SBI personal loans are of 4 types, namely SBI Pension Loan, SBI Xpress Credit, SBI Quick Personal Loan, and Pre Approved Personal Loan. For COVID treatment of family and self, SBI has come up with SBI KAVACH Personal Loan Scheme.
Note that SBI personal loans can be used for numerous purposes like debt consolidation, business expansion, to meet marriage, foreign travel, home renovation expenses, medical costs etc. However, their loan proceeds cannot be used for speculative purposes. Presently, SBI personal loan is offering a loan amount of up to Rs 20 lakh with an interest rate beginning from 9.60% p.a. onwards at a processing fee of up to 1.50% of the loan amount (maximum: Rs 15,000). The loan repayment tenure for SBI personal loan spans for up to 6 years in general and up to 7 years for the defence pensioners.
Listed below are SBI personal loan rates, charges & other details.
|Rate of Interest||9.60%-13.85% p.a.|
|Loan Amount||Rs 24,000-Rs 20 lakh|
|Repayment loan tenure||Up to 6 years (Up to 7 years for defence pensioners)|
|Processing fee||Up to 1.50% of the loan amount (Up to Rs 15,000)|
|Prepayment charges||Up to 3% of the prepaid amount. Nil if account closed from proceeds of a new loan under the same scheme|
|Minimum income requirement||Rs 15,000 (For SBI Xpress Credit & SBI Quick Personal Loan)|
|Eligibility age||21 – 58 years (For SBI Quick Personal Loan).
For an SBI pension loan, pensioner should be below 76 years of age
|As of 13th July 2021|
SBI personal loan types
SBI pension loan
This SBI personal loan is for family pensioners, defence pensioners, and central & state government pensioners with age below 76 years and maintaining a pension account with SBI.
Maximum loan proceeds offered under this scheme is up 14 lakh to central & state government pensioners and defence pensioners. For the family pensioners, the highest loan amount can go up to Rs 5 lakh. The eligibility for loan amount approved will depend upon the applicant’s age, repayment tenure, pension income and several other parameters.
Maximum loan tenure can go up to 7 years for defence pensioners and up to 5 years for central & state government and family pensioners.
SBI Xpress Credit
- This SBI personal loan is only offered to those salaried employees holding SBI salary accounts.
- The loan amount ranges anywhere between Rs 25,000 and Rs 20 lakh.
- The maximum loan repayment tenure available is 6 years.
SBI Quick Personal Loan
- This SBI personal loan is offered to those salaried employees not maintaining the SBI salary account.
- Maximum loan amount under SBI Quick Personal Loan scheme is Rs 20 lakh.
- Maximum loan repayment tenure can go up to 6 years.
- Processing charges on this scheme is 1.5% of the loan amount (Up to Rs 15,000)
Pre-approved Personal Loans on YONO
For those holding SBI accounts can opt for pre-approved personal loans through their YONO app instantly. Being pre-approved in nature, such loans get instantly disbursed on the same day of a loan application. However, note that this scheme is just available to select customer groups based on specific parameters by the SBI.
- No physical documentation is required for the processing of this loan scheme.
- No branch visit needed.
- For checking loan eligibility – SMS “PAPL<space><last four digits of your SBI Savings Account Number>” to 567676
SBI Kavach Personal Loan
One can avail loan amount of between Rs 25,000 and Rs 5 lakh under SBI Kavach personal loan for COVID 19 treatment for family and self. The rate of interest for SBI Kavach Personal loan is 8.5% p.a. at present and is available for a loan repayment tenure of up to 5 years, which includes 3 months moratorium period. The loan scheme charges nil processing fees, prepayment/foreclosure charges.
SBI personal loan – EMI calculation
|Interest Rate||EMI (Rs) Loan Amount: Rs 5 Lakh & Loan Tenure: 5 years||EMI (Rs) Loan Amount: Rs 1 Lakh * Loan Tenure: 5 years|
Comparison of SBI personal loan with other personal loan providers
|Lender||Interest Rate (%)||Processing Fee (Rs)|
|State Bank of India||9.60-13.85||Up to 1.5% (Max: Rs 15,000)|
|Union Bank of India||8.90-13.00||Up to 0.50%|
|Punjab National Bank*||8.95-14.50||Up to 1%|
|Bank of India||9.35-12.35||Up to 2% (Max: Rs 10,000)|
|IDBI Bank||9.50-14.00||1% (Min: Rs 2,500)|
|Punjab & Sind Bank||9.50-11.50||Up to 1%|
|Citi Bank||9.99-16.49||Up to 3%|
|Bank of Baroda||10.00-15.60||Rs 1,000-Rs 10,000|
|Canara Bank||10.20-13.90||Up to 1%|
|IDFC First Bank||10.49 onwards||Up to 2.5%|
|ICICI Bank||10.50-19.00||Up to 2.25%|
|HDFC Bank||10.50-21.00||Up to 2.5% (Max: Rs 25,000)|
|* 0.10% additional concession in applicable interest rate to customers who opt for coverage under Credit Life Insurance.|
|As of 13th July 2021|
SBI personal loan – list of documents needed
For completing your personal loan application, you require the listed documents:
Identity proof (Anyone):
- PAN card copy
- Passport copy
- Voter’s ID copy
- Driver’s License copy
- Aadhaar card copy
Residence proof (Anyone):
- Passport copy
- Voter’s ID card copy
- Property tax receipt copy
- copy of current electricity bill or telephone bill
Income proof (Anyone):
- Identity card copy issued by an employer
- Income tax return
- Bank statement of past six months of account where the salary gets credited
- Past 6 months’ bank statement/salary slip
How can you check your application status for an SBI personal loan?
Once you have submitted your personal loan application, you will get a reference number. With the help of this number, you can easily check your SBI personal loan application status.
Step by step approach for checking your SBI personal loan application status:
- Visit SBI website
- Go to the page of personal loan application status https://onlineapply.sbi.co.in/personal-banking/application-status
- Enter your reference number and phone number
- Enter on track button