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SBI Personal Loan

Apply SBI Personal Loan Online @ 11.05% p.a. interest rates and loan amount up to Rs. 20 Lakhs for maximum repayment tenure of 72 months. Check loan eligibility online and get SBI instant Personal Loan approval for an attractive interest rate.

SBI Personal Loan Online Details

Following are the State Bank of India Personal Loan fees & Charges:

Interest Rate Starting at 11.05% p.a.
Minimum loan amount Rs. 25,000 for Term Loans and Rs. 5 Lakhs Overdraft Loans
Maximum loan amount Rs. 20 Lakhs for Term Loans as well as for Overdraft Loans
Repayment tenure 6 months to 6 years
Processing fee 1.50% of loan amount (Min Rs.1,000 & Max Rs. 15000) + GST
Prepayment charges  Nil, if the account is closed from the proceeds of a new loan account under the same scheme. 3% in other cases.
Minimum income required Rs. 15,000
Eligibility age 21 years to 58 years  

Features of SBI Personal Loan

State Bank of India Personal Loan have something for everyone. For emergency needs, you can avail of small instant loans by applying online.

  • Loan amount: For Term Loans, you can avail minimum  25,000 and maximum  20 lakhs or 24 times NMI (whichever is lesser). For Overdraft Loans the minimum loan amount available is  5 Lakhs and maximum loan limit is  20 lakhs or 24 times NMI (whichever is lesser).
  • Repayment tenure: You can repay the SBI instant personal loan amount within 72 months.
  • Low interest rates: Interest rates start at as low as 11.05% p.a. and can go up to 15.65% p.a., depending on the loan type, borrower's income and repayment capacity.
  • Low processing charges: Up to 1.50% (Maximum Rs 15,000).
  • Personal loan for all: The bank offers various schemes, such as SBI personal loan for govt employees, and so on to cater to the financial needs of all categories of borrowers.

Types of SBI Personal Loan

SBI Kavach Personal Loan

Get an instant loan of up to Rs. 5 lakhs under SBI Kavach Personal Loan for COVID treatment of self or your family members. This one of its kind loan comes at an interest rate starting from as low as 11.05% per annum and can be repaid easily in a tenure of up to 5 years, including the moratorium period of 3 months. You also get the reimbursement of expenses already incurred by you for COVID related medical expenses. With this loan scheme, the SBI bank aims to provide borrowers the access to instant monetary assistance during COVID 19 pandemic.

SBI Xpress Credit

Pre-approved Personal Loans (PAPL) on YONO

  • If you have an account with SBI, you can avail SBI PAPL instantly at your convenience through YONO app on 24*7 basis in just 4 clicks. At present, this loan is offered to a pre-selected category of customers on certain parameters pre-defined by SBI.
  • Interest rate is 11.15%.
  • SBI offers low processing fee for Pre-Approved Loans through YONO.
  • To check your eligibility SMS "PAPL" to 567676.
  • These loans come with instant processing & disbursement in just 4 clicks.
  • You don't require any physical documentation for these loans.
  • No branch visit required.

SBI Quick Personal Loan

  • This offered Personal Loan for Salaried Employees who do not maintain a Salary Account with SBI.
  • You can get up to a maximum of Rs. 20 Lakhs as the loan amount.
  • The maximum repayment period is 72 months.
  • Interest rate varies between 11.25% - 12.95%.
  • Processing fee for this loan is 1.50% of the loan amount (minimum Rs. 1,000 & maximum  Rs. 15,000) + GST.
  • There is a provision for the second loan.

SBI Pension Loan

  • It is State Bank of India Personal Loan for defence personnel, Central & State Government, and Family Pensioners who are below 76 years of age and whose Pension Payment Order is maintained with SBI.
  • The maximum loan amount offered is Rs. 14 Lakhs for Defence and Central & State Government Pensioners. For Family Pensioners, it is Rs. 5 Lakhs Loan amount eligibility depends on borrower's age, pension income, age, repayment tenure, and other factors.
  • The maximum repayment tenure is up to 84 months for Defence Pensioners and 60 months for Family and Central & State Government Pensioners.
  • Interest rate varies starts with 11.15% p.a.

SBI Personal Loan EMI Calculation

The SBI Personal Loan EMI calculation can happen on the basis of reducing balance method, i.e., interest on your next EMI is calculated on the outstanding loan amount. This method reduces the interest outgo considerably.

SBI Personal Loan of 1 Lakh for different interest rates and tenures.

Applicable Interest Rate Repayment Tenure EMI (per lakh) Total Interest Total Payment
10.30% 1 year Rs. 8,806 Rs. 5,667 Rs. 1,05,276
10.70% 2 year Rs. 4,647 Rs. 11,525 Rs. 1,11,525
11.50% 3 year Rs. 3,298 Rs. 18,714 Rs. 1,18,714
12.60% 4 year Rs. 2,663 Rs. 27,821 Rs. 1,27,821
15.65% 6 year Rs. 2,150 Rs. 54,797 Rs. 1,54,797

Comparison of SBI Personal Loan VS Other Providers

Name of Lender Rate of Interest (per annum) Processing Fee Maximum Loan Limit
SBI 11.05% Up to 1.50% + GST Rs. 20 Lakhs
ICICI Bank 10.50% Up to 2.25% + GST Rs. 50 Lakhs
HDFC Bank 10.50% - 24% Up to 2.50% + GST Rs. 40 Lakhs
Bank of Baroda 10.10% Up to 2%  Rs. 20 Lakhs
Yes Bank 10.99% Up to 2.50% + Taxes Rs. 40 Lakhs

SBI Personal Loan Documents Required

To complete your application, you need to furnish the following SBI Personal Loan Documents:

Salaried employees & Self employed

  • Duly filled loan application & 2 passport sized photographs.
  • Proof of identity:
    • Photocopy of PAN Card
    • Passport
    • Driver's License
    • Voters ID
    • Aadhaar Card (any one).
  • Proof of residence:
    • Photocopy of recent Telephone Bill/Electricity Bill
    • Property Tax Receipt
    • Passport
    • Voter's ID Card (any one).
  • Proof of Income:
    • Copy of Identity Card issued by the employer.
    • Bank statement of last 6 months of account where salary is credited.
    • Income Tax Return.
    • Last 6 months' salary slip / bank statement.
    • Last 2 years ITR and account statements by Self Employed individuals.

How to check SBI Personal Loan Application Status?

After your State Bank of India Personal Loan application is submitted you receive a reference number. Using this unique reference number you can check the SBI loan status of your application.

Steps for checking SBI application status:

  • Visit the official SBI website.
  • Go to check the Personal Loan Application Status page.      
    https://onlineapply.sbi.co.in/personal-banking/application-status
  • Submit unique reference number (URN)
  • Enter mobile number with ISD code (91 for India)
  • Click on Track and status of application will be on screen.

SBI Personal Loan Interest Rates

SBI personal loan interest rate depends on the type of loan applied for, applicant’s occupation, CIBIL score and repayment capability, and the factors. You can apply for the loan online to get the best interest rate possible. Below is the list of current State Bank of India personal loan interest rate:

1. Xpress Credit (including Pre-Approved Xpress Credit)

Defence/ Paramilitary/ Indian Coast Guard Salary Account Holders
Term Loan 11.00%-12.50%
Applicants of Central Govt./ State Govt./Railway/Police/Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status
Term Loan 11.00% - 13.50%
Other Applicants
Term Loan 12.00% - 14.00%

2. Xpress Credit – Non-Permanent Employees

Type of Applicant Rate of Interest
Central/ State/ Quasi Govt., Central/ State PSUs, Defence Personnel, and Educational Institutions of National Repute 10.90% - 12.40%
Co-operatives/ Institutions that are not covered under regular Xpress Credit scheme & Unrated Corporates 11.30% - 13.60%

3. Xpress Elite Scheme

Type of Applicant Rate of Interest
SBI Salary Account Holders 11.00% - 11.50%
Other than Salary Account Holders 11.25% - 11.75%

4. Other Unsecured Personal Loans

Scheme Rate of Interest
Pension Loan (including Pre-Approved Pension Loans) 11.15%
Xpress Credit Insta Top-Up 12.10%
Clean Overdraft 15.65%
Pre-Approved Personal Loans 11.05%
Jai Jawan Pension Loan  11.15%
SBI Quick Personal Loans through CLP Portal 11.25% - 12.95%
Pre-approved Insta Pension Top-Up 11.15%

SBI Personal Loan Customer Care

Find below SBI Personal Loan Customer Care Number & other details

24X7 toll free numbers: 1800112211/18004253800

Email ID: [email protected]

Write to: 

Deputy General Manager,

Customer Service Dept.

State Bank Bhawan, 4th Floor, Madame Cama Road, Mumbai - 400021

How To Apply for SBI Personal Loan?

You can apply for State Bank of India personal loan apply online through the official website of the bank, SBI YONO mobile app offered by the bank, or through online lending marketplaces like TheMoneyTrunk. 

If you want SBI personal loan apply online through the website of the bank by following the steps mentioned below:

  • Visit the official website of the bank i.e. sbi.co.in.
  • Click on the “Personal Loans” tab given under “Loans” section.
  • Compare all the personal loan options offered by SBI based on your requirement, eligibility, features of the scheme, and interest rates.
  • Click on “Apply Now” button.
  • Fill in the online personal loan application form by entering the required details.
  • Click on the “Submit” button.
  • You will receive a call from the bank’s representative to guide you through the remaining process.

Latest News: Special Offer for Salary Account Holders in SBI

SBI has announced the launch of a new personal loan product for salary account holders under its flagship personal loan product Xpress Credit on YONO. The new product is Real Time Xpress Credit (RTXC) and it will allow salaried customers to avail of personal loans up to Rs. 35 Lakhs without any paperwork. Customers will no longer be required to visit the branch as the entire process will be paperless. The end-to-end journey of just 8 steps will be easy and instant for the customers.  
Under the new product, central, state government and defence salaried customers of SBI can apply for loans. The credit checks, eligibility, approval and documentation will be done in real-time digitally.

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