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SBI Personal Loan, its Types, Features and Rate of Interest, Repayment and all Related Information
Updated: Aug 30,2019 16:52 IST
Information on SBI Personal Loan
SBI provides personal loans for the people to meet their financial needs. With minimum eligibility criteria, the different types of loans are provided by the SBI in the intention to help the customers to accomplish their goal through financial support. The State Bank of India has various branch across the country and is the largest banking sector providing miscellaneous facilities for the people. Among all the facilities provided, the personal loans provided by the SBI is truly beneficial to its customers. SBI also provides seasonal offers from time to time for the customers towards personal and it attracts many customers to apply for the SBI Personal Loans. The customers can avail loan amount 12 times of his / her net monthly salary only in the SBI Personal Loan. One can avail the SBI Personal Loan for any kind of financial needs namely for paying of a debt, foreign trips, emergency expenses, wedding, home renovation, etc. All categories of people are benefited by the SBI Personal Loan Schemes. SBI provides online feature for applying for SBI Personal Loan to the customers for their convenience. Some of the key information related to SBI Personal Loan are given in the below table.
|
Loan amount |
Upto Rs.15 lakhs |
|
Loan tenure |
Upto 60 months |
|
Interest rates |
10.15%- 15.15% |
|
Processing fees |
Upto 1% of loan amount + taxes |
|
Prepayment charges |
It is possible only after 1 year. Charges 2%-4% on loan outstanding |
|
Guarantor |
Not Required |
What is the Interest Rates of SBI Personal Loans?
SBI Personal Loan is provided with attractive interest rates comparatively with other banks thus being beneficial to the customers. SBI provides interest rates in two types. They are Floating rate of interest or Fixed rate of interest. Fixed rate of interest of SBI Personal Loan means that the interest amount is the equated monthly installment or EMI remains the same throughout the loan tenure. Whereas the floating rate of interest means the EMI would fluctuate according to the market trends. SBI charges minimum rate of interest comparatively to other financial institutions. The salaried people are provided loans at minimum 11.90% interest and for business people, the interest rate starts at 12.4%. SBI Personal Loan varies from person to person and many factors influence the SBI Personal Loan rate of interest.
|
Particulars |
Salaried |
Self-Employed |
|
Interest Rate |
11.90% onwards |
12.40% onwards |
|
Loan Amount |
Minimum amount- Rs.25000 Maximum amount- Rs.15 lakhs |
Minimum amount- Rs.25000 Maximum amount- Rs.15 lakhs |
|
Loan Tenure |
5 years maximum |
5 years maximum |
What are the Processing and Pre-closure Charges of SBI Personal Loan ?
SBI provides personal loans charges 1% on the loan amount for both salaried as well as the self employed people. All the banks and other financial institutions charge a minimum percent of amount as the processing fee at the time of applying for personal loan. But at times, the interest rates and the processing charges may vary slightly according to the schemes being chosen by the customer. The processing charges will include 1% on the loan amount as well as the taxes. In the same way, the banks also charge a certain percentage on the loan amount in case the customer closes the loan amount by paying the loan amount in advance. SBI charges minimum percentage of the loan amount as preclosure charges. This varies from scheme to scheme. Also the preclosure percentage is calculated only on the amount which is prepaid and the minimum of preclosure is 3% charged by the SBI. The pre-closure charges are levied on the SBI Personal Loan as the lender will be deprived of future interest payments. When the bank makes any change in the rate of interest of the SBI Personal Loan, then it would be intimated through the bank notice boards or news or updated on the passbooks. In such a case, the customer is supposed to pay the revised interest amount.
|
Particulars |
Salaried People |
Self- employed |
|
Processing charges |
1% of loan sanctioned plus taxes |
1% of loan sanctioned plus taxes |
|
Pre-closure charges |
3% of amount prepaid |
3% of amount prepaid |
What are the features of the SBI Personal Loan ?
SBI Personal loans has various features attracting the majority of the people. Attractive discounts and facilities provided by the SBI banks attracts many customers to avail the SBI Personal Loan. Also, SBI Bank effectively provides 24/7 customer service. Some of its features are as follows.
-
SBI Personal Loans are provided to people with minimum salary of Rs.5000 per month.
-
SBI provides large sum of amount as loan with minimum rate of interest.
-
The procedure for obtaining is minimal and the amount is disbursed quickly.
-
Varied types of schemes are available at SBI for customer convenience and need.
-
Online procedure for application of SBI Personal Loan is also possible in SBI.
-
SBI Personal Loan is provided without any hidden charges.
-
SBI Personal Loan tenure ranges from 1 year to 5 years.
What is the Eligibility Criteria to obtain a SBI Personal Loan ?
To obtain a personal loan from the SBI, one has to qualify to the eligibility criteria. This is to ensure that the customer could complete the repayment of the loan amount on time. Comparative to other banks and financial institutions, the SBI Personal Loan is provided with minimum procedures. The eligibility for availing SBI personal loan are as follows.
- Age - One should be minimum 21 years and maximum 58 years to avail a personal loan.
- Income - The loan amount is provided by considering the monthly income of the people. The minimum monthly income must be Rs.24000 to avail for a personal loan.
- Stability - Job stability and number of years for the business to be run is a additional point that is taken into consideration at the fixation of the loan. When the customer works for many in a reputed firm, his creditworthiness increases.
- CIBIL Score - One should qualify a good score and must have correctly paid back the old and existing loans , in order to easily be eligible for a loan sanction.
|
SBI Personal Loan Type |
Age of the applicant |
Loan Amount |
|
SBI Xpress Credit |
21-58 years |
|
|
SBI Loan for Pensioners |
60-76 years |
Minimum Rs.25000 to Maximum 10 months of pension amount. (Limited upto Rs.14 lakhs) |
|
SBI Festive Loan |
21-58 years |
Rs.5000 to Rs. 50000 |
What are the Different Types of SBI Personal Loan and its Processing Charges ?
SBI bank provides different types of personal loan through different schemes. People can choose any of the different types of SBI Personal Loan according to their necessities. When the customer has very high creditworthiness and also has already repaid all his/her existing loans on time, those customers can request for flexibility in the schemes of SBI Personal Loans. Some of the types of SBI Personal Loan are listed below.
-
SBI Xpress Credit Personal loan
-
SBI Saral Personal Loan
-
SBI Festive Personal loan
-
SBI Personal Loan for government employers
-
SBI Personal Loan for pensioners
-
SBI Pension Loan
-
SBI Career Loan
|
Types of SBI Personal Loan |
Processing Charges |
|
Xpress Credit Loan |
1% of the loan amount |
|
SBI Saral Personal Loan |
2%-3% of the loan amount |
|
SBI Festive Personal loan |
1% of the loan amount |
|
SBI Pension Loan |
0.50% of the loan amount |
What are the Documents Required to apply for the SBI Personal Loan ?
Only very necessary documents for obtaining a loan are requested for submission in the case of SBI Personal Loan. People easily obtain SBI Personal Loan by providing basic proof required for a loan. Provide the proof which has the updated information for easy sanctioning of the SBI Personal Loan. The documents required for obtaining the SBI personal loan are as follows.
-
Proof of Identity
-
Address Proof
-
Application form with photograph and signature
-
Salary pay slip for salaried people
-
Latest bank statement in case of self employed people
-
Aadhar Card
-
3 months bank statement that shows the salary credit for salaried people
-
Pan card
-
2 passport size photo
How to apply for the SBI Personal Loan ?
The SBI personal loan has a very simple procedure. The applicant after analysis of different schemes and should decide upon which personal loan to opt. Before applying for the loan, the applicant can calculate the SBI Eligibility calculators available online to get an idea of whether the applicant is eligible. Also the applicant should calculator the EMI amount to get to know how much he/she must allot towards the loan EMI from their net monthly income. Then the applicant should follow the below procedure.
-
One should first obtain a personal loan application form and fill it with accurate details clearly.
-
Affix the photographs in the application form and sign
-
Enter the necessary details regarding name, address, contact number, income, loan amount, repayment, mode of payment, etc.
-
Attach the necessary copies of the documents for proof.
-
Submit it at the SBI bank and should pay the processing charges when required
-
If the person is qualified with all the eligibility, then the loan amount is sanctioned.
Repayment of SBI Personal Loan
SBI expects their customers to repay their loans on time to eliminate any strict actions. Also the correct repayment of loan amount increases the credibility of the customer. The repayment rules and conditions is given when the loan is sanctioned and varies for different schemes. The customer can repay the loan amount either through post dated cheques or can be debited directly from the borrower’s account. Repayment of SBI Personal Loan is done every month as EMI till the loan amount is completely repaid. If there is any default in the repayment of SBI Personal Loan EMI amount of any month, then the bank would send any reminders in the form of messages, email, post or fax. It is advisable to repay the loan amount without any default in payment to have a good creditworthiness. In case of SBI Personal Loan for Pensioners schemes, the repayment can be made through deduction from the pension amount if the customer gives standing instructions. The maximum time period for repayment of SBI Personal Loans is 60 months and sometimes it varies according to the scheme being chosen.
What is the Age Details for Approval and Repayment of SBI Personal Loans in case of Pensioners?
Repayment details keep varying according the SBI personal loan schemes which is opted. In case of retired people and the ones who receive the government pension, they have a age limit to apply for Personal loan as well as related to the repayment of the same. The age details for approval and repayment of SBI Personal loan are given in the below table.
|
Central Government and State Government Pensioners |
||
|
Age Limit for Loan Approval |
Age Limit for Repayment |
Repayment Duration |
|
Upto 72 years of age |
77 years |
60 months |
|
More than 72 years but less than 74 years |
78 years |
48 months |
|
More than 74 years but less than 76 years |
78 years |
24 months |
|
For Defense pensioners |
||
|
Age Limit for Loan Approval |
Age Limit for Repayment |
Repayment Duration |
|
Upto 56 years of age |
63 years |
84 months |
|
More than 56 years but less than 72 years |
77 years |
60 months |
|
More than 72 years but less than 74 years |
78 years |
48 months |
|
More than 74 years but less than 76 years |
78 years |
24 months |
|
For Family Pensioners |
||
|
Age Limit for Loan Approval |
Age Limit for Repayment |
Repayment Duration |
|
Upto 72 years of age |
77 years |
60 months |
|
More than 72 years but less than 74 years |
78 years |
48 months |
|
More than 74 years but less than 76 years |
78 years |
24 months |
How to Calculate SBI Personal Loan EMI ?
SBI Personal Loan EMI can be easily calculated by using the SBI Personal loan EMI calculator available on the internet. The loan amount, rate of interest, number of years and the repayment time period is to be entered and must be submitted. The EMI is calculated within few seconds. With the help of this feature the customer can have an idea of how much amount to be obtained as loan. SBI Personal Loan EMI Calculator helps to pre-plan the monthly budget for meeting expenses without much difficulty. Follow the below instructions to calculate the SBI Personal Loan EMI online.
-
Visit this direct link for the SBI EMI Calculator .
-
In the EMI calculator page, enter the amount, duration and interest rates.
-
Click “Calculate” button.
-
The interest amount and the EMI Calculated amount is reflected on the results screen.
Can a NRI Apply for SBI Personal Loan ?
The answer is Yes. SBI provides personal loans even for the NRI. NRI can apply for the SBI Personal Loan within few limits and by providing extra information and proof for security. The loan can be applied through net banking or any other mode. The loan can be obtained in Indian or any foreign currency. The loan amount will be provided only to the depositor and the margin for the loan scheme is 10% including accrued interest and principal amount. SBI Personal Loan amount will be solely given to the depositor. NRI can either obtain the loan amount in Indian currency or foreign currency by pledging a security of NRE or NRO deposit. NRI can either choose foreign currency loan, overdraft or a demand loan. If the NRI chooses for the overdraft option, the person need not come to India for completing the application process. This application process can be done through SBI Internet banking.
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