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 banks. 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 a 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 long time, so people trust the policies of this bank.

What Is State Bank Of India Personal Loan?

A personal loan is a type of unsecured loan, in which a person doesn’t have to pledge any of his belongings or assets to the bank. State Bank of India has some criteria to check the eligibility of a personal loan applicant. Salary slips, job location, and the credit score are some of the necessary information a bank considers at the time of sanctioning the loan. A personal loan is said to be a multipurpose loan, which means that the borrower can spend the loan amount according to his requirements anywhere he wishes.

Where Can You Use Your SBI Personal Loan Amount?

  1. You can use the funds of the personal loan according to your needs. One can make use of the loan amount to meet any of his requirements. The good thing about the SBI personal loan is that the bank wouldn’t ask you the reason to get a 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 expensive. One can also take a personal loan for education purpose as well.
  4. Besides that, some people use the personal loan for starting a business and also for expanding an already running one.
  5. Building or renovating a home is also a reason for people taking a personal loan.
  6. Unfortunate financial crisis can be another reason for taking a 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, because for buying a second-hand car, no lender gives a car loan, so they go for the personal loan.
  10. Farmers can also avail the benefits of a personal loan for their agricultural purposes, like buying farming equipment, etc.

Schemes of State Bank Of India Personal Loan

SBI personal loan is the best way to get finances for your personal requirements. To get a personal loan, you must fulfill the eligibility criteria as defined by the bank. A credit score is one of the most essential eligibility factor to avail a personal loan from SBI. A credit score or CIBIL score depends on 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 the 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.
  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 criteria for an NRI is Rs. 30,000 and you can get only 5 lakhs as maximum loan amount. Check SBI personal loan interest rates, list of documents, features, and processing fees before applying for the loan.

State Bank Of India Personal Loan; Benefits and Features

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

  1. A Loan without any collateral or security: A Personal Loan is an unsecured loan. Banks don’t ask for any security or collateral from the borrower. So, there is no need of mortgaging your assets for the finances. It is purely given as per the customer's credentials.
  2. Simple Documentation: Personal Loans are simple and easy. You can get it with minimum documentation and quick processing. Banks need some basic documents of the 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 renovation, wedding shopping, financing travel 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 even more convenient and easy. You can get the loan amount in your account without stepping out of your place.

A Personal loan is an instant finance provided by the lender to the borrower. The borrower can avail personal loan from any finance lending institution, private sector bank as well as from public sector banks. Personal loan interest rates vary according to banks and customer's profile. Some institutions provide special offers to their regular and internal 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 Documentation

Salaried Individual

Self Employed People

Last 3 months salary slips & last 6 months bank statement

 ITR of minimum 2.5 lakhs for last 3 years

Identity Proof: Aadhar Card/Pan Card/Voter Id/ Driving License/ Passport

Address Proof: Aadhar Card/Pan Card/Voter Id /Passport/Driver License and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address

 Two colored photographs

 PAN Card photocopy

 
 

SBI Personal Loan Interest Rates (w.e.f. 10 May 2019)

 

  1. For Para-Military / Defence / Indian Coast Guard Salary Package Borrower
  2. State Bank of India ‘Term Loan’ scheme:

2 yr MCLR

Spread over 2 yr MCLR

Effective Interest Rate (no reset)

8.55%

3.40% - 3.90%

11.95% - 12.45%

 
  1. State Bank of India ‘Overdraft’ scheme:

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate with No Reset

8.55%

3.90% - 4.40%

12.45% - 12.95%

 

 

  1. For Other Applicants

a) State Bank of India ‘Term Loan’ scheme:

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate with No Reset

8.55%

3.40% - 5.40%

11.95% - 13.45%

 

 

  1. For Other Corporate Salary Package (CSP) Applicants:

 

  1. State Bank of India ‘Term Loan’ scheme:

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate with No Reset

8.55%

4.40% - 5.40%

12.95% - 13.95%

 
  1. State Bank of India ‘Overdraft’ scheme:

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate with No Reset

8.55%

4.90% - 5.90%

13.45% - 14.45%

 

 

How To Avail The Lowest Personal Loan Interest Rates?

Following are the features of the lowest interest rates:

  1. Company Profile: The company profile of the applicant does 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's category.
  2. Online Comparison: Person should do detailed research online to compare the interest rates of all the 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 help line, etc.
  3. Negotiate with the lender: In case a borrower is already a customer of the lender bank then, the chances of getting a good discount on the 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.

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 exigency. This can be to pay off previous unpaid 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 the best option in such a situation as it is approved within 48 hours, provided the documentation is correct and as required by the lenders.

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 State Bank of India

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 to 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.

How To Apply For SBI Personal Loan? 

  1. To get a personal loan is very easy, all you have to do is:
  2. visit www.dialabank.com and fill the application form. 
  3. After that, we will call you back with the best personal loan schemes. 
  4. Our experts will guide you through the entire process. 

FAQs

What is the minimum salary to get a personal loan?

To get a personal loan the minimum salary of the applicant should be Rs. 18,000 per month.

How is the interest on a 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 SBI is the best at providing a personal loan at lower interest rates.

What is the tenure of personal loan in SBI?

The loan tenure of the SBI Personal Loan is from one year to five years.

How much personal loan amount I can borrow from SBI?

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?

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

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

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

How to use the loan calculator?

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.

How much CIBIL score is required for a personal loan?

The minimum CIBIL score required for a personal loan is generally 700. This would mean that the applicant is creditworthy and the 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 SBI branch nearby 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 unsecured loan, no asset needs to be released from the bank. 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 keep a 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 on the website itself.

Personal Loan Providers

  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