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
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:
|Processing Fees||Upto 3% of the Loan Amount|
|Repayment options||Upto 4 Years|
|Maximum Loan amount||Upto Rs. 15 Lacs|
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:
|Eligibility||Loan Amount||Documents Required|
|Resident of India||Minimum – 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)
- 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 Type||Age Limit||Job Type||Maximum Loan Amount||Minimum Loan Amount|
|Xpress Credit Personal Loan||21-58 years of age||Salaried individual in reputed corporate, self-employed|
govt. and PSU
|Pensioner Loan||60-76 years of age||Pensioners||Max. 10 months of pension; up to 14 lacs||Rs.25,000|
|Festival Loans||21-58 years of age||Salaried individual in reputed corporate,|
govt. and PSU employee
|SBI Saral||21-58 years of age||Salaried individual in reputed corporate,|
|Rs.10 lacs||Rs.24,000 in metro cities|
Rs.10,000 everywhere else
Personal Loan EMI Calculator
|Loan Amount||ROI %||Tenure (yr)||Monthly EMI||Total Interest Amount||Total Amount with Interest|
|2,00,000||12.45%||3||₹ 6686||₹ 40693||₹ 240693|
|2,00,000||14.95%||4||₹ 5561||₹ 66932||₹ 266932|
|2,00,000||16.55%||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.