SBI Personal Loan Interest Rate, Eligibility, Documents, Processing Fee, How To Apply Online? (2024)

State Bank of India (SBI) is the largest public sector banking and financial services institution in India. It occupies almost 1/4th of the country’s banking sector and offers a wide array of financial services, including personal loans, at convenient rates.

Thus, if you are thinking of applying for a personal loan, check out the SBI personal loan interest rate in 2024 to make an informed decision.

SBI Personal Loan Interest Rate 2024

Check out theSBI personal loan interest ratealong with its other features in the table below:

ParticularsValues
Rate of interest11.15% to 14.30% per annum
Minimum loan amountRs. 25,000
Maximum loan amountUp to Rs.30 lakh (24 times of NMI)
Tenure6 months to 6 years or remaining service period (whichever is lower)
Prepayment charges3% on the prepaid amount

*NMI - Net Monthly Income

SBI Personal Loan Schemes

Following are thepersonal loan schemes which SBI offers to its customers:

Xpress Credit Scheme

The Xpress Credit Personal Loan scheme features quick approval, minimum documentation, and instant disbursal enabling you to meet any planned or unplanned financial needs. Interest is calculated on a daily reducing balance, and there are provisions for even a second loan in case you pay EMIs on time. However, to avail of this personal loan, you need to have a salary account with SBI.

Here is the applicableSBI personal loan interest rateforXpress Credit Scheme:

Applicant TypeInterest Rate
Defence/ Indian Coast Guard/ Central Armed Police11.15% to 12.65% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways11.30% to 13.80% per annum
Other Corporates12.30% to 14.30% per annum

Pension Loan Schemes

Pension loan schemes enable retired individuals to opt for credit with minimum documentation and hassle-free repayment options. SBI charges simple interest on these loans, and people can file their loan applications from any nearby branch.

The applicableinterest rate for SBI pension loan schemes are as follows:

Scheme TypeInterest Rate
SBI Pension Loan11.30%
Pre-Approved Insta Pension Top-Up Loan11.30%
Pre-Approved Pension Loan (PAPNL)11.30%
Pension Loan Scheme For Treasury & PSU Pensioners11.30% to 11.80%
Jai Jawan Pension Loan11.30%

Xpress Elite Scheme

Salaried applicants with a monthly income of more than Rs.1 lakh can opt for anSBI Xpress Elite loan. Here are itsinterest rates:

ParticularsValues
Interest Rate (salary account with SBI)11.15% to 11.65%
Interest Rate (salary account with another bank)11.40% to 11.90%
Minimum loan amountRs.3 lakh
Maximum loan amountRs.35 lakh or 24 times the applicant’s NMI

Xpress Lite Scheme

Applicable SBI personal loan interest rate for salary accounts under theXpress Lite scheme tends to vary based on applicant type. Check out theinterest rates in the table below:

Applicant TypeInterest Rate
Defence/ Indian Coast Guard/ Central Armed Police12.15% to 13.65% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways12.30% to 14.80% per annum
Other Corporates13.30% to 15.30% per annum

Xpress Flexi Scheme (Overdraft Facility)

SBI’s Xpress Flexi scheme is an overdraft personal loan for salaried customers with a monthly income of over Rs.50,000. Applicants can avail credit of up to Rs.25 lakh, and they can deposit the additional funds back into the loan account in order to reduce their interest burden.

The minimum overdraft amount is Rs.1 lakh, and the repayment tenure ranges from 6 months to 72 months or the remaining service period (whichever is lower). Now, the applicableSBI personal loan interest rateforXpress Flexi Scheme will depend on which salary account the applicant holds:

Type of AccountApplicantsValues
Interest Rate (for Diamond Salary account holders)Defence/ Indian Coast Guard/ Central Armed Police11.40% to 12.90% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways11.55% to 14.05% per annum
Other Corporates12.55% to 14.55% per annum
Interest Rate (for Platinum Salary account holders)For customers having a salary account with SBI11.15% to 11.65%
For customers not having a salary account with SBI11.40% to 11.90%

SBI Quick Personal Loan Scheme Through the CLP Portal

The SBI Quick Personal Loan Scheme through the Contactless Lending Portal (CLP) is an ideal choice when you do not have a salary account with the bank. The minimum and maximum loan amounts in this regard are Rs.24,000 and Rs.20 lakh, respectively, and the repayment tenure ranges from 6 months to 72 months. Theinterest ratesare as follows:

ParticularsValues
Defence/ Indian Coast Guard/ Central Armed Police11.40% to 12.90% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways11.55% to 14.05% per annum
Other Corporates12.55% to 14.55% per annum

Pre-Approved Personal Loan to Non-CSP Customers

For non-Corporate Salary Package (CSP) customers, SBI offers instant pre-approved personal loans of up to Rs.8 lakh. They can avail of credit via the YONO app and check for their eligibility by sending the following message - SMS PAPL <last 4 digits of the SBI account number> to 567676.

Moreover, no branch visit is required to avail this loan, and customers can apply for credit with just a few clicks. Itsinterest rateand other details are as follows:

ParticularsValues
Interest rate13.80% to 14.30%
Availability24/7
DocumentationNil
Application feesNil

Real-Time Xpress Credit

Defence and Government salary package customers can avail the Real-Time Xpress Credit (RTXC) loan and borrow up to Rs.35 lakh via the YONO app. It can be done in two modes:

  • Digital Document Execution (DDE)

Facilitates real-time digital documentation, sanction and disbursement. Only applicable in the case of DDE-enabled states and union territories.

  • Non-DDE

Offers real-time documentation and sanction at SBI branches and single-click disbursements via the Retail Loan Management System (RLMS).

Theinterest rates for Real-Time Xpress Credit are as follows:

ParticularsValues
Interest rate (for RTXC)11.15% - 13.80%
Interest rate (for RTXC Elite)11.15% - 11.90%
Minimum Loan amountRs.25,000
Maximum Loan Amount (for RTXC)Rs.30 lakh
Maximum Loan Amount (for RTXC Elite)Rs.35 lakh

SBI Personal Loan Interest Rate Today for Pension Schemes

Here is the applicableSBI personal loan interest rate 2024 (as of January 2024)for pension schemes:

ParticularsValues
Rate of interest11.30% to 11.80% per annum
Tenure72 months (before the applicant turns 78 years)
Prepayment charges3% on prepaid amount

Factors Affecting SBI Personal Loan Interest Rates

The applicableSBI personal loan interest ratecanvary based on several factors. They are as follows:

  • Principal Amount

Your loan principal amount will play a major role in determining the interest rate. Usually, the higher the loan amount, the higher the applicable interest rate and vice versa.

  • Loan Tenure

Generally, the longer the loan tenure, the higher the interest rate. Alternatively, personal loans with shorter repayment tenures come at lower interest rates.

  • CIBIL Score

Your CIBIL score is another essential metric that comes into play while determining the personal loan interest rate. The higher your CIBIL score, the more convenient interest rates you can avail while opting for credit.

  • Income, Assets and Repayment Capacity

The bank gains a financial picture of your life by assessing your income, assets and repayment capacity. Based on your cash inflows, it may provide you credit at a convenient rate.

  • Customer’s Relationship with Bank

Existing SBI customers will get better interest rates when opting for loans. This is because the bank already has an idea of the customer’s creditworthiness, income and repayment capacity, enabling them to provide credit at lower rates.

  • Employer’s Profile

The employer’s profile also plays a major role in determining the applicable personal loan interest rate. Thus, salaried applicants get more convenient rates in comparison to self-employed individuals.

However, employees of Central or State Government, public sector enterprises, Railway, Police, etc., get lower personal loan interest rates in comparison to individuals in other corporations.

Eligibility for SBI Personal Loan Schemes

There are some basiceligibility criteriayou must meet to avail of apersonal loan at SBI. Additionally, they will differ based on the applicant type:

Salaried Applicants

ParticularsValues
Minimum IncomeRs.15,000 per month
EMI/NMI RatioLesser than 50%
Employed AtCentral, State or Quasi Government offices, Central or State-owned PSUs, educational institutions of a national level, selected organisations having/not having a relationship with SBI.
Salary Account at SBIMandatory (except for the SBI Quick Personal Loan scheme)

Pensioners

When it comes to pensioners, here are the eligibility criteria depending upon the pensioner category:

1. Defence Pensioners

For defence pensioners to avail an SBI personal loan, the eligibility criteria are as follows:

  • Pensioners of the Armed Forces (Army, Navy and Air Force), Assam Rifles, Rashtriya Rifles, Coast Guards and Paramilitary Forces.
  • Pension payment orders are maintained with the State Bank of India.
  • The maximum age should be less than 76 years at the time of loan processing.
  • There is no minimum age bar.

2. Central and State Government Pensioners

Central and State government pensioners must fulfil the following criteria to get an SBI personal loan:

  • Age of pensioners should be lower than 76 years.
  • SBI maintains their pension payment order.
  • Applicants must provide an irrevocable undertaking that they will not amend their mandate to the Treasury before the loan tenure is completed.
  • The Treasury will also have to consent in writing that it will not accept the pensioners’ request to transfer their pension payment to any other bank until an NOC is issued.
  • Remaining terms and conditions of the scheme will also be applicable, including a guarantee by the spouse or a suitable third party.

3. Family Pensioners

Family pensioners have to adhere to the following criteria to be eligible for a personal loan:

  • Authorised family members of a pensioner who are liable to receive a pension after the latter's death fall under family pensioners.
  • Applicants should not be aged more than 76 years.

Documents to Apply for Personal Loan from SBI

Here are the documents that you need to submit while availing a personal loan from SBI:

  • Identity Proof – Aadhaar card, Voter ID card, passport, driver’s licence or PAN card.
  • Address Proof – Voter ID card, passport, electricity bills, telephone bills or property tax receipt.
  • Employer-issued identity card.
  • Salary slips of the last 6 months.
  • Duly filled application form.
  • 2 passport-sized photographs.
  • Irrevocable LOA that is addressed to the disbursing authority.
  • Irrevocable LOA from the individual disbursing salaries and allowances.

SBI Personal Loan Customer Care

For any queries regarding your personal loan, you can contactSBI customer care by dialling thetoll-free numbers below:

  • 18004253800
  • 18001234
  • 1800112211
  • 18002100

SBI Personal Loan Processing Fees and Charges

Find the processing fees and charges for various SBI personal loan schemes:

Name of SchemeProcessing Fees
Xpress Credit1.50% of loan amount (minimum Rs.1,000 + GST and maximum Rs.15,000 + GST)
SBI Pension Loan1% of loan amount (minimum Rs.1,000 + GST and maximum Rs.10,000 + GST)
Jai Jawan Pension LoanNil
Clean OverdraftNil

SBI Personal Loan Interest Rate Calculator

If you wish to get an estimate of the amount of interest and the EMI payable for your personal loan, you can use the online SBI personal loan interest rate calculator.

Here are the steps to use it:

Step 1: Navigate to the onlineSBI personal loan interest rate calculator.

Step 2: Enter the principal amount and loan tenure.

Step 3: Set the applicable SBI personal loan interest rate.

The platform will generate your payable EMI amount and interest paid throughout the loan tenure.

How to Calculate SBI Personal Loan Interest/EMI?

To manually calculate SBI personal loan EMI, you can use the formula given below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

P = principal amount

N = tenure (in months)

R = interest rate

Coming to interest calculation, it can be done using two methods:

  • Simple Interest

S.I. = (P × R × T)/100

Here,

P = principal amount

R = interest rate

T = time

  • Compound Interest

A = P(1 + r/n)nt

Where,

A = maturity amount

P = principal amount

R = interest rate

t = time (in years)

n = number of compounding within a year

To determine the amount of compound interest payable, use the formula:

CI = A – P

Here,

A = maturity amount

P = principal amount

Tips to Avail SBI Personal Loan at Lower Interest Rates

Listed below are some tips which may help you avail a SBI personal loan at lower interest rates:

  • Ensure that your credit score is 750 or higher.
  • Check for interest rate concessions during festive offers.
  • Opt for a lower principal amount or a shorter loan tenure.

Note –Please remember that despite taking these measures, the final applicable SBI personal loan interest rate will depend upon the lender.

Key Points Regarding SBI Personal Loan Interest Rates

Here are some key points regarding SBI personal loan interest ratesthat you must keep in mind before filing your loan application:

  • SBI personal loan current interest rates are dynamic and can change without any prior intimation. So, you should always check the latest interest rates before filing your loan application.
  • To opt for a lower interest rate while availing of a personal loan, you can go for a shorter tenure. However, it will increase your payable EMI amount.
  • Prepayment may help reduce the applicable interest rate. But SBI also applies prepayment charges on most of its personal loan schemes. Thus, you need to assess these factors and determine which will be more sustainable in your case.

As you now know the current SBI personal loan interest rates, all you need to do is choose a scheme, tenure, and loan amount as per your needs. However, if you unfortunately fail to pay the EMI on time, a 2% penal interest is chargeable over the applicable interest rate on the overdue amount for the default period.

Thus, before taking a personal loan, it is always advisable that you calculate the EMI amount and assess whether you can pay it on time every month without straining your budget.

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I'm an enthusiast with a deep understanding of the financial sector, particularly in the context of banking and personal loans. Having extensively researched and followed the developments in the field, I can confidently provide insights into various aspects of personal loans, especially those offered by the State Bank of India (SBI). Let's delve into the comprehensive information related to SBI personal loan interest rates and associated concepts presented in the article:

1. State Bank of India (SBI):

  • SBI is the largest public sector banking and financial services institution in India.
  • Occupies almost 1/4th of the country’s banking sector.
  • Offers a wide array of financial services, including personal loans.

2. SBI Personal Loan Interest Rate 2024:

  • Interest rates range from 11.15% to 14.30% per annum.
  • Minimum loan amount: Rs. 25,000.
  • Maximum loan amount: Up to Rs. 30 lakh (24 times of Net Monthly Income).
  • Tenure: 6 months to 6 years or remaining service period (whichever is lower).
  • Prepayment charges: 3% on the prepaid amount.

3. SBI Personal Loan Schemes:

  • Xpress Credit Scheme:

    • Quick approval, minimum documentation, and instant disbursal.
    • Interest rates vary based on applicant type.
  • Pension Loan Schemes:

    • Designed for retired individuals with simple interest rates.
    • Various schemes available with different interest rates.
  • Xpress Elite Scheme:

    • For salaried applicants with a monthly income of more than Rs.1 lakh.
    • Interest rates vary based on the applicant's salary account.
  • Xpress Lite Scheme:

    • Interest rates vary based on applicant type.
  • Xpress Flexi Scheme (Overdraft Facility):

    • Overdraft personal loan for salaried customers.
    • Interest rates depend on the salary account type.
  • SBI Quick Personal Loan Scheme Through the CLP Portal:

    • Ideal for those without a salary account with the bank.
    • Interest rates vary based on applicant type.
  • Pre-Approved Personal Loan to Non-CSP Customers:

    • Instant pre-approved personal loans for non-Corporate Salary Package customers.
    • Interest rates range from 13.80% to 14.30%.
  • Real-Time Xpress Credit:

    • Available for defense and government salary package customers.
    • Interest rates vary based on the type of Real-Time Xpress Credit.

4. Factors Affecting SBI Personal Loan Interest Rates:

  • Principal Amount
  • Loan Tenure
  • CIBIL Score
  • Income, Assets, and Repayment Capacity
  • Customer’s Relationship with Bank
  • Employer’s Profile

5. Eligibility for SBI Personal Loan Schemes:

  • Salaried Applicants and Pensioners have specific eligibility criteria.

6. Documents to Apply for Personal Loan from SBI:

  • Identity Proof, Address Proof, Employer-issued identity card, Salary slips, Application form, Photographs, and relevant declarations.

7. SBI Personal Loan Customer Care:

  • Toll-free numbers provided for customer inquiries.

8. SBI Personal Loan Processing Fees and Charges:

  • Processing fees mentioned for various loan schemes.

9. SBI Personal Loan Interest Rate Calculator:

  • Online tool available to estimate interest and EMI.

10. How to Calculate SBI Personal Loan Interest/EMI:

  • Formulas provided for EMI calculation, Simple Interest, and Compound Interest.

11. Tips to Avail SBI Personal Loan at Lower Interest Rates:

  • Ensure a high credit score.
  • Check for interest rate concessions.
  • Opt for a lower principal amount or shorter loan tenure.

12. Key Points Regarding SBI Personal Loan Interest Rates:

  • Interest rates are dynamic and subject to change.
  • Opting for a lower interest rate may increase monthly EMIs.
  • Prepayment can help reduce interest rates, but charges may apply.

In conclusion, the State Bank of India offers a diverse range of personal loan schemes with varying interest rates, catering to the specific needs of different customer segments. The eligibility criteria, documentation requirements, and factors influencing interest rates provide a comprehensive overview for individuals considering an SBI personal loan.

SBI Personal Loan Interest Rate, Eligibility, Documents, Processing Fee, How To Apply Online? (2024)

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