SBI Personal Loan

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SBI Personal Loan Details

State Bank of India is one of the largest public sector bank and offer several financial products, including personal loans. SBI personal loan is one of the most preferred choices for borrowers to full fill financial requirements, because the bank offers attractive rates and low processing charges on the loan. A personal loan can be taken for any expense, such as home renovation, travel trip, marriage, medical cost, debt consolidation, etc.

The personal loan in State Bank is collateral-free and available for salaried individuals of different income groups. An individual can avail a loan amount of up to 12 times his net monthly income. It takes only 2 to 3 days for the State Bank to process the loan, if all required documents are in order.

Here on Ask loan baba, you will find all information about State Bank of India personal loan, its types, interest rates, eligibility factor, documents required, EMI calculation, and a lot more.

SBI Personal Loan Details Updated October 2019

Salaried Self Employed
Loan Amount Rs. 50,000 to Rs. 15 lakhs Rs. 50,000 to Rs. 15 lakhs
Interest Rate 12.50% 11.20%

Features and Benefits of SBI Personal Loan

Below mentioned are the features and benefits of personal loan State Bank of India.

  • Loan tenure is between 6 months and 48 months for salaried individuals.
  • Loan tenure is between 12 months and 48 months for self-employed individuals.
  • Processing fee is between 2% and 3%.
  • There are no part pre-payment charges.
  • Pre-closure charges are nil, if the borrower pre-closes the loan after paying the first EMI.

SBI Personal Loan Rates

SBI personal loan interest rate differs from a loan scheme to another. Below is the updated SBI personal loan interest rate October 2019, as per the loan schemes.

Loan Scheme Personal Loan Interest Rates in State Bank
SBI Saral Loan 17.65% – 17.65%
SBI Xpress Credit Loan 11.90% – 15.00%
SBI Pension Loan 12.45% – 12.45%
SBI Festival Loan 12.50% – 16.60%
SBI Jai Jawan Pension Loan 12.45% – 12.45%

State Bank of India EMI calculator

You can use our FREE personal loan EMI calculator before applying for State Bank personal loan. With EMI calculator personal loan, you can get the following details:

  • The right loan amount you need as per your salary.
  • A suitable interest rate on the loan.
  • The loan tenure ideal as per your income profile.

Documents Required to Apply for State Bank Personal Loan

Below-given are documents needed to apply for personal loan State Bank.

  • Identity Proof (any of the following):Voter ID Card, Aadhar Card,  Passport, Employer issued ID Card, Electricity Bill, Ration Card, Driver’s License, PAN Card, Life Insurance Premium Receipt, Title deed/utility bill/municipal tax receipt, Mobile/Telephone Bill.
  • Age proof (any of the following):Birth Certificate, Ration Card, PAN Card, Passport,  Voter ID, Aadhar Card, Life Insurance Premium Receipt , Secondary school certificate (Class 10).
  • Residence proof:Ownership and Title Deeds of Property, Electricity Bill, Ration Card, Telephone Bills, Government-issued Employee Residence Proof.
  • 2 recent passport-sized photographs.
  • Filled and signed loan application form.
  • Salary slips or income proof of last three/six months.
  • Form 16 or proof of Income Tax Returns.
  • Bank statement of last six months.
  • Income tax returns and computation of income of last three years.
  • Audited balance sheet and profit & loss account of the last three years, which is certified by a Chartered Accountant.

SBI Personal Loan Eligibility

The eligibility factors for SBI loans will differ from one loan scheme to another. But, you can refer the free-to-use personal loan eligibility calculator below and find out how much amount can you borrow:

Below mentioned is State Bank of India personal loan eligibility factors, as per the loan schemes.

  1. SBI Xpress Credit Loan
    • The applicant should be working in any of the following:  state and centre PSUs, quasi government organizations, companies/ corporate having or not having exclusive/ any business with SBI, central and state government, educational institutions of national repute.
    • The applicant should have a net monthly income of minimum Rs. 5000.
    • EMI to NMI (net monthly income) ratio should be less than 50%.
  2. SBI Saral Personal Loan
    • One needs to be a salaried employee or self employed such as CA, engineer, doctor, architect, investment planner, etc to apply for this SBI online loan.
    • The minimum monthly income requirement is Rs. 24,000 in urban/ metro area and Rs. 10, 000 in rural/ semi-urban area.
    • The maximum limit of NMI (net monthly income) for salaried employees and pensioners is Rs. 10 lakh in all the cases mentioned above.
  3. SBI Personal Loan for Pensioners
    • The applicant must be up to 76 years of age, to the time of loan’s tenure.
    • Spouse of the pensioner is entitled to receive family pension. Guarantee needs to give guarantee; if not available, a third party guarantee is obtained.
  4. SBI Festive Loan
    • The applicant needs to be working with PSU, private company, government, a public company or institution with an experience of not less than 2 years in the same organization. Additionally, self employed can also apply but with an experience of at least 3 years in his/ her field.
    • Minimum NMI (net monthly income) should be Rs. 3,000.
    • A person with steady modes of income is also eligible like interest from TDRs, NSCs (National Savings Certificates) or government securities.
  5. SBI Career Loan
  • Age must not be less than 18 years.
  • Co-borrower cannot be greater than 60 years of age.
  • The co-borrower can be parent, spouse or any guardian.

Types of SBI Personal Loans in India

SBI has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for any monetary requirement that is not speculative in nature.

  1. SBI Xpress Credit Loan

This type of loan is for employees working in the State government, centre government, quasi-government, PSUs, etc. The employees need to have salary account with SBI to avail this loan. There is no margin requirement for this loan.

  • Modes:Term loan and OD (overdraft)
  • Minimum Amount:In case of term loan, it is Rs. 25,000 and for overdraft, it is Rs. 5 lakh.
  • Maximum Amount:In both the cases, viz. term loan and overdraft, one can avail an amount equal to 24 times NMI (Net Monthly Income) subject to a maximum of Rs. 15 lakh. In case of school teachers, the maximum amount of loan cannot be more than 12 times monthly gross salary in both the types i.e. term loan and OD.
  • Repayment Period:The maximum period of loan can be 60 months.
  • Prepayment Charges:3% prepayment charges are levied on the amount prepaid.
  • Processing Fees:It is 0.5% plus service tax (now GST) is levied.
  1. SBI Saral Personal Loan

This loan is meant for individuals having a certain legitimate reason for availing the loan, like medical expenditure, purchasing assets, educational expenditure, wedding, hospitalization, vacations, home renovation, etc. One can pay back the SBI Saral personal loan in 48 monthly instalments.

  1. SBI Festival Loan

SBI understands the importance of various festivals celebrated in India. Hence, SBI cares for the joy involved and caters to your financial needs for the festivals so that you can enjoy the festival worry-free. This loan product is built exclusively to meet all expenses related to festivals.

  1. SBI Career Loan

SBI assists young aspirants to build career too by providing extensive financial support. If one is focused enough to achieve individual career goals, SBI supports them with financial part. One doesn’t need to worry about the monetary hardships. You can go for achieving your goals even if you don’t have money to finance your academic course.

For this, all you need to do is getting your property mortgaged on the name of SBI branch from which loan is to be availed. The property may be any immovable property, NSCs, RBI bonds, LIC policies, bank’s time deposits, government securities, KVPs (Kisan Vikas Patras), public sector bonds, etc. the loan needs to be repaid in 36 instalments. The moratorium period in this case is maximum 1 year from the completion of the course.

  1. SBI Personal Loan for Pensioners

Below-given are details about personal loan by State Bank of India for pensioners.

  • A) SBI Personal Loan for State and Centre Government Pensioners

The loan amount that can be borrowed is between Rs. 25,000 and Rs. 14 lakhs. Maximum loan:  It can be 18 times monthly pension with a maximum of-

  • 1) Up to 72 years- Rs. 14 lakh
  • 2) 72-74 years- Rs. 12 lakh
  • 3) 74-76 years- Rs. 7.5 lakh

In case any pensioner gives mandate to the government treasury to draw pension cheque in favour of any SBI branch and then gets the pension routed too his saving account in SBI, such an individual is also eligible under this scheme. The pensioner will direct treasury to make payment through specified branch. PPO (Pension Payment Order) will be retained by the treasury itself.

In such a case the pensioner to give an irrevocable undertaking too, that states, further modifications to the instructions regarding payment of pension will not be done. Further, the treasury responds to the pensioner’s undertaking in writing that no appeal will be entertained to change the pension payment bank or branch without receiving a No Objection Certificate (NOC) from the particular bank/ branch.

  • B) SBI Personal Loan for Defence Pensioners

It is a special loan offered only for those who have retired from armed forces. The force can be any viz. army, coast guards, paramilitary (ITBP, BSF, CISF, CRPF, etc.), navy, air force, Assam rifles, Rashtriya rifles. There is no minimum age limit under this scheme; however upper age limit for this account is 76 years.

  • Minimum loan: Rs. 25,000
  • Maximum loan:  It can be 36 times monthly pension with a maximum of 14 lakh up to the age of 56. Beyond that the maximum loan can be 18 times the monthly pension subject to a maximum of:
  • 1) Up to 72 years- Rs. 14 lakh
  • 2) Up to 72-74 years- Rs. 12 lakh
  • 3) Up to 74-76 years- Rs. 7.5 lakh
  • C) SBI Personal Loan for Family Pensioners

Family pension means pension to the spouse of the pensioner, subsequent to pensioner’s death. In case of no spouse, the pension can be availed by children if their age is less than 21 years, after which the pension ceases to be credited. Personal loan under this scheme can also be taken up to an age of 76 years.

  • Minimum loan: Rs. 25,000
  • Maximum loan:  It can be 18 times monthly pension with a maximum of-
  • 1) Up to 72 years- Rs. 5 lakh
  • 2) 72-74 years- Rs. 4.5 lakh
  • 3) 74-76 years- Rs. 2.5 lakh

Note: EMI/ NMP ratio cannot exceed 50% for any kind of pensioner. For family pensioners, this ratio cannot exceed 33%. Here, EMI: Equated Monthly Instalments and NMP: Net Monthly Pension. Calculation of repayment period as per age of the pensioners for availing personal loan against pension

  1. SBI Personal Loan for NRIs

SBI offers personal loan to NRIs (Non Resident Indians) through either mode: offline as well as online (Internet Banking). One can opt for either term loan or OD against NRI deposit.

  • A) SBI personal loan against NRI deposit

This scheme is meant for NRIs to meet their personal needs like buying a house or purchasing a car, without liquidating their deposits. The loan is handed over solely to the depositor. One can obtain this loan in Indian Rupee as well as foreign currency just by pledging their FCNR or NRE or NRO deposit with the bank. The period of loan is the maturity period of deposit. Margin under this scheme is 10%.

  • B) SBI online OD against NRI deposit

To avail an overdraft against NRI deposit, one needs not to visit branch or even India. The applicant can simply get it made online via internet banking. The process is very easy and quick. The features are discussed below:

  • Eligibility: Any NRI customer with NRE or NRO FD with minimum residual period of 6 months.
  • Permissible limit: For TDR and eTDR: 75% of the face value of the FD. For STDR or eSTDR: 90% of the face value of FD.
  • Minimum loan amount: It is Rs. 25,000.
  • Maximum amount of loan: It is Rs. 500 lakh.
  • Interest rate: 1% above the rate of interest in FD.
  • Tenure: For TDR/ eTDR: The loan can be taken up to the tenure of FD at a maximum of 3years. For STDR/ eSTDR: The loan can be taken up to the tenure of FD subject to the maximum of 3 years.

How to Apply for SBI Personal Loan?

You can quickly apply for SBI loan online on the bank’s official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website. For SBI apply loan, you can also walk into the bank branch and apply for the loan offline.