SBI Personal Loan

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      Table of Contents

      SBI Personal Loan

      SBI Personal Loan Key Features Jun 22 2021

      SBI Personal Loan Interest Rate 9.99% per annum
      SBI Personal Loan Processing Fee 1% of the loan amount
      Age 21 – 58 Years
      CIBIL score Minimum 700 or above
      Lowest EMI per lakh Rs. 2105
      Tenure Up to 72 months
      Prepayment Charges 3%
      Part Payment Charges Not Applicable
      Minimum Loan Amount Rs. 50,000
      Maximum Loan Amount Rs. 20 Lakh

      All about SBI Personal Loan

      SBI Personal Loan Rate of Interest

      XPRESS Credit 10.60% p.a. to 13.10% p.a.
      XPRESS Bandhan At the discretion of the bank
      XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES) 11.50% p.a. to 13.85% p.a.
      Pension Loan (including PAPNL-Pre-Approved pension Loans) 10.55% p.a. -11.05% p.a.
      Clean Overdraft 15.65% p.a.
      Xpress Credit Insta Top-Up 10.70% p.a.
      Pre-Approved Personal Loans (PAPL) 12.60% p.a.
      SPL. PAPL 9.60% p.a.
      SBI Quick Personal loan Through CLP portal 10.85% p.a. – 12.85% p.a.

      SBI Personal Loan Pre-Approved Personal Loan (PAPL)

      With SBI Pre-Approved Personal Loans, you may acquire a fast personal loan at any time (PAPL). To get this loan, use the YONO app from the comfort of your own home. The service is provided 24 hours a day, seven days a week. However, only the bank has the authority to assess who is qualified for this loan. You can check your eligibility by texting “PAPL ” to 567676. The interest rate begins at 9.60 per cent per annum.

      Xpress Credit (including PAC-Pre-Approved Xpress Credit)

      The Xpress Credit loan interest rates, which are primarily offered to SBI salary account holders, are as follows:

      A. For Defence/ Paramilitary/ Indian Coast Guard Salary Package Applicants

      (i) ‘Term Loan’ facility: Interest is only payable on the whole loan amount sanctioned in this scenario

            2-year MCLR Spread over 2 years MCLR Effective Interest Rate with No Reset
                 7.20% 3.40% – 3.90% 10.60% – 11.10%

      (ii) In the case of an “overdraft,” interest is only levied on the amount borrowed, which may be less than the loan amount sanctioned.

      2-year MCLR Spread over 2 years MCLR Effective Interest Rate with No Reset
      7.20% 3.90% – 4.40% 11.10% – 11.60%

      B. For Other Applicants:

      The interest is calculated on the whole loan principal when using the ‘Term Loan’ service.

      2-year MCLR Spread over 2 years MCLR Effective Interest Rate with No Reset
      7.20% 3.40% – 5.40% 10.60% – 12.60%

      The interest is only levied on the amount borrowed, which may be less than the total loan amount sanctioned.

      2-year MCLR Spread over 2 years MCLR Effective Interest Rate with No Reset
      7.20% 3.90% – 6.40% 11.10% – 13.10%

      Xpress Elite Scheme

      The following SBI personal loan interest rates are available to SBI Salary Package account holders

      2-year MCLR Spread over 2 years MCLR Effective Interest Rate with No Reset
      7.20% 2.40% – 3.90% 9.60% – 11.10%

      Borrowers who are not SBI Salary Package account holders will be charged the following interest rates:

      2-year MCLR

      Spread over 2 years MCLR

      Effective Interest Rate with No Reset

      7.20%

      2.65% – 4.15%

      9.85% – 11.35%

      Xpress Credit- Non-Permanent Employees (NPES) 

      SBI personal loans are available to salaried employees of the Central and State Governments, Quasi-Government, Central PSUs, State PSUs, Defence personnel, and Nationally Recognized Educational Institutions.

      2-year MCLR Spread over 2 years MCLR Effective Interest Rate with No Reset
      7.20% 4.30% – 6.40% 11.50% – 13.60%

      For salaried employees of co-operatives/institutions not included under the regular Xpress Credit loan scheme and unrated corporates, the interest rates on SBI Xpress Credit personal loans are:\

      2-year MCLR Spread over 2 years MCLR Effective Interest Rate with No Reset
      7.20% 5.05% – 6.65% 12.25% – 13.85%

      SBI to Offer Express Credit Personal Loans through YONO (Mobile App)

      Through its multifunctional YONO app, the State Bank of India is preparing to offer express credit personal loans. Applicants can currently apply for this loan either online or in-person at a bank office.

      On the YONO app, the bank already offers small-scale personal loans costing Rs. 2.5 lakh. It may now use the app to create a high-value personal loan plan ranging from Rs. 5 lakh to Rs. 10 lakh (as reported by Business Today).

      In addition, SBI would provide consumers with fast-tracked two-wheeler loans. The YONO app currently produces leads for automobile and house loans.

      Existing SBI customers can use the YONO app to acquire pre-approved personal loans from the bank. The bank intends to offer personal loans to new customers via the app as well. It is also developing an account aggregator system that will allow users to quickly access their credit histories with various lenders.

      This personal loan programme is available to those who have a salary account with SBI or any other bank to meet their various demands. This scheme’s effective interest rate is determined by a combination of an applicant’s credit score and the spread over a two-year MCLR. To learn more about this plan, check at the table below.

      Criteria Details
      SBI Salary Package A/C Holders Interest Rates 10.35% – 11.85% p.a.
      Interest Rates for other than SBI Salary A/C Holders 10.60% – 12.10% p.a.
      Loan Amount (i) Term Loan – Min: ₹24,000
      Max: 24 times NMI subject to max of ₹ 15.00 lacs
      (ii) Overdraft – Min: ₹5.00 lacs
      Max: 24 times NMI subject to max of ₹15.00 lacs
      Minimum Monthly Income ₹15,000
      Repayment Period 6 Months to 72 Months (6 years)
      Fees of Processing 1.50% of the Loan Amount plus Applicable GST Charges
      With Minimum of INR 1,000 and Maximum of INR 15,000
      Pre-payment Charges 3% of the Prepaid Amount
      Penal Interest Charges 2% per month on the overdue amount over the applicable Interest Rate

      SBI Personal Loan Status 

      Now stay updated with the status of your loan. Simply just enter the required details and keep track of it at any stage. Just by entering the Applicant Name, Proposal Number, or mobile number, you will simply stay updated with your loan status. 

      SBI Personal Loan Eligibility Criteria

      Eligibility criteria for a personal loan:

      CIBIL score 700 and Above
      Age 21-58 years
      Min Income Rs 15000/month
      Occupation Salaried/Self-employed

       

      SBI Personal Loan Fees and Other Charges

      SBI Personal Loan Interest Rate 9.99%
      SBI Personal Loan Processing Charges 1% of the loan amount
      Prepayment Charges 3%
      Stamp Duty As per state laws
      Cheque Bounce Charges As per bank terms
      Floating Rate of Interest Not Applicable

      SBI Personal Loan Documents Required

      Form Duly filled application form
      Proof of Identity Copy of:
      > Passport
      > Driving License
      > Aadhar Card
      > Voter ID Card
      Proof of Address Rent Agreement (Min. 1 year of stay)
      Utility Bills
      Passport (Proof of permanent residence)
      Ration card
      Proof of Income > ITR: Last two Assessment years
      > Salary Slip: Last 6 months
      > Bank Statement: Last 3 months

       

      SBI Personal Loan EMI Calculator

      EMI Calculator

      SBI Personal Loan Comparison with Other Banks

      Bank Interest Rate Tenure Loan Amount & Proc Fee
      SBI 9.99% 6 to 72 months Up to Rs. 20 lakh / Up to 1.50% of the loan amount
      HDFC Bank 11.25% to 21.50% 12 to 60 months Up to Rs. 40 lakh / Up to 2.50% of the loan amount
      Bajaj Finserv Starting from 12.99% 12 to 60 months Up to Rs. 25 lakh / Up to 3.99% of the loan amount
      Axis Bank 15.75% to 24% 12 to 60 months Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount
      Citibank Starting from 10.99% 12 to 60 months Up to Rs. 30 lakh / Up to 3% of the loan amount
      ICICI Bank 11.50% to 19.25% 12 to 60 months Up to Rs. 20 lakh / Up to 2.25% of the loan amount

      Other Loan Products from SBI

      Gold Loan Car Loan Home Loan Business Loan
      TWL LAP Credit Card Education Loan

      Why Dialabank for SBI Personal Loan?

      Dialabank helps you choose the best option of banks by providing you with the updated market comparison of various banks and make the right choice. We at Dialabank have already helped thousands of people to get the loan they need without any issue, and we look forward to continuing in doing so. Apply with us today to get the offers and exclusive deals on SBI Personal Loan.

      Call us at 9878981166 to avail of the SBI Personal Loan.

      SBI Personal Loan Processing Time

      SBI usually takes two weeks or 15 days when it comes to the Processing of Personal Loan Applications. However, SBI approves the loan in just a few hours to a maximum of 1-3 days to its pre-approved already existing account holders.

      SBI Personal Loan Preclosure Charges

      SBI gives you the option of pre-closing your loan after a period of a minimum of 12 months of taking the loan and paying 12 successful EMIs on your mortgage. However, SBI charges a Prepayment or Pre-closure charge of 3%.

      Documents Required for Preclosure of Personal Loan 

      Generally, the following documents are required to foreclose your SBI Bank personal loan:

      • A valid photo identity proof
      • Loan Account Statement
      • Cheque/ demand draft/ cash to make the payment

      SBI Personal Loan Foreclosure Benefits 

      Given below are a few key benefits of foreclosing your SBI Bank personal loan:

      Foreclosure / Full Prepayment

      • Helps you save on the overall interest payout.
      • Frees you from the burden of regular loan repayments.

      Partial Prepayment

      • It enables you to save on the interest component.
      • You also have the advantage of either paying a reduced EMI amount or having a shorter loan tenure.

      SBI Bank Prepayment Facility

      SBI also offers the prepayment facility to help the customers pay off the entire outstanding or a part of it. If you have a surplus amount of money in hand and meeting the below criteria then you can pay a part of your principal outstanding amount to reduce the same. This will also help in saving interest accrued on the principal amount. Know more about this facility below.

      • Prepayment will be allowed subject to the successful payment of the first 12 EMIs
      • Prepayment will be allowed a maximum of twice during the entire tenure of the loan
      • Prepayment is allowed only once a year
      • At any point in time, the prepayment will not exceed 25% of Principal Outstanding

      Charges to be paid on Prepayment

      • 13-24 Months – 4% of the outstanding loan balance
      • 25-36 Months – 3% of the outstanding loan balance
      • More than 36 Months – 2% of the outstanding loan balance

      Pre Calculated EMI for SBI Personal Loan 

      Rate 5 Yrs 4 Yrs 3 Yrs
      9.99% 2149 2560 3250
      11.00% 2174 2584 3273
      11.50% 2199 2608 3297
      12.00% 2224 2633 3321
      12.50% 2249 2658 3345
      13.00% 2275 2682 3369
      13.50% 2300 2707 3393
      14.00% 2326 2732 3417
      14.50% 2352 2757 3442
      15.00% 2378 2783 3466

      *Note – All EMIs are calculated for a Loan Amount of Rs. 1 Lakh.

      SBI Personal Loan for Salaried Employees

      SBI Bank offers Personal Loan for Salaried Employees at attractive rates of interest. The amount that you get a loan depends on the Company that you work for, The take-home salary of the employee, and the city of residence of the employee. SBI Bank offers these loans for a tenure of 12-60 months and provides instant approval along with funds to pre-approved customers.

      SBI Personal Loan for Self Employed Individuals

      SBI Bank’s  Personal Loan for Self Employees is a loan product offered to self-employed individuals and in need of funds. The bank provides them with attractive rates of interest on their personal loan and tenure of 12-60 months. However, as compared to Salaried Employees, you have to present more documents here as you need to provide the bank with sufficient documents related to your business to prove its continuity as well as your steady income.

      SBI Personal Loan for TCS Employees

      • Exclusive personal loans with a reasonable interest rate of 11.25% p.a.
      • EMI for personal loans starts at Rs.2178 per lakh when terms and conditions are met.
      • The hassle-free documentation process for TCS employees.
      • Pre-approved personal loans for eligible TCS employees.
      • Interest rate starting at 11.99% p.a for superbike loans.
      • Great offers on home loans with an interest rate of 9.45% p.a and discount interest rate for women at Rs.9.40% p.a.

      SBI Bank Moratorium Process

      The process to stop your loan EMIs at SBI Bank is as follows-

      • Visit the SBI Bank website or use the mobile app
      • Click on the link where the option of moratorium period is popping out
      • On the application page, mention your registered mobile number, name, email address
      • After that enter your date of birth and select the type of loan
      • Enter your loan number and mention your EMI amount
      • Then make a decision and choose a suitable service
      • Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
      • Click on the ‘Submit’ button
      • The bank will check the details thoroughly and process your moratorium request
      • You’ll be given a reference upon the successful completion of the process. on your registered mobile number and email address

      However, if you don’t want to defer EMI, you must click on the second option after the deferment option. This will ensure EMI payments as scheduled with no extra interest charged on it.

      • and select the defer option if your answer is yes otherwise your EMI debited as it was doing in the past

      SBI Bank representatives can also get in touch with you via WhatsApp or call regarding the moratorium process.

      SBI Bank Personal Loan Special Pricing 

      If a customer is looking for INR 15 lakh of the loan amount or more than that below rates would be applicable.

      Loan Amount IRR Processing Fee (+GST)
      Loan amount >=15 lakh* 10.50% INR 3999

      *Terms & conditions apply

      This offer is not applicable for Top-up/ Enhancement/ Existing loan amount closure.

      If a customer is looking for a Balance transfer and a fresh loan of above INR 10 lakh above, the below offer is available.

      NTH Loan Amount IRR Processing Fee (+GST)
      >=50000 Loan amount >=10 lakh* 10.50% INR 3999

      *Terms & conditions apply

      • Not applicable on Existing loan closure
      • Not applicable for Credit card BT

      How to Manage Personal Loan 

      Here are the 4 tips that will help you manage your loans:

      1. Pay On Time
      The first step is to avoid late fees and penalties. The best way to do that is by paying your monthly payments on time every month. This also hits the credit score. These are needless and all too common consequences that will work against your financial condition.
      If you have just taken a personal loan or are about to, the best way to manage your loan is by making a monthly payment on your loan as soon as you receive the loan. By being a payment ahead of your installment plan you will have a buffer against a missed payment.

      2. Pay More Than Your Minimum
      Paying beforehand is a good option for managing your plans but paying a little extra every month keeps you ahead of your loan term and provides you with some other financial bonuses.
      Moreover, paying extra on your loan reduces the length of the repayment plan. This will help you clear the debt and allows you to regain your financial independence sooner. It will also reduce the rate of interest you owe and thus, saving you money in the long run.
      Paying off your debts faster also leads to an improvement in your credit score. A lower credit score will benefit you in several ways, like dropping down payments and rate of interest.

      3. Consolidate Your Loans
      For debtors managing multiple personal loans, consolidation could be the best way to simplify your debt repayment. Debt Consolidation is when you take a large loan to repay all the other loans you have taken. So, instead of paying multiple lenders every month with different rates of interests and needs, one can make a single payment to one provider.
      Debt Consolidation is helpful if you can save an interest rate on a new loan that is lower than the average interest rate of the earlier loans.
      The only disadvantage that lies here is that one will likely end up having to reimburse the debt quicker than before. Before consolidating your debt, make sure that you can make the payments on a new loan. This may also help to reimburse large portions of your loans on credit rather than with a single loan, consolidating it into more controllable pieces.

      4. Credit Score
      Last but not the least, always keep a close watch on your credit score while reimbursing a personal loan. The credit score plays a major role in finances and has an important relationship with the loans taken out. How you manage your loans is reflected in your credit score. On the other hand, falling behind on your payments will subordinate the credit score. Thus, a higher credit score is important.

      Types of SBI Personal Loans

      SBI Doctor Loan

      SBI Bank offers special Personal Loan to Doctors who require funds. Bank gives them loans ranging from Rs. 50000 to Rs. 50 lakhs for a tenure of 12-60 months at interest rates starting from 11.25%. There are certain eligibility criteria’s for availing of this loan:

      1. The credit score should be at least 650.
      2. Age should be 25-65 years.
      3. Medical Experience – More than 4 years (as a doctor).

      SBI Personal Loan for Marriage

      If you have a wedding at your house and are worried about the expenses, then you can apply for a personal loan from SBI and leave out all your financial worries.

      SBI Personal Loan for Government Employees

      Employees of the central and state government can get a personal loan for their needs. SBI has special offers curated for day to day needs of the government employees.

      SBI Personal Loan Offers for Government Employees:

      Offers By Government Number of Companies Processing Fee(% of the Loan Amount IRR
      Miniratna, Navratna, and Maharashtra 55 1.50% 13.49%
      11.49%
      10.99%
      Pensioner All 1.50% 14.75%
      Employees from the Railway Department All 1.50% 16.50%
      15.00%
      14.25%
      CISF, CRPF, ITBP, SSB and BSF All 1.50% 14.75%

      State and Central Government Officers:

      Section Salary Processing charge IRR
      Government Officer Division A (GA) and Division B (GB) NTH>24k 2% 16.75%
      NTH>35k 2% 15%
      NTH>50k 1.75% 14.75%

      SBI Personal Loan for Pensioners

      SBI Bank offers special plans for Pensioners looking out for Personal Loan. They provide good funding at attractive rates of interest to pensioners. Some of the features of HDFC Bank Personal Loan for Pensioners are listed below:

      • Minimum Pension Amount – 25000+
      • Maximum age – 65 years at loan maturity
      • 50% of extra income (FD interest rental income, etc.) can be counted as Actual Income
      • HDFC Bank Personal Loan Interest Rate – 9.99%
      • Tenure – a minimum of 12 months

      SBI Personal Loan for Self Employed 

      SBI Bank Personal Loan for Self Employed is a loan product to self-employed professionals for a tenure of 1 year to 5 years. The applicants should be aged between 21 to 65 years and should have a minimum annual turnover of Rs. 15 lakhs. Self-employed professionals also have to submit more documents than Salaried employees, but they can avail of a loan amount up to Rs. 20 lakhs. Thus, a personal loan is very useful for them.

      SBI Personal Loan for Retired Persons

      • Retired persons include authorized members of the family to receive a pension after the death of the pensioner
      • Retired persons should not be more than 76 years of age

      SBI Personal Loan Interest Rate for salary account

      • Applicant having 650 CIBIL scores is eligible. Low CIBIL score applicants may be rejected.
      • A minimum income of Rs 24,000/- per month is eligible.
      • Applicant must have 2 years of work experience.

      State Bank Of India Personal Loan Balance Transfer

      Personal Loan Balance Transfer refers to a process where you shift your loan from one lending institution to another. In this, your new bank pays off your previous loan and gives you the loan. You get many benefits if you do this, but you may have to pay the foreclosure charges associated with that loan along with the Processing fee on your new loan.

      SBI Personal Loan Top Up

      Top up facility on your loan is the additional amount that you borrow from the bank on your existing loan. SBI lets you avail of this facility if you have paid at least nine regular EMIs without any hindrances in payment. You can get a top-up of min ₹50,000 and a maximum of your already sanctioned loan amount.

      SBI Bank Personal Loan Overdraft Scheme

      SBI Bank Personal Loan Offers an Overdraft Scheme. With this, you are provided a loan amount as an overdraft facility. It works like a Credit Card, where you can spend your Personal Loan Amount as you want anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the SBI Personal Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize. 

      SBI Home Renovation Loan

      SBI provides a home improvement loan to individuals who wish to renovate their homes. This personal loan can finance essential repairs or enable the applicant to obtain new home fittings, fixtures, and furniture. Some of the main features of SBI Bank Home Renovation Loan are:

      • SBI’s Home Renovation Loan interest rate starts at as low as 11.25 percent.
      • Individuals may be eligible for a loan of up to Rs. 20 Lakh to renovate their house.
      • Home renovation loan from SBI Bank needs minimal paperwork to free up the entire loan process.
      • Usually, the loan amount will be credited to the account within 72 hours after the bank accepts your applications.

      SBI Holiday loan

      SBI Bank’s Holiday Loan will help you plan your dream vacation with minimal difficulty. This personal loan from SBI will finance a variety of holiday-related expenses, including the booking of flight tickets, hotel accommodation, guided tours, etc. The main features of the SBI’s Holiday Loan are:

      • Holiday Loans Interest Rates start at 11.25 percent p.a.
      • You can comfortably use up to Rs 20 Lakh so that your dream holiday won’t be ruined due to a financial crunch.
      • Simplified and Minimal paperwork ensures that your vacation funding is quick and convenient.
      • Fast processing and disbursement of the loan directly credited to your account

      SBI Fresher funding

      The majority of unsecured personal loans are intended for individuals with regular income, while SBI Bank’s Fresher Funding is different. SBI Bank’s loan option is designed to support refreshers, i.e. recent graduates looking for their first job. Some of the main features of SBI Bank Fresher Personal Loan Funding are as follows:

      • Loan up to Rs 1.5 lakh
      • Applicant must be at least 21 years of age
      • The interest rate for Fresher Funding depends on the profile of the applicant, the credit history/score, the age, and the position of the applicant.

      SBI NRI Personal Loan

      Understanding the needs and aspirations of NRIs, SBI Bank is providing a personal loan directly to NRIs. The primary loan applicant must be an Indian citizen, and the NRI co-applicant must be a close relative. Personal Loan for NRIs contains the following features:

      • SBI Bank provides NRIs personal loans of up to Rs. 10 lakh with flexible end-use.
      • Interest rates for NRI Personal Loan start at 15.49% p.a.
      • The length of the loan is up to 36 months.

      SBI Personal Loan Preclosure Online

      SBI Bank enables a Personal loan borrower to make a pre-closure or a pre-payment of a loan. However, you will be able to prepay your SBI Personal Loan only after 12 months after you have procured your loan and after paying 12 EMIs plus the foreclosure charges that may be applicable. If you meet this requirement, you can repay your personal loan before the original due date and close your loan early.

      SBI Personal Loan Process Steps

      Step 1: Determine your requirement.
      Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just Rs. 1 lac or Rs. 10 lac.

      Step 2: Check loan eligibility
      Once you know how much you need, you should check whether you are eligible. You can visit the SBI Bank Personal Loan Eligibility Criteria online, to find out how much you can borrow as a Personal Loan. SBI Bank offers loans up to Rs. 40 lac.

      Step 3: Calculate monthly installments –
      Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on the SBI Bank Personal Loan EMI Calculator. SBI Bank offers pocket-friendly EMIs on all its Personal Loans starting at Rs. 2149 per lac * (T&C).

      Step 4: Approach the bank –
      You can apply for a Personal Loan with SBI Bank in various ways: Via Net Baning, online on the SBI Bank website, at an ATM, or by visiting a branch.

      Step 5: Submit documents -.
      Next, find out what documents are required for a Personal Loan. You will usually need income proof (bank statements, salary slips or IT returns), address proof, and ID proof. Hand over copies of your Personal Loan documents at the bank.

      Wait for funds to be remitted to your account. SBI Bank disburses funds for pre-approved loans to customers in 10 seconds*, and for non-HDFC Bank customers in 4 hours*.

      That’s how to get a Personal Loan in 5 easy steps!

      SBI Personal Loan Prepayment Charges 

      If you are a salaried applicant, you can pre-pay your SBI Personal Loan only after paying 12 equated monthly installments completely.

      The pre-payment charges for salaried applicants are as follows:

      • 4% of the outstanding principal amount for 13 to 24 months.
      • 5% of the outstanding principal amount for 25 to 36 months.
      • 2% of the outstanding principal amount for more than 36 months.

      How to apply for SBI Personal Loan Online 

      You can either visit the physical branches of SBI Personal Loan or visit Dialabank. Here is how you can do it:

      SBI Personal Loan

      1. Visit Dialabank
      2. You can apply online for SBI Personal Loan through Dialabank.
      3. On the loan page, you can analyze the loan schemes, interest rates, eligibility, and documents required.
      4. After analysis, you can select your loan and submit a form with your details.
      5. After submission, you will be reverted by our representatives.
      6. Our representatives will help you with the whole loan approval process.
      7. You can know more by calling on 9878981166.

      SBI Personal Loan verification process

      The following are the main steps of the personal loan verification process following the online submission of your loan application to DialaBank.

      Step 1. DialaBank will forward your loan application to your preferred lender, and you will usually receive a call from the lender’s representative within 48 hours.

      Step 2. The prospective lender may arrange the compilation of your KYC records, wages, etc., or have an opportunity to upload them online. These records will be used to validate your submission.

      Step 3. If the lender’s verification has been completed and your loan has been accepted, you will receive another call to validate the loan offer and request your consent for disbursement. 

      Step 4. Usually, the loan is disbursed within 48 hours after approval of the loan and satisfactory verification. 

      Note: The timeline, as mentioned above for the verification/disbursement of personal loans, can differ based on the lender’s internal requirements as well as other parameters.

      Check your SBI Bank PL application Status

      The procedure for testing the status of your application involves the following steps:

      • Visit SBI Bank’s official website, click ‘Stuff’ and pick ‘Personal Loans.’
      • On the next page that opens hereafter, press ‘More and pick ‘Check Loan Application Status.’
      • First, you can verify your application status by entering information such as your telephone number, date of birth and either entering the OTP that you receive on your mobile number or using your application number.

      How to login in SBI Bank portal

      • Visit SBI Bank’s official website.
      • Click on the ‘Login’ button at the top right corner of the screen.
      • Log in using your User ID and Password or registered mobile number.

      How to Check Your Loan Statement

      Customers can download the bank’s loan statement by taking the following steps:

      • Visit the bank’s official website.
      • Click on ‘Get in Touch’ and select ‘Service Requests’ from the drop-down list.
      • On the next page that opens, under the ‘Loans’ menu, pick ‘Personal Loan Linked.’
      • First, press the ‘Ask for Loan Account Statement’ button.
      • Log in using your User ID and password or using your registered mobile number and OTP to make use of the bank’s loan statement.

      SBI Bank Personal Loan Restructuring (COVID-19)

      The national lockdown due to the COVID-19 pandemic has adversely affected several borrowers, and a six-month moratorium on various term loans has been declared to some degree to reduce its effect. Upon completion of the 6-month moratorium, SBI Bank declared a one-time RBI-mandated benefit from the restructuring of SBI Bank’s loan. This mechanism is intended to offer continued relief to borrowers who are still unable to repay their daily EMI due to continuing financial distress arising from the pandemic.

      The loan settlement mechanism adopted by SBI Bank allows for an extended moratorium of up to 2 years or an extension of the existing repayment period to minimize monthly EMI payments. It is, of course, necessary to bear in mind that the restructuring of your SBI personal loan would result in additional interest rates over and above those applied to the original loan. Thus this relief tool can only be used as a last resort so that you do not end up defaulting to your unpaid loan.

      SBI Bank Customer Care

      Customers can contact the SBI Bank customer care via any of the following means:

      • By Phone: You can call SBI Bank on 9878981166.
      • Callback Request: You can also request a call back by visiting the bank’s website.
      • Online Chatbot: You can also get your queries answered by the iPal chatbot online.
      • Branch Visit: You can visit the nearby SBI Bank branch to get your queries.

      Benefits of Applying for Personal Loan on Dialabank

      There are many benefits to applying for a personal loan on the DialaBank website. Some of these are given below:

      24 x 7 Accessibility: You can access the DialaBank website at any time and anywhere and also apply for a personal loan from the comfort of your home or office at any time.

      Multiple lenders on a single platform: com allows you to access personal loan deals from multiple prospective lenders on a single platform and thus removes the need to visit multiple bank or branch websites.

      Know EMI instantly: with your loan EMI calculator on DialaBank.com, you can check the EMIs that you will be paying for on a personal loan right before you apply for one. It will help you borrow the required sum that you can quickly repay and provide a flexible payment plan.

      Free of charge: Besides, you are not expected to pay any fees while applying for a personal loan on DialaBank.com.

      How to get the best offer on SBI Personal Loan?

      You can get the best personal interest rates from SBI Bank subject to an assessment of your loan amount, salary, other obligation company you work with, and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from SBI:

      • Loan Amount – This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. SBI Bank offers loans between ₹ 50,000 and ₹ 75 Lakh.
      • Salary – Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
      • Employer Category – SBI Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on the company’s size, reputation, and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low-interest rate loans.
      • Relationship with the Bank – SBI Bank offers special rates, offers, and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low SBI Bank loan interest rate.
      • Loan Tenure – Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
      • Repayment Capacity – Before giving a loan to the borrower, SBI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information on credit card bills payment.

      How does SBI Bank Personal Loan work? Here is the process:

      Maximum Annual Percentage Rate (APR) 11% to 22.5%
      A representative example of the total cost of the loan, including all applicable fees
      Here is an illustration of the total cost of the loan:

      Total amount borrowed: ₹ 1,00,000

      Time period: 12 Months to 60 Months

      SBI Personal Loan Interest Rate: 10.50% to 22.00%

      Processing Fee payable to Upto ₹ 2,500

      Fee payable to MyLoanCare: NIL

      Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.50% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.

      Annual Percentage Rate (APR) of charge including all applicable fees: 11% to 22.5%

      Total cost payable over loan tenure: ₹ 8,278 for 12 Months loan to ₹ 31,463 for 60 Months loan

      Important Aspects

      Below are some important things that you need to remember when applying for a personal loan with SBI Bank:

      • When applying for a personal loan, it is always a good idea to check your credit score. A good credit score increases the odds of your personal loan being accepted and can make it easier for you to make use of a personal loan on more favorable terms.
      • Until finalizing on a specific lender, it is advisable to compare the cost of a personal loan (interest cost and all related charges) provided by different lenders on DialaBank.com.
      • Borrow according to your desires and willingness to repay. Evite borrowing simply because you are entitled to borrow a higher amount. It will just add to your interest rate and will not have any long-term benefits.
      • Avoid applying for individual loans with several lenders at the same time. This shows you to be credit-hungry and also raises the number of hard requests for your credit report that can adversely affect your credit score.

      FAQs About SBI Personal Loan

      ✅ How to apply for SBI Personal Loan?

      You can apply for a personal loan with SBI either by visiting the nearest branch of SBI or simple form submission with Dialabank. With Dialabank, you get the benefit to apply from anywhere and get quick online approval.

      ✅ What is the Interest Rate for SBI Personal Loan?

      SBI charges an interest rate that starts at 9.99% per annum for their personal loan products.

      ✅ What is the minimum age for getting a Personal Loan from SBI?

      You must be at least 21 years old to apply for a personal loan with SBI.

      ✅ What is the maximum age for getting a Personal Loan from SBI?

      The maximum age for availing of a personal loan from SBI is 58 years.

      ✅ What is the minimum loan amount for SBI Personal Loan?

      The minimum loan amount for SBI Personal Loan is Rs. 50,000.  

      ✅ What is the maximum loan amount for SBI Personal Loan?

      SBI lets you take a maximum loan amount of Rs. 20 lakhs under the personal loan scheme. 

      ✅ What are the documents required for SBI Personal Loan?

      You will need an Aadhaar card/Voter ID, PAN card, salary slips/ITR, and two recently clicked photographs for a personal loan from SBI.

      ✅ What is the Processing Fee for SBI Personal Loan?

      SBI charges a processing fee is 1% of the loan amount for the personal loan.

      ✅ How to get a State Bank Of India Personal Loan for Self Employed?

      SBI provides special offers for self-employed borrowers to help them meet their monetary needs. You will have to present the ITR files of the last three years as your income proof.

      ✅ What is the Maximum Loan Tenure for SBI Personal Loan?

      The maximum tenure of a personal loan from SBI is 72 months.

      ✅ What should be the CIBIL Score for SBI Personal Loan?

      You must have a CIBIL score of at least 700 or above for availing of a personal loan from SBI. 

      ✅ Do I have a preapproved offer for SBI Personal Loan?

      You can examine your preapproved personal loan offers from SBI with Dialabank. All you have to do is fill the form, and we will check all the offers for you and get back to you to help you choose the best one. 

      ✅ How to calculate EMI for SBI Personal Loan?

      You can use the EMI calculator available at Dialabank’s website to calculate your personal loan EMIs from SBI.

      ✅ How to pay SBI Personal Loan EMI?

      Your personal loan EMIs from SBI are automatically subtracted from your bank account every month. You can also use the net-banking facility of SBI to pay for your personal loan.

      ✅ How to close SBI Personal Loan?

      You will pay all the outstanding personal loan amount of your personal loan and then contact the SBI branch to receive your no dues certificate.

      ✅ How to check SBI Personal Loan Status?

      You will need the visit the SBI branch to know the status of your personal loan. Alternatively, you can visit Dialabank and fill a simple form to let us do the hard work for you.

      ✅ How to close SBI Personal Loan Online?

      Closing of personal loan from SBI includes the following steps:

      • Visit the net-banking page of SBI.
      • Login using your details.
      • Pay for your personal loan and save the transaction receipt.

      ✅ How to pay SBI Personal Loan EMI Online?

      Your personal loan EMI can be paid using the net-banking services of SBI. Dialabank lets you compare offers and deals from different banks to choose the best, low-EMI personal loan. All you have to do is fill a simple form, and we will do the rest for you.

      ✅ How to check Personal Loan Balance in SBI?

      To check the personal loan balance in SBI, you will need to contact the customer care number of SBI. If you are searching for low-interest personal loans, you can visit Dialabank and fill a simple form for Personal Loan Balance Transfer, and we will do the hard work for you.

      ✅ How to download SBI Personal Loan Statement?

      The personal loan statement of SBI can be downloaded through the SBI mobile banking app. You can visit the online platform of Dialabank and fill a simple form to compare and know about all the offers that we have for you. 

      ✅ How to Top Up Personal Loan in SBI Bank?

      If you require a top-up on your personal loan from SBI, you will have to visit the bank branch and contact the loan officer. You can also fill a simple form with Dialabank at Personal Loan Top Up and leave the rest to us.

      ✅ What happens if I don’t pay my SBI Personal Loan EMIs?

      SBI will charge a penal interest if you fail to pay your personal loan EMIs. You can apply for a balance transfer using Dialabank to avail of low-interest personal loans that will not put a hole in your pocket.

      ✅ How to find the SBI Personal Loan account number?

      You will require to contact your SBI loan branch to know your personal loan account number. You may also fill out the form accessible at Dialabank and let us do all the work for you.

      ✅ What is the SBI Bank Personal Loan closure procedure?

      • Just go to the bank with the documents.
      • Write a letter for pre-closure of the SBI Personal loan account.
      • Pay the pre-closure charges as per SBI Personal Loan.

      ✅ What are the SBI Bank Personal Loan preclosure charges?

      SBI Bank Personal Loan preclosure charges are up Nil.

      ✅ What is the SBI Bank Personal Loan maximum tenure?

      The SBI Personal loan’s maximum tenure is 72 months.

      ✅ What is the SBI Bank Personal Loan minimum tenure?

      The SBI Bank Personal Loan minimum tenure is 3 months.

      ✅ What is the SBI Personal Loan customer care number?

      You can call SBI Bank on 9878981166.

      SBI Bank Personal Loan News 

      SBI aims to double Home Loan portfolio in the next 5 years to Rs 10 trillion 

       State Bank of India (SBI) 10 years to scale its home loan portfolio from Rs 89,000 crore to Rs 5 trillion. Now, it is aiming to double that to Rs 10 trillion in five years, at a time when lenders — banks and housing finance companies — are locked in an intense battle to gain market share.

       

       

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