SBI Personal Loan Interest Rate, Check Eligibility and Documents Required to Apply

Updated: May 24,2020 14:01 IST

Vikram Sharma

SBI Personal Loan Interest Rate, Check Eligibility and Documents Required to Apply

SBI Personal Loan Interest Rates are considered to be most affordable in the public banking sector. SBI Personal Loan Interest Rates are given in such way where it is not a burden for the customer to payback. SBI Personal Loan Interest Rate also depends based on different factors considered by the bank and more details on SBI Personal Loan Interest Rate are listed below.

Overview of SBI Personal Loan Interest Rate

Personal Loans are availed by individuals to meet their needs and can be availed for any personal reasons from medical expenses to buying a new gadget. SBI provides personal loans for the people to meet their financial needs with the lowest Interest rates. Get a complete overview of SBI Personal Loan Interest Rates on different types of loans, other charges associated with the Personal Loan are given in the sections below.
Key details related to SBI Personal Loan Interest Rates are given in the below table.

Particulars

For Salaried applicants

For Self-Employed applicants

Interest Rates p.a

10.55% – 16.60% p.a 10.55% – 16.60% p.a

Loan amount

Rs.25,000 - Rs.15 lakhs

Rs.5 lakhs - Rs.1 Crore

Foreclosure

Possible after 1 EMI

Possible only after 6 EMI

Processing fees

2.02% to 3.03% of loan amount

2% to 3% of loan amount

Lowest EMI

Rs.2658 per lakh

Rs.2594 per lakh

What are the Types of SBI Personal Loan Interest Rate?

Applicant who is applying for SBI Personal Loan should be well informed on the Interest Rates of Personal Loans. Interest rates on Personal loan is based on the economic conditions, eligibility, and also personal credit history. One should also check the other charges associated with the SBI Personal Loan like processing fees, pre-closure charges, etc. So before availing for Personal Loans a good market research on Interest rates and other charges should be made by the applicant and then go forward to apply. Home Loan Interest rates are of two types

  • Fixed rates - constant throughout the tenure
  • Floating rates - gets reset with the altering market conditions

What are the Factors Bank Consider to Fix Interest Rate? 

There are certain range of interest rates quoted by banks and the interest rates differ from bank to bank. Also, the interest rates differs for each individual who is applying for the loan and the bank fixes the interest rate based on many factors. Here are few parameters on which a bank fixes the interest rates on your loan request.

  • Your Credit Score/CIBIL Score - The first thing a bank checks on to fix the interest rates for the loan amount you have quoted for is your credit score. Credit Score of 750-900 is considered to be good range and there are chances of lower interest rates being approved by the bank. It is recommended that you maintain a good credit score.
  • Loan Amount - The loan amount you quote for influences the interest rate. The higher the loan amount there are chances of lower interest rates.
  • Interest Rates - The loan Interest differs based on the fixed or floating interest rate you are opting for.
  • Tenure of the Loan - Banks are ready to provide lower interest rates on longer time period of the loan. 
  • Personal Loan Type - Based on different requirements banks provide different type of home loans and the type of loan you choose determines the interest rate.
  • Income of the applicant
  • Repayment Capacity of the applicant.
  • Relationship of the applicant with the bank is also considered while fixing interest rates.
  • Other factors like qualification, years of experience, repayment capacity, etc determines the interest rates. The bank checks on each of the criteria and then fixes the interest rate.

What are the Checkpoints that Applicants should Consider?

  • It is not considered wise by choosing to opt for bank that provides lowest interest rates but one should consider other factors. 
  • Sometimes bank gives the lowest interest rates but has other charges like preclosure charges, processing charges at higher rate.
  • Few other factors are to be checked of the bank before proceeding, like customer service, proper document processing, earlier lending history, providing proper documents, etc.

What is the SBI XPRESS CREDIT Personal Loan Interest Rate? 

SBI XPRESS CREDIT personal loan is for the applicants who are in need of immediate financial help. Those who are in need of funds for medical expense or vacation or many other immediate funds, then this loan scheme can be chosen. Minimum amount of Rs. 24000 and maximum of 24 times of applicant’s net monthly income not exceeding Rs.15 lakhs can be obtained as loan through this scheme. Interest rates for this type of personal loan are given below.

For Defence/ Para-Military/ Indian Coast Guard Salary Package Applicants

Personal Loan Type 2-year MCLR Spread over 2 years MCLR Effective Interest Rate with no Reset
Term Loan 8.10% 3.40-3.90% 11.50-12.00%
Overdraft 8.10% 3.90% – 4.40% 12.00% – 12.50%

 SBI Xpress Credit Interest Rate for Other Applicants

Personal Loan Type 2-year MCLR Spread over 2 years MCLR Effective Interest Rate with no Reset
Term Loan 8.10% 3.40% – 5.40% 11.50% – 13.50%
Overdraft 8.10% 3.90% – 6.40% 12.00% – 14.50%

SBI Xpress Credit Interest Rate for IT Employees 

2-year MCLR Spread over 2 years MCLR Effective Interest Rate with no Reset
8.10% 4.80% – 6.80% 12.90% – 14.90%

 Non-Permanent Employees (NPES) 

Type of Non-Permanent Employees (NPES) 2-year MCLR Spread over 2 years MCLR Effective Interest Rate with no Reset
Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute 8.10% 4.30% – 6.40% 12.40% – 14.50%
Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates 8.10% 5.05% – 6.65% 13.15% – 14.75%

Concessions Available for Loans provided under SBI Xpress Credit Loan Scheme

Concession Criteria Interest Rate Concession Offered
‘Check-Off’ Provided 50 bps (0.50%) on the applicable rate
The loan amount is equal to or more than Rs 10 lakh 50 bps (0.50%) on the applicable rate


What is the Eligibility Criteria to Apply for 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. The eligibility for availing 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. 
  • 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.

What are the Necessary Documents Required to Apply for SBI Personal Loan? 

Only very necessary documents for obtaining a loan are requested for submission. 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

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SBI Personal Loan Interest Rate - FAQs

1.

Can I get a loan from SBI if I'm not an SBI bank customer?

Yes. Anyone who fulfills the eligibility criteria of the bank can avail loans from SBI. It is not necessary for you to be an existing customer of SBI. 

2.

How can I track my SBI personal loan application status?

Once you apply for a loan in SBI, you will be provided with a reference number. You can use this reference number to check your personal loan application status on the official website of the SBI.

3.

How does my CIBIL score determine my loan eligibility?

CIBIL score is also known as the Credit score. Your credit score will provide financial information of an individual to financial institutions which include your creditworthiness. so, if you have a good credit score, you have high chance of availing a loan from any lender.

4.

How can I pay SBI personal loan EMI online from any other bank?

Paying your SBI loan EMI using any other bank other than SBI is quite simple. You will have to link your SBI personal loan to your bank account to schedule EMI payments from a non-SBI account.

5.

What is the time taken by SBI for loan disbursal?

Every bank takes its own period of time to process the loan for its customers. SBI usually takes 2-7 days to disburse the personal loan amount after verifying the customers' documents and then the approval is made by the bank.



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