SBI Personal loan: eligibility, types, interest rates, EMI Calculator

About State Bank of India: SBI is the largest lender in the country and has its headquarters in Mumbai, Maharashtra. The majority is owned by the Government of India. Consolidated report says that SBI had a total income of Rs 2,57,289.51 crore as on March 31, 2015. SBI has total assets of over Rs 25,29,394 crore. check out more details for “SBI Personal loan”

There are as many as 16,995 branches of SBI in India, including 190 in other countries. State Bank has an agreement with GE for its credit card services. It is the only bank in the country to figure in the Forbes list of 500. SBI holds a major market share in the fields of personal loan (20%), home loan (25.5%) and car loan (26%). Riding high on its extensive reach, SBI is the most searched and preferred bank in India and is accessible from almost every part of the country

SBI Personal loan

State Bank of India (SBI) Personal Loan

In our day-to-day life, even on special occasions and situation of emergency we require a good amount of funds to meet our financial needs and liabilities. We generally spend money on vacation, education, property, vehicles, marriage, medical emergency as well. There are situations when we  have to arrange hefty amount within shorter duration. To meet the financial needs in such situations, personal loans play a vital role.

State Bank of India, one of the biggest lenders in the country, offers a range of personal loan schemes to help you out in times of distress. State Bank of India offers personal loan under four categories – SBI Pension Loan, SBI Xpress Credit Personal Loan, SBI Saral Personal Loan and SBI Festive Season Loan.

SBI Personal loan details:

Interest Rates11.95%-16.55%
Processing FeesUpto 3% of the Loan Amount
Prepayment ChargesNil
Repayment optionsUpto 4 Years
Maximum Loan amountUpto Rs. 15 Lacs

Eligibility Criteria:

SBI Personal Loans is one of the largest Loan Lender in India, which has helped over 30 lakh Individuals to achieve the dream of owning a home. Thus, to avail the Home Loan SBI has certain criteria depending on the nature of Loan and different categories. The eligibility criteria for SBI Home Loan are described in the table below:

EligibilityLoan AmountDocuments Required
Resident of IndiaMinimum – Rs 24,000 in metro and urban centres and Rs 10,000 in rural/semi-urban centres
Maximum: 12 times net monthly imcome (salaried and pensioners)
  • Passport size photograph
  • Identity proof
  • Office address proof (self-employed and professionals). The documents can be shop/establishment certificate, lease deed or telephone bill
  • Latest salary slip and Form 16 (salaried persons)
  • Maximum loan repayment tenure is 48 months (4 years)
    • Processing fee is 2% – 3% of loan amount.
    • No prepayment charges
    • You can increase your loan eligibility by making your spouse a co-borrower.

Personal Loans –

The personal loan amount varies from individual to his qualifications and also as per the the different categories described by the SBI.

Personal Loan TypeAge LimitJob TypeMax Loan AmountMinimum Loan
Xpress Credit Personal Loan21-58 years of ageSalaried individual in reputed corporate, self-employed
engineer,
doctor,
architect,
chartered accountant,
MBA,
govt. and PSU
employee
Rs.15 lacsRs.24,000
Pensioner Loan60-76 years of agePensionersMax. 10 months of pension; up to 14 lacsRs.25,000
Festival Loans21-58 years of ageSalaried individual in reputed corporate,
self-employed
engineer,
doctor,
architect,
chartered accountant,
MBA,
govt. and PSU employee
Rs.50,000Rs.5000
SBI Saral21-58 years of ageSalaried individual in reputed corporate,
self-employed
engineer,
doctor,
architect,
chartered accountant,
MBA
Rs.10 lacsRs.24,000 in metro cities
Rs.10,000 everywhere else

Personal Loan EMI Calculator

LoanROI %Tenure (yr)Monthly EMITotal InterestTotal Amt with Interest
2,00,00012.45%3₹ 6686₹ 40693₹ 240693
2,00,00014.95%4₹ 5561₹ 66932₹ 266932
2,00,00016.55%4₹ 5725₹ 74778₹ 274778

FAQs on State Bank of India Personal Loan Eligibility

What is the maximum personal loan amount offered by State Bank of India?

The maximum personal loan amount offered by SBI is Rs.15 lacs. The quantum of loan also depends on income and job type of the applicant.

What are the processing charge for personal loan from State Bank of India?

Processing fee charged by State Bank of India on its personal loan products is usually 1% of the loan amount availed. However, senior citizens need to pay only 0.5% of their loan amount.

Do I need to be an existing State Bank of India customer to avail personal loan?

Yes. Existing customers of State Bank of India are offered personal finance. New customers can first obtain an account with the bank and then apply for personal loan.

Can self-employed individuals apply for personal finance from State Bank of India?

Yes. State Bank of India offers personal finance to self-employed individuals as well.

Does State Bank of India offer special personal loan scheme for women applicants?

No. Currently no special personal loan scheme is being offered by the bank to women customers.

Does the bank require a collateral as security for personal loan?

No. SBI does not ask for collateral as security for personal loans.

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