How am I eligible for applying for SBI personal loan?

When people are availing of personal loans in India, the first bank that comes to mind is SBI. The State Bank of India has been a preferred choice for ages when people want to avail of a personal loan for their use. SBI offers facilities such as zero prepayment, minimum processing fees, low SBI personal loan interest rate, and more. Thus, people are also applying for SBI personal loan through its online application process. 

SBI personal loan details: 

SBI personal loan interest rates (Updated as of 20 November 2020)

SBI personal loan interest rates come under various categories and different schemes are as follows: 

List of documents required for SBI personal loan 

For salaried employees 

Types of personal loan offered by State Bank of India 

State Bank of India (SBI) offers personal loan schemes under four categories: SBI pension loan, SBI Xpress Credit personal loan, SBI Saral personal loan, and Festive Season loan. Compare the loan schemes with other personal loan bank’s interest rates. 

• SBI Xpress Credit personal loan 

State Bank of India offers loans up to 24 times of net monthly income for salaried individuals and pensioners. The maximum limit for a personal loan is Rs. 15 lakh. 

• Minimum EMI per lakh Rs. 2,616 and maximum EMI per lakh Rs. 2,765 for 4 years. 
• Interest rate is starting from 11.65% - 14.65% per annum. 
• Security is Nil 
• Processing fees for 1% of loan amount + applicable taxes. 
• Part-payment charges are starting from 6 months to 60 months (or residual service period whichever is less) 
• Minimum salary must be Rs. 7,500.

• SBI Pension loan

Features and benefits of SBI pension loans are:

• Interest rates on SBI pension loans are 11.60% per annum. 
• Low processing fee, less hidden charges, no pre-payment charges. 
• Family pensioner can avail a loan but the applicant should not be more than 76 years. 
• Borrowers can avail of a maximum 50% amount of pension is considered for availing the loan. 
• SBI charges a processing fee of 0.51% of the loan amount (+applicable tax) with a minimum of Rs 500. Including this, the processing fee is not charged from SBI Defence pensioners. 

• SBI Saral personal loan 

SBI Saral personal loan is available for the applicant to those personal working in the corporate sector, self-employed, engineers, doctors, architects, chartered accountants, MBA of a minimum of two years of employment. 

SBI Saral personal loan eligibility 

The borrowers are eligible for SBI Saral personal loan if they are: 

• Salaried and working with any leading corporate house 
• Self-employed such as engineer, doctor, architect, chartered accountant, and MBA for a minimum value of Rs. 2 years of experience. 
• The minimum loan amount for SBI Saral personal loan is Rs. 24,000 in metro and urban cities and Rs. 10,000 in rural/semi-urban cities. 
• It offers loans up to 12 times of net monthly of salaried individuals and pensioners. The maximum limit for a personal loan is Rs. 10 lakh. 
• The security is nil 
• The repayment period will be 48 EMIs. 

Compare SBI personal loan interest rates with other banks in India 

You can compare and choose other banks for applying for a personal loan based on your financial needs. Here is the list of the banks mentioned under: 

SBI personal loan top-up 

Borrowers can apply for SBI personal, they will get top-up on a personal loan if they have a regular repayment track record for applying for the personal loan. The top-up loans are available for the users at similar interest rates that are on your existing personal loan. The current interest rate on SBI personal loan top up is starting from 9.60%. 

SBI personal loan EMI calculator 

You can simply figure out how much EMI for the loan amount you have to pay; otherwise you can use this EMI calculator tool. To calculate the repayment amount, you can just enter your loan amount, interest rate & tenure, you will get the complete details of your loan. 

To conclude: 

The above information explains SBI personal loans eligibility, documents required, SBI personal loan EMI calculator, personal loan interest rates, list of banks offering personal loans, and the types of loans offered by SBI. You can either apply for SBI personal loan or can compare other bank’s interest rates for loan applications. It depends on you for choosing the types of loans and apply for the same and get benefits to fulfill your needs.