SBI Personal Loan Interest Rates begin from 11.15% p.a. onwards. These personal loans are offered to self-employed individuals, for those into business, and also salaried account holders. They enable you to meet expenditures of a personal kind such as for medical emergencies, vacation, marriage, etc. Personal loans from the State Bank of India are readily available through minimal documentation, at no security/guarantor, and prepayment charges. 

Interest Rates of SBI Personal Loan Schemes 

Personal loan schemes 

Interest rates (p.a.)

SBI XPress Credit (including PAXC-Pre-Approved Xpress Credit)

a. For Defence/Paramilitary/Indian Coast Guard Salary Package Applicants

b. Applicants of Central Government/State Government/Police/Railway/Central Public Sector Enterprises (CPSEs) considered under ‘RATNA’ Status

c. Applicants of other corporates

 

      a. 11.15% - 12.65%

 

       b. 11.30% - 13.80%
 

      c. 12.30% - 14.30%

SBI XPRESS Elite Scheme (Including  RTXC 

Elite)

a. Salary account holders with SBI

b. Applicants having salary accounts with other banks 

 

     a. 11.15%-11.65%

     b. 11.40% to 11.90%

XPRESS Flexi Scheme (Overdraft facility)

a. For diamond salary package customers

b. For platinum salary package customers

 

     a. 11.40%-14.55%

     b. 11.40%-12.15%

SBI salary package account holder

11.25% to 12.75% 

XPress Lite Scheme 

1% higher than Xpress Credit scheme for all brackets

SBI Quick Personal Loan Scheme Through CLP Portal (For customers who do not have a salary account with SBI)

0.25% higher than Xpress Credit scheme for all brackets

 

Xpress Credit Insta Top-up Loans

12.40% 

Pre-approved personal loans (PAPL) to Non-CSP customers

13.80% to 14.30% 

Factors Impacting SBI Personal Loan Interest Rates?

SBI personal loan interest rates depend on several factors

  • Personal loan amount: Based on the personal loan amount applied for, the interest rate might change beyond the specified rate. 
  • Personal Loan Tenure: A longer tenure might have a higher interest rate based on the tenure of the bank.
  • Repayment capacity: State Bank of India will check the repayment capacity of a customer. If customers have a good credit history, it means that they have hardly defaulted on their loan EMIs or credit card bills and have a good repayment capacity. They can then negotiate with the lender for a preferential interest rate. The repayment capacity also depends on the income of the individual. If the income is higher, the lender sees you as a low-risk borrower. 
  • Income: The income is important for loan eligibility as well. The bank may change the interest rate for a personal loan based on the customer's income. SBI offers personal loans to applicants having a monthly income of Rs. 15,000. It prefers lending to those applicants whose total EMIs, including the existing EMIs as well as the EMI of the proposed personal loan fall within 50% of their monthly income.
  • Assets: The State Bank of India may offer a competitive interest rate to people who possess assets both fixed and movable. 
  • Relationship with SBI: An existing customer of SBI may get a better interest rate from SBI compared to a new customer. 
  • Credit score:  If you have a good credit score, the borrower will consider it safe to give you a loan. 

Features of SBI Personal Loan Schemes

SBI Xpress Credit Personal Loan

SBI Xpress Credit is a personal lending plan that can be availed by SBI pay account holders to fulfil their personal needs. 

Key highlights

  • Minimum income is Rs.15,000 and Maximum income: EMI/NMI ratio should not be more than 50%
  • Loan tenure: 6 months to 6 years.
  • Loan Amount: There are two types of loan amounts that you can avail - Term loan and overdraft

Term Loan: 

  • Minimum amount: Rs. 25,000
  • Maximum amount: 24 times the NMI up to a maximum amount of Rs.20  lakhs 

             Overdraft Loan:

  • Minimum amount: Rs.5 lakh
  • Maximum amount: 24 times the NMI up to a maximum amount of Rs.20 lakhs
  • Processing fee: 1.5% of the loan amount
  • Penal interest: A penal interest of 2% p.a. will be charged on the existing interest rate if you default on paying the loan amount within the fixed tenure 

SBI Pension Loan

The SBI Pension Loan scheme can be availed by central and state government retirees, defense pensioners, and family pensioners who get their pension from SBI. These retirees may use the funds obtained from the loan for fulfilling their personal expenses. 

Key highlights

  • Three types of pensioners gain – Central and state government pensioners, defence pensioners, and family pensioners.
  • Loan amount: 

Type of pensioner

Minimum amount 

Maximum amount 

Central and State Pensioner

Rs.25,000

18 months pension with a maximum of Rs.7.5 lakh to Rs.14 lakhs based on the pensioner’s age.

Defence Pensioner

Rs.25,000

36 months pension with a ceiling of Rs.14 lakh for pensioners up to age of 56 years and 36 month pension with a ceiling of Rs.7.5 lakh to Rs.14 lakh depending on the age of the pensioner

Family Pensioner

Rs.25,000

A pension of 18 months with an upper limit of Rs.2.5 lakh to Rs.5 lakh based on the pensioner’s age
  • Repayment tenure: 

Type of pensioner 

Repayment tenure

Central and state government pensioners 

24 months to 60 months 

Defence pensioners 

24 months to 84 months 

Family pensioners 

24 months to 60 months 

 

SBI XPress Flexi Scheme 

SBI has specially designed an overdraft personal loan for all salaried customers with a monthly income of Rs. 50,000 and above. You can make withdrawals whenever you want from it, be it a wedding, holiday, necessity, or a planned purchase. 

   Key highlights

  • An overdraft capacity of up to Rs. 25 lakhs is available. However, there will be a reduction in the withdrawal capacity.
  • This facility enables depositing excess funds into loan accounts to lower interest costs.
  • Automatic liquidation when the loan term expires
  • Low or minimal processing fees
  • Minimal documentation 
  • No annual maintenance fees
  • No additional fees
  • No guarantee and no security 
  • No early payment fee

Conclusion

Getting a personal loan from the State Bank of India is easy for individuals who satisfy the minimum eligibility criteria. However, the interest rates for SBI personal loans are based on the repo rate of RBI and may come down further though not immediately. SBI personal loans do not require any security or guarantor, but having an excellent financial record and investments in government securities help in obtaining a better interest rate. The interest rate may also change based on the credit score. 

FAQs

1. What are the eligibility criteria to avail a SBI personal loan?

The eligibility criteria to avail of a SBI personal loan is based on the personal loan scheme that you are availing from SBI. For instance, for the SBI Xpress Credit Loan, you should have an SBI bank account and must be a salaried individual. For the SBI pension loan, your age must not be above 76 years. If you are a salaried individual who does not have a bank account with SBI but still wish to avail a personal loan, you can take the SBI XPress Power Loan. 

2. What is the SBI personal loan disbursal time?

SBI usually takes 2 to 7 days to disburse the personal loan amount post verification and approval.