SBI Personal Loan
With SBI personal loans borrow up to Rs. 35 Lakh. The starting interest rate of this bank’s personal loan is 11.45% per annum. And the bank gives you the flexibility to choose your own tenure from the range of 12-84 months. To apply for an SBI personal loan, you need a minimum monthly income of Rs. 15,000. Using the borrowed SBI personal loan, you can get money for home renovations, wedding preparation, child’s college fees, etc.
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SBI Bank Personal Loan Details
SBI Personal Loan Features & Benefits
Competitive interest rates
Offer low interest rates and calculate interest on a daily reducing balance.
Affordable processing charges
Benefit from low processing fees.
Transparent fees
No hidden costs or administrative charges.
Simplified documentation
Enjoy minimal documentation requirements.
Flexible prepayment policy
No penalties for prepayment, allowing you to reduce your interest burden and use surplus funds optimally.
Get the funds you need today!
Flexible Terms? or Quick Approval? or Low Interest Rates?
What is it that you need. We have it all.
SBI Personal Loan Interest Rate
Types of SBI Bank Personal Loan & Processing Fees
Steps to Apply for a Personal Loan with SBI Bank
Here are the steps you need to follow when applying for a personal loan with SBI Bank:
Step 1: Visit the official website of SBIStep 2: Find the ‘Loans’ section and choose ‘Personal Loan’Step 3: Select the ‘Type of Personal Loan’Step 4: Click on the ‘Apply Now’ buttonStep 5: Fill the online application formStep 6: Go through the available loan offersAfter receiving your loan offer, use the SBI personal loan EMI calculator to check the possible repayment options. This will help you set your budget for the upcoming repayments. The reward of timely loan payment is a good CIBIL score, which will help you avail of pre-approved offers from SBI.
Eligibility Criteria for SBI Bank Personal Loan
- Must have a salary account with SBI
- Minimum monthly income: Rs 15,000
- Eligible Employment: Central/State Government, Quasi Government, PSUs, Educational Institutions, Selected Corporates
- EMI/NMI ratio: less than 50%
- Available to both CSP and Non-CSP customers
- Offered to SBI savings bank account holders
- Eligibility check through SMS
- SBI savings bank account holders are eligible to apply
- Age: 21-58 years
- Eligible Employment: Central/State Government, Quasi Government, PSUs, Private/Public Corporates, Educational Institutions
- Minimum Monthly Income: Rs 15,000
- EMI/NMI ratio: < 50%
- Employment: At least 1 year
- Must have a salary account with SBI or any other bank
- Minimum net monthly income: Rs 1 lakh
- EMI/NMI ratio: ≤ 60%
- Eligible Employment: Central/State/Quasi-Government, Defense/Central Armed Police/Indian Coast Guard, PSUs, Corporates, Educational Institutions
- Eligibility: Government/Defense salary package account holders
- Minimum net monthly income:
Rs 15,000 for Real Time Xpress Credit
Rs 1 lakh for Real Time Xpress Credit Elite - EMI/NMI ratio:
< 50% for Real Time Xpress Credit
< 60% for Real Time Xpress Credit Elite
- Eligibility: Central and State Government Pensioners
- Age:
Below 76 years (Central and State Government Pensioners)
Below 76 years at loan maturity (Defense Pensioners)
Not more than 76 years (Family Pensioners) - Pension drawn through SBI
- Additional conditions apply
Documents Required for SBI Bank Personal Loan
To apply for an SBI personal loan, certain documents need to accompany the loan application form, along with two passport-sized photographs. These documents include:
- Voter’s ID Card
- Aadhar Card
- Property Tax Paid Receipt
- Property Registration Document
- Driving License
- Utility Bills
- Letter issued by NREGA, signed by a State Government Officer, containing the name and address
- PAN Card
- Passport
- Letter from Employer
- Employer-issued ID card
- Driving License
- Latest salary slips (for the last 3 months)
- Latest Form 16 and Income Tax Returns
- Bank account statement reflecting salary credit for the past 6 months
- SBI pension loan application form (PDF)
- Copy of Pension Payment Order
- Undertaking from the Pensioner ensuring no pension transfer request will be made to the Treasury during the loan tenure
- Undertaking from the Treasury promising not to accept any pension transfer request without NOC from the bank
- An irrevocable mandate from the employer authorizing EMI deduction from the employee's salary.
- An undertaking from the employee not to transfer the salary to any other bank account without
- NOC from the bank
These documents are essential to facilitate the processing of the personal loan application with SBI.
Get the funds you need today!
Flexible Terms? or Quick Approval? or Low Interest Rates?
What is it that you need. We have it all.
SBI Bank Customer Care
- Toll free number: 1800 1234
- Toll free number: 1800 425 3800
- Toll number: 080-26599990
- customercare@sbi.co.in
- contactcentre@sbi.co.in
