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State Bank of India offers various personal loan schemes like Xpress Credit Loan, SBI Pension Loan and Xpress Power to different segments of borrowers. Suitable for financing various personal needs, SBI personal loan disbursals can go up to Rs. 20 lakh. Currently the bank allows you to apply for these loans both online and offline and once approved, it can be disbursed to your account quickly. SBI personal loan can be conveniently repaid within tenures ranging from 12 to 60 months.
To download SBI personal Loan Application Form in PDF Format, Click here
Eligibility for SBI Personal Loan
The following are the key eligibility criteria for different types of SBI personal loans:
1. SBI Xpress Credit Personal Loan
- You must have a salary account with SBI
- You should be an employee of central/state/quasi government organization/central or state govt. PSUs/educational institutions of national repute/selected corporates with or without relationship with the bank
- Your minimum monthly income should be Rs. 15,000
- Your EMI/NMI ratio should be less than 50%
Read more about: SBI Xpress Credit Personal Loan
2. SBI Xpress Bandhan
- You should not be having a salary account with SBI
- You should be an employee of Central/State Governments/Defence Establishments, PSUs, Quasi Government Bodies, Select Rated Corporates, Educational Institutions of National Repute
- Your minimum monthly income should be Rs. 50,000
- Your EMI/NMI ratio should not be more than 50%
3. SBI Pension Loan
The following are the key features of the SBI pension loan for different categories of applicants:
For Central & State Government Pensioners:
- The pensioner’s age should be below 76 years
- Must have SBI pension account and the account needs to be maintained in good standing during the loan tenure
- Applicant needs to submit declaration to treasury preventing transfer pension payment to pension account of any other bank till a NOC is issued by SBI
For Defence Pensioners:
- Applicant should be a pensioner of Armed Forces such as Navy, Army, Air Force, Coast Guard, Para-military Forces (eg. CRPF, CISF, BSF, ITBP, etc.), Rashtriya Rifles, Assam Rifles, etc.
- Pension payment order of the prospective applicant should be maintained with SBI
- Maximum age for loan eligibility is less than 76 years.
For Family Pensioners:
- Family pensioners are authorized members of the pension recipient’s family who are eligible to receive a pension even after the death of the pensioner.
- The maximum age of family pensioner should be 76 years to be eligible for the SBI Pension Loan
1. Pre-approved Personal Loans to the Salaried & Pensioners on YONO
- Applicant must have a salary or a pension account with SBI.
- A pre-approved SBI Personal Loan offer must be available when a registered user logs into the SBI YONO app
2. Pre-approved Personal Loans to Non-salaried (PAPL) On YONO
- You should be having a savings account with SBI with regular deposits
- Your monthly balance should be beyond a specific threshold (threshold depends on the type of SBI a/c)
Documents Required to Apply for SBI Personal Loan
The documents to avail SBI personal loan may vary for different schemes available under the SBI Personal Loan category. However, the list of basic documents is as follows:
- Identity proof: Passport, Pan Card, Voter Identity Card, Driving License, Aadhaar Card
- Address proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement(for owned properties), Aadhaar Card
- Income proof: Bank Account Statement, Salary Slips
Process to Apply for SBI Personal Loan
Online
Here is the step-to-step guide to apply for SBI Personal Loan online:
Step 1: Visit the official page of SBI Personal Loan
Step 2: Choose the type of personal loan from the given options
Step 3: Click ‘Apply Now’
Step 4: Now you will be redirected to new tab to enter the details
Step 5: Enter the details required and click ‘Submit’
Step 6: Proceed with the same process and click ‘Submit’
Step 7: After you have successfully applied for the personal loan you will receive the notification on your registered mobile number and email id.
Offline
To apply for a SBI personal loan offline, you are required to visit the nearest SBI branch in-person along with all relevant documents. After that,
- Fill the loan application form and submit to the customer representative along with the documents.
- You will receive notification for the same and will be provided loan application reference number from the representative.
- You can use this reference number to track the status of your loan at a later date.
Process to Apply for SBI Personal Loan at Paisabazaar.com
Here is the simple process to apply for SBI Personal Loan through Paisabazaar:
- Fill an application form online to check personal loan offers
- Offers from Paisabazaar partner banks/NBFCs will be displayed as per chances of approval
- Either select a desired lender (SBI, if available) or call Paisabazaar for further assistance
- Provide some additional details to get your loan application forwarded to the prospective lender
Benefits of Applying for a State Bank of India Personal Loan
Following are some of the benefits of applying for Personal Loan at SBI Bank:
- SBI offers lower interest rates on personal loan as compared to other banks
- You can check your personal loan status online
- Committed customer care team assists the customer 24×7
- With minimal documentation and easy processing, applying for personal is hassle-free
- Zero hidden charges make applying for SBI Personal Loan transparent
Know more on: SBI personal loan customer care number, Email ID
FAQs
Q1. What is the interest rate of SBI Personal Loan?
The interest rate starts from 10.00% p.a. The actual interest rate offered to an applicant may however differ as it depends on multiple factors such as income, credit score, repayment history, etc.
Q2. What is the processing fee of SBI Personal Loan?
The processing fee of SBI Personal Loan is 0.50% to 1.50% of the loan amount + applicable GST.
Q3. I don’t have a salary account with SBI. Can I apply for a personal loan?
Yes, you can apply for a personal loan even if you don’t have an account with SBI. SBI Xpress Power Personal Loan is offered to those individuals do not have a salary account with SBI.
Q4. Is it possible to include my spouse’s income to get a personal loan?
No, you cannot include your spouse’s income to get a SBI personal loan. However, your spouse can apply for a personal loan from SBI separately, if he/she meets the personal loan eligibility criteria.
Q5. What is the customer care number of SBI Personal Loan?
Customers can call toll free customer care numbers – 1800-425-3800 and 1800-11-2211 to get their queries regarding personal loans resolved.
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.