Personal loan from SBI is one of the best solutions to ease your financial requirements. State Bank of India (SBI) is the largest public-sector bank in India with over 22,500 branches across the country. The bank offers personal loans under different schemes at affordable rate of interest and flexible repayment tenure. The bank provides personal loans to both salaried and self-employed individuals. To know more about the SBI personal loan, major features and interest rates, continue reading further.
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Personal Loan from SBI: Key Highlights
Funds received through a personal loan from the State Bank of India (SBI) can be used for a variety of needs, such as medical emergencies, weddings, or travel. SBI offers competitive interest rates starting from 11.35% per annum, flexible repayment tenures ranging from 12 to 72 months etc. SBI also provides a pre-approved personal loan option for existing customers. Check some of the major features of SBI personal loan in the table below:
| Particulars | Details |
| Name of SBI Personal Loan Schemes | SBI Xpress Credit, Pre-approved Personal Loans, Xpress Flexi, SBI Quick Personal Loan etc. |
| Maximum Loan Amount | INR 35 lakhs subject to eligibility criteria |
| Interest Rate | 11% to 14% |
| Eligibility Criteria | Salaried individuals with good credit score |
| Processing Fee | 1.50% of the loan amount with a minimum of INR 1000 + GST and Maximum of INR 15000 + GST (may vary as per the schemes) |
| Repayment Period | Up to 6 years |
Also Read: Want a personal loan but CIBIL score is not enough? Check here how to get Personal Loan with Low CIBIL Score
SBI Personal Loan Schemes
State Bank of India (SBI) offers personal loans to salaried individuals and pensioners based on their income. At present, there are a total of 8 schemes available for personal loans. Applications can be made for all schemes on the YONO App. Even the bank provides the facility to apply for YONO SBI Education Loan. Check the details of all SBI personal loan schemes below:
| SBI Personal Schemes | Major Features |
| SBI Xpress Flexi | -Overdraft facility for salaried customers -Overdraft facility up to INR 25 lakhs, with reduced Drawing Power -Provides facility to deposit surplus funds in the loan account to reduce interest burden |
| SBI Pension Loan | -Low Processing Fees -Quick loan processing -Application accepted at all branches of SBI |
| SBI Xpress Credit | -Loans to salaried employees having salary accounts in SBI -Loan up to 30 lakhs -Interest on daily reducing balance. |
| Pre Approved Personal Loans on YONO | -Instant Loan Processing and Disbursement in just 4 clicks -24*7 availability through YONO -Branch visits and physical documentation are not required |
| Loan Against Securities | -Loan Against Mutual Funds Units -Loan Against Sovereign Gold Bonds -Loan Against Insurance Policies |
| SBI QUICK Personal Loan | -Loans to salaried employees not maintaining salary accounts with SBI -Loans up to INR 20 lakhs -Provision for a second loan |
| SBI Xpress Elite | -Loan for salaried customers having a monthly income of INR 1 lakh and above -Maximum loan amount up to INR 35 lakh -Provision for a second loan |
| Real-Time Xpress Credit | -Designed for Govt. and Defence Salary Package customers -Loans available up to INR 35 lakh -Real-time sanction and digital documentation |
SBI Personal Loan Eligibility Criteria
State Bank of India has determined some essential eligibility criteria for personal loans. However, the eligibility criteria vary depending on the scheme under which the loan is being applied. The major variation in the schemes is the income of the applicant based on which the loan amount is determined. Check the major eligibility criteria for SBI personal loan below:
- The applicant shall be at least 21 years of age
- The minimum income shall be INR 15000
- The CIBIL score of the applicant must be above 750
- EMI/NMI Ratio must be less than 50%
- Minimum service of 1 year in the current job
Also Read: Check here all about Saraswat Bank Personal Loan for Education
Documents Required for SBI Personal Loan
SBI offers personal loans with minimal documentation requirements, especially for pre-approved loans applied through YONO SBI App. However, if the loan is not pre-approved, you will need to submit certain documents that demonstrate your financial status and income. Below are the details of the documents required for an SBI personal loan:
- Identity proof and address proof (such as a copy of your passport, voter ID card, driving license, Aadhaar Card, etc.)
- Last 6 months’ bank statement
- Two recent salary slips
- Current dated salary certificate along with the latest Form 16
- ITR details for self-employed individuals
How to Apply for Personal Loan from SBI?
SBI personal loan application process is very user-friendly and fast. It provides both online and offline application processes for personal loans. You can apply for a personal loan from SBI through internet banking, YONO App or by visiting the branch. You need to fill out and submit the personal loan application form along with the relevant documents. Check the steps to apply for SBI personal loan below:
Apply through YONO SBI App
Applying through YONO SBI App is a simple and quick process. You can simply download it and register. Check some major steps below:
- Download the YONO SBI App from the Google play store or the app store
- Register and log in with the phone number that is linked to your bank account
- Go to the loans section and check the features and scheme
- Apply for the loan
- The bank will call you for further details
Apply through Internet Banking
If you are an existing customer of SBI, you can apply for a personal loan through internet banking. Check the steps below:
- Login to SBI Retail
- Go to the personal banking section and click on personal loan
- Fill out the loan application form and upload the relevant documents
- Submit the form and wait for approval
State Bank of India is one of the best banks for personal loans and other financial services. Visit the nearest branch for all loan-related queries. Check some common FAQs based in the same below:
FAQs on SBI Personal Loan
The interest rate for SBI personal loans ranges from 11% to 14% per annum, depending on the specific loan scheme and the applicant’s credit profile.
SBI personal loans are available to salaried individuals and pensioners. The minimum income requirement is INR 15,000 per month, and the applicant must have a CIBIL score above 750.
SBI Xpress Credit personal loan is available to salaried employees who have their salary accounts with SBI. The loan amount can go up to INR 30 lakhs, with interest calculated on a daily reducing balance.
To apply for an SBI personal loan, you need to submit identity proof, address proof, the last 6 months’ bank statement, two recent salary slips etc.
You can apply for an SBI personal loan online through the YONO SBI App or internet banking. For YONO App, download and register, then go to the loans section to apply.
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