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SBI Personal Loan: The Ultimate Solution for Your Financial Needs
State Bank of India is a reliable name in the lending industry. The bank offers personal loans for taking care of the financial needs of individuals. Their seasonal deals and offers give immense benefits to the loan applicants. The loan application process is quick and efficient.
The applicant can apply for a personal loan either offline by visiting the SBI branch or online through their website. After filling in the application form, the applicant can submit the requested documents online only. With all the documentation in place, the SBI personal loan gets approved in 2-3 days and disbursed even faster.
Minimum Monthly Salary | 15,000 |
Interest Rate | 11.45%-14.85% p.a. |
Loan Amount | Up to Rs 30 lakh |
Tenure | Up to 6 years |
Pre-Closure Charges | NIL |
Part-Payment Fees | NIL |
Processing Fee | Up to 1.5% + GST |
Types of SBI Personal Loan
Xpress Flexi
SBI has customized an Overdraft Personal Loan product for all Salaried customers having a Monthly salary of ₹50000/- & above. Whether it’s a wedding or a vacation, unplanned emergency or planned purchase, get an Overdraft facility under SBI Xpress Flexi Personal Loan and withdraw as & when you need.
SBI Pension Loan
Retirement just got merrier with SBI Pension Loan. Fund your child’s marriage, buy your dream home, plan a trip or get medical aid with simple and hassle free loan and repayments.
SBI Xpress Credit
Whether it’s your wedding or a vacation, unplanned emergency or planned purchase, get quick approval and instant disbursal with minimal documentation through SBI’s Xpress Credit Personal Loan for all your needs.
Pre-Approved Personal loans
Presently, this loan is being offered to a category of customers who are pre-selected on certain parameters pre-defined by SBI.
SBI Xpress Elite
Special Personal Loan for Salaried Customers with Monthly Income of rs 1 lakh and above. SBI has customized a Personal Loan for all high value Salaried customers having Monthly Income of Rs. 1 lakh & above. Whether it’s wedding or a vacation, unplanned emergency or planned purchase, get quick approval and disbursal with minimal documentation through SBI Xpress Elite Personal Loan.
SBI QUICK personal loan
No matter where you maintain your Salary Account, SBI has customized a Personal Loan for you. Whether it’s your wedding or a vacation, unplanned emergency or planned purchase, get quick approval with minimal documentation through Contactless Lending Platform (CLP).
EMI Calculation of SBI Personal Loan
Imagine an individual with a monthly income of Rs. 50,000 per month opting for a personal loan of Rs. 2 lakh. This loan comes with an annual interest rate of 11.45% p.a. If the repayment period is set for 2 year, the borrower will be required to pay a monthly EMI of Rs. ₹9,384. The detailed repayment schedule for the loan is outlined as follows:
Features & Benefits
Eligibility
Who can apply:
- Employees from private and public sector
- 2 years job experience, 1 year with current employer
- Minimum ₹ 15000 monthly income
Age:
Individuals between 21 and 60 years of age
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- Aadhar Card (Mandatory)
- Pan card (Mandatory)
Any of the following
Address Proof
- Passport
- Utility Bill
- Aadhar Card
- Driving License
Any of the following
Other Docs
Mandatory
- Salary Slips ( Last 3 months)
- Salary A/c Bank statement ( Last 3 months)
Calculator
Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary
Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
Now you can easily apply for a SBI personal loan by following simple steps. The application process is made smooth and efficient by following certain steps that can be understood as the following.
- Scroll Up. Fill in the basic details about your name, number, and work profile.
- Fill in your personal details. For example, your email, company name, and DOB.
- Mention your credit score, PAN number, and salary-related information.
- Compare the offers from 20+ banks and NBFCs before applying for loans.
- Organise all the documents, like the Aadhaar Card, PAN Card, residential proof, KYC details, and past 3 months' bank account statement. Submit these documents when needed.
- After successful document verification, your loan will be approved and money will be credited to your bank account.
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of 25 lakh personal loans.
1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.
2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.
3. Clear Existing Debts
Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.
4. Provide Verified Information
Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.
5. Stable Employment
Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.
6. Credit Report of Last 6 Months
When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.
7. Timely EMI Repayments
If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.
8. Don’t Engage in Paid Fantasy Gaming Apps
Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.
9. Clean Salary Bank Account Statement
Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.
10. Average Bank Balance
Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.
11. Multiple F&O Transactions in the Stock Market
If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.
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