SBI personal loan

SBI Personal Loan Highlights

Types of SBI Personal Loan

1. Xpress Credit Scheme

The Xpress Credit Personal Loan gets you money quickly with minimal paperwork and instant approval. This loan is perfect for any financial needs, planned or unplanned. You only pay interest on the amount you still owe each day (daily reducing balance), and if you make your monthly payments (EMIs) on time, you can even get a second loan.

A. Applicants of Indian Defence/ Coast Guard/ Central Armed Police

B. Applicants of Central or State Govt./ Police / Railway/ Central Public Sector Enterprises Considered Under ‘RATNA’ Status

C. Applicants of Other Corporates

Note: MCLR here refers to the Marginal Cost of Funds based Lending Rate. It is the minimum lending rate below which a bank is not allowed to give loans.

2. SBI Xpress Elite Scheme (including RTXC Elite)

Note: A loan will not be approved if the customer does not maintain or transfer their salary account to our bank.

3. Xpress Flexi Scheme

SBI offers an overdraft personal loan called Xpress Flexi to salaried customers who earn more than Rs. 50,000 per month. You can borrow up to Rs. 25 lakh and deposit extra money back into the loan account to reduce interest charges.

The minimum amount you can borrow is Rs. 1 lakh, and the loan can be repaid over 6 months to 72 months, or the remaining time in your service period (whichever is shorter).

The interest rate is 0.25% higher than:

• Xpress Credit Scheme - Diamond Salary Package
• Xpress Elite Scheme - Platinum Salary Package

4. Quick Personal Loans (CLP Portal)

Consider the SBI Quick Personal Loan Scheme if you have a salary account with the bank. This scheme lets you borrow between Rs. 24,000 and Rs. 20 lakhs through the Contactless Lending Portal (CLP). You can repay the loan over 6 months to 72 months. The interest rate ranges between 11.40% to 14.45% per annum.

5. Pre-approved Personal Loans on YONO

Having an SBI account just got more rewarding! Now, you can easily access pre-approved personal loans anytime, 24/7, through the YONO app or Internet Banking. With just 4 clicks, you can get the funds you need, instantly and conveniently.

Currently, this loan offer is available to select customers who have been pre-screened based on specific criteria set by SBI, ensuring a quick and seamless loan process tailored to your financial needs.

6. Real-Time Xpress Credit

Real-Time Xpress Credit is a groundbreaking, fully digital loan journey tailored specifically for customers with a Salary Package account at the Bank. With Real-Time Xpress Credit, you can secure loans of up to ₹35 lakhs instantly and conveniently, available 24/7.

This innovative product is accessible through the YONO app in two distinct modes:

1.Digital Document Execution (DDE): Enjoy real-time sanctioning, digital documentation, and instant disbursement in DDE-enabled States and Union Territories.

2.Non-DDE: Experience real-time sanctioning on YONO, followed by document execution and a single-click disbursement at select branches.

Compare SBI Personal Loan Interest Rates Across Different Schemes

Fees and Charges

Features and Benefits of SBI Personal Loan

• Multiple Schemes: SBI offers various personal loan schemes to suit different customer segments, including salaried individuals, pensioners, and non-salaried individuals.
• Competitive Interest Rates: SBI offers competitive interest rates on personal loans compared to other banks and lenders in India. The interest rate you receive will depend on the specific scheme you choose, your creditworthiness, and your relationship with SBI.
• Large Loan Amounts: SBI provides personal loans up to INR 30 lakh, which can help you meet your various financial needs.
• Flexible Repayment Tenure: SBI offers flexible repayment tenures on personal loans, ranging from 6 months to 72 months. Thus, you can select a repayment plan according to your budget.
• Minimal Documentation: The documentation required for an SBI personal loan is minimal, making it a hassle-free process.
• Quick Processing: SBI offers quick processing of personal loan applications. You can get your loan approved within a few days.
• Apply Online: You can apply for a personal loan online via the SBI website or the YONO application. This makes it convenient for you to apply for a loan from the comfort of your home.

Eligibility Criteria for Getting an SBI Personal Loan

To qualify for an SBI personal loan, you'll need to meet certain eligibility criteria. These criteria can vary slightly depending on the specific SBI personal loan scheme you choose, but generally, they include:

• Minimum Age and Maximum Age: You'll need to be within a certain age range, typically between 21 and 58 years old.
• Minimum Net Monthly Income (NMI): You'll need to earn at least a set minimum income each month. This amount can vary depending on the scheme, but it's often around Rs. 25,000.
• Work Experience: You'll need to have been working for a minimum period, usually at least 1 year.
• Employment Type: SBI personal loans are typically offered to salaried individuals. The specific type of employer can vary depending on the scheme. Some schemes may require you to be employed by the government, a public sector undertaking (PSU), a reputable private company, or a recognized educational institution.
• Creditworthiness: SBI will assess your creditworthiness to determine your eligibility and interest rate. This typically involves checking your credit score
and repayment history on other loans.

Let’s Have a Look at the Scheme-Wise Loan Eligibility Criteria

• You need a net monthly income of a minimum Rs.25,000.
• To be employed by the central/state government, a central/state PSU, a well-known educational institution, or a quasi-government organization.
• Specific corporates must have a business relationship only with SBI.
• Your EMI to Net Monthly Income ratio must be less than 60%.
• Term loans are available with a minimum amount of Rs. 1 lakh and can go up to a maximum of Rs. 30 lakhs or 24 times your net monthly income (NMI).

• You can apply if you have a salary account with SBI.
• 1 lakh minimum monthly income.
• You are eligible if you work for the Central/State/Quasi government, Central/State PSUs, Defense/Central Armed Forces/Indian Coast Guard, private/public limited companies, or educational institutions of national repute.
• Your EMI to Net Monthly Income ratio must be under 65%, including existing and proposed loans.
• Loan Amount: Ranges from a minimum of Rs. 3,00,000 to a maximum of Rs. 35,00,000, calculated as 24 times your Net Monthly Income (NMI).

• You are eligible if you work for the Central/State government, a Quasi-government body, the Defense/Central Armed Police, the Indian Coast Guard, a Central/State PSU, or a private/public limited company.
• Rs. 50,000 minimum monthly salary.
• You must have a Diamond or Platinum category salary package account with SBI.
• SBI typically prefers applicants with an EMI to Net Monthly Income ratio of up to 65%, including existing and proposed loans.
• Loan Amount: Minimum of ₹1,00,000 and a maximum of ₹25,00,000, based on 24 times the NMI.

• You must be between 21 years old (at application) and 58 years old (when the loan matures).
• A salary account (either in SBI or any other bank).
• You need a minimum monthly income of Rs. 25,000.
• Your total EMIs should be less than 50% of your income.
• You are eligible if you work for Central/State PSUs, corporates, Central/State/Quasi Government or educational institutions (minimum of 1 year of service).

• Existing SBI savings account holders (both CSP and Non-CSP customers).
• To see if you're pre-approved, simply text “PAPL [the last 4 digits of your SBI savings account number]” to 567676.

• Loan available for salaried customers with a Salary Package account.
• Minimum net monthly income requirement: Rs. 25,000.
• Loan amount ranges from Rs. 1 lakh to Rs. 35 lakhs or 24 times the net monthly income (NMI).
• EMI to NMI ratio capped at 65% for manageable monthly payments.
• Designed for responsible lending with flexible loan amounts.

Essential Documents to Apply for SBI Personal Loan

• Photograph: 2 passport-sized photographs
• Identity Proof: PAN card/ Driver’s Licence/ Voter Card/ Passport
• Income Proof: Salary slips/ Audited account statements/ IT return
• Address Proof: Voter ID/ Aadhaar card/ Passport/ Electricity bill/ Landline bill

Getting Your SBI Personal Loan Online: Quick Steps

1. Through the SBI YONO App

If you have a savings account with SBI, you can likely apply for a pre-approved personal loan through the SBI YONO app.

• Login to the YONO app.
• Find the banner that mentions pre-approved personal loan.
• Enter your PAN card details and DOB.
• Select your desired loan amount, tenure, and EMI payment date.
• Accept the terms and conditions.
• Verify with a one-time password (OTP).
• If approved, the loan amount will be credited to your savings account.

2. Through the SBI Website

SBI also provides its customers with the option to apply for a personal loan through the website. This method is generally applicable to all applicants, even those without a pre-approved offer.

• Visit the SBI website's personal loan section.
• Choose the SBI personal loan scheme that best suits your needs.
• In the online application, fill in your personal info, income details, and employment history.
• Upload any required documents (these may vary depending on the scheme).
• Submit the application form.
• SBI will then process your application and get in touch with you regarding the status.

SBI Personal Loan Customer Care

If you have any questions or require assistance with your SBI personal loan, you can contact their customer care team through several methods:

Note: When contacting SBI customer care, have your loan account details ready to expedite the process.

FAQs of SBI Personal Loans