SBI Bank Personal Loan
State Bank of India (SBI) has a wide range of personal loan options that aim to meet different needs of customers including personal expenses, medical emergencies, travel, and education. The bank offers loan amounts of up to ₹35 lakh depending upon the borrower’s profile. The interest rates offered on personal loans by SBI starts at 11.45% which may vary depending on the personal loan type and overall credit profile of the borrower. One can apply for a loan through the bank’s website or the mobile app or by visiting a branch based on their individual needs as the lender has versatile offerings.
Features of SBI personal loans
Competitive rates
The bank offers competitive rates starting at 11.45% and has options such as fixed and floating rates.
Flexibility in amount
The loan amount usually goes up ₹35 lakh, depending on the type of loan and eligibility of the borrower.
Flexibility in tenure
Typically, the bank’s loan tenure ranges from 6 months to 6 years.
Fast disbursement
SBI has a streamlined application process that facilitates quick approval and disbursement, usually taking a few days.
Easy documentation
Standard documents such as identity proof, address proof, income proof, and employment proof are required.
Unsecured
SBI personal loans are accessible without any collateral or security.
Repayment options
The bank provides EMI payment option that stands for equated monthly installments and also allows to prepay or foreclose the loan with a fee agreed upon with certain conditions.
Top-up facility
Borrowers are allowed to apply for top-up loans in case they are short of funds. However, this might be subject to certain terms and conditions.
Key details of SBI personal loans
Interest Rates
- Type: Fixed and floating
- Range: 11.45% to 16% per annum
Amount
- Minimum: Generally, around ₹24,000, based on the type of loan and borrower’s profile
- Maximum: Up to ₹35 lakh depending on eligibility
Eligibility
- Age: Between 21 and 58 years old
- Income: A stable source of income – whether salaried or self-employed.
Documentation
- Identity Proof: Aadhaar card, passport, etc.
- Address Proof: Utility bills, rental agreements, etc.
- Income Proof: Salary slips, bank statements, income tax returns, etc.
- Employment Proof: Employment letter or business registration documents.
Application Process
- Online: Via SBI's official website or mobile app.
- Offline: At any SBI branch.
Tenure
- Minimum Tenure: 6 months
- Maximum Tenure: Up to 6 years
Processing Fees
Usually around 1% of the loan amount. However, it may differ as some promotional offers may either cut it or waive it off.
Repayment
- Monthly Equated Installments (EMIs)
- Prepayment or foreclosure with certain conditions or fees.
SBI Personal Loan Fees & Charges
Processing Fees
Generally around 1% of the loan amount is charged as processing fee which is non-refundable. This differs from loan to loan depending on the type, amount, offers, etc.
Late Payment Charges
A penalty on late payment is applicable, which can vary. Generally, the norm is to charge a set percentage of the overdue amount or a fixed fee. Besides, additional interest may also accrue.
Cheque Bounce Charges
A penalty is typically charged if a cheque bounces.
Prepayment Charges
Typically around 2% of the prepaid amount is charged if the loan is partially prepaid. While for foreclosure, typically around 3% of the outstanding principal is applicable.
Loan Conversion Fees
A conversion fee may apply if one seeks to switch from floating to fixed rate.
Stamp Duty and Legal Charges
Stamp duty and legal charges depend on the state subject to local regulations.
Document Issuance Charges
Issuing loan documents or providing copies may also draw charges.
Miscellaneous
These may include fees for changing loan terms or getting a no-objection certificate (NOC) after loan closure.
SBI Personal Loan Interest Rates
SBI Xpress Credit (including Pre-Approved Xpress Credit (PAXC)/ RTXC/ RMP Xpress Credit)
For defense/para-military/indian coast guard salaried applicants
Applicants of central govt./ state govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status
Applicants of other corporates
SBI Xpress Elite Scheme (including RTXC Elite)
Note: No loan is to be offered to applicants having salary accounts with other banks
SBI Xpress Flexi Scheme
Other schemes
Source: Paisabazaar |
SBI personal loan eligibility (Typically)
Age
Minimum: 21 years
Maximum: Up to 58 years
Income
Salaried: Stable income with a minimum monthly income requirement.
Self-Employed: Stable business with a minimum of 2-3 years of running operation.
Employment
Salaried: Employed with a reputed firm.
Self-Employed: Stable business.
Credit Score
Most preferred: Generally 750 or above.
Residency
Indian citizens.
Documentation
Identity Proof: Aadhaar card, passport, etc.
Address Proof: Utility bills, rental agreements, etc.
Income Proof: Salary slips, bank statements, tax returns, etc.
SBI personal loan documents required in detail
Identity Proof - (Copies of PAN/Passport/Driver’s License, Voter ID card)
Address Proof - (Copies of latest Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card)
Income Proof
Salaried:
- Salary slips
- Bank statements
- Income tax returns (ITR) or Form 16 (if applicable)
Self-Employed:
- Income tax returns (ITR)
- Bank statements
- Profit and loss statements, balance sheet, etc
Employment Proof
Salaried:
- Employment letter
- Salary slips
Self-Employed:
- Business registration documents
- Partnership deed (if applicable)
Photographs
- Passport-size photographs
Loan Application Form
- Completed and signed
Other Documents (if applicable)
- Pension payment slip or pension book.
- Details of any existing loans or liabilities.
SBI EMI Calculator
Using an online personal loan EMI calculator is recommended, as it gives the borrower an accurate idea of the amount to be paid every month for the loan borrowed and the interest on it.
https://www.paisabazaar.com/sbi-bank/personal-loan-emi-calculator/
SBI personal loan interest rates vs other banks
| Bank | Interest rate |
|---|---|
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Source: Bank’s website
SBI personal loan FAQs
The minimum and maximum amount one can borrow with an SBI Personal Loan?
The minimum loan amount generally is ₹24,000 depending on which type of loan one is seeking while the maximum loan amount is ₹35 lakh depending on the eligibility of the borrower.
What are the interest rates for SBI personal loans?
SBI personal loan interest rates typically range from 11.45% to 16.00% per annum. However, the precise rate depends on several factors including the type of loan, credit profile of the borrower, and the loan amount. It offers options such as fixed and floating rates.
What are the eligibility criteria for SBI personal loans?
One must be between 21 and 58 years old, should have a stable income and a good credit score. Individuals should either be employed with a reputable firm or have a stable business.
What documents are required to apply for an SBI personal loan?
· Identity proof: Aadhaar card, passport, etc. · Address proof: Utility bills, rental agreements, etc. · Income proof: Salary slips, bank statements, income tax returns, etc. · Employment proof: Employment letter or business registration documents.
Can a borrower prepay or foreclose SBI Personal Loan?
Yes, one is allowed to prepay or foreclose SBI Personal Loan with some charges that may vary based on the loan type.