SBI Personal Loan

SBI personal loan offers the most attractive interest rate in 2021 @9.60% pa. Loan tenure can
be maximum 72 months based on customer profile.

Written by Roopya
December 16, 2020

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SBI personal loan offers instant personal loans within few clicks with attractive interest rates
& 24*7 availability through the YONO app & Roopya portal. No branch visit is required.

 
Image Credit – The Telegraph t2

Get SBI Personal Loan in Just 1 Hour from Roopya: Visit here.

SBI personal loan has various categories other than Kavach. Here is a quick look.
 Schemes Interest Rates

10.60% p.a. to 13.10%

XPRESS Credit
p.a.

At the discretion of the

XPRESS Bandhan
bank

XPRESS CREDIT- NON-PERMANENT EMPLOYEES 11.50% p.a. to 13.85%

(NPES) p.a.

Pension Loan (including PAPNL-Pre-Approved pension

10.55% p.a. -11.05% p.a.
Loans)

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.

To know each of them in detail, visit the official page.

Table Of Contents:
1. Features of SBI Personal Loans
2. Different SBI Personal Loans Criteria
3. Top Reasons to Get a Personal Loan from SBI
4. How to Calculate EMI?
5. List of Documents Required
6. Factors to keep in mind
7. Steps to apply
8. Fees & Charges
9. FAQs

Features of SBI Personal Loans

There are several features that you get with the above-mentioned category of loans. The
features of the SBI Loans are listed below-

Various Options for Loans– You get multiple personal loans options under the loan scheme
of SBI Personal Loan. The different types of personal loans are explained further.

Interest Rate and Tenure-The interest rate of SBI personal loans starting from 9.6 % per
annum which is quite a competitive rate considering other personal loan lenders. SBI
personal loan tenure is as long as 72 months. This makes the loan amount of the term loan
bigger.
Needs No Collateral- SBI personal loan is collateral-free which makes this loan scheme
stand above other lenders.

Apply Online– SBI personal loan application process is paperless & easy to fill up for
customers. You can also apply for the personal loan by visiting your nearest bank.

Get Discounts– With SBI, you can also get discounts for personal loans on different
occasions. They offer discounts for doctors, government employees, etc.

Instant Approval -The verification process of the bank is fast and quick. It instantly
approves your application for personal loans.

24×7 Customer Care Service– You can enquire about your loan application or solve any
confusion anytime anywhere. You can dial the customer care services of the bank at your
convenience.

Want to compare? Visit Compare Personal Loan page.

Different SBI Personal Loans Criteria

There is one basic criterion that you need to meet to apply for any kind of personal loan from
the SBI. You should go through the following basic loan criteria to apply for SBI Personal
Loan online.

 Available loan amount– Up to Rs. 20 Lakh

 Available tenure- Up to 72 months
 Initial ROI– 9.60% p.a.
 Current Residence– 1 year
 Monthly Income– At Least Rs. 15000
 Current debts or EMIs
 Work Experience– around 2 years
 Minimum Age– 21 years
 Maximum Age– 58 years

As there are different types of personal loans in SBI, here are the types and their ROIs
to apply for instant SBI Personal Loan online.

SBI Pension Loan

If you want to apply for a loan in this category, then you must receive pension from the state
or the central government and the defence field. If you are a family pensioner, then also you
can apply for the loan.

The age of the pensioner should be under the age of 76 years to apply for SBI Pension Loan.

Also, family pensioners should give the mandate to the government to make the payment of
the pension to the SBI branch for SBI Pension Loan.

SBI Xpress Credit Personal Loan

If you are applying for Xpress Credit Personal Loan, then you must have a monthly income
or NMI of Rs. 15000.

Also, you should be an employee of these organisations-

 State and Central PSUs

 Quasi-Government
 Renowned National Education Institution
 State and Central Government
 Defence

If you are working in a specific corporate organisation that has some business connection
with the SBI, then also you can apply for this loan scheme.

SBI Quick Personal Loan

To apply for the Quick Personal Loan by SBI, then you also need to have a salary account
with any other bank. Also, you need to have a minimum experience of 2 years for your job.
Also, you should regularly draw at least Rs. 15000 from your monthly income.

The minimum and maximum age to apply for a quick personal loan are 21 to 58 years
respectively.

SBI Express Bandhan Loan

These are the following eligibility criteria to apply for SBI Express Bandhan Loan-

The average monthly income of the applicant should be Rs. 50000. Also, you must be
working as a defence employee, or nationally renowned educational institute, state or central
government, Quasi-government companies, or certain corporate companies. The ratio of the
EMI can reach up to 50%.

SBI PAPL

The full form of PAPL is Pre-Approved Personal Loan. It is now very easy to get a pre-
approved loan from the State Bank of India.

To apply for the loan, you need to send an SMS from your registered mobile number. You
have to type PAPL<last 4 digits of your SBI saving bank account and then send it to 567676.

Eligibility Criteria- 

To apply instant SBI Personal Loan online, the eligibility criteria vary from loan to loan.

Schemes Eligibility
SBI Express Credit Personal Loan Should have a salary account with SBI

You should be employed in any Govt. organizations,

 PSUs, or educational institutions.

Minimum income must be Rs. 15,000 per month

EMI ratio should be lower than 50%

Should have a salary account with SBI

You should be employed in any Govt. organizations,

PSUs, or educational institutions.
SBI Express Bandhan
Minimum monthly income must be Rs. 50,000

EMI ratio should be lower than 50%

Age should be lower than 76 years
SBI Pension Loan for Central/
Should have a pension account with SBI
State Govt. Pensioners
Must submit a declaration to the treasury
Must be a pensioner of the Armed Forces

SBI Pension Defence Pensioners Age should be lower than 76 years

Should have a pension account with SBI

Age should be below 76 years
SBI Pension Family Pensioners
Should be an authorized family member to receive the
pension after the pensioner’s demise
Should have a pension or salary account with SBI
PAPL to The Salaried and
Pensioners on YONO
The PAPL should be available on YONO after logging in

Top 5 Reasons to Get a Personal Loan from SBI

An emergency can occur anytime and getting a loan with easy approval helps to come out of
any difficult situation.

If you salary account holder of SBI, then you can borrow money for any emergency,
treatment, purchases with a liable interest rates. These are the reasons that you should apply
for SBI personal loan-

Improvement of Home

If you want to do a small renovation of your home, then you buy SBI personal loan. You can
pay off your debt in a significant tenure and rate of interest with Equated Monthly
Installments (EMI).
Purchase of Appliance

If you want to purchase any appliance such as Television, refrigerator, air conditioner, etc.
Then also you can apply for a personal loan from SBI with affordable interest rates.

Financing of Vehicle

If you are thinking to purchase a vehicle such as Car, Bike, Scooter, etc. then you can also
apply for a personal loan from SBI to finance your vehicle. With an easy application process,
you also get access to various other features.

Expenditure for Wedding

You can also take up a personal loan if you are facing a lack of funds for a wedding in your
family. The Bank will provide you with subsequent personal loan interest and EMI for a
repayment tenure.

Rate of Interest

The SBI Personal Loan interest rates are much lower that attracts customers from across the
country. As a result, the customers get a lot of benefits along with the ploan such as low rate
of interest and easy disbursal of funds.

How to Calculate EMI for Personal Loans by SBI?

If you want to know the Equated Monthly Installment for your personal loan with SBI then
you can take the following example.

Suppose you are earning Rs. 40,000 and take a personal loan of Rs. 1 Lakh by SBI. Then the
bank will charge 9.60% as the interest rate and a processing fee of 1% on the total amount of
the loan. Then you have to pay Rs. 8,7773 as EMI for one year to the Bank.

Or simply use our EMI Calculator.

Steps to Use Personal EMI Calculator

If you want to know that you are eligible or not, then you can check it in the Loan Eligibility
Calculator. With the help of this calculator through which you can get an insight about
obtaining the loan. You can visit the website of the State Bank of India and go to the section
of personal loan. You will have to fill some information that is required such as-

Amount– You will have to fill the loan amount that you want to obtain. On the basis of the
amount and tenure, the EMI will be generated accordingly.

Tenure of the Loan-You also need to fill the total tenure of the loan. The tenure for the
personal loan from SBI varies from 1 to 5 years.
Interest Rate– The interest rate may vary based on the interest type you choose. There are
two rate of interest rates that you can opt for – Fixed and Floating. If you have opted for
floating interest rates then, you should regularly check its fall and rise.

In this way, you can easily check everything about your interest rate, loan EMI and many
more with the Personal EMI Calculator.

Documents Required to Apply for SBI Personal Loan

To apply for SBI Personal Loan online, you need to provide the following proofs.

Identity Proof

 Pan Card photocopy

 Passport
 Voter ID Card Photocopy
 Aadhaar Card Photocopy
 Recent passport-sized coloured photograph

Address Proof

 Aadhaar Card photocopy

 Ration Card photocopy
 Utility Bill of the past three months
 Passport

Income proof

 Income Tax Return

 Form-16
 Salary Slips
 Bank Statements

Factors Responsible To Obtain A SBI Personal Loan

There are various factors that can influence the chances to get SBI personal loan.

Category of Employment

The State Bank of India has divided the application on the basis of employment. It influences
the interest rate that the bank decides to provide. Hence, you need to have reliable
employment such as state or central government jobs or corporative employment.

Salary of the Applicant

If you have a monthly salary of Rs. 24,000 or above, then your chances get high to obtain a
loan by the SBI. The interest rate will be higher if you have a low salary or vice versa.
Amount of Loan

You can get an SBI personal loan ranging from Rs. 50,000 and 15 lakh. Also, it charges a
very low interest rate if you obtain a higher loan amount. Hence, keep these things in mind
when applying for a loan.