Sbi Personal Loan

Looking for personal loans with affordable interest rates and lesser charges? SBI personal loans are a win-win. SBI, the country’s largest lender, offers personal loans with interest rates starting at 9.60 percent. SBI Personal loan are advantageous because they have low processing and prepayment fees. Interest rates are also relatively low. They also have a festive offer running that includes a 100 percent waiver on processing fees from August 15th, 2021 to January 31st, 2022. Existing customers can apply using the SBI YONO application, which offers a simple process with minimal documentation requirements.

Types of SBI personal loans

SBI Kavach Personal loan8.50%
SBI Xpress Credit10.60% onwards
SBI Pension loan 9.75%-10.25%
SBI Pre Approved Loans12.60%
SBI Quick Personal loan10.85% – 12.85%

Rates and Features of SBI Personal Loans

Interest Rate9.60% onwards
Minimum salary requirement15000 INR per month
Loan TermUpto 6 years
Loan Amount25000 to 20 Lakhs
Prepayment charges3% on prepaid amount
Processing charges1.50% of loan amount
Required age21-58 years

The other features of SBI personal loans are – 

  1. Interest rates are low. 
  2. Interest is charged on a daily reducing balance. 
  3. Low processing fees. 
  4. There is little documentation. 
  5. There are no hidden costs. 
  6. Savings for a Second Loan 
  7. There is no security or guarantor.

Documents Required to avail a SBI Personal loan

The documents needed to obtain SBI personal loan may differ depending upon the personal loan type selected. However, the following are the essential documents: 

  • Identity Proof: Passport, PAN card, Voter Identity Card, Driving License, Aadhaar Card 
  • Address Proof: Ration Card, Bank Account Statement, Passport, Driving License, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card, Telephone Bill, Electricity Bill
  • Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16

Eligibility for availing a SBI Personal loan

  1. Individuals with an SBI Salary Account. 
  2. Minimum monthly income of Rs. 15000/. 
  3. EMI/NMI Ratio of less than 50%. 
  4. Employees of the Central/State/Quasi-Government, Central PSUS and profit-making state PSUS, Nationally renowned educational institutions, and selected corporations with or without a relationship with the bank. 
  5. Amount of Term Loans 
  •  Rs. 25,000 is the minimum loan amount. 
  • Loan Maximum is Rs. 20 lakhs / 24 times NMI 
  1. Amount of Overdraft Loans 
  • 5 lakhs is the minimum loan amount. 
  • Loan Maximum is Rs. 20 lakhs / 24 times NMI 
  • The second loan is available at any time after the first loan has been disbursed, subject to a 50 percent overall EMI/NMI ratio.
  • The second loan is only available if the first loan’s EMIs are paid on time.

Terms & Conditions of Use 

  • Penal interest of 2% per month would be charged in addition to the applicable sbi personal loan interest rate on the overdue amount for the period of default. 
  • Prepayment penalties of 3% on the prepaid amount There are no prepayment/foreclosure penalties if the account is closed with the proceeds of a new loan account under the same scheme. 
  • The minimum repayment period is 6 months, and the maximum repayment period is 6 years or the remainder of the service period (whichever is lower).