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Personal loans are multipurpose loans offered by many banks and financial institutions. Different lenders offer a varied rate of interest on these loans. The best part about personal loans is that the applicants need not tell the lender on how he will use the loan amount. The money obtained from the personal loan can be used for meeting out financial emergencies like paying for education, wedding expenses, home renovation or improvement, buying any equipment, travel and vacation, medical expenses etc. These loans are offered without any collateral and are one of the most sought after loan product.

However, with competition in personal loan lenders, the best rate of interest can be achieved if the borrower is a little alert and does the prior research. It is advisable to compare the personal loan deals, interest rate and other terms and conditions before zeroing on the lender.

State Bank of India is one 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 fast and easy. 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.


SBI personal loan is the most sought after by the applicants because:

  • Low-interest rate
  • Transparent loan processing
  • No hidden charges
  • Minimal processing fees
  • Loan tenure ranging between 1-5 years
  • Easy and convenient online applications
  • Dedicated 24*7 customer care service
  • Various personal loan options available as per the applicant’s needs


  • Minimal documentation
  • Quick approval and fast disbursal of loan
  • The lowest interest rate in comparison to various other lenders
  • A high amount offered as personal loan
  • No need for any collateral
  • The largest network of banks across the country means that SBI personal loan can be applied from anywhere.
  • Specific loan products catering to different borrowers.
  • Personal Loans enabled via LoansJagat online platform


  • Purpose of the SBI Personal Loan: Personal loans are multi-utility loans which can be used for meeting the expenses of medical bills, education, home renovation, travel, vacation, buying a car, wedding etc.
  • Eligibility for the SBI Personal Loan: The basic eligibility criteria includes that the borrower must either be salaried individual, self-employed, businessmen, pensioners of central/state government/armed forces or with regular income. 
  • Rate of interest:


For Salaried

For Self-Employed

Interest Rate

10.99% onwards

15.00% onwards

Loan Tenure

Up to 5 years

Up to 5 years

Loan Amount

Min. Rs. 24,000, Max. Rs. 15 lakhs

Min. Rs. 25,000, Max. Rs. 15 lakhs

Processing Fee

1% of loan sanctioned + Taxes

1% of loan sanctioned + Taxes

Pre-payment Charges

3% of amount prepaid

3% of amount prepaid

Foreclosure Charges

3% of principal outstanding

3% of principal outstanding

  • Mode of Repayment of loan: SBI Personal loan EMI can be repaid to the bank either through the check-off facility, post-dated cheques for the loan tenure. It can also be paid through SUI wherein the money is deducted from the borrower’s salary account or pension account in the SBI.
  • Processing fees for the SBI personal loan: Different personal loan products have different processing fees.
    1. Xpress credit loan charges 1% of the loan amount as processing fee.
    2. SBI SARAL loan charges 2%-3% of the loan amount as processing fee.
    3. The Festival loan charges 1% of the loan amount as processing fee.
    4. SBI Pension loan charges 0.50% of the loan amount as processing fee minimum of which is Rs.250.
    5. In case of bounced cheques/ ECS and SI dishonours, a penalty of Rs.500/-+ applicable service tax will be charged from the applicant. The rate may differ with time. SBI will take legal action under section 138 of the Negotiable Instrument Act of 1881 in case of cheque bouncing.
  • Repayment of the SBI Personal Loan: The loan amount is supposed to be paid back along with the interest rate in EMIs over the tenure for which the loan is procured. The loan can be repaid in lump sum towards the end of the loan tenure. Lowest SBI Personal Loan EMI should be paid timely to avoid defaults.
  • Default: If the customers default in repaying the EMI, then regular reminders in the form of post, email, SMS, phone are made. SBI can also appoint a collecting agency to collect the due loan amount. The collecting agency is supposed to abide by rules and regulations of the Indian Bank’s Association (IBA) and must conduct the process appropriately.
  • Timeline for Disposal of loan Application: On receipt of complete application form along with requisite documents, SBI personal loan is disposed in 3 days in metro cities and in 2-3 days in suburban and rural areas. If the loan verification is required to be done through government agencies, then 15 business days extra should be taken into account.


SBI offers various personal loans depending upon the borrower’s needs. These loan products are viz.

  1. SBI Xpress Credit Personal Loan
  2. SBI Saral Personal Loan
  3. SBI Loans to Pensioners
  4. SBI Festive Personal Loan.

These loan products are catered for different purposes and are great options if one is seeking customisation.

Thus, SBI Personal loans are your best bet if you are seeking a personal loan with flexibility and low-interest rates. So, look no further and contact the bank either online by visiting the branch to avail the best loan product. Their dedicated team of bankers guide you to choose the right product as per your needs and requirements. SBI is thus one-stop shop for availing a personal loan and LoansJagat offers the best platform to get access to best personal loans like that of SBI Personal Loans

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