Applying for SBI personal loan is very easy nowadays due to the digital process. Individuals can easily apply for an SBI personal loan online through internet banking or the SBI YONO app. SBI is one of the best banks in India offering personal loans at 11.35% p.a onwards. These loans can be used for various purposes like marriage, tourism, medical treatment, education, travel, etc. Depending on eligibility, the loans are offered in categories like XPress Credit, XPress Flexi, Xpress Elite etc. To know more about the SBI personal loan application and the steps to apply online, continue reading this blog.
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How to Apply for SBI Personal Loan Online?
For pre-approved customers, SBI personal loans can be applied online through digital channels on the Internet Banking platform and YONO app, including YONO SBI Education loans. The loans can also be availed by submitting the application form along with the necessary documents to your nearest bank branch. To apply for an SBI personal loan online, follow these simple steps-
Apply through SBI Official Website
- Visit SBI’s official website.
- Navigate to the ‘Loans’ section and click ‘Personal Loans’.
- Click on ‘Apply Now’ or ‘Avail Now’ after selecting the desired type of personal loan.
- Fill out the loan application form and upload the required documents.
- Wait for the bank to process your application.
Apply through SBI Internet Banking
- Log in to your SBI Internet Banking account.
- Navigate to the ‘Loans’ section.
- Select ‘Personal Loan’ or ‘Pre-approved Personal Loan’ (if eligible).
- Fill in the required details such as loan amount, tenure, etc.
- Submit the loan application form.
Apply through SBI YONO App
- Open the SBI YONO app.
- Click on ‘Loans’ and check for ‘Pre-approved Personal Loan’ offers (if eligible).
- If pre-approved, proceed with the application.
- If not pre-approved, explore other personal loan options within the app.
Also Read: Check out this blog to know all about SBI Education loan interest rates. Explore the factors that affect interest rate calculation.
SBI Personal Loan Application Process: Major Details
To be eligible for a personal loan from SBI, you must be a salaried individual or pensioner of central/ state government or armed forces, with a minimum monthly salary of INR 15,000. However, the exact loan amount and interest rate will depend on the minimum Risk Scoring Matrix (RSM) and other factors. The bank offers pre-approved personal loans to existing customers in 4 easy steps.
Once you check the eligibility criteria, you can apply through Internet banking or the YONO App by uploading the required documents (income proof, address proof, and PAN Card). The loan approval process can take 2 to 7 days after submitting the completed application form and documents.
Also Read: Having a low credit score? Check out this blog to learn how to get a personal with a low CIBIL score.
Types of SBI Personal Loans & Eligibility
The State Bank of India offers different types of personal loans. You must know the eligibility criteria before applying for SBI personal loans online.
| Type of SBI Personal Loan | Loan Amount | Eligibility |
| XPress Credit | Up to INR 30 lakhs | Salaried employees with a minimum monthly salary of INR 15,000 and a salary account with SBI. |
| SBI QUICK Personal Loan | Up to INR 20 lakhs | Salaried employees who have a minimum monthly salary of INR 15,000 but do not have a salary account with SBI. |
| XPress Flexi | Up to INR 25 lakhs | Salaried employees with a minimum monthly salary of INR 50,000. |
| XPress Elite | Up to INR 35 lakhs | Minimum monthly salary INR 1,00,000. |
| SBI Pension Loan | Amount based on monthly pension | Pensioners who maintain a pension payment order with SBI and are below 76 years of age. |
| Real-Time Xpress Credit | Up to INR 30 lakhs | Salaried employees of the Defence/ Government. |
This was all about how to apply for SBI personal loan online. Make sure to check the eligibility and keep the documents ready before applying for personal loans through digital channels like Internet banking and the YONO App.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
SBI personal loans are loans that can be used for various purposes, including marriage, tourism, medical treatment, education, travel, etc. Depending on the eligibility criteria, these loans are offered up to INR 35 lakhs at competitive interest rates of 11.35% p.a onwards.
To check your eligibility for Pre-approved personal loans, SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676.
SBI personal loans can be applied online through digital channels on the SBI YONO App and Internet Banking platform. You can also visit the bank’s official website and apply by navigating to the type of personal loan availed.
To qualify for a personal loan, you must be a salaried individual or pensioner of central or state government or armed forces, with a minimum monthly salary of INR 15,000.
No. SBI Personal Loans do not require collateral. These loans are unsecured, meaning you don’t need to pledge any assets as security.
