SBI, known for one of the most trustworthy banks in India, offers various personal loans at low-interest rates. SBI Personal Loan Interest Rate starts at 10.55%. It varies on the basis of the type of loan you’re applying for. In this article, we will understand the SBI Personal Loan Rate of Interest and how to apply for SBI Pension Loan.
What is SBI Personal Loan Interest Rate?
To sustain the financial well-being, people take a personal loan. As State Bank of India (SBI) provides personal loan at a low-interest rate, people often prefer SBI over other financial institutions.
The SBI Personal Loan Interest Rate starts at 10.55% and is one of the most affordable in the market. SBI Personal Loan Interest Rate is a combination of MCLR and fixed interest rate charged by SBI, which gives it a floating nature.
Important facts about SBI Personal Loan
| Interest Rate | 10.55% – 14.95% |
| Loan Amount | Term Loan – Min. ₹24,000, Max. 24X of monthly salary or ₹20 Lacs Overdraft – Min ₹10 Lacs, Max. 24X of monthly salary or₹20 Lacs |
| Tenure | Up to 6 years |
| Processing Fees | 0-1% of the Loan Amount + GST |
| Prepayment Charges | 0-3% of the principal outstanding |
| Collateral | Not Required |
The rate of interest charged by SBI is not constant. It varies from one loan type to another.
Types of SBI Personal Loan
SBI Xpress Credit Personal Loan – It is one of the simplest loans of SBI. You can avail it for sudden expenses like a festival celebration, traveling, etc. or an urgent requirement like a medical emergency. You can successfully avail it if you are eligible for the loan and have proper documents that are asked by SBI for personal loans. Below, we have mentioned a few facts about SBI Xpress Credit Personal Loan.
- The interest rate on this loan is 11.55% onwards.
- The SBI Xpress Credit loan amount goes up to 20 lacs.
- Maximum loan tenure is 6 years.
- SBI charges 1% of the total loan amount as a processing fee.
SBI Xpress Power – It is a type of unsecured loan that is given to those who don’t have a salary account in SBI. Those who are working in government or government-related organizations are eligible for this loan.
- Minimum salary criteria for this loan is ₹50,000.
- The interest rate starts at 11.65%.
- Repayment period up to 5 years.
- 1% of the total loan amount will be charged as processing fee.
SBI Xpress ELITE – This loan is provided only to those who have a salary account in SBI.
- Interest Rate for this loan starts at 10.55%.
- The maximum loan amount that can be sanctioned in this loan type is ₹15 Lacs.
- The repayment tenure of SBI Xpress ELITE is up to 5 years.
SBI Pension Loan – Those who are getting a pension from central or state government are eligible for this loan.
- The interest rate on this loan type starts at 11.50%.
- Borrowers need to pay back the loan amount with a pre-decided interest rate between 2 to 5 years.
Below, you can find detailed information about SBI Pension Loan.
Basic Eligibility Criteria for every SBI Personal Loans
For salaried individuals
- The age criteria are between 21 and 58.
- The minimum income criteria are ₹5000/month.
- Applicants must have minimum work experience of 2 years.
- He/she should be living in his current residence from 1 year.
For self-employed individuals
- The minimum age criteria are 21 years and the maximum is 65 years.
- He/she should have a monthly source of income worth ₹7000.
- Total work experience should be 3 years at least.
- He/she should be living in his current residence from 1 year.
Documents Required for SBI Personal Loans
These are the following documents required by SBI for approving SBI Personal Loan
- ID proof
- Residence proof
- Age proof
- Salary slip of last 3 months
- Bank Statement of the last 3 months
- Filled SBI Personal Loan Application Form
- Passport-sized photographs
We advise you to carry all the documents with you when applying for SBI Personal Loan to avoid any hassle.
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