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SBI Personal Loan

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State Bank of India offers money when required the most. Whether it’s a wedding or a vacation, unplanned emergency or planned purchase, get quick approval and instant disbursal with minimal documentation from the bank. The loan can be repaid with easy monthly installments.

SBI Personal Loan Details

The personal loan is a type of unsecured loan which is extended by many banks and financial institutions. Because of its unsecured nature, one need not require any collateral and this is why SBI personal loan helps consumers to cater to any of their personal needs. SBI personal loan offers easy and fast personal loans to both salaried employees and self-employees. It also offers instant loan to its YONO app users 24*7 just by sitting at home. Besides this, SBI also offers loan against securities, to pensioners, etc.

To get a personal loan from State Bank of India, the applicant’s age should be between 21 to 60 years with a minimum monthly income of Rs 15,000. It provides loan amount ranging between Rs 25,000 to Rs 20 Lakhs for 1 to 6 years.

SBI Personal Loan Information

SBI Personal Loan provides easy loan within 2 days (48 hours) with interest 10.55% onwards. Below table gives the complete details of Personal Loan.

SBI Personal Loan Details
Loan Category: Personal Loan
Loans Offering: SBI Pension Loan, SBI Xpress Credit Loan, Pre Approved Personal Loans on YONO, Loan against Securiti
Loan Type: Unsecured personal loan
Interest Rate: 10.55% onwards
Processing Fee: 1.50% of the Loan Amount
Approval Process: Both online and offline
Minimum Income Requirement: ₹15,000
Loan Approval Timing: 2 days (48 hours)
Minimum Loan Amount: ₹50,000
Maximum Loan Amount: ₹20 Lakh
Minimum Loan Period: 12 months/ 1 year
Maximum Loan Period: 72 months/6 years
Type of Interest Rate: Fixed interest
Interest Charging Method: Flat Rate Method/ Reducing balance method

SBI Personal Loan Special Feature Details

    Under the special feature of SBI personal loan, the State Bank of India offers personal loan to defence pensioners. There is no minimum age bar under this scheme. The loan is available to pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles. It is available only if:

    • The pension payment order is maintained with SBI.
    • Maximum age at the time of processing the loan should be less than 76 years.

SBI Personal Loan Eligibility Criteria

There are eligibility criteria set by SBI for their personal loan:

SBI Personal Loan Details
Salaried Employees Yes
Salaried Doctors Yes
Employees of public and private limited companies Yes
Government sector employees including Public Sector Undertakings, Central and Local bodies Yes
Loan for Pensioners Yes
Loan for Existing Customers Yes
Self-Employed Yes
Selected Corporate Yes
Other Criteria Special personal loan to employee of ITI Ltd, Bengaluru with one year confirmed Service
Minimum Age 21 years
Maximum Age 60 years at the time of maturity of the Personal Loan
Minimum Income Requirement ₹15,000

SBI Personal Loan Strengths/Advantages

  • SBI has the most branches in India so a person from a small village can also take a loan from it.
  • It offers discount and offers to employees from large corporations.
  • It has specific low rates for the customers of SBI.

SBI Personal Loan Weaknesses/Disadvantages

  • The overdue interest of 1.50% on EMI or principle overdue.
  • Higher preference to SBI customers.

Request call back from SBI Personal Loan

SBI Personal Loan Products & Services

State Bank of India offers various products & services under personal loan which are as follow:

  • SBI Pension Loan

  • Pension loan is available to people who need money for funding their child’s marriage, buy a dream home, plan a trip, or getting medical aid. This loan is available for people below the age of 76 years and the pension payment is maintained by SBI. One can get a loan of up to Rs 14 Lakh for 60 months with an interest rate starting @10.55% p.a.

  • SBI Xpress Credit Loan

  • SBI Xpress Credit Loan can be used for a wedding or a vacation, unplanned emergency, or planned purchase. This loan is available for individuals who have their salary account with SBI and have a minimum monthly salary of Rs 15,000. The bank has kept the EMI/NMI ratio of less than 50% so that anyone can easily pay the EMIs. The maximum amount of loan is 24 Lakh i.e., 24 time of NMI.

  • Pre Approved Personal Loans on YONO

  • This is an instant personal loan offered by SBI which can be avail 24*7 bases through YONO app in just 4 clicks. This loan is available to the customers who are pre-selected on certain parameters pre-defined by SBI. The person can simply avail the loan on YONO app and the amount will be transferred to the account immediately. To check your eligibility for this pre-approved loan, SMS “PAPL<space><last 4 digits of Account No.>” to 567676.

  • Loan against Securities

  • Under loan against securities, the State Bank of India offers loans on mutual funds, shares, government bonds, and securities, or loan against time deposit. This facility is given to the people who have a satisfactory relationship with SBI and maintaining their DEMAT Account with SBI Cap Securities. Appliers can avail loan up to Rs 20 Lac against securities.

  • SBI Quick Personal Loan

  • This loan is available for salaried individuals who do not have their salary account with SBI. Here one can get quick personal loan approval with minimal documentation through the Contactless Lending Platform (CLP). Applicants must have a minimum monthly income of Rs 15,000 and age ranging between 21 to 58 years. Applicants must have to complete at least 1 year of service and repay the loan in 72 months.

SBI Personal Loan Feature

SBI Personal Loan offer various services, please find below the list of features offered by the vendor.

SBI Personal Loan Details
Personal Loan Yes
Wedding Loan No
Education Loan No
Home Renovation Loan No
Two Wheeler Loan No
New Car Loan No
Used Car Loan No
Travel Loan No
Medical Loan No
Top Up Loan No

SBI Personal Loan Charges

Here is the detail charge list for SBI Personal Loan process. We have covered all possible charges for your loan requirements for clear visibility on SBI Personal Loan processing.

SBI Personal Loan Details
Co-Applicant Allow No
Income Criteria Yes
Collateral Requirement No
Pre Approved Credit Limit Yes
Foreclouser Charges 3% on prepaid amount. No prepayment/ foreclosure charges if account is closed for new loan.
Loan Foreclouser Conditions Minimum repayment period is of 6 months and maximum repayment period is of 6 years.
Bounce Charges NA
Bounce Charges Self Employed NA
Late Payment Penalty 2% per month
Duplicate NOC Charges At actual
Stamp Duty Charges As per laws
Instrument Swapping Charges NA
Loan Cancellation Charges NA
Stamp Duty Charges As per laws
Loan Rebooking Charges NA
Statement Of Account Charges NA
Duplicate Repayment Schedule NA
EMI Payment Mode Standing Instruction (SI) Electronic Clearing Service Post-dated cheque
Overdue Payment Mode NA
Hidden Charges NA

SBI Personal Loan Customer Care Details

  • Customer Support Email - [email protected]
  • Customer Support Toll Free No - 1800 11 2211
  • Customer Support Chat Facility - Yes
  • Customer Support Whatsapp Number - NA

SBI Personal Loan Calculator and Download Links

In this section we have listed all important links related to SBI Personal Loan.

SBI Personal Loan Details
Banks NA
Charges Information Link
Personal Loan Eligibility Calculator Link NA
Personal Loan EMI Calculator Link Personal Loan EMI Calculator Link
Education Loan EMI Calculator Link NA
Car Loan EMI Calculator Link NA
Product Demo Link NA
Website Link Website Link
Android App Downlaod Link Android Mobile App Download
iOS App Downlaod Link iOS Mobile App Downlaod

SBI Personal Loan Application Process Details

    For new customers:

    • Head to the official link from your web browser link or signup into your SBI mobile application > Personal Loan > Apply Online
    • Fill your mobile number & DOB or PAN Card details registered with SBI and you will get an OTP.
    • After logging in to the account with OTP, enter the desired loan amount.
    • You have to upload the required documents, such as PAN Card and address proof.
    • As you get loan approval, the funds will be disbursed to your account.

    For existing customers:

    • Head to the official web link to apply for SBI Personal Loan by logging into your account.
    • All your documents are already available with the bank as you have an account with them.
    • Enter your basic details, such as your Name, Email ID and Phone number, and submit the form.
    • SBI customer representative will call you for the loan.

SBI Personal Loan Documents Requirements

Please find below the list of documents required to avail personal loan. Aadhar, PAN and Income Proof are the most important documents, other documents are optional. The complete list of documents you can keep ready for your loan application.

SBI Personal Loan Details
Age Proof Copy of Passport/Driving License/Aadhar Card
Address Proof Copy of Passport/Driving License/Aadhar Card/Voter ID/Ration Card
Identity Proof Registered Rent Agreement/Utility Bills last 3 months/Copy of Passport/Copy of Ration card
Income Proof for Salaried Emp Salary slip of last 3-6 months, ITR or Form 16, 6 month bank statement
Income Proof for Self Emp IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years

Last Updated on 2021-01-01T11:24:25+00:00


SBI Personal Loan FAQs

SBI offers interest rate ranging in between 10.55% to 16.60% for salary account applicants. The loan amount starts from ₹15,000 to ₹25 Lacs.

 

A person can check the loan status by calling the numbers 18004253800 for any financial queries including Personal Loan. You can also check your application status online by entering your reference number and mobile number.

You can also directly go to the branch you apply to meet the officer in charge to know the status of your personal loan application.

 

SBI offers loan up to ₹15 Lacs to all government employees with a maximum tenure of 48 months. Under SBI Xpress Credit personal loan, government employees’ personal loan interest rate starts from 11.50%.

 


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