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State Bank of India (SBI) is a government-owned bank and its the largest bank in India . State Bank of India (SBI) has a range of Personal Loan products, keeping in mind various segments of borrowers. SBI has 4 types of Personal Loans :Xpress Credit Personal Loan, SBI Saral Loan, SBI Festival Loans, Personal Loans to pensioners. By providing a few details about yourself, you can check your eligibility for an State Bank personal loan in seconds.
| Interest Rate | 12.90% to 14.90% |
| Processing Fees | 0.5% of the Loan Amount + applicable tax |
| Loan Tenure | 5 years |
| Pre-closure Charges | 3% on prepaid amount |
| Guarantor Requirement | No guarantor required |
The State Bank of India is the largest public sector banks in India, with a nationwide network. SBI offers personal loans for both salaried and self-employed individuals to meet various needs. SBI personal loans don’t require any security, collateral or guarantor. Personal loans availed can be used for marriage expenses, holiday travel, medical issues, educational purposes or other miscellaneous expenses.
State Bank of India personal loans comes with Low processing fee, nil prepayment penalties and no hidden charges .
SBI personal loans can be taken for up to 12 times the net monthly income for salaried individuals and pensioners. Though this is subjected to a ceiling of Rs.10 Lakhs and a repayment tenure of 48 months. SBI has initiated a fast-turnarond system for quickly approving the Personal Loans.
SBI offers two kinds of Personal Loans, the floating rate and the fixed rate.
| Particulars | Salaried | Self Employed |
|---|---|---|
| Interest Rate | 11.90% onwards | 12.40% onwards |
| Loan Tenure | Maximum 5 years | Maximum 5 years |
| Loan Amount |
|
|
| Processing Fee | 1% of loan quantum | 1% of loan quantum |
| Prepayment Charges | 3% on prepaid amount | 3% on prepaid amount |
| Type of personal loan | Age | Minimum loan amount | Maximum loan amount |
|---|---|---|---|
| SBI Xpress Credit Personal Loan | 21 to 58 years | Rs.24,000 | Rs.15 lakh |
| SBI Loan for Pensioners | 60 to 76 years | Rs.25,000 | Maximum 10 months of pension for up to 14 lakhs |
| SBI Festival Loan | 21 to 58 years | Rs.5,000 | Rs.50,000 |
| SBI Saral Loan | 21 to 58 years | Rs.24,000 in metro cities Rs.10,000 in other places | Rs.10 lakh |
The process for taking a personal loan from SBI is very simple and quick. The documentation process is minimal and self-explanatory.
You will not be required to make arrangements for any collateral or guarantor or security to get a personal loan from SBI. A collateral or security refers to an asset which is given to the lender or bank before the loan is issued. It serves as a security where if the borrower misses the repayment deadlines several times, then the bank has the authority to seize the asset’s ownership from the borrower and sell it to someone else. This is done to recover the costs of the unpaid loan.
A guarantor is an individual who promises to repay the remaining loan amount when the borrower misses repayment deadlines due to any reason. When you go for any of the personal loan schemes offered by SBI, you need not worry about getting any guarantor. The bank sanctions a loan without a collateral and a guarantor.
SBI has a personal loan scheme for government employees exclusively known as the Xpress Credit Personal Loan. It is a loan facility offered by SBI to employees working in Central and State Government, State PSUs, Quasi Government, Central PSUs, educational institutions of national reputation, and certain corporates that do not have any business relationship with the bank and that do not have any ECR (Emigration Check Required); depending on terms and conditions.
| Minimum term loan amount | Rs.25,000 |
| Minimum overdraft amount | Rs.5 lakh |
| Maximum term loan amount | 24 times NMI with a maximum of Rs.15 lakh |
| Maximum overdraft amount | 24 times NMI with a maximum of Rs.15 lakh |
| Minimum NMI | Rs.5,000 |
| EMI or NMI ratio | It should not be higher than 50% |
| Repayment period | 60 months or residual service period, whichever is lesser |
| Penalty interest | 2% p.a. |
| Prepayment charge | 3% of prepaid amount |
| Processing fee | 0.5% of the loan amount + service tax that will be applied |
SBI offers an exclusive personal loan for pensioners who used to work in the Central or State government or the Defense forces. You can go for this loan product from SBI if your age is not more than 75 years. This loan will get processed very smoothly in a quick mode. You will need to visit the SBI bank branch to apply for this loan scheme. You will not be paying any hidden cost for this loan product.
Further, the treasury will respond to this undertaking by writing that it will not take any appeal from the pensioner to shift the payment of pension from the present bank (mentioned in the undertaking) to any other branch or any other bank until the present bank provides a No Objection Certificate (NOC).
If you are a pensioner who used to work in the armed forces, you can apply for this personal loan offered by SBI. Whether you worked with the Navy, Army, Air Force, Coast Guards, Assam Rifles, Paramilitary Forces (CISF, ITBP, CRPF, BSF, etc.), Rashtriya Rifles, you can obtain this loan scheme provided your Pension Payment Order is with SBI.
This loan scheme provided by SBI does not have any minimum age limit. Your age will need to be 76 years or lesser when you apply for this loan option.
SBI Personal Loan for Family Pensioners (including defence family pensioners)
A family pensioner is the spouse of a pensioner who can obtain the pension amount from the government or defence forces when the pensioner passes away. This is allowed if the family pensioner’s age is not higher than 76 years.
Features of loan for pensioners offered by SBI
| Minimum loan amount | Rs.25,000 |
| Maximum loan amount | Pension amount of 18 months with a ceiling of: |
| Age | |
| 72 years | Rs.14 lakh |
| Greater than 72 years but not more than 74 years | Rs.12 lakh |
| Greater than 74 years but not more than 76 years | Rs.7.5 lakh |
Defence pensioners
| Minimum loan amount | Rs.25,000 |
| Maximum loan amount | Pension amount of 36 months with a ceiling of Rs.14 lakh for pensioners whose age is up to 56 years. Pension amount of 18 months with a ceiling of: |
| Age | |
| Greater than 56 years but 72 years | Rs.14 lakh |
| Greater than 72 years but not more than 74 years | Rs.12 lakh |
| Greater than 74 years but not more than 76 years | Rs.7.5 lakh |
The EMI or NMP should not be higher than 50% for every kind of pensioner.
Family pensioners (including defence pensioners)
| Minimum loan amount | Rs.25,000 |
| Maximum loan amount | Pension amount of 18 months with a ceiling of: |
| Age | |
| 72 years | Rs.5 lakh |
| Greater than 72 years but not more than 74 years | Rs.4.50 lakh |
| Greater than 74 years but not more than 76 years | Rs.2.50 lakh |
The EMI or NMP should not be higher than 33% for every family pensioner.
In the tables given above, EMI = Equated Monthly Instalments
NMP = Net Monthly Pension
Repayment period and age details regarding SBI personal loan for pensioners
For central and state government pensioners
| Age at when the personal loan is approved | Repayment period | Age at when the loan is completely repaid |
|---|---|---|
| Up to 72 years of age | 60 months | 77 years |
| Higher than 72 years but not more than 74 years | 48 months | 78 years |
| Higher than 74 years but not more than 76 years | 24 months | 78 years |
For defence pensioners
| Age at when the personal loan is approved | Repayment period | Age at when the loan is completely repaid |
|---|---|---|
| Up to 56 years of age | 84 months | 63 years |
| Higher than 56 years but not more than 72 years | 60 months | 77 years |
| Higher than 72 years but not more than 74 years | 48 months | 78 years |
| Higher than 74 years but not more than 76 years | 24 months | 78 years |
Repayment period and age details regarding SBI personal loan for family pensioners
| Age at when the personal loan is approved | Repayment period | Age at when the loan is completely repaid |
|---|---|---|
| Up to 72 years of age | 60 months | 77 years |
| Higher than 72 years but not more than 74 years | 48 months | 78 years |
| Higher than 74 years but not more than 76 years | 24 months | 78 years |
Key characteristics regarding personal loans offered by SBI for pensioners
SBI enables Non-Resident Indians (NRIs) to apply for a personal loan with the help of internet banking or any other mode. You can choose a regular loan against your NRI deposit or an online overdraft (OD) against your NRI deposit.
For SBI online OD, you will not have to come down to India to complete the application process in India. You can utilise the bank’s internet banking platform to apply for the loan facility.
| Eligibility criteria | Any customer with an NRE or NRO fixed deposit |
| Minimum residual period | 6 months |
| Permissible limit | |
| TDR or eTDR | 75% of the face value of the deposit |
| STDR or eSTDR | 90% of the face value of the deposit |
| Minimum loan amount | Rs.25,000 |
| Maximum loan amount | Rs.5 crore |
| Cut-off time | Online application for overdraft facility will be open from 8 a.m. to 8 p.m. IST |
| Interest rate | 1% above the interest payable on the fixed deposit |
| Loan tenure for TDR or eTDR | 3 years or the outstanding maturity period of fixed deposit, whichever is lower. |
| Loan tenure for STDR or eSTDR | 5 years or the outstanding maturity period of fixed deposit, whichever is lower. |
This SBI loan scheme is offered to the employees of well-known organizations such as central and state government, PSUs, quasi-government, etc. These employees will need to have their salary accounts with SBI. These loans are offered at a zero margin.
Eligibility
Interest rate
For employees of unrated corporates
| Facility Type | 2-year MCLR | Spread over 2-year MCLR | Effective interest rate |
| Term loan | 8.10% | 4.55% | 12.65% |
| Term loan | 8.10% | 5.05% | 13.15% |
| Term loan | 8.10% | 5.40% | 13.50% |
| Term loan | 8.10% | 6.65% | 14.75% |
| Overdraft | 8.10% | 4.80% | 12.90% |
| Overdraft | 8.10% | 5.30% | 13.40% |
| Overdraft | 8.10% | 5.65% | 13.75% |
| Overdraft | 8.10% | 6.90% | 15.00% |
For employees of rated corporates
| Facility Type | 2-year MCLR | Spread over 2-year MCLR | Effective interest rate |
|---|---|---|---|
| Term loan | 8.10% | 3.80% | 11.90% |
| Term loan | 8.10% | 4.30% | 12.40% |
| Term loan | 8.10% | 5.90% | 14.00% |
| Term loan | 8.10% | 6.40% | 14.50% |
| Overdraft | 8.10% | 4.05% | 12.15% |
| Overdraft | 8.10% | 4.55% | 12.65% |
| Overdraft | 8.10% | 6.15% | 14.25% |
| Overdraft | 8.10% | 6.65% | 14.75% |
This loan is given to an individual for any legitimate reason such as vacations, wedding arrangements, medical expenses, hospitalization, asset purchases, home renovation, educational expenditures, and so on. You can repay the SBI Saral Personal Loan in 48 EMIs.
Eligibility
Interest rate
For employees of unrated corporates
| Facility Type | 2-year MCLR | Spread over 2-year MCLR | Effective interest rate |
|---|---|---|---|
| Term loan | 8.10% | 4.55% | 12.65% |
| Term loan | 8.10% | 5.05% | 13.15% |
| Term loan | 8.10% | 5.40% | 13.50% |
| Term loan | 8.10% | 6.65% | 14.75% |
| Overdraft | 8.10% | 4.80% | 12.90% |
| Overdraft | 8.10% | 5.30% | 13.40% |
| Overdraft | 8.10% | 5.65% | 13.75% |
| Overdraft | 8.10% | 6.90% | 15.00% |
For employees of rated corporates
| Facility Type | 2-year MCLR | Spread over 2-year MCLR | Effective interest rate |
|---|---|---|---|
| Term loan | 8.10% | 3.80% | 11.90% |
| Term loan | 8.10% | 4.30% | 12.40% |
| Term loan | 8.10% | 5.90% | 14.00% |
| Term loan | 8.10% | 6.40% | 14.50% |
| Overdraft | 8.10% | 4.05% | 12.15% |
| Overdraft | 8.10% | 4.55% | 12.65% |
| Overdraft | 8.10% | 6.15% | 14.25% |
| Overdraft | 8.10% | 6.65% | 14.75% |
SBI extends personal loans to pensioners as well as family pensioners. Whether you are a central government pensioner, state government pensioner, or a defence pensioner, you can avail this loan’s benefits.
You will have to pay a very minimal processing fee for this SBI pension loan scheme. If you are a defence pensioner, you will not need to pay any processing fee. This loan is provided without any hidden costs.
Eligibility
Interest rate
| Scheme | 2-year MCLR | Spread over 2-year MCLR | Effective interest rate |
|---|---|---|---|
| SBI Pension Loan | 8.10% | 4.35% | 12.45% |
| Jai Jawan Pension Loan | 8.10% | 4.35% | 12.45% |
| Pension Loan to Coal Mines Provident Fund (CMPF) Pensioners | 8.10% | 4.35% | 12.45% |
SBI gives a lot of significance to the various festivals that are celebrated in India. You can enjoy any festival to the fullest by taking the Festival Loan offered by SBI. It is a loan product that is given exclusively to meet all expenses associated with a festival. You can use these funds to purchase gifts for your loved ones to celebrate the festive season. You can also use this loan scheme to buy sweets, savouries, clothes, decorations, and other festive arrangements to make sure that you have a memorable gathering with your friends and family.
This loan is offered at low-interest rates with a low-processing fee. Moreover, you will not have to pay any administrative fee or hidden charge. This loan is offered with minimal documentation work. What’s more, you do not have to pay any prepayment penalty for this loan product!
Eligibility
For employees of unrated corporates
| Loan facility Type | 2-year MCLR | Spread over 2-year MCLR | Effective interest rate |
|---|---|---|---|
| Term loan | 8.10% | 4.55% | 12.65% |
| Term loan | 8.10% | 5.05% | 13.15% |
| Term loan | 8.10% | 5.40% | 13.50% |
| Term loan | 8.10% | 6.65% | 14.75% |
| Overdraft | 8.10% | 4.80% | 12.90% |
| Overdraft | 8.10% | 5.30% | 13.40% |
| Overdraft | 8.10% | 5.65% | 13.75% |
| Overdraft | 8.10% | 6.90% | 15.00% |
For employees of rated corporates
| Loan facility type | 2-year MCLR | Spread over 2-year MCLR | Effective interest rate |
|---|---|---|---|
| Term loan | 8.10% | 3.80% | 11.90% |
| Term loan | 8.10% | 4.30% | 12.40% |
| Term loan | 8.10% | 5.90% | 14.00% |
| Term loan | 8.10% | 6.40% | 14.50% |
| Overdraft | 8.10% | 4.05% | 12.15% |
| Overdraft | 8.10% | 4.55% | 12.65% |
| Overdraft | 8.10% | 6.15% | 14.25% |
| Overdraft | 8.10% | 6.65% | 14.75% |
SBI helps young individuals build their career competently by providing them with extensive financial support. You do not have to worry about monetary hardships when you are focused on achieving something. Even if you do not have sufficient financial sources to fund your academic course or certification programme, you do not have to give up on your dream goal.
The SBI Career Loan is exclusively designed to help women who aspire to be air hostesses. With this loan, you can pay your fees for air hostess training courses. It is a personal loan which will require you to provide the bank with a collateral. You will need to secure your personal loan with public sector bonds, mortgage of immovable property, RBI relief bonds, NSCs, government securities, RBI relief bonds, Kisan Vikas Patra (KVP), LIC policies, public sector bonds, bank’s TDR, etc.
The loan will need to be repaid through EMIs in 36 months. The maximum moratorium is 1 year after the air hostess training course is completed.
Eligibility
Interest rate
| Type of security or collateral | Interest rate |
|---|---|
| Bank TDR or STDR | 1% above the rate of interest that needs to be paid on the deposits |
| Land or building | 4.5% above MCLR for 1 year, presently 13.65% p.a. |
| Government securities, NSCs, public sector bonds, RBI Relief Bonds, KVPs, and LIC policy | 4.25% above MCLR for 1 year, presently 13.40% p.a. |
Processing Fees for Various SBI Personal Loan Products
| Product | Processing Fee |
|---|---|
| Xpress Credit | 1% of the Loan Amount |
| SBI Saral | 2% – 3% of the Loan Amount |
| SBI Career Loan | 0.50% of the Loan Amount |
| Loan for ESOPs | Rs 2000 per application |
| Equity Plus | Rs 2000 per application |
| Festival Loan | 1% of the Loan amount |
| SBI Pension Loan | 0.50% of the Loan amount (Minimum Rs.250) |
| Others like Jai Jawan Pension Loans, Bhagya Rekha Loan, Education Plus | Nil |
For any service-related issue, a customer can get in touch with SBI:
(Details on Helpline Numbers and Grievance Cell available on www.sbi.co.in)
In case a customer is not satisfied with the handling of grievance by the Local Head Office, a communication may be sent (enclosing the message sent earlier to Local Head Office) to the –
Deputy General Manager (Customer Service), Customer Service Dept., State Bank of India; State Bank Bhawan, 4th floor; Madame Cama Road, Mumbai-400 021,
Telephone No. (022) 22029456, 22029451 22740432, 22740431, 22740433 Fax no. (022) 22742431 E-mail address – dgm.customer(at)sbi(dot)co(dot)in
