If you ever fall short of finances or happen to encounter an unanticipated need of money then one of the most convenient ways to meet your financial requirement is to raise a personal loan. Be it an unplanned emergency or a wedding or a vacation or even a marriage anniversary, you can raise a personal loan for any of these purposes, and more.
Although you can raise personal loans from any financial institution, you can also do it from one of the largest lenders in the country i.e., State Bank of India (SBI).
State Bank of India is the largest lender of India. Personal loan offered by the bank has following characteristics:
1. Interest is charged on daily reducing balance
2. The bank charges low processing charges.
3. There is minimal documentation.
4. There are no hidden costs.
5. There is a provision for a second loan.
6. There is no security, and no guarantor.
SBI personal loan Eligibility:
State Bank of India offers these different types of personal loans to its customers:
I. SBI Express Elite: These are special loan for salaried customers with monthly income of ₹one lakh and above. The loan amount can range between ₹3 to 35 lakh.
The EMI/NMI ratio can be up to 65 percent.
II. Xpress Flexi: This includes an overdraft facility for salaried customers. Net monthly salary should be ₹50,000 and overdraft facility is given for an amount up to ₹25 lakh.
III. SBI Xpress Credit: This includes loans to salaried employees having salary accounts with SBI. The minimum salary should be ₹25,000 and maximum loan can be ₹30 lakh/ 24 times of net monthly income.
IV. Pre-approved personal loans: SBI also offers pre-approved personal loans in four easy clicks. The loan processing happens without any physical documentation and the loan is processed instantly in just 4 clicks.
V. SBI Quick Personal Loan: Loans to salaried customers not maintaining a salary account with the bank. One can avail loan upto ₹20 lakh. Depositors should have a minimum net monthly income of ₹15,000 and EMI/NMI ratio should be less than ₹50 percent.
VI. Real time Xpress Credit: End to end digital loan for salaried customers.
SBI personal loan interest rates:
1. Applicants of defence/ Central Armed Police/ Indian Coast Guard: 11.35 - 12.85 percent.
2. Central government/ State govt/ Police/ Railway/ Central Public Sector Enterprises (CPSEs). Effective interest 11.50 to 14 percent.
3. Applicants of other corporates: Effective interest: 12.50 to 14.50 percent.
4. Pre-approved personal loan to non-CSP customers: Effective interest rate: 14 to 14.50 percent.
Interest rate offered by other banks
Interest rate offered by other banks:
Bank
Interest Rate (p.a.)
Processing Fee
ICICI Bank
10.80% p.a. - 16.15% p.a.
Up to 2%
Yes Bank
10.99% p.a. onwards - 20% p.a.
Up to 2.5%
Kotak Mahindra Bank
10.99% and above
Up to 3%
Axis Bank
10.99% p.a.- 22% p.a.
Up to 2% of the loan amount
IndusInd Bank
10.25% p.a. - 34.05% p.a.
Up to 3.5% onwards
HSBC Bank
9.99% p.a. - 15.00% p.a.
Up to 2%
IDFC First Bank
10.90% p.a. - 36% p.a.
Up to 3.5%
State Bank of India
11.15% p.a. - 14.30% p.a.
Up to 1.50%
Bank of Baroda
11.10% p.a. - 18.15% p.a.
Up to 2%
Federal Bank
11.49% p.a. - 14.49% p.a.
Up to 2%
Bank of India
10.85% onwards
Up to 2%
IDBI Bank
11.00% p.a. - 15.50% p.a.
Contact the bank
Punjab National Bank
11.40% p.a. to 17.95% p.a.
Up to 1.00%
(Interest rates as of August 27, 2024)
SBI Personal Loan Interest Rate Fees & Charges
Scheme Name
Processing Fees
I. Clean Overdraft
NIL
II. SBI Pension Loan 1000 +GST and Maximum of ₹10000 +GST
1 per cent of the loan amount with a minimum of Rs
III. Jai Jawan Pension Loan
NIL
IV. Xpress Credit 1000 +GST and Maximum of ₹15000 +GST
1.50% of the loan amount with a minimum of Rs
SBI Personal Loan EMI Calculator
With the help of an EMI calculator, one can calculate how much monthly instalment one has to pay in order to retire the debt. For this one is supposed to enter these three details: rate of interest, principal amount and loan tenure.
It is an unsecured loan given by a bank to a borrower for meeting their personal needs. There could be any need for which one can raise a personal loan.
There are around half a dozen categories of personal loan offered by the SBI. These are SBI Express Elite, Xpress Flexi, SBI Xpress Credit, pre-approved personal loans, SBI quick personal loan and Real time Xpress credit.
Personal loan is disbursed for a range of purposes which include vacation, emergency, wedding, birthday celebration.
The processing fee can range between 0-1.5 percent based on the category of personal loan one applies for.
Yes, SBI offers discounted interest rate to defence personnel as well as to other government employees (central/state/Railway/CPSE).
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