|
| Interest Rate | 12.40% p.a. |
| Loan Amount |
(A) For Pensioners: Minimum: 25,000/- Maximum: 18 months' Pension with a ceiling of: 14.00 lacs: For Pensioners who are up to 72 years of age. 12.00 lacs: For Pensioners who are above 72 years and up to 74 years of age. 7.50 lacs: For Pensioners who are above 74 years and up to 76 years of age. (B) For Family Pensioners: Minimum : 25,000/- Maximum: 18 months' Pension with a ceiling of: 5.00 lacs: For Pensioners who are up to 72 years of age. 4.50 lacs: For Pensioners who are above 72 years and up to 74 years of age. 2.50 lacs: For Pensioners who are above 74 years and up to 76 years of age. |
| Repayment Period | 24 months to 60 months for Pensioners and Family Pensioners |
| Processing Fees | NIL |
Eligibility For SBI Personal Loan
SBI has set few basic requirements on the basis of which it offers personal loans. Following are the eligibility standards for salaried and self-employed individuals according to the schemes:
Personal Loan Eligibility For SBI Xpress Credit
If someone desires to take Xpress credit personal loan from SBI, he/she needs to meet the following criteria:
- Net monthly income of the applicant must be minimum of Rs 5000 per month
- The applicant EMI/NMI (Equated month-to-month Instalments/Net Monthly Income) DTI ratio must not exceed a value of 50
Pension Loan Eligibility For SBI
Those who want to avail SBI Pension loan must meet the following criteria:
- The applicant must not me more than 76 years of age
- The applicant must have an SBI pension account and needs to be drawing a pension from the central or state governments
- If the family pensioner is the spouse of a pensioner who is permitted to acquire the pension, then they need not be over 76 years of age
General Eligibility Criteria
| Criteria | For Salaried Individuals | For Self-employed Individuals |
|---|---|---|
| Age |
Minimum- 21 Years Maximum- 58 Years |
Minimum- 21 Years Maximum- 65 Years |
| Minimum Income | 5,000/- per month | 7,000/- per month |
| Total Work Experience | 2 Years | 2 Years |
| Years in Current Residence | 1 Year |
SBI Personal Loan Calculator
SBI personal loan EMI calculator is the tool used to calculate the month-to-month instalments of a personal loan. If someone desires to take a personal loan, he/she would want to know the monthly instalments they'll have to pay to the bank.
To understand the monthly instalments of the personal loan, the following details are required:
- Loan amount
- Rate of interest
- Loan tenure
For e.g., if a borrower desires to take a personal loan of 15 lakhs with five years as tenure and at 11.35% rate of interest, then the EMI details are as follows:
Table Showing EMI, Interest, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| 15,00,000 | 11.35% | 1 | 1,32,817 | 93,810 | 15,93,810 |
| 15,00,000 | 11.35% | 2 | 70,156 | 1,83,738 | 16,83,738 |
| 15,00,000 | 11.35% | 3 | 49,357 | 2,76,855 | 17,76,855 |
| 15,00,000 | 11.35% | 4 | 39,024 | 3,73,139 | 18,73,139 |
| 15,00,000 | 11.35% | 5 | 32,876 | 4,72,564 | 19,72,564 |
EMI, Total Interest, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | 2,36,304 | 1,58,208 | 12,63,695 |
| 2 | 2,64,565 | 1,29,947 | 9,99,129 |
| 3 | 2,96,206 | 98,307 | 7,02,923 |
| 4 | 3,31,630 | 62,882 | 3,71,292 |
| 5 | 3,71,600 | 23,221 | 0 |
SBI Personal Loan Eligibility Calculator
With the help of SBI personal loan eligibility calculator, anyone can check if he/she is eligible for a personal loan from SBI. Moreever, there are many similar personal loan calculators available online for free to assist. The calculation is based on the following:
- Individual's income
- Monthly expenses
- Other financial liabilities (current loans/EMIs, credit card outstanding)
Documentations Required for SBI Personal Loan
These are the list of documents that a person needs to submit if he wants to apply for a SBI personal loan:
- Signed loan application form.
- Identity proof - PAN Card/Voter id Card/Passport/driving License.
- Processing fee cheque, if applicable.
- latest 3 months bank statement or 6 months passbook, whichever requested.
- Current pay slip & income certificate with the latest Form-16 for salaried individuals.
- Bank statement or latest ITR of Form-16 for self-employed individuals.
How to Apply for SBI Personal Loan?
SBI allows the choice to either go for an online application for the loan. However, one also can visit the nearest branch and complete the formalities.
SBI Personal Loan Apply Online
SBI allows you to apply for a personal loan online through its website. You can visit SBI's website and look for the personal loan section and follow the on-screen instructions to complete the application at your convenience. After submitting the form, your profile will be evaluated, and then the bank executives will get in touch with you for procedures.
SBI Personal Loan Contact Number
If a borrower has some queries associated with SBI personal loan, he/she must contact the bank on the toll-free no.: 1800 425 3800. The moment you approach them, the bank executives make sure to solve all your queries and complaints.
SBI Personal Loan Status
With the help of SBI Personal Loan online website, the applicant can take a look at the status of loan at any time. SBI allows you to check the status of your loan through an easy and quick technique. All that the consumer needs to do is simply login to the respective account and receive the status of their loan account in a few seconds.
SBI Personal Loan Application Form Download
In case you want to avail a personal loan from SBI, your first step is to fill an application form. It is mandatory for an applicant to submit the required form along with relevant documents. However, to avoid long queues inside the bank, all you need to do is download the form online. You can go to the website of SBI and download the forms. Fill the form and submit the same either online or visit the nearest branch with the application form.
About SBI Personal Loan
SBI is the 45th largest public sector bank in the world and the largest in India, with an asset value of 37 Lakh Crores and a customer base of 500 million. It is customer-friendly in all divisions, and personal loans are considered one of them. The bank understands the borrower very well.
Personal loans may be availed by salaried individuals in addition to self-employed people as well those who need to meet their unforeseen monetary requirements. A borrower can take a personal loan from SBI for reasons like wedding-related expenses, overseas journey, overseas training, health related costs or every other economic expenses.
Why choose SBI personal loan?
Personal loans are the unsecured loans which suggest that there is no collateral required to get it. Similarly, SBI personal loan is also given with no collateral. Some of the important elements that make SBI personal loan scheme specific have been mentioned below.
Attractive Rate of Interest: SBI charges one of the lowest personal loan interest rates and therefore is customer-friendly. The personal mortgage costs of SBI are on a daily recurring balance, and therefore, it guarantees maximum gain to the loan borrower.
Timely Discounted Schemes: SBI is one of the first banks to offer personal loans once in a while. There are offers during various festivals and discounts for authorities, employees, doctors and other professionals.
No Hidden costs: There aren't any hidden charges or penalties for any SBI personal loan scheme.
No Prepayment Penalty: For personal loans, SBI takes no prepayment or foreclosure fees. However, if the loan is being re-paid earlier than six months of the loan approval date, the bank charges 1% of the loan amount.
Instantaneous Loan Approval: As there is no collateral required to take a personal loan from SBI bank, the loan approval is faster and smoother.
Online Loan Approval: Nowadays, as everything is going online, people look out for online loan application. Keeping the trends in mind, SBI allows online loan applications that save the borrower’s time.
Benefits of SBI Personal Loan
The personal loan scheme of SBI has many benefits like low interest rates, low processing prices and higher loan amount, and so on.
Mentioned below are few of SBI personal loans are:
- Higher loan amount
- Low-interest costs
- Fast loan processing
- Specialised mortgage Schemes
- 24X7 customer service
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