SBI Personal Loan

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Rates as low as 10.50%*
Loans Up to 30 Lacs
Same Day Disbursal
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About SBI 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 aSBI Personal Loan multipurpose loan, which means that the borrower can spend the loan amount according to his requirements anywhere he wishes. SBI Personal Loan can be availed from any of the 25,898 branches located across the country.

SBI Personal Loan at a Glance
Interest RateStarts at 10.50%
Lowest EMI per lakh₹1880 for a tenure of 72 months
Tenure12 to 72 months
Processing Fee1% + GST
Prepayment ChargesUp to 3%

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. Most 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 educational purpose as well.
  4. Besides that, some people use 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 a 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 fulfil 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 Personal Loan

 This is a special scheme for individuals employed in Central and State Government, Public Sector Undertakings, Leading semi-government organizations and other leading private sector companies.

SBI Xpress Credit Personal Loan: Key Features

  • This loan doesn’t require you to mortgage or provide any collateral or security.
  • Xpress Personal Loan is available in two types: Term Loan and Overdraft Facility on an existing account.
  • Employees of Central and State Government, Quasi-Government Bodies, Central Public Sector Undertakings, Profit making State PSUs, Educational National Institute and few selected Large Corporates are eligible for Xpress Credit Loan.

SBI Xpress Credit Personal Loan: Rate of Interest

  • 11.50 % to 13.50 %

SBI Xpress Credit Personal Loan: Terms and  Conditions 

  • Loan is available between the age of 21 – 58 years
  • Minimum Net Monthly Income required is ₹ 5,000
  • The Loan amount that you can avail ranges between ₹ 25,000 and ₹ 15,00,000
  • Loan is available for a maximum period of 48 months

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.

SBI Saral Personal Loan : Key Features

  • Salaried and working individuals in any leading company, self-employed (doctor, architect, engineer, MBA or chartered accountant) with minimum of 2 years of work experience can apply for this loan
  • The loan amount eligibility is based on the borrower’s income and repayment capacity 
  • This loan doesn’t require you to mortgage or provide any collateral or security.

SBI Saral Personal Loan : Terms and Conditions

  • Loan is available between the age of 21 – 58 years
  • Minimum Net Monthly Income required is ₹ 5,000
  • The Loan amount that you can avail ranges between ₹ 24,000 to ₹ 15,00,000
  • Loan is available for a maximum period of 48 months

3. SBI Pension Loan

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.

SBI Pension Loan : Key Features

  • This is a loan available for meeting personal expenses of all government pensioners who draw their pension from a State Bank of India branch. Any Central Government / State Government / Defence Pensioner who is withdrawing pension from SBI is eligible to get this loan
  • The maximum age of the Pensioner can be 76 years. 
  • The Pensioner should receive their pension through cheques directly from the Government Treasury.
  • The processing fee for Defence Pensioner is Zero

SBI Pension Loan : Terms and Conditions

  • The Loan amount that you can avail ranges between ₹ 24,000 to ₹ 15,00,000
  • Loan is available for a maximum period of 48 months

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. SBI 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.

SBI Festival Loan : Key Features

  • Any employee of Central or State Government, Public Sector Undertaking, any profit making public/private limited company or any self employed person with a minimum experience of 2 years or any person having a source of income like pension, and interest from TDRs/NSCs/Govt. securities is eligible to apply for this loan
  • Minimum Net Monthly Income : Rs 6,000/-
  • The maximum loan amount depends on the borrower’s income and repayment capacity.

SBI Festival Loan : Terms and Conditions

  • Loan is available between the age of 21 – 58 years
  • Loan amount that you can borrow ranges from ₹ 5,000 to ₹ 15,00,000
  • Loan for a maximum period of 60 months

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 instant finance provided by the lender to the borrower. The borrower can avail a personal loan from any financial lending institution, private sector bank as well as from public sector banks. Personal loan interest rates vary according to banks and the 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 of 2.5 lakhs for the 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 coloured photographs

 PAN Card photocopy

 
 

SBI Personal Loan Interest Rates (March 2020)

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%
 

3. 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%
 

4. 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%
 

5. For Other Corporate Salary Package (CSP) 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%   4.40% – 5.40%  12.95% – 13.95%
 

b) 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.

SBI Personal Loan : Maximum 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 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 About SBI Personal Loan

1. What is SBI personal loan?

Whether it’s a wedding, a vacation, unplanned expense or a planned one, medical emergency or a need to consolidate your loans, SBI personal loans can be your one-stop solution. You can get an SBI personal loan of up to ₹20 lakhs at attractive interest rates with minimal documentation for quick disbursal.

2. How does SBI personal loan work?

A personal loan is an unsecured loan that does not require you to submit any security with the bank. SBI personal loan comes with attractive features and benefits to meet all your personal financial needs. Once the verification process of your eligibility and documentation is complete you will get the loan amount in your bank account, the repayment of which can be easily done with automated deduction of monthly instalments.

3. What is the personal loan rate of interest in SBI?

The personal loan rate of interest in SBI starts at 10.50% per annum. This rate may vary depending on a number of factors that include your credit score, relationship with the bank, loan tenure, and loan amount.

4. What is the procedure of personal loan in SBI?

The very first step in the personal loan procedure is to check the eligibility of the borrower. Once approved, the documents are verified and a loan amount and rate of interest are quoted. Upon reaching an agreement with the bank, the fund will be transferred to your bank account. SBI provides a number of repayment options the most common of which is an automatic deduction from your bank account through Equated Monthly Installments, EMIs

5. How can I get SBI personal loan?

You can easily get an SBI personal loan if you meet the minimum eligibility criteria set by the bank. To get a personal loan simply walk into the nearest bank branch with your documents and fill a loan application form. You can also apply online with Dialabank to get personalized assistance and compare the offers from different banks and finance companies nearest to you.

6. How to apply for a personal loan in SBI?

Apply for SBI personal loan either by visiting the online portal of SBI or the nearest bank branch with all the requisite documents. Alternatively, you can fill an inquiry form at Dialabank’s digital platform to avail of personalized assistance and best offers and deals based on your needs.

7. Why apply for SBI personal loan?

SBI is the largest bank in India and with their extensive network of more than 24000 branches, they provide personal loans starting at 10.50% per annum. Quick disbursement and a hassle-free documentation process are some of the features you will get with SBI personal loan. The loan amount you receive can be used to finance any of your monetary needs.

8. How much EMI on SBI personal loan?

The SBI personal loan EMI starts at ₹1880 for a loan amount of ₹1 lakh spread over a tenure of 72 months. The EMI varies depending on the loan amount, loan tenure, and interest rate as is payable.

9. How much CIBIL score required for SBI personal loan?

A CIBIL score greater than 750 ensures your SBI personal loan approval if you meet the other minimum eligibility criteria. It is always a good practice to periodically check your CIBIL score and improve it if needed.

10. Minimum credit score needed for SBI personal loan?

A credit score is a measurement and estimate of your creditworthiness. The higher is it the better are your chances of loan approval. SBI would need you to have a minimum credit score of 700 to consider your application for approval. Loan applicants with lower credit scores are automatically rejected because they carry a high risk of defaulting on their loans.

11. How to calculate SBI personal loan EMI?

Use your loan amount, loan tenure, and rate of interest to calculate your personal loan EMI using the EMI calculator available on Dialabank’s website. You may also use the following formula,

E = P x R x [((1+R)^N)/((1+R)^N)-1]

  • where E is your EMI,
  • P is your principal loan amount,
  • R is the monthly rate of interest, and
  • N is the loan tenure in months.

12. What can I use SBI personal loan for?

You can use SBI personal loan for a number of financial needs such as funding your marriage or that of a relative, pay all your big and small bills, repay another loan that is eating away on your finances, renovate or repair your home. The opportunities are endless, all your personal monetary requirements can be taken care of by availing a personal loan.

13. Can I prepay SBI personal loan?

Yes, you can easily prepay your SBI personal loan by applying for the same at your loan branch. You will be charged with a fee of 3% on your prepaid amount.

14. How to prepay SBI personal loan?

If you have the needed fund and wish to close your loan before the end of its tenure you can do so by simply visiting your loan branch with all your loan-related documents. You will be required to pay an additional charge of 3% on your outstanding amount and once all the formalities are taken care of your loan will be closed.

15. How to repay SBI personal loan?

EMI is the most common and widely used repayment method today, a monthly instalment comprising of your loan amount and interest is deducted automatically from your bank account. You can also repay via post-dated cheques, or use any of the available online methods.

16. How to repay SBI personal loan online?

SBI lets you repay your personal loan online through net-banking. You can simply visit SBI’s online portal and link your bank account to make your EMI payments.

17. What documents are needed for SBI personal loan?

You will need your basic KYC documents for identity and address verification and also will require bank statements of the last 6 months and a salary slip of 3 months. Along with these documents, a duly filled in and signed application form shall be submitted with your banker to start the loan process.

18. How to check SBI personal loan status?

You can simply visit your loan branch and inquire from your loan officer the status of your loan application or you can log on to the online loan status tracking webpage of SBI to keep yourself updated from anywhere.

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