SBI loan system: Loan from SBI bank, know the process and benefits of loan.

SBI loan: SBI offers various personal loans to its customers at interest rates starting from 11.05% per annum. You can visit the SBI website or the nearest branch of the bank to apply for a personal loan.The application process is simple and hassle-free and your application for Personal Loan will be approved provided you meet the eligibility criteria and All documents submitted must be correct.

SBI loan system: Loan from SBI bank, know the process and benefits of loan.

Additional concession of 0.50% in interest rates till 31 December 2023 and waiver of processing fees till 31 January 2024. 

SBI Personal Loan Details

Rate of interest11.05% per annum onwards
loan amountup to Rs 20 lakh
minimum income required15,000
loan periodup to 6 years

Note: For pension loans, the repayment period can go up to 7 years.

Types of SBI Personal Loan

SBI Express Credit

  • low processing fees
  • Maximum loan amount up to Rs 20 lakh.
  • The minimum interest rate offered is between 11.05% per annum and 14.05% per annum.
Rate of interestloan amount
Between 11.05% per annum and 14.05% per annum.up to Rs 20 lakh

SBI Pension Loan

  • Quick disbursement of loan amount.
  • low processing fees
  • Minimum documentation required.
Rate of interestloan amount
11.20% p.a. to 11.70% p.a.at the discretion of the bank

SBI Pre-Approved Personal Loan

main idea

  • The loan will be processed instantly.
  • Low processing fees.
  • The interest rates will be low and affordable and start from 13.55%.
Rate of interestloan amount
From 13.55% per annum to 14.05% per annumat the discretion of the bank

SBI Instant Personal Loan

  • You can avail loan amount up to Rs 20 lakh.
  • Even if you do not have an account with SBI, you can avail this loan.
  • Repayment period up to 6 years.
Rate of interestloan amount
7.2% – 27% per annumup to Rs 20 lakh

SBI PAPL (Pre-Approved Personal Loan)

You can get an instant personal loan anytime with SBI Pre-Approved Personal Loan (PAPL). Use the YONO app to avail this loan from the comfort of your home. Service is available 24*7. However, note that only the bank can determine who is eligible for this loan. To check your eligibility, you can SMS “PAPL” to 567676.

SBI Personal Loan Interest Rate

plansRate of interest
Express Credit- Non-Permanent Employees (NPES)11% per annum to 14% per annum
Pension Loans (including PAPNL-pre-approved pension loans)11.15% per annum onwards
Express Credit Insta Top-up12.10% per annum
SBI Instant Personal Loan through CLP Portal7.2% – 27% per annum
Express Elite Scheme11.05% p.a. to 11.80% p.a.
Express Flexi PlanFor all brackets, 0.25% more than Express Credit plans
Express Lite Scheme For all brackets, 1% more than Express Credit plans 

fees and charges

The various types of charges and fees charged by State Bank of India for personal loans are as follows:

loan schemeprocessing feePrepayment feespenal interest
express creditProcessing fee waived till 31 January 20243% on prepaid amount2% per annum
sbi pensionProcessing fee waived till 31 January 2024
Pre-Approved Personal Loanat the discretion of the bank
SBI Instant Personal Loan1.5% of loan amount3% on prepaid amount2% per month
SBI Express Flexi 1.5% of loan amount – 2% per month 
SBI Express Elite 1.5% of loan amount 3% on prepaid amount 2% per month 
Real-Time Express Credit 0.75% of loan amount – 2% per month 

*If the borrower makes partial or full prepayment and closes the loan account before completion of the loan tenure, 3% will be charged on the prepaid amount.

SBI Personal Loan Eligibility

The eligibility criteria for potential borrowers to avail a personal loan from State Bank of India are as follows:

Eligibility for Express Credit Personal Loan

  • The minimum net monthly income (NMI) of the loan applicant should be Rs 15,000.
  • EMI/NMI ratio should not exceed 50%.
  • Applicants must be employees in any of the following organizations:
    • Central and State Governments
    • Central and State Public Undertakings
    • Educational institutions of national repute
    • semi government
  • Some corporates which have special business relationship with SBI.
  • Companies that do not have any business relationship with SBI or any Emigration Check Required (ECR) are subject to specific terms and conditions.

Eligibility for SBI Pension Loan

  • To apply for this loan scheme offered by SBI, you have to be a central or state government pensioner, defense pensioner or family pensioner. A family pensioner is the spouse of the pensioner who is allowed to receive pension on the death of the pensioner.
  • The age of the pensioner, as well as the family pensioner, should not exceed 76 years.
  • For pensioners whose pension is distributed by Government treasuries, the concerned pensioner will have to give an order to the treasury to make the pension payment to the particular bank branch.
  • Defense pensioner can be any pensioner of the armed forces.

Eligibility for SBI Pre-Approved Personal Loan

To know if you are eligible for a pre-approved loan from SBI, send an SMS in this format – “PAPL” to 567676.

Eligibility for SBI Instant Personal Loan

To avail this personal loan scheme you must fulfill the eligibility criteria:

  • You must have a salary account in any other bank.
  • The minimum and maximum age of eligibility for this scheme is 21 years and 58 years respectively.
  • You must have minimum 1 year work experience.
  • Your minimum monthly income should be Rs 15,000.

Documents required to apply for SBI Personal Loan

PhotoPassport size (2 copies)
identity proofPAN Card/Voter ID/Driving License/Passport
Address proofLandline Bill/Electricity Bill/Ration Card/Voter ID/Passport
Income ratioLatest Salary Slip/Form 16/Audited Account Statement of last 6 months/ITR Returns of last 2 years
Other (related documents)Check-off letter from employer

How does EMI calculation work for SBI Personal Loan?

Consider a scenario where a person earning Rs 40,000 per month takes a personal loan of Rs 1 lakh under the SBI Express Credit personal loan scheme. The bank charges an interest rate of 11.05% per annum. On the loan amount. For a loan repayment period of 1 year, he has to pay an EMI amount of Rs 8,840 every month. Their loan repayment schedule is given as follows:

Year Principal Payment(A) interest payment(b) Total Payment (A+B) outstanding loan balance 
2023 Rs 15,913 Rs 1,769 Rs 17,682 Rs 84,088 
november Rs 7,920 Rs 921Rs 8,841 Rs 92,080 
December Rs 7,993 Rs 848Rs 8,841 Rs 84,088 
2024 Rs 84,086 Rs 4,317Rs 88,4030 rupees 
January Rs 8,066 Rs 774Rs 8,840 Rs 76,022 
february Rs 8,140 700 rupeesRs 8,840 Rs 67,881 
march Rs 8,215 625 rupees Rs 8,840 Rs 59,666 
april Rs 8,291 Rs 549Rs 8,840 Rs 51,375 
May Rs 8,367 Rs 473Rs 8,840 Rs 43,007 
june Rs 8,444 Rs 396Rs 8,840 Rs 34,563 
july Rs 8,522 Rs 318Rs 8,840 26,040 Rs 
august Rs 8,601 240 rupeesRs 8,841 Rs 17,440 
September Rs 8,680 161 rupeesRs 8,841 Rs 8,760 
october Rs 8,760 81 rupeesRs 8,841 0 rupees
Official websiteVisit here

FAQ

If I take a personal loan from SBI, when will my liability to the bank end?

Once the entire outstanding loan amount becomes zero, your liability for your SBI personal loan will be extinguished.

What is the minimum loan amount for SBI loan for Central and State Government pensioners? What is the amount?

The minimum amount of SBI loan for central and state government pensioners is Rs 25,000.

What should be my income to get a personal loan from State Bank of India?

SBI offers personal loans to individuals with an income of less than Rs 5,000. However, this amount may vary depending on the scheme applied for.

Do I need a guarantor to apply for Express Credit Personal Loan from State Bank of India?

No, the lender does not require your guarantor. However, before applying for the loan, you must ensure that you meet the eligibility criteria specified by the lender.

Can you send me a SBI personal loanfor general loanCan you tell the period?

All SBI personal loans are generally offered for a tenure of up to 60 months. However, depending on the plan, the repayment period can even go up to 84 months

Updated: January 21, 2024 — 11:16 am

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