SBI personal loan

SBI Personal Loans

SBI offers personal loans at an interest rate of 9.60% per annum onwards for loan amounts up to Rs. 20 Lakhs, and for loan tenures of up to 6 years. Apply for an SBI personal loan with CreditMantri and enjoy unlimited benefits.

Highlights of SBI Personal Loans

Features and Benefits of SBI Personal Loan

• Nil prepayment charges.
• Good customer service.
• Quick and easy loan approval.
• Special schemes
• and discounts to existing employers.
• No hidden costs
• Minimum documentation
• Loan eligibility can be increased subject to the terms and conditions.
• Lowest EMI
• Provides personal loans for people belonging to a wide age group from 21 to 58 years.
• Low processing fees.
• High loan amounts.

Comparison With Other Lenders

Types of SBI Personal Loans

SBI XPress Credit

• Low processing fees.
• Loan amount of up to Rs. 20 Lakhs.
• Lowest interest rate offered is in the range of 10.60% p.a. and 13.10% p.a.

SBI Pension Loan

• Quick disbursal of loan amount
• Low processing fees
• Minimal documentation required
• Interest rate is in the range of 9.60% p.a. to 12.60% p.a.
• Loan amount should be up to Rs. 14 Lakhs

SBI XPress Bandhan

• You can apply for this loan even if you do not maintain an account with the bank.
• Your minimum gross monthly income should be at least Rs. 50,000
• Repayment duration is up to 5 years or the remaining years of service, whichever is lower.
• Interest rates are given as per the bank’s discretion.
• Loan amounts up to Rs. 15 Lakhs can be availed.

SBI Pre-approved Personal Loans (PAPL)

• Use the YONO app to avail this loan from the comfort of your home
• The service is available 24/7
• The bank will determine the eligibility for this loan
• You can SMS “PAPL last 4 digits of Account No.” to 567676 to check your eligibility,
• The interest rate starts from 12.60% per annum

SBI Kavach Personal Loans

You can take this loan if you or any member of your family is diagnosed with Covid-19 or if you are in need of money for treatment. You will have to provide the report for the same. The features of the SBI Kavach Personal loans are as follows:

• No processing fees
• No collateral required or no other fees charged
• Repayment tenure is 5 years with a moratorium period of 3 months offered.
• The interest rate charged is 8.50%
• Maximum loan amounts up to Rs. 20 Lakhs

SBI QUICK Personal Loan

It is a personal loan for salaried individuals who do not maintain the salary account with SBI. The features of the SBI Quick Personal Loan are as follows:

• Loan can be availed even if there is no existing account with SBI
• Loan amounts up to Rs.20 Lakhs.
• Minimum monthly income of Rs. 15,000
• The interest rate range: 10.85% p.a. - 12.85% p.a.

SBI Personal Loan Interest Rates and Fees

Eligibility Criteria For SBI Personal Loans

SBI XPress Credit

• Net monthly income: At Least Rs. 15,000
• Employees of central and state governments, central and state PSUs, educational institutions with a national reputation, or quasi-government.
• Specific corporates which have a solely business relationship with SBI
• The EMI/NMI Ratio: Not more than 50%.
• Companies which do not possess any business relationship with SBI or any Emigration Check Required (ECR), subject to specific terms and conditions.

SBI Pension Loan

• Central or state government pensioners, defense pensioners, or family pensioners
• The pensioner and the family pensioner’s age: Not more than 76 years.
• For pensioners whose pension is disbursed by government treasuries, they will have to give a mandate to the treasury to make the pension payment to the particular bank’s branch.
• A defense pensioner can be a pensioner of the armed forces.

SBI XPress Bandhan

• You can apply for this loan even if you don’t have an existing account with the bank.
• Income: Rs. 50,000
• Repayment duration: The lower among 5 years or the remaining years of service

SBI Pre-approved Personal Loans (PAPL)

SBI Kavach Personal Loan

• You or any member of your family should be diagnosed with Covid-19
• You must also be able to give a report of proof not more than 30 days old

SBI Quick Personal Loan

• You should have a salary account with another bank.
• The minimum and maximum ages: 21 and 58 years respectively.
• Work experience: At least one year.
• Monthly income: Rs.15,000 at least.

Documents Required For SBI Personal Loans

• Identity Proof: PAN Card/Voter ID/Driving License/Passport
• Income Proof: Latest salary slip/Form 16/last 6 months account statement audited/ITR returns for the last 2 years
• Address Proof: Landline Bill/Electricity Bill/Ration Card/Voter ID/Passport
• Other related documents: Check-off letter from employer

How To Apply For An SBI Personal Loan?

After you read and understand the details about SBI personal loan on CreditMantri, you can apply for it.

Online Via The SBI Bank’s Website

1) On the official website of SBI, choose the loan you want to apply

2) Click ‘More Information’ to know more about the loan.

3) Click ‘Apply Now’ or ‘Avail Now’.

4) You will be redirected to the application form

5) Add the details asked, and submit the application.

Offline:

Go to the nearest branch of SBI Bank. Get the personal loan application form from the branch. Completely fill in the details and submit the application form at the branch.

SBI Personal Loan Customer Care

• Customer care helpline numbers: 1800 11 2211 (toll-free), 1800 425 3800 (toll-free) or 080 – 2659 9990 (landline, standard call rates apply). These numbers can be reached 24 x 7 all 365 days of the year and accessible to customers PAN India.
• Email: Customers can also send in their queries to the customer care team via email: customercare@sbi.co.in
• Postal Mail: Customers can send in their queries to the following address:

  Customer Service Department

  State Bank of India

  State Bank Bhavan, 16th Floor

  Madam Cama Road,

  Mumbai 400 021

SBI Bank Personal Loan Interest Rates

SBI Bank Personal Loan Eligibility

SBI Bank Personal Loan Status Check

If you have applied for a personal loan through SBI, then you can track the application status through the following ways:

• By contacting customer care
• By visiting the bank’s branch
• Tracking the personal loan application through the mobile number, date of birth, reference number, and netbanking.

Conclusion

SBI offers various types of personal loans for people of all age groups. Apply for a personal loan with SBI and satisfy your immediate personal loan needs.

FAQs of SBI Personal Loans