Ajit Samal
by on November 24, 2020

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: 


Eligibility criteria

Interest rates 

12.15% to 15.15%

Processing fees

It must be 1% of the loan amount + GST

Prepayment charges 


Repayment tenure 

Should be up to 5 years 

Maximum loan amount 

Up to Rs. 15 lakh 

Loan approval time 

Approve within 10 minutes 

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: 

Eligibility criteria 

SBI Xpress Bandhan loan 

Xpress credit personal loan 

SBI pension loan 

Interest rate 

12.15% - 15.15% 

11.65% - 14.65% 



Xpress Credit loan (for IT employees) 

This loan is for salary package account holders 

Non-permanent employees (NPEs)

Types of loans 

Jai Jawan pension loan 

Pension loans to coal mines PF 

Clean overdraft loan 

Interest rate 





OD for E-commerce purchase

Loan against shares

Loan against NSC/KVP

Interest rate 




List of documents required for SBI personal loan 

For salaried employees 


Loan amount 

Documents required 

Resident of India 

  • Minimum- Rs 24,000 in metro and urban centres and Rs 10,000 in rural/semi urban centres. 
  • Maximum: 12 times net monthly income (salaried and pensioners) 
  • Submit passport size photograph. 
  • Identity proof 
  • Office address must be submitted for self-employed and professionals. The documents required such as shop/establishment certificate, lease deed, or telephone bill 
  • Submit salary slip and Form 16 for salaried person. 

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: 


Interest rates 


10.99% up to 16.50% 

Standard chartered 

11.50% up to 18%

Bajaj Finserv 

1.99% onwards 

IndusInd bank 

Above 11.25%

HDFC Bank 

10.75% up to 20.75% 

Bajaj Finserve




Tata Capital 

Minimum 11.25% 19% 

Fullerton India 

11.99% up to 26%

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. 

Loan amount 


Tenure in years 

Monthly EMI 

Total Interest

2 lakh 



Rs. 6,686

Rs. 40,693

2 lakh



Rs. 5,561

Rs. 66,932

2 lakh



Rs. 5,725

Rs. 7,4778

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.

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