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SBI Personal Loan

Accomplish your goals and lead your money at your fingertips. SBI Personal Loan allows you to fulfil your financial requirements.
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SBI Personal Loan

SBI offers Personal loans to customers to improve their finances, like paying off high-interest debt, children's higher studies, cover-up medical expenses, or funding a home improvement project.

Personal Loan Features & Benefits

Features

  • Easy Application
  • Flexible Tenure
  • Low processing fee paid
  • No physical documentation

Benefits

  • Attractive interest rate
  • No Collateral required
  • 24*7 availability through SBI YONO APP

Also Read:- Standup India Scheme UPSC

SBI Personal Loan Interest Rate, Processing Fees & Tenure

Interest Rate 9.60% p.a. onwards
Loan Amount Loan up to Rs.20 lakhs
Minimum Income Required Minimum Income should be above Rs.15,000 p.m
Loan Tenure Up to 6 years

 Types of SBI Personal Loan

There are majorly 5 types of SBI personal loan offered to customized segment as below mentioned -

SBI Kavach Personal Loan:- SBI offers kavach personal loan that work as a term loan with the motive to help individuals/families who were impacted by covid & require finance for treatment expenses & this feature shall be effective from 1st of April 2021. Any salaried & self-employed can get upto 5 lakhs that too with zero processing fees at 80.5% rates.

        Key Features: -

  • No collateral/security required
  • Zero processing fees
  • Lowest EMI facility

SBI Personal Loan for Pensioners:- SBI pension loan is offered to state, central, defense, and family pensioners to fulfil their personal financial needs whether financing for children higher studies or marriage, planning to purchase new home, covering up medical expenses or paying off existing debts.SBI Pension loan requires only minimal documents even processed in less time as compared to other loans & provide you the comfort of paying affordable EMI as SBI personal interest rates starting from 9.75% onwards with no processing fee are levied. Ensure pensioners age should not exceed 76 years when applying for loan.

      Key Features:-

  • Applicant must have Pension Account in SBI Bank
  • No processing fee levied
  • Get easy EMI repayment method
  • You can apply from any SBI Bank Branches

SBI Xpress Credit Personal Loan:- As the name itself say Xpress credit personal loan allows an applicant to get instant disbursal for covering up all types of financial needs mainly for unplanned expenses. Any salaried individual having salary account in SBI Bank with a regular income of 15,000 p/m can get loan upto 20 lakhs.

     Key Features: -

  • Applicant should have salary account in SBI Bank
  • Get loan amount from 1 Lakh to 20 Lakhs
  • Flexible tenure facility ranging 6 months to 60 months
  • Xpress credit SBI personal loan interest rate starting @10.60% to 13.10% p.a

Pre-Approved Personal Loans on YONO:-SBI Bank offers pre-approved personal loan to their pre-selected existing customer by determining certain parameters if you are a pre-approved applicant can get advantages of an Instant loan through YONO App.

      Key Features: -

  • Applicant should have salary account in SBI Bank
  • Instant disbursement through YONO app in just 4 clicks
  • Fully Digitally processing & sanction
  • 24*7 support availability in YONO

SBI Quick Personal Loan:- SBI Quick personal loan give you the flexibility of getting a loan, whether you maintain a salary account in SBI or with other banks, you have still opportunity to get a loan that too in a quick time.

      Key Features: -                 

  • Not Mandatory to have an account in SBI
  • Applicant monthly minimum income should be above 15,000
  • Salaried Employee must have at least 2 years of work experience
  • Get a Loan at affordable rates with lowest processing fee
  • No Collateral or Guarantor required to get Loan

State Bank of India Type of Other Charges

  • Security - NIL
  • Processing Fees - SBI charges 1% of loan amount + applicable taxes
  • Part-payment charges - 6 months to 60 months (or residual service period whichever is lesser)
  • Penal charges- 2% p.m. charged 

Also Read:- Pradhan Mantri Mudra Loan Yojana

SBI Personal Loan Eligibility Criteria

  1. The applicant should be a permanent employee with a minimum year of service with any of the following employers –
  2. Central and State Government
  3. Private Company
  4. Selected Corporates who have a business relationship with the bank as well as do not have ECR, Subject to certain terms and conditions
  5. Applicant minimum net income should be Rs.15,000/- p.m.
  6. Existing savings account or current account is required for this loan
  7. The customer should maintain the required balance in the account as per the account type.
  8. A pre-approved SBI Personal Loan offer must be available when the applicant logs into YONO app.

 SBI Personal Loan Documents Checklist

KYC Document:-

Both salaried as well as self-employed need to provide any one of the following as identity proof.

  • PAN Card
  • Aadhaar Card
  • Driving License
  • Election/ Voter ID Card
  • Passport

Proof of Income:-

  • Applicant should require last 3-month payslip.
  • Applicant should have bank statement of last 6 months.

Financial Documents:-

  • Salaried Individuals:  salaried individuals required last 3 month's Salary Slips and, Bank Statements of 6 months.
  •  Self-employed individuals: - Self-employed individuals required a last 1-year bank statement for both savings and current account.

Proof of Residence:-

You can submit any one of the following documents as address proof:

  • PAN Card
  • Passport
  • Aadhaar Card
  • Driving License
  • Election/ Voter’s ID Card
  • Property/ Municipal Tax receipt

Electricity bill, telephone bill, piped gas bill, water bill, post-paid mobile phone bill etc.

How to apply for Personal Loan from SBI Bank online?

You can use SBI personal loan online apply through the SBI YONO app, you can follow the below-mentioned steps by steps points:

  • Log in to the SBI YONO app with some basic details
  • See for an available pre-approved personal loan offer in your account
  • Select the loan amount and tenure according to you
  • Enter the OTP received on your registered mobile number and submit the application
  • The amount of loan will be payout in your account instantly

Also Read:-SBI Bank Home Loan

State Bank of India SBI Personal Loan FAQ

1. How to pay SBI personal loan EMI online?

Borrowers of SBI loans can quickly pay their SBI loan EMI online if they missed it or if they (borrowers) want to prepay some amount. This service entails transferring funds from a savings account to the credit of a loan account via NEFT, which is an instant transfer because the accounts are with SBI.

2. How much personal loan can I get from SBI?

Many factors are considered in terms of determining personal loan amount of an individual, in general, you can get maximum upto 20 lakhs.

3. What is the age limit for borrowers?

SBI personal loan eligibility for age limit set as minimum 18 & maximum 52 years at the time of application.

4. How do I track my SBI Personal loan?

Ttrack your SBI personal loan status download the YONO SBI app and know your status easily.

5. How to use SBI Personal Loan Calculator?

State bank of India SBI personal loan EMI calculator is user friendly & ease to use, enter your required loan amount with interest rate & tenure time period required to repay loan amount, within seconds its present overall schedule chart.

6. How can I apply for SBI Personal Loan Online?

For digital process use SBI personal loan online apply through YONO App with just 4 clicks you can get loan without any facing problems.

7. What is the SBI personal loan Interest rate for salary account?

SBI personal loan interest rate for salary account starts from 9.60% to 11.10% per annum which means to be low rates as compared to other loans. 

8. Which bank personal loan is best?

Every bank is best at its aspects, Choosing the best bank for personal loan online requires research & comparison, to ease your process we have thoroughly researched by determining different factors to filter ideal bank like SBI, HDFC, Kotak, ICICI, Axis. Etc are some of the top best-listed banks for personal loan.

9. How to check SBI Personal Loan status?

If you want to check SBI personal loan status online, just download the YONO App-Click personal loan- Select availed type of loan-Finally you have to enter application reference number which have been received to your registered mobile number by Bank. If you want to visit your nearest bank branch carry out relevant document & ask the bank representative to look at them.

10. Is there any SBI Personal Loan app?

Yes, SBI personal loan app has launched an application in the name of YONO App its totally a digital bank where you can easily pay off your bills, book tickets, transfer money, take loan like more & more features.

 SBI Personal Loan customer care number

SBI personal loan customer care number can be used for any service-related issue, customer can get in touch with SBI by Calling Customer Help Line Numbers 1800 425 3800

Toll free number:- 1800 1234
Toll number:- 080-26599990
Toll-free number:- 1800 425 3800
Toll-free number:- 1800 11 2211

Also Read:-Machinery Loan

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