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SBI Personal Loan

Interest Rates for SBI Personal Loan

Particulars Details
Interest Rate 11.35% - 15.10%
Loan Amount

For Term Loan: Minimum- 24,000/-

Maximum- 24 times NMI subject to a maximum of 15 lakhs For Overdraft:

Minimum- 10 lakhs

Maximum- 24 times NMI subject to a maximum of ₹ 15 lakhs

Tenure 5 Years or 60 months
Processing Fees Nil-0.5% of the Loan Amount + GST
Prepayment Charges NIL-3% of the principal outstanding
Collateral Not Required

SBI Xpress Credit Personal Loan

The Xpress credit loan is a type of loan which you may avail without any problems on any occasion like be it an unplanned vacation, an emergency or for any medical charges, this loan is right for meeting all your emergency requirements. To avail this loan, minimal documentation is required with no hidden but then pre-payment charges are applicable. Also processing fee to apply for SBI Xpress Credit Personal loan is also very low. To understand more about SBI Xpress Credit Personal loan

Particulars Details
Interest Rate 11.85% to 14.85% p.a.
Loan Amount

For Term Loan: Minimum- ₹ 24,000/-

Maximum: 24 times Net Monthly Income (NMI) subject to maximum of ₹ 15.00 lacs

Overdraft - Minimum: ₹5.00 lacs

Maximum: 24 times NMI subject to maximum of ₹15.00 lacs

Tenure 60 Months (5 Years)
Processing Fees 0.50% of the loan amount
Prepayment Charges Nil to 3% of the principal outstanding

SBI Xpress ELITE Scheme

Individuals holding a salary account with any Indian bank can avail this product from SBI to meet their varied needs. The effective rate of interest for this would be a combination of credit score of an applicant and one year of Marginal Cost of Funds based Lending Rate (MCLR) with spread over of one year MCLR.

Mentioned table below to understand more about this scheme

Particulars Details
Interest Rate 11.35% to 15.10% p.a.
Loan Amount

Term Loan - Min: ₹24,000/-

Maximum: 24 times Net Monthly Income (NMI) subject to maximum of ₹ 15.00 lacs

Overdraft - Minimum: ₹5.00 lacs

Maximum: 24 times NMI subject to maximum of ₹15.00 lacs

Tenure 60 Months (5 Years)
Processing Fees 0.50% of the loan amount
Prepayment Charges Nil to 3% of the principal outstanding

Get your free Credit report that cost  Rs 1200 for FREE

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs

SBI Pension Loan

SBI Pension mortgage is a type of a loan this is given to pensioners who are receiving their pensions through central or the state government. The pensioners can easily avail this loan as a way to meet their urgent or unexpected personal monetary situations. A nominal processing fee is applicable with no hidden and prepayment charges.

Specifications Details
Interest Rate 12.40% p.a.
Loan Amount

(A) For Pensioners: Minimum: ₹ 25,000/-

Maximum: 18 months' Pension with a ceiling of:

₹14.00 lacs: For Pensioners who are up to 72 years of age.

₹12.00 lacs: For Pensioners who are above 72 years and up to 74 years of age.

₹7.50 lacs: For Pensioners who are above 74 years and up to 76 years of age.

(B) For Family Pensioners:

Minimum : ₹25,000/-

Maximum: 18 months' Pension with a ceiling of:

₹5.00 lacs: For Pensioners who are up to 72 years of age.

₹4.50 lacs: For Pensioners who are above 72 years and up to 74 years of age.

₹2.50 lacs: For Pensioners who are above 74 years and up to 76 years of age.

Repayment Period 24 months to 60 months for Pensioners and Family Pensioners
Processing Fees NILL

Eligibility For SBI Personal Loan

SBI has set few basic requirements on basis which it offers personal loans. Following are the eligibility standards for salaried and self-employed as according to the schemes:

Personal Loan Eligibility For SBI Xpress Credit

If someone desires to take Xpress credit personal loan from SBI, he/she needs to meet the following:

  1. Net Monthly Income of the applicant must be minimum of Rs 5000 per month
  2. The applicant EMI/NMI (Equated month-to-month Instalment’s / Net Monthly Income) ratio must not exceed 50

Pension Loan Eligibility For SBI

Those who want to avail SBI Pension loan need to meet the following:

  1. The applicant must not me more than 76 years of age
  2. The applicant must have a SBI pension account and needs to be drawing a pension from from the central or state governments
  3. If the family pensioner is the spouse of a pensioner who is permitted to acquire the pension then they too need to not be over 76 years of age

General Eligibility Criteria

Criteria For Salaried Individuals For Self-employed Individuals
Age

Minimum- 21 Years

Maximum- 58 Years

Minimum- 21 Years

Maximum- 65 Years

Minimum Income ₹5,000/- per month ₹7,000/- per month
Total Work Experience 2 Years 2 Years
Years in Current Residence 1 Year

SBI Personal Loan Calculator

SBI personal loan EMI calculator is the tool used to calculate the month-to-month instalments of a personal loan. If someone desires to take a personal loan, he/she would want to know the monthly instalments they'll have to pay to the bank.

To understand about the monthly instalments of the personal loan, following details are required:

  1. Loan Amount
  2. Rate Of Interest
  3. Loan Tenure

For e.g., if a borrower desires to take a personal loan for 15 lakhs with five years as tenure and at 11.35 rate of interest then the EMI details are as follows:

Table Showing EMI, Interest, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount
₹ 15,00,000 11.35% 1 ₹ 1,32,817 ₹ 93,810 ₹ 15,93,810
₹ 15,00,000 11.35% 2 ₹ 70,156 ₹ 1,83,738 ₹ 16,83,738
₹ 15,00,000 11.35% 3 ₹ 49,357 ₹ 2,76,855 ₹ 17,76,855
₹ 15,00,000 11.35% 4 ₹ 39,024 ₹ 3,73,139 ₹ 18,73,139
₹ 15,00,000 11.35% 5 ₹ 32,876 ₹ 4,72,564 ₹ 19,72,564

EMI, Total Interest, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 2,36,304 ₹ 1,58,208 ₹ 12,63,695
2 ₹ 2,64,565 ₹ 1,29,947 ₹ 9,99,129
3 ₹ 2,96,206 ₹ 98,307 ₹ 7,02,923
4 ₹ 3,31,630 ₹ 62,882 ₹ 3,71,292
5 ₹ 3,71,600 ₹ 23,221 ₹ 0

SBI Personal Loan Eligibility Calculator

With the help of SBI personal loan eligibility calculator, anyone can check if he/she is eligible for a personal loan from SBI or now however there are many similar online personal loan calculator available for free to assist. The calculation is based on the following:

  1. Individuals Income
  2. Monthly Expenses
  3. Other Financial Liabilities (current loans/EMIs, Credit card outstanding)

Documentations Required for SBI Personal Loan

These are the list of documents that a person needs to carry whenever he wants to apply for a SBI personal loan:

  1. Signed loan application form
  2. Identity proof- PAN Card/Voter id Card/Passport/driving License.
  3. Processing fee cheque if applicable
  4. latest 3 months bank statement or 6 months passbook whichever requested
  5. Current pay slip & income certificate with the latest form 16 for salaried individuals
  6. Bank statement or latest ITR of form 16 for self-employed individuals

How to Apply for SBI Personal Loan?

SBI allows the choice to either go for an online application for the loan however; one also can visit the nearest branch and do the formalities.

Get your free Credit report that cost  Rs 1200 for FREE

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs

SBI Personal Loan Apply Online

You can apply for personal loan, SBI allows you to avail this credit facility on-line. You can visit SBI's website and look for personal loan section and follow the on screen instruction to complete the application at your convenience. Post you submitting the form, your profile would be evaluated and then the bank executives get in touch with you for further loan process.

SBI personal loan Contact Number

If a borrower has some queries associated with SBI personal loan, he/she will be able to contact the bank on the toll-free no.: 1800 425 3800. The moment you dial them the bank executives make sure to solve all your queries and complaints.

SBI Personal Loan Status

With the help of SBI Personal Loan online website, the applicant can any time take a look at the status of loan. SBI allows to check the status of your loan with the assist of an easy and quick technique. All that the consumer needs to do is simply login to the respective account and within few seconds, can get the status of their loan account.

SBI Personal Loan Application Form Download

In case you want to avail a personal loan from SBI, your first step is to fill an application form. It is Mandatory for an applicant to submit the required form along with relevant documents however, one can avoid long queues inside the bank, and all you need to do is download the form on line. You can go to the website of SBI and download the forms. Fill the form and submit the same either online or visit the nearest branch with the application in addition.

About SBI Personal Loan

SBI is the 45th largest public sector bank in the world and the largest in India with an asset value of ₹37 Lakh Cores and with customer base of 500 million. It's is customer friendly in all divisions and personal loans are considered one of them. The bank understands the borrower and the personal loans may be availed by salaried in addition to self-employed as well who need to meet their unforeseen monetary requirement. A borrower can take a personal loan from SBI for reasons like wedding ceremony related expenses, overseas journey, overseas training, health related costs or every other economic expenses.

Why Choose SBI personal loan?

Personal loans are the unsecured loans which suggest there are no collateral required to get it. Similarly SBI personal loan is also given with none collateral. Some of the important elements that make SBI personal loan scheme specific have been given under.

Attractive Rate of Interest: SBI charges one of the lowest personal loan interest rates and therefore is customer-friendly. The personal mortgage hobby costs of SBI are on a daily recurring balance therefore, guarantees maximum gain to the loan borrower.

Timely Discounted Schemes: SBI is one of the first banks that offers personal loans once in a while like there are Diwali offers and also has discounts for authorities employees, doctors and other professionals.

No Hidden costs: There aren't any hidden charges or penalties for any SBI personal loan scheme.

No Prepayment Penalty: For personal loans, SBI takes no prepayment or foreclosure fees. However, if the loan is being repaid earlier than six months of the loan approval date, the bank charges 1% of the loan amount.

Instantaneous Loan Approval: As there is no collateral required to take a personal loan from SBI bank, the loan approval is faster and smoother.

Online loan Approval: Nowadays, as everything is going online, people look out for online loan application. Keeping things in mind, SBI takes online loan applications that save the borrower’s time.

Benefits of SBI Personal Loan

The personal loan scheme of SBI has many benefits like low-interest rates, low processing prices and higher loan amount, and so on.

Mentioned below are few of SBI personal loans are:

  1. Higher Loan amount
  2. Low-interest costs
  3. Fast loan Processing
  4. Specialised mortgage Schemes
  5. 24X7 customer service