How to get personal loan in SBI fast:
SBI Personal Loans are available for both salaried and self-employed customers who want to meet their unforeseen financial requirements. Borrowers may take personal loan from SBI for any budgetary needs like wedding-related expenses, foreign travel, abroad education, health-related expenses or any other monetary expenses.
The loan is available at attractive interest rates for you to service at. The rate varies depedning on the type of workplace and credit history you have. SBI provides a personal loan for a maximum of 6 years, one year more than what other banks do.
Let’s read about SBI Personal Loan in detail.
State Bank of India offers personal loan under the schemes, namely Xpress Credit, Xpress ELITE Scheme and SBI Pension Loan. It has lower interest rates, higher loan amount facility needs no collateral and charges zero prepayment fees that make it more feasible for the borrowers.
Why Choose SBI Personal Loan?
Personal loans are unsecured loans which mean there are no security or collateral required to get it. Similarly, it is also given without any collateral.
Some of the main factors that make SBI personal loan scheme unique have been given below.
- Lower Rate of Interest: SBI charges one of the lowest personal loan interest rates and hence is less burdening. The personal loan interest rates of SBI are on a daily recurring balance basis, therefore, ensures maximum benefits to the borrowers.
- Timely Discounted Schemes: SBI gives offers on personal loans from time to time – like there are Diwali offers and also has discounts for government employees, doctors and other professionals.
- No Hidden Charges: There are no hidden charges or penalties for any SBI personal loan scheme.
- No Prepayment Penalty: For personal loans, State Bank of India charges no prepayment or foreclosure charges. However, if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the outstanding loan amount.
- Instant Loan Approval: As there is no collateral required to take a personal loan from SBI bank, the loan approval is quicker and smoother.
- Online Loan Submission: Nowadays, people look forward to doing everything online. Keeping this demand in the notice, State Bank of India provides online loan submission that saves the loan borrowers time.
Key Features of SBI Personal Loan 2024:
| Interest Rate | 9.60% per annum |
| Processing Fee | 1% of the loan amount |
| Age | 21 – 58 Years |
| CIBIL score | Minimum 700 or above |
| Lowest EMI per lakh | Rs. 1832 |
| Tenure | Up to 72 months |
| Prepayment Charges | 3% |
| Part Payment Charges | Not Applicable |
| Minimum Loan Amount | Rs. 50,000 |
| Maximum Loan Amount | Rs. 20 Lakh |
SBI Personal Loan Interest rate
| XPRESS Credit | 10.60% p.a. to 13.10% p.a. |
| XPRESS Bandhan | At the discretion of the bank |
| XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES) | 11.50% p.a. to 13.85% p.a. |
| Pension Loan (including PAPNL-Pre-Approved pension Loans) | 10.55% p.a. -11.05% p.a. |
| Clean Overdraft | 15.65% p.a. |
| Xpress Credit Insta Top-Up | 10.70% p.a. |
| Pre-Approved Personal Loans (PAPL) | 12.60% p.a. |
| SPL. PAPL | 9.60% p.a. |
| SBI Quick Personal loan Through CLP portal | 10.85% p.a. – 12.85% p.a. |
Pre-Approved Personal Loan SBI (PAPL)
With SBI Pre-Approved Personal Loans, you may acquire a fast personal loan at any time (PAPL). To get this loan, use the YONO app from the comfort of your own home.
The service is provided 24 hours a day, seven days a week. However, only the bank has the authority to assess who is qualified for this loan. You can check your eligibility by texting “PAPL ” to 567676. The interest rate begins at 9.60 per cent per annum.
Xpress Credit (including PAC-Pre-Approved Xpress Credit)
The Xpress Credit loan interest rates, which are primarily offered to SBI salary account holders, are as follows:
A. For Defence/ Paramilitary/ Indian Coast Guard Salary Package Applicants
(i) ‘Term Loan’ facility: Interest is only payable on the whole loan amount sanctioned in this scenario
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 3.40% – 3.90% | 10.60% – 11.10% |
(ii) In the case of an “overdraft,” interest is only levied on the amount borrowed, which may be less than the loan amount sanctioned.
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 3.90% – 4.40% | 11.10% – 11.60% |
B. For Other Applicants:
The interest is calculated on the whole loan principal when using the ‘Term Loan’ service.
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 3.40% – 5.40% | 10.60% – 12.60% |
The interest is only levied on the amount borrowed, which may be less than the total loan amount sanctioned.
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 3.90% – 6.40% | 11.10% – 13.10% |
Xpress Elite Scheme
The following SBI personal loan interest rates are available to SBI Salary Package account holders
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 2.40% – 3.90% | 9.60% – 11.10% |
Borrowers who are not SBI Salary Package account holders will be charged the following interest rates:
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 2.65% – 4.15% | 9.85% – 11.35% |
Xpress Credit- Non-Permanent Employees (NPES)
SBI personal loans are available to salaried employees of the Central and State Governments, Quasi-Government, Central PSUs, State PSUs, Defence personnel, and Nationally Recognized Educational Institutions.
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 4.30% – 6.40% | 11.50% – 13.60% |
For salaried employees of co-operatives/institutions not included under the regular Xpress Credit loan scheme and unrated corporates, the interest rates on SBI Xpress Credit personal loans are:\
| 2-year MCLR | Spread over 2 years MCLR | Effective Interest Rate with No Reset |
| 7.20% | 5.05% – 6.65% | 12.25% – 13.85% |
SBI to Offer Express Credit Personal Loans through YONO (Mobile App)
Through its YONO app, the State Bank of India is preparing to offer express credit personal loans. Applicants can currently apply for this loan either online or in person at a bank office.
On the YONO app, the bank already offers small-scale personal loans costing Rs. 2.5 lakh. It may now use the app to create a high-value personal loan plan ranging from Rs. 5 lakh to Rs. 10 lakh (as reported by Business Today).
SBI provides consumers with fast-tracked two-wheeler loans. The YONO app currently produces leads for automobile and house loans.
Existing SBI customers can use the YONO app to acquire pre-approved personal loans from the bank. The bank intends to offer personal loans to new customers via the app as well.
It is also developing an account aggregator system that will allow users to quickly access their credit histories with various lenders.
This personal loan programme is available to those who have a salary account with SBI or any other bank to meet their various demands.
This scheme’s effective interest rate is determined by a combination of an applicant’s credit score and the spread over a two-year MCLR. To learn more about this plan, check the table below.
| Criteria | Details |
| SBI Salary Package A/C Holders Interest Rates | 10.35% – 11.85% p.a. |
| Interest Rates for other than SBI Salary A/C Holders | 10.60% – 12.10% p.a. |
| Loan Amount | (i) Term Loan – Min: ₹24,000 Max: 24 times NMI subject to max of ₹ 15.00 lacs (ii) Overdraft – Min: ₹5.00 lacs Max: 24 times NMI subject to max of ₹15.00 lacs |
| Minimum Monthly Income | ₹15,000 |
| Repayment Period | 6 Months to 72 Months (6 years) |
| Fees of Processing | 1.50% of the Loan Amount plus Applicable GST Charges With a Minimum of INR 1,000 and a Maximum of INR 15,000 |
| Pre-payment Charges | 3% of the Prepaid Amount |
| Penal Interest Charges | 2% per month on the overdue amount over the applicable Interest Rate |
SBI Personal loan Status
Simply enter the required details and keep track of it at any stage. Just by entering the Applicant Name, Proposal Number, or mobile number, you will simply stay updated with your loan status.
SBI Personal loan Eligibility Criteria:
Eligibility criteria for a personal loan:
| CIBIL score | 700 and Above |
| Age | 21-58 years |
| Min Income | Rs 15000/month |
| Occupation | Salaried/Self-employed |
Fees and Other Charges
| Interest Rate | 9.60% |
| Processing Charges | 1% of the loan amount |
| Prepayment Charges | 3% |
| Stamp Duty | As per state laws |
| Cheque Bounce Charges | As per bank terms |
| Floating Rate of Interest | Not Applicable |
Documents Required
| Form | Duly filled application form |
| Proof of Identity | Copy of: Passport Driving License Aadhar Card Voter ID Card |
| Proof of Address | Rent Agreement (Min. 1 year of stay) Utility Bills Passport (Proof of permanent residence) Ration card |
| Proof of Income | ITR: Last two Assessment years Salary Slip: Last 6 months Bank Statement: Last 3 months |
SBI Personal loan EMI Calculator:
[CP_CALCULATED_FIELDS id=”8″]
Loan Comparison with Other Banks
| Bank | Interest Rate | Tenure | Loan Amount & Proc Fee |
| SBI | 9.60% | 6 to 72 months | Up to Rs. 20 lakh / Up to 1.50% of the loan amount |
| HDFC Bank | 11.25% to 21.50% | 12 to 60 months | Up to Rs. 40 lakh / Up to 2.50% of the loan amount |
| Bajaj Finserv | Starting from 12.99% | 12 to 60 months | Up to Rs. 25 lakh / Up to 3.99% of the loan amount |
| Axis Bank | 15.75% to 24% | 12 to 60 months | Rs. 50,000 to Rs. 15 lakh / Up to 2% of the loan amount |
| Citibank | Starting from 10.99% | 12 to 60 months | Up to Rs. 30 lakh / Up to 3% of the loan amount |
| ICICI Bank | 11.50% to 19.25% | 12 to 60 months | Up to Rs. 20 lakh / Up to 2.25% of the loan amount |
sbi personal loan calculator 2024:
Simply put your loan amount ,annual rate of interest and the loan tenure/duration in months, our sbi personal loan calculator 2022 will give the EMI, interest component and principal paid under each EMI.
Why SBI for Personal Loan?
SBI helps you choose the best option of banks by providing you with the updated market comparison of various banks and make the right choice. We at National Info have already helped many people to get the loan they need without any issue, and we look forward to continuing in doing so. Apply with us today to get the offers and exclusive deals on SBI Personal Loan.
Call us at national info fb page avail of the SBI Personal Loan.
Loan Processing Time
SBI usually takes two weeks or 15 days when it comes to the Processing of Personal Loan Applications. However, SBI approves the loan in just a few hours to a maximum of 1-3 days to its pre-approved already existing account holders.
Loan Preclosure Charges
SBI gives you the option of pre-closing your loan after a period of a minimum of 12 months of taking the loan and paying 12 successful EMIs on your mortgage. However, SBI charges a Prepayment or Pre-closure charge of 3%.
Documents Required for Preclosure
Generally, the following documents are required to foreclose your SBI Bank personal loan:
- A valid photo identity proof
- Loan Account Statement
- Cheque/ demand draft/ cash to make the payment
Foreclosure Benefits
Given below are a few key benefits of foreclosing your SBI Bank personal loan:
Foreclosure / Full Prepayment
- Helps you save on the overall interest payout.
- Frees you from the burden of regular loan repayments.
Partial Prepayment
- It enables you to save on the interest component.
- You also have the advantage of either paying a reduced EMI amount or having a shorter loan tenure.
SBI Bank Prepayment Facility
SBI also offers a prepayment facility to help the customers pay off the entire outstanding or a part of it. If you have a surplus amount of money in hand and meeting the below criteria then you can pay a part of your principal outstanding amount to reduce the same. This will also help in saving interest accrued on the principal amount.
Know more about this facility below.
- Prepayment will be allowed subject to the successful payment of the first 12 EMIs
- Prepayment will be allowed a maximum of twice during the entire tenure of the loan
- Prepayment is allowed only once a year
- At any point in time, the prepayment will not exceed 25% of Principal Outstanding
Charges to be paid on Prepayment
- 13-24 Months – 4% of the outstanding loan balance
- 25-36 Months – 3% of the outstanding loan balance
- More than 36 Months – 2% of the outstanding loan balance
Pre Calculated EMI
| Rate | 5 Yrs | 4 Yrs | 3 Yrs |
| 9.99% | 2149 | 2560 | 3250 |
| 11.00% | 2174 | 2584 | 3273 |
| 11.50% | 2199 | 2608 | 3297 |
| 12.00% | 2224 | 2633 | 3321 |
| 12.50% | 2249 | 2658 | 3345 |
| 13.00% | 2275 | 2682 | 3369 |
| 13.50% | 2300 | 2707 | 3393 |
| 14.00% | 2326 | 2732 | 3417 |
| 14.50% | 2352 | 2757 | 3442 |
| 15.00% | 2378 | 2783 | 3466 |
*Note – All EMIs are calculated for a Loan Amount of Rs. 1 Lakh.
Loan for Salaried Employees
SBI Bank offers Personal Loan for Salaried Employees at lower rates of interest. The amount that you get a loan depends on the Company that you work for, The take-home salary of the employee, and the city of residence of the employee.
SBI Bank offers these loans for a tenure of 12-60 months and provides instant approval along with funds to pre-approved customers.
Loan for Self Employed Individuals
SBI Bank’s Personal Loan for Self Employees is a loan product offered to self-employed individuals and in need of funds. The bank provides them with attractive rates of interest on their personal loan and tenure of 12-60 months.
But, as compared to Salaried Employees, you have to present more documents here as you need to provide the bank with sufficient documents related to your business to prove its continuity as well as your steady income.
Loan for TCS Employees
- Exclusive personal loans with a reasonable interest rate of 11.25% p.a.
- EMI for personal loans starts at Rs.2178 per lakh when terms and conditions are met.
- The hassle-free documentation process for TCS employees.
- Pre-approved personal loans for eligible TCS employees.
- Interest rate starting at 11.99% p.a for superbike loans.
- Great offers on home loans with an interest rate of 9.45% p.a and discount interest rate for women at Rs.9.40% p.a.
Moratorium Process
The process to stop your loan EMIs at SBI Bank is as follows-
- Visit the SBI Bank website or use the mobile app
- Click on the link where the option of moratorium period is popping out
- On the application page, mention your registered mobile number, name, email address
- After that enter your date of birth and select the type of loan
- Enter your loan number and mention your EMI amount
- Then make a decision and choose a suitable service
- Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
- Click on the ‘Submit’ button
- The bank will check the details thoroughly and process your moratorium request
- You’ll be given a reference upon the successful completion of the process on your registered mobile number and email address.
But, if you don’t want to defer EMI, you must click on the second option after the deferment option. This will ensure EMI payments are as scheduled with no extra interest charged on them.
Select the defer option if your answer is yes otherwise your EMI debited as it was doing in the past.
SBI Bank representatives can also get in touch with you via WhatsApp or call regarding the moratorium process.
Loan Special Pricing
If a customer is looking for INR 15 lakh of the loan amount or more than that below rates would be applicable.
| Loan Amount | IRR | Processing Fee (+GST) |
|---|---|---|
| Loan amount >=15 lakh* | 10.50% | INR 3999 |
*Terms & conditions apply
This offer is not applicable for Top-up/ Enhancement/ Existing loan amount closure.
If a customer is looking for a Balance transfer and a fresh loan of above INR 10 lakh above, the below offer is available.
| NTH | Loan Amount | IRR | Processing Fee (+GST) |
|---|---|---|---|
| >=50000 | Loan amount >=10 lakh* | 10.50% | INR 3999 |
*Terms & conditions apply
- Not applicable on Existing loan closure
- Not applicable for Credit card BT
How to Manage Personal Loan
Here are the 4 tips that will help you manage your loans:
1. Pay On Time
The first step is to avoid late fees and penalties. The best way to do that is by paying your monthly payments on time every month. This also hits the credit score. These are needless and all too common consequences that will work against your financial condition.
If you have just taken a personal loan or are about to, the best way to manage your loan is by making a monthly payment on your loan as soon as you receive the loan. By being a payment ahead of your instalment plan you will have a buffer against a missed payment.
2. Pay More Than Your Minimum
Paying beforehand is a good option for managing your plans but paying a little extra every month keeps you ahead of your loan term and provides you with some other financial bonuses.
Moreover, paying extra on your loan reduces the length of the repayment plan.
This will help you clear the debt and allows you to regain your financial independence sooner. It will also reduce the rate of interest you owe and thus, saving you money in the long run.
Paying off your debts faster also leads to an improvement in your credit score. A lower credit score will benefit you in several ways, like dropping down payments and rates of interest.
3. Consolidate Your Loans
For debtors managing multiple personal loans, consolidation could be the best way to simplify your debt repayment. Debt Consolidation is when you take a large loan to repay all the other loans you have taken.
So, instead of paying multiple lenders every month with different rates of interest and needs, one can make a single payment to one provider.
Debt Consolidation is helpful if you can save an interest rate on a new loan that is lower than the average interest rate of the earlier loans.
The only disadvantage that lies here is that one will likely end up having to reimburse the debt quicker than before. Before consolidating your debt, make sure that you can make the payments on a new loan.
This may also help to reimburse large portions of your loans on credit rather than with a single loan, consolidating it into more controllable pieces.
4. Credit Score
Last but not the least, always keep a close watch on your credit score while reimbursing a personal loan. The credit score plays a major role in finances and has an important relationship with the loans taken out.
How you manage your loans is reflected in your credit score. On the other hand, falling behind on your payments will subordinate the credit score. Thus, a higher credit score is important.
Types of Personal Loans in SBI
Doctor Loan
SBI Bank offers special Personal Loans to Doctors who require funds. Bank gives them loans ranging from Rs. 50000 to Rs. 50 lakhs for a tenure of 12-60 months at interest rates starting from 11.25%. There are certain eligibility criteria’s for availing of this loan:
- The credit score should be at least 650.
- Age should be 25-65 years.
- Medical Experience – More than 4 years (as a doctor).
Loan for Marriage
If you have a wedding at your house and are worried about the expenses, then you can apply for a personal loan from SBI and leave out all your financial worries.
Loan for Government Employees
Employees of the central and state government can get a personal loan for their needs. SBI has special offers curated for day to day needs of the government employees.
Loan Offers for Government Employees:
| Offers By Government | Number of Companies | Processing Fee(% of the Loan Amount | IRR |
| Miniratna, Navratna, and Maharashtra | 55 | 1.50% | 13.49% 11.49% 10.99% |
| Pensioner | All | 1.50% | 14.75% |
| Employees from the Railway Department | All | 1.50% | 16.50% 15.00% 14.25% |
| CISF, CRPF, ITBP, SSB and BSF | All | 1.50% | 14.75% |
State and Central Government Officers:
| Section | Salary | Processing charge | IRR |
| Government Officer Division A (GA) and Division B (GB) | NTH>24k | 2% | 16.75% |
| NTH>35k | 2% | 15% | |
| NTH>50k | 1.75% | 14.75% |
Loan for Pensioners
SBI Bank offers special plans for Pensioners looking out for Personal Loan. They provide good funding at attractive rates of interest to pensioners. Some of the key aspcts of HDFC Bank Personal Loan for Pensioners are listed below:
- Minimum Pension Amount – 25000+
- Maximum age – 65 years at loan maturity
- 50% of extra income (FD interest rental income, etc.) can be counted as Actual Income
- HDFC Bank Personal Loan Interest Rate – 9.99%
- Tenure – a minimum of 12 months
Loan for Self Employed
SBI Bank Personal Loan for Self Employed is a loan offering to self-employed professionals for a tenure of 1 year to 5 years. The applicants should be aged between 21 to 65 years and should have a minimum annual turnover of Rs. 15 lakhs.
Self-employed professionals also have to submit more documents than Salaried employees, but they can avail of a loan amount up to Rs. 20 lakhs. Thus, a personal loan is very useful for them.
Loan for Retired Persons
- Retired persons include authorized members of the family to receive a pension after the death of the pensioner
- Retired persons should not be more than 76 years of age
Loan Interest Rate for salary account in SBI
- Applicant having 650 CIBIL scores is eligible. Low CIBIL score applicants may be rejected.
- A minimum income of Rs 24,000/- per month is eligible.
- Applicant must have 2 years of work experience.
Loan process of Balance Transfer
Personal Loan Balance Transfer refers to a process where you shift your loan from one lending institution to another. In this, your new bank pays off your previous loan and gives you the loan.
You get many benefits if you do this, but you may have to pay the foreclosure charges associated with that loan along with the Processing fee on your new loan.
Loan Top Up
Top up facility on your loan is the additional amount that you borrow from the bank on your existing loan. SBI lets you avail of this facility if you have paid at least nine regular EMIs without any hindrances in payment. You can get a top-up of min ₹50,000 and a maximum of your already sanctioned loan amount.
Loan Overdraft Scheme
SBI Bank Personal Loan Offers an Overdraft Scheme. With this, you are provided a loan amount as an overdraft facility. It works like a Credit Card, where you can spend your Personal Loan Amount as you want anytime anywhere.
The overall loan amount will have a Credit/Loan Limit. In the SBI Personal Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.
Home Renovation Loan
SBI provides a home improvement loan to individuals who wish to renovate their homes. This personal loan can finance essential repairs or enable the applicant to obtain new home fittings, fixtures, and furniture.
Some of the main features of SBI Bank Home Renovation Loan are:
- SBI’s Home Renovation Loan interest rate starts at as low as 11.25 percent.
- Individuals may be eligible for a loan of up to Rs. 20 Lakh to renovate their house.
- A home renovation loan from SBI Bank needs minimal paperwork to free up the entire loan process.
- Usually, the loan amount will be credited to the account within 72 hours after the bank accepts your applications.
Holiday loan
SBI Bank’s Holiday Loan will help you plan your dream vacation with minimal difficulty. This personal loan from SBI will finance a variety of holiday-related expenses, including the booking of flight tickets, hotel accommodation, guided tours, etc. The main features of the SBI’s Holiday Loan are:
- Holiday Loans Interest Rates start at 11.25 percent p.a.
- You can comfortably use up to Rs 20 Lakh so that your dream holiday won’t be ruined due to a financial crunch.
- Simplified and Minimal paperwork ensures that your vacation funding is quick and convenient.
- Fast processing and disbursement of the loan directly credited to your account
Fresher funding
The majority of unsecured personal loans are intended for individuals with regular income, while SBI Bank’s Fresher Funding is different.
SBI Bank’s loan option is designed to support refreshers, i.e. recent graduates looking for their first job. Some of the main features of SBI Bank Fresher Personal Loan Funding are as follows:
- Loan up to Rs 1.5 lakh
- Applicant must be at least 21 years of age
- The interest rate for Fresher Funding depends on the profile of the applicant, the credit history/score, the age, and the position of the applicant.
NRI Personal Loan
Understanding the needs and aspirations of NRIs, SBI Bank is providing a personal loan directly to NRIs. The primary loan applicant must be an Indian citizen, and the NRI co-applicant must be a close relative. Personal Loan for NRIs contains the following features:
- SBI Bank provides NRIs personal loans of up to Rs. 10 lakh with flexible end-use.
- Interest rates for NRI Personal Loan start at 15.49% p.a.
- The length of the loan is up to 36 months.
SBI Personal Loan Preclosure Online
SBI Bank enables a Personal loan borrower to make a pre-closure or a pre-payment of a loan. But, you will be able to prepay your SBI Personal Loan only after 12 months after you have procured your loan and after paying 12 EMIs plus the foreclosure charges that may be applicable.
If you meet this requirement, you can repay your personal loan before the original due date and close your loan early.
Loan Process Steps
Step 1: Determine your requirement.
Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just Rs. 1 lac or Rs. 10 lac.
Step 2: Check loan eligibility
Once you know how much you need, you should check whether you are eligible. You can visit the SBI Bank Personal Loan Eligibility Criteria online, to find out how much you can borrow as a Personal Loan. SBI Bank offers loans up to Rs. 40 lac.
Step 3: Calculate monthly instalments
Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on the SBI Bank Personal Loan EMI Calculator. SBI Bank offers pocket-friendly EMIs on all its Personal Loans starting at Rs. 2149 per lac * (T&C).
Step 4: Approach the bank
You can apply for a Personal Loan with SBI Bank in various ways: Via Net Baning, online on the SBI Bank website, at an ATM, or by visiting a branch.
Step 5: Submit documents
Next, find out what documents are required for a Personal Loan. You will usually need income proof (bank statements, salary slips or IT returns), address proof, and ID proof. Hand over copies of your Personal Loan documents at the bank.
Wait for funds to be remitted to your account. SBI Bank disburses funds for pre-approved loans to customers in 10 seconds*, and for non-HDFC Bank customers in 4 hours*.
That’s how to get a Personal Loan in 5 easy steps.
Loan Prepayment Charges
If you are a salaried applicant, you can pre-pay your SBI Personal Loan only after paying 12 equated monthly instalments completely.
The pre-payment charges for salaried applicants are as follows:
- 4% of the outstanding principal amount for 13 to 24 months.
- 5% of the outstanding principal amount for 25 to 36 months.
- 2% of the outstanding principal amount for more than 36 months.
How to Apply SBI Personal Loan?
You can either visit the physical branches of SBI Personal Loan or visit Dialabank. Here is how you can do it:
- Visit bank page
- You can apply online for SBI Personal Loan through website.
- On the loan page, you can analyze the loan schemes, interest rates, eligibility, and documents required.
- After analysis, you can select your loan and submit a form with your details.
- After submission, you will be reverted by our representatives.
- Our representatives will help you with the whole loan approval process.
- You can know more by calling on fb page
SBI Personal Loan verification process
The following are the main steps of the personal loan verification process following the online submission of your loan application to National info fb.
Step 1. National info will forward your loan application to your preferred lender, and you will usually receive a call from the lender’s representative within 48 hours.
Step 2. The prospective lender may arrange the compilation of your KYC records, wages, etc., or have an opportunity to upload them online. These records will be used to validate your submission.
Step 3. If the lender’s verification has been completed and your loan has been accepted, you will receive another call to validate the loan offer and request your consent for disbursement.
Step 4. Usually, the loan is disbursed within 48 hours after approval of the loan and satisfactory verification.
Note: The timeline, as mentioned above for the verification/disbursement of personal loans, can differ based on the lender’s internal requirements as well as other parameters.
Check SBI Bank loan application Status
The procedure for testing the status of your application involves the following steps:
- Visit SBI Bank’s official website, click ‘Stuff’ and pick ‘Personal Loans.’
- On the next page that opens hereafter, press ‘More and pick ‘Check Loan Application Status.’
- First, you can verify your application status by entering information such as your telephone number, date of birth and either entering the OTP that you receive on your mobile number or using your application number.
How to login to the SBI Bank portal
- Visit SBI Bank’s official website.
- Click on the ‘Login’ button at the top right corner of the screen.
- Log in using your User ID and Password or registered mobile number.
How to Check Your Loan Statement
Customers can download the bank’s loan statement by taking the following steps:
- Visit the bank’s official website.
- Click on ‘Get in Touch’ and select ‘Service Requests’ from the drop-down list.
- On the next page that opens, under the ‘Loans’ menu, pick ‘Personal Loan Linked.’
- First, press the ‘Ask for Loan Account Statement’ button.
- Log in using your User ID and password or using your registered mobile number and OTP to make use of the bank’s loan statement.
SBI Bank Personal Loan Restructuring (COVID-19)
The national lockdown due to the COVID-19 pandemic has adversely affected several borrowers, and a six-month moratorium on various term loans has been declared to some degree to reduce its effect.
Upon completion of the 6-month moratorium, SBI Bank declared a one-time RBI-mandated benefit from the restructuring of SBI Bank’s loan. This mechanism is intended to offer continued relief to borrowers who are still unable to repay their daily EMI due to continuing financial distress arising from the pandemic.
The loan settlement mechanism adopted by SBI Bank allows for an extended moratorium of up to 2 years or an extension of the existing repayment period to minimize monthly EMI payments.
It is, of course, necessary to bear in mind that the restructuring of your SBI personal loan would result in additional interest rates over and above those applied to the original loan.
Thus this relief tool can only be used as a last resort so that you do not end up defaulting to your unpaid loan.
SBI Bank Customer Care Number
Customers can contact the SBI Bank customer care via any of the following means:
- By Phone: You can call SBI Bank on their toll free
- Callback Request: You can also request a call back by visiting the bank’s website.
- Online Chatbot: You can also get your queries answered by the iPal chatbot online.
- Branch Visit: You can visit the nearby SBI Bank branch to get your queries.
Benefits of Applying for Personal Loan on National Info
There are many benefits to applying for a personal loan on the National Info website. Some of these are given below:
24 x 7 Accessibility: You can access the National Info website at any time and anywhere and also apply for a personal loan from the comfort of your home or office at any time.
Multiple lenders on a single platform: National Info allows you to access personal loan deals from multiple prospective lenders on a single platform and thus removes the need to visit multiple bank or branch websites.
Know EMI instantly: With our loan EMI calculator on National Info, you can check the EMIs that you will be paying for on a personal loan right before you apply for one. It will help you borrow the required sum that you can quickly repay and provide a flexible payment plan.
Free of charge: Besides, you are not expected to pay any fees while applying for a personal loan on National Info.
How to get the best offer on SBI Personal Loan?
You can get the best personal interest rates from SBI Bank subject to an assessment of your loan amount, salary, other obligation company you work with, and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from SBI:
Loan Amount – This is the amount borrowed by a borrower from the bank. Generally, banks offer lower interest rates for higher amounts. SBI Bank offers loans between ₹ 50,000 and ₹ 75 Lakh.
Salary – Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. The interest rate of the bank varies with your net monthly income.
Employer Category – SBI Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on the company’s size, reputation, and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low-interest rate loans.
Relationship with the Bank – SBI Bank offers special rates, offers, and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of a low SBI Bank loan interest rate.
Loan Tenure – Personal loans are of shorter tenure ranges from 12 months to 60 months as they are taken to meet their immediate requirements.
Repayment Capacity – Before giving a loan to the borrower, SBI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information on credit card bills payment.
How does SBI Bank Personal Loan work?
Here is the process:
| Maximum Annual Percentage Rate (APR) | 11% to 22.5% |
| A representative example of the total cost of the loan, including all applicable fees | Here is an illustration of the total cost of the loan:Total amount borrowed: ₹ 1,00,000Time period: 12 Months to 60 MonthsSBI Personal Loan Interest Rate: 10.50% to 22.00%Processing Fee payable to Upto ₹ 2,500Fee payable to MyLoanCare: NILTotal Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.50% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.Annual Percentage Rate (APR) of charge including all applicable fees: 11% to 22.5%Total cost payable over loan tenure: ₹ 8,278 for 12 Months loan to ₹ 31,463 for 60 Months loan |
Important Aspects
Below are some important things that you need to remember when applying for a personal loan with SBI Bank:
- When applying for a personal loan, it is always a good idea to check your credit score. A good credit score increases the odds of your personal loan being accepted and can make it easier for you to make use of a personal loan on more favourable terms.
- Until finalizing on a specific lender, it is advisable to compare the cost of a personal loan (interest cost and all related charges) provided by different lenders on National Info.
- Borrow according to your desires and willingness to repay. Evite borrowing simply because you are entitled to borrow a higher amount. It will just add to your interest rate and will not have any long-term benefits.
- Avoid applying for individual loans with several lenders at the same time. This shows you to be credit-hungry and also raises the number of hard requests for your credit report that can adversely affect your credit score.