State bank of India (SBI) is a government-owned bank and was founded in 1955. It is the oldest bank of India and falls under the category of public sector bank. This bank provides many financial products to its customers, SBI offers:- Working Capital Finance, Project Finance, Deferred Payment Guarantees, Corporate Term Loans, Structured Finance, Dealer Financing, etc. Under the loans, it provides a gold loan, car loan, home loan, and personal loan. A personal loan out of every loan is the most popular and widely purchased product. This bank has been serving people nationwide from a longer, so people trust the policies of this bank.

What is a Personal Loan?

A personal loan SBI is a type of unsecured loan, in which a person doesn’t have to pledge any of his belongings to the banker. A banker has some criteria to check the eligibility of an applicant. Salary slips, job location, and the credit score are the necessary information a banker consider at the time of sanctioning the loan. A personal loan is said to be a multipurpose loan, which means that a person can spend the loan amount where ever he wishes to there is no compulsion regarding that.

Where Can You Use Your Loan Amount?

  1. You can use the amount of personal loan according to your needs. One can make the use of loan amount to meet any of his requirement. The good thing about the SBI personal loan is that the bank wouldn’t ask you the reason to get the personal loan neither the bank puts any restrictions on the use of the loan amount.
  2. Indian weddings are big fat weddings. Mostly people think about taking a personal loan for the wedding purpose. This is quite an obvious thing because the wedding day is very important to a person and everybody wants to make it beautiful as much as they can.
  3. Education has the power to change the world, but education is becoming a privilege nowadays, as it is very costly. One can also take a personal loan for education as well.
  4. Besides that, some people use a personal loan for expanding their businesses.
  5. A home is a place where you feel the deepest affection no matter where you and what you do. A beautiful home is a dream of every person. A personal loan can help in making that dream come true.
  6. Unfortunate financial crises can be another reason for taking the personal loan.
  7. By using SBI personal loan, one can also pay off his credit card bills.
  8. The personal loan is quite helpful in case of any medical emergency.
  9. Some people get a personal loan to buy a second-hand car too because while buying a second-hand car it becomes quite troublesome to get a car loan, so they go for the personal loan.
  10. Farmers can avail the benefit of personal loan for their agricultural activities.

Schemes of SBI Personal Loan

SBI personal loan is the best way to get finance for your requirements. You can apply online or call on customer care number of Dialabank +91-98789-81166 for a personal loan from SBI. To get a personal loan, you must fulfill the eligibility criteria as defined by the bank. A credit score is one of the essential eligibility factors to avail a personal loan from SBI, It depends upon the banking history of an applicant. State bank of India provides vast options of personal loans for the people. Some of these schemes are:

  1. SBI Xpress Credit Loan - This is a special scheme for individuals employed in government organizations, PSUs, Leading semi-government organizations and other leading private sector companies.
  2. SBI Saral Personal Loan - This loan scheme is for people employed in the corporate sector, or for one who is a self-employed professional such as a doctor, engineer, lawyer, and so on.
  3. SBI Loans to Pensioners - This is personal finance that is provided to pensioners and their family who have an existing account with SBI. The family refers to the spouse of an individual who is authorized to receive the pension of a person in the event of the death.
  4. SBI Loans to Affluent Pensioners - This is a loan that is offered to pensioners i.e. people retired from central or state institutions, or whose pensions are disbursed by the government or family pensioners.
  5. Festival Loan - These loans are provided by the banks to people to pay for any festival expenses for government employees, self-employed individuals or salaried people.

If you are an NRI, the SBI personal loan norms may vary for you. The minimum salary criterion for an NRI is Rs. 30000 and you can get only 5 lakhs as maximum loan amount. Check SBI personal loan interest rates, list of documents, features, and processing fees,  updated as per 2015-16.

SBI Personal Loan Benefits and Features

A personal loan can be taken for different needs. If you need finance, you can borrow from financial institutions. There are different rules and criteria to get a personal loan. One must check its eligibility for getting loan amount. Personal loans are multipurpose finance options. There are various benefits of taking a personal loan online. You can avail a good deal by comparing offers and finalizing the best one as per your needs. Here are some benefits of personal loan:

  1. A Loan without any collateral or security: A Personal Loan is not a secured loan. Banks don’t ask for any security or collateral. So, there is no need of pledging a collateral or security. It is purely given as per the customers' income.
  2. Simple Documentation: Personal Loans are simple and easy. You can get it with minimum documentation with a quick process. Banks need some basic documents of a borrower like identity proof, address proof, income proof, etc.
  3. Loan Amount: The amount can be ranging from Rs. 50,000 to Rs. 20 lakh.
  4. Quick Loan Approval: It is easily sanctioned within 48-72 hours without any hassle. After getting the documents, banks will do the verification of the given details and the loan will get disbursed within 24 hours of verification.
  5. Multipurpose finance: Personal loan can be used for various purposes i.e. in paying old bills, home improvements, wedding shopping, financing trips and many more.
  6. No Third party involvement: The loan is directly given to the borrower without the involvement of the third party. It is a relationship between the borrower and the lender.
  7. Hassle free: Getting a personal loan is now a hassle-free process. Online loan portals have made it more convenient and easy. You can get the loan amount in your account without stepping out of your place.

Avail the benefits of a personal loan by applying online. Get the best deal and lowest interest rates with quick approval. Call 60011600 or 9878981166.

A Personal loan is immediate finance provided by the lender to the borrower. The borrower can avail personal loan from any lending institution, private sector bank as well as from government sector banks. Personal loan interest rates vary according to banks and customer profile. Some Institutions provide special offers to their regular customers like affordable interest rates, low processing fee, affordable EMIs and long tenure period. Check interest rates offered by different banks in the country.

SBI Personal Loan Interest Rates

Banks

CAT A Company

CAT B Company

CAT C & CAT D Company

Pre-Payment Charges

Processing Fees

HDFC Bank

13.00%- Salary Rs. 70000 or above

14.00%- Salary Rs. 70000 or above

16% and above

1.00 % to 4.00 %

2.00% to 2.5%

13.25%- Salary Between 50000 to & 70000

14.25%- Salary Between 50000 to & 70000

14.00%- Salary Between 30000 to & 50000

14.50% - Salary Between 30000 to & 50000

14.00%- Salary Below 30000

14.75%- Salary Below 30000

ICICI Bank

13.00% to 14.00%

13.50% to 15.00%

14.00% to 15.00%

2.00% to 5.00%

2.00%

Fullerton India

17.25% to 22.00%

17.25% to 25.00%

18.00% to 32.00%

NA

2.00%

Bajaj Finserv

13.99% - 16.75%

13.99% - 16.75%

13.99% - 16.75%

N.A.

2.00% - 3.00%

Axis Bank

16.00% to 18.00%

18.00% to 20.00%

18.50% to 22.00%

Special Offers

2.00%

Standard Chartered Bank

16.00% to 17.00%

17.25% to 18.50%

18.25% to 19.00%

N.A.

N.A.

United Bank Of India

16.00% to 18.00%

16.00% to 18.00%

16.00% to 18.00%

N.A.

N.A.

State Bank of India and Group

16.75% to 21.00% with Guarantor 

16.75% to 21.00 % with Guarantor 

16.75% to 21.00% with Guarantor 

4.00%

2.00% to 3.00%

Kotak Bank

18.00% to 19.00%

18.00% to 19.00%

18.00% to 19.00%

4.00%

2.00%

Corporation Bank

14.50% to 17.00%

14.50% to 17.00%

14.50% to 17.00%

N.A.

1.5% to 5.00%

Andhra Bank

15.75% to 18.75%

15.75% to 18.75%

15.75% to 18.75%

N.A.

2.00% - 3.00%

Bank of Baroda

15.00% to 17.00%

15.00% to 17.00%

15.00% to 17.00%

N.A.

2.00%

ING Vysya

15.00%- Salary Rs. 70000 or above

15.50% to 16.50% Salary Rs. 70000 or above

16.5% to 18.00% Salary Rs. 70000 or above

4.00%

2.00%

Vijaya Bank

16.00% to 18.00%

16.00% to 18.00%

16.00% to 18.00%

N.A.

N.A.

 

How to avail the lowest personal loan Interest Rates?

Following are the features of the lowest interest rates:

  1. Company Profile: The company profile may impact a lot in terms of interest rates. Banks have categorized the companies in different categories. They offer interest rates as per the category of company. So, if you are looking for a good deal, do check your company category.
  2. Online Comparison: Person should do detailed research online to compare the interest rates of all lenders. It helps the borrower to choose the best lender that suits their requirements. A person can use various tools like EMI Calculator, online comparison portals, loan helplines, etc.
  3. Negotiate with the lender: In case a consumer is already a customer of the lender, then chances of getting a good discount on interest rates will be more.
  4. Co-borrower: If a borrower’s credit rating is low then, the borrower can merge the income of spouse/father/mother to increase the loan eligibility.

Apply Now to get Best Personal Loan Interest Rates.

Leading Personal Loan Providers (Click to Apply)

SBI

Axis Bank

Other Banks


What is the Need for a Personal Loan?

A personal loan is a finance that is taken by an individual to fund some of their needs in times of urgent situations. This can be to pay off previous debts by an individual, purchase some electronic commodity, pay medical expenses and other purposes. Personal debt is an unsecured loan. However, due to this, the eligibility criteria for the personal loan is strictly checked as the bank takes an enormous risk without taking collateral. Banks ask for salary slips or form 16, bank statements, current address proof and some other documents to process your personal loan.

Also, the interest rates charged are higher on these finances as compared to the secured loans like a home loan or a car loan. There are times when we need urgent funding within a few hours. A personal loan is advantageous in such a situation as it is approved within 48 hours, provided the documentation is correct and as required by the lenders.


Apply For Personal Loan Call Us on (City Code) +91-98789-81166


Loan Amount Available:

The personal loan limit is determined by the repaying capacity and creditworthiness of the person.

  1. Minimum Loan amount: Rs.25,000/
  2. Maximum loan amount: 18 times Net Monthly Income for Salaried Individuals and it may vary as per the profile of an individual.

About SBI: State Bank of India, often referred to as SBI, is the leading provider of retail assets in the country. Retail assets refer to the loans that they provide to the people. Asiamoney Polls has awarded the State Bank of India as the Best Provider of Financial Services by the customers.

Get a quick approval for your loan application form and track it with the help of Dialabank. Apply now to get detailed information about the procedure.

FAQ's

What is the minimum salary to get a personal loan?

To get a personal loan the minimum salary of the applicant should be Rs. 18000 per month.

How is interest on personal loan calculated?

To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.

How is EMI on a personal loan calculated?

EMI Formula

E = p.r. (1+r) n/ ((1+r) n-1))

Where

E is EMI

P is Principal Loan Amount

R is the rate of interest calculated every month. 

Which bank gives the cheapest personal loan in India?

However, the ROI depends on your income, job profiles and on many other factors but HDFC is best at providing a personal loan at lower interest rates.

How to use the loan calculator?

You just have to visit www.dialabank.com. After that enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.

What is the tenure of personal loan in SBI?

Ans: The loan tenure of the SBI Personal Loan is one year to 5 years.

How much personal loan amount I can borrow from SBI?

Ans: The applicant can take a loan amount of Rs. 50,000 to a maximum amount of Rs. 50 Lakh. It depends on your income and job profile also.

How much does SBI charge processing fee on a personal loan?

Ans: The processing fee charged by SBI is 1% to 3%.

Is age an eligibility factor in getting a personal loan from SBI?

Ans: Yes, age matters a lot while applying for a personal loan. The minimum age of the applicant should be 21 years minimum, and it can be 60 years maximum.

Are there any prepayment charges on a personal loan from SBI?

Ans: Yes, prepayment charges are there in SBI. These are generally 2 - 4%.

What is the minimum salary to get a personal loan?

To get a personal loan the minimum salary of the applicant should be Rs. 18000 per month.

How is interest on personal loan calculated?

To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.

How is EMI on a personal loan calculated?

Ans: EMI Formula

E=p.r. (1+r) n/ ((1+r) n-1))

Where

E is EMI

P is Principal Loan Amount

R is the rate of interest calculated every month. 

Which bank gives the cheapest personal loan in India?

Ans: However, the ROI depends on your income, job profiles and on many other factors but SBI is best at providing a personal loan at lower interest rates.

 How to use the loan calculator?

Ans: You just have to visit https://www.dialabank.com/emi-calculator.cfm. After that enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.

Should I prefer Axis bank for a personal loan?

Ans: If you are an internal customer of Axis bank then you should prefer Axis Bank Personal Loan.

Which bank is best for a personal loan?

We are here to help you to find the best personal loan for you. Free to call 9878981166 on this our RM (Relationship Manager) tells you the best deal that you can have. 

Which bank gives the lowest interest rate for a personal loan?

For such quires, Dialabank is here to help you. Dial-A-Bank is India's First Financial Helpline, with service available on a local number "600-11-600" across 18 major cities in India. Promoted by a group of Senior Corporate Executives, Dialabank helps consumers Compare and Buy the right Financial Product across 96 Banks, 24 Insurance and 48 Mutual Fund Companies.

How to apply for a personal loan in SBI? 

To get a personal loan is very easy; you have to visit www.dialabank.com  and fill the form. After that, we will call you back you with the best personal loan for you as compared to others it’s our guaranty. By this, you can apply for a personal loan. 

What is a personal loan?

Personal Loan is an unsecured loan that means it does not need any collateral. You don't need to deposit any mortgage or security. You can get a Personal Loan based on your eligibility like monthly income, banking history, CIBIL score, employment profile, etc.

How much personal loan can I get?

Again, there isn’t a standard income standard to judge your suitability for a loan. The lender is likely first to check whether you have defaulted in the history as well as if you are currently servicing any loan, besides that one you are applying for. Besides that, there are some things you should keep in mind - Keep your credit score above 700

How much cibil score required for a personal loan?

The minimum CIBIL score required for a personal loan is generally 700. Lower than this would mean that the applicant is creditworthy as well as applications are processed without hassle. In general credit scores range from 300 - 900; 300 being on the lower end of the range and 900 on the higher end.

How to pay SBI personal loan EMI through net banking?

Choose your net banker from drop down or click on pay. You will be securely redirected to the SBI payment interface of your selecting net banking option. Confirm your payment money towards your SBI Loan account. You will get an online transaction confirmation as well as a Transaction Reference Number.

How to close SBI personal loan before one year?

Visit bank nearby SBI with all documents. Secondly, you may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account. After that pay the pre-closure amount. Sign the necessary documents, if any. Take acknowledgment of the balance amount you have paid.

Since a Personal Loan is generally unsecured, no asset needs to be released from lien or hypothecation. Your Loan will close automatically once the bank receives the applicable money. The SBI will dispatch a loan closing document that you need to keep safe.

Closing a Personal Loan is as easy as applying for one. 

How to check SBI personal loan status?

Customers can get any of the services as of their ease to check their loan status. Customers can keep track of their application as well as stay updated with the current status of their loans with more comfort with the options provided by SBI. With the wide banking options provided by SBI, it has enabled its customers to check their loan status in the following ways.

Leading Personal Loan Providers (Click to Apply): Get quotes across the leading banks

  1. HDFC Personal Loan
  2. Axis Bank Personal Loan
  3. PNB Personal Loan
  4. ICICI Bank Personal Loan
  5. Bandhan Bank Personal Loan
  6. Bank of Baroda Personal Loan
  7. Fullerton India Personal Loan
  8. Personal Loan from Other Banks

SBI Personal Loan EMI Calculator SBI Personal Loan Interest Rates
SBI Personal Loan EMI Calculator SBI Personal Loan Interest Rates