SBI Bank Personal Loan: We often hear that money is a piece of paper, but there’s no doubt about the fact that it is arguably the most important one. Everyone needs money to lead a good life. Moreover, sometimes the unavailability of sufficient money can put one in trouble, and to solve them, loans are a good solution, as they help one fulfill the need by working as an aid. In this article, we will discuss SBI Bank Personal Loan, which is a popular name in this category.
We want to give all interested applicants the best information about this program so that anyone who wants to get a personal loan can get the money without having to go through a long procedure. We will provide you with all necessary details about SBI Bank Personal Loan, including the application process, benefits, and everything else about it. So, if you want to obtain all such information, keep reading this article till the end.
SBI Bank Personal Loan: Overview
SBI Bank Personal Loan is a type of financial assistance offered by the State Bank of India that can be utilized for personal needs like medical emergencies, higher education, marriage, vacation, and other such objectives. As SBI is the largest banking entity in the entire country, it gives its customers specially tailored personal loans, which help them in times of need. The bank provides personal loans to its clients with a variety of plans, and applicants may identify the best one for them according to their requirements and expectations from the plan.
As SBI has one of the lowest personal loan interest rates, its personal loan facility is the best option for people, who are in urgent need of money, but can’t really bear the burden of high interest rates. The loan facility can be availed either as a Term loan or an Overdraft facility, as per your own preference. Apart from the low interest rates, another great thing about SBI Bank Personal Loan is that the bank offers periodical offers to personal loan borrowers to reduce their EMI burden.
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SBI Bank Personal Loan: Highlights
The major highlights about SBI Bank Personal Loan have been mentioned in the table below:
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State Bank of India Personal Loans Eligibility Criteria – A Snapshot |
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Interest Rate |
Starts from 11.15% per annum |
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Loan Amount |
Up to INR 20 Lakhs |
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Income Needed |
Atleast INR 15,000 per month |
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Age Eligibility For Loan |
Minimum of 21 years and up to 58 years at the time of loan maturity |
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Repayment Tenure |
Up to 72 months [6 Years] |
SBI Bank Personal Loan: Benefits
Being the most prestigious bank in the country, the State Bank of India is one of the most reputed names in the banking sector. But, that’s not the only reason for you to apply for a personal loan at SBI. The SBI Bank Personal Loan has a long list of benefits that have been mentioned in the list below:
- Loan facility even for individuals with a monthly salary of INR 15,000.
- Interest rates starts from 11.15% and go till 15.30%.
- Easy procedure to avail loan.
Types of Personal Loans offered by SBI Bank
The State Bank of India offers different kinds of Personal Loans to its customers, and here are the different types.
- SBI Xpress Credit
- SBI Quick Personal Loan
- Loans Against Securities
- SBI Pension Loans
- Pre – Approved Personal Loans on YONO.
SBI Bank Personal Loan: Eligibility
Since there are numerous personal loan products, the eligibility criteria differ for each product. Let us have a simple snapshot of the eligibility criteria for each personal loan product.
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Product Name |
Income Criteria |
Age Criteria |
Quantum of Loan |
Repayment Tenure |
Other Particulars |
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SBI Xpress Credit |
Minimum monthly income INR 15000 |
Salaried Applicants – 21 -58 years of age Self Employed Applicants – 21 – 65 years of age |
Minimum Loan Amount – INR 25,000 Maximum Loan Amount – INR 20 lakhs / 24 times NMI |
Minimum period is 6 months Maximum period – 6 years or the remaining period of service, whichever is longer. |
Prepayment charges of 3% on prepaid amount. |
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SBI Xpress Credit – For Individuals with Salary Account with SBI Overdraft Facility |
Minimum monthly income INR 15000 |
Salaried Applicants – 21 -58 years of age Self Employed Applicants – 21 – 65 years of age
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Minimum Loan Amount – INR 5 lakhs Maximum Loan Amount – INR 20 lakhs / 24 times NMI |
Minimum period is 6 months Maximum period – 6 years or the remaining period of service, whichever is longer. |
Employees working with Central/ state/ quasi government, Central PSUs and profit-making state PSUs, Educational institutions of national repute, Selected corporates with or without a relationship with the bank. |
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SBI Quick Personal Loan |
Minimum monthly income INR 15000 |
Salaried Applicants – 21 -58 years of age Self Employed Applicants – 21 – 65 years of age
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Minimum Loan Amount: INR 24,000 Maximum: INR 20,00,000 / 24 times NMI |
Minimum period is 6 months Maximum period – 6 years or the remaining period of service, whichever is longer. |
Processing fee: 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-) plus GST |
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Loans Against Shares |
Based on the value of the security |
NA |
Minimum Loan Amount: INR 50,000 Maximum Loan: INR 20 lakhs |
Demand Loan: To be liquidated in a maximum period of 30 months Overdraft: 30 months (subject to renewal every year) |
Processing Fee OD/DL: 0.75% of the loan amount + applicable GST subject to a minimum of Rs.1000 (Non-Refundable) |
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Loan Against Term Deposit |
Demand Loan and Overdraft Facility up to 90% of Term Deposit |
NA |
Min amount of Loan (For Online Overdraft against Fixed Deposit): Rs 25000 Max amount of Loan (For Online Overdraft against Fixed Deposit): INR 5 Crore |
Maximum period has been capped at 5 years against STDR/e-STDR and 3 years against TDR/e-TDR respectively for Overdraft availed online. |
Zero processing charges. No prepayment penalties. |
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Loan Against SBI Dual Advantage Fund |
Single/Joint holder(s) of SBI DAF above 18 years of age |
Minimum 18 years old |
Minimum Loan Amount: Rs 25,000/- Maximum Loan Amount: For DAF held in Demat form: INR 20 Lakhs For DAF held in Physical form: INR 10 Lakhs |
Overdraft facility allows multiple repayments. |
The Investor(s) should have an SB account of SBI. The SB account and DAF should have an identical name and PAN number. |
SBI Bank Personal Loan: Required Documents
If you fulfill the eligibility requirement for SBI Bank Personal Loan, and have decided the loan you are going to opt for, the next big thing you need to check is the required documents for the loan. You must have the following documents if you want to get a personal loan from The State Bank of India.
- Applicant’s Income Proof: Latest Income Tax Return, Applicant’s Bank Account Statement of last six months, Latest Salary Slip.
- KYC Documents: Identification Proof and Proof of Address.
- Two passport sized photographs.
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How to apply for SBI Bank Personal Loan?
If you are interested in getting an instant, pre-approved personal loan from SBI, you need to use the official YONO app, and follow the below mentioned steps:
- Download the YONO SBI app, and log in.
- Go to the personal loan section on the app, and click on ‘Avail Now.’
- Select your preferred tenure & amount you want to take the loan with.
- Now, enter the OTP received on your registered mobile number.
- The loan amount will soon get credited to your bank account.
SBI Bank Personal Loan: Conclusion
As you have come this far in this informative article, we are sure that you have obtained answers to most of your questions, and you are good to go to apply for a SBI bank personal loan. But, if you need any further information about this topic you can share queries in the comments section provided below, or send them through a mail to our address.
SBI Bank Personal Loan: FAQ’s
Do I need to deposit security to get SBI Bank Personal Loan?
No, the State Bank of India don’t ask for any security to give personal loan.
Is credit score important to approve a SBI Bank Personal Loan?
Credit score is an extremely important aspect in assessing your eligibility for SBI personal loans. If you have a good credit score it means that the repayment history is good which is considered as an indicator of creditworthiness.
Is there a minimum employment history requirement to take a SBI Personal Loan?
Yes, you should have been working with your current employer for a minimum of 1 year to take a SBI Personal Loan.
What is the contact details for queries regarding SBI Bank Personal Loan?
Candidates who want to clear out any query about SBI bank loan can mail on customercare@sbi.co.in or call at 1800 1234, 1800 2100, 1800 11 2211, 1800 425 3800, or 080-26599990.