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All about SBI personal loan interest rates

[ecis2016.org] Know all about SBI personal loan interest rate, processing charges, eligibility, tenure, penalties and pre-payment charges

Leading public sector lender, State Bank of India (SBI), offers personal loans of up to Rs 20 lakhs. The tenure for these loans is up to six to seven years and is offered at a rate of interest from 9.80% or more. Processing fees, penalty fees for pre-payment, foreclosure, and late payment are charged, apart from the rate of interest. Salaried individuals are charged a lower rate, as compared to self-employed individuals. 

Interest rate 9.80%-13.80% per annum
Loan rate Up to 20 lakhs
Tenure 6-7 years
Monthly salary Rs 15,000 or more
Processing fee Up to 1.5% (maximum Rs 15,000)

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Types of SBI personal loans

SBI Xpress Credit Personal Loan

This loan is meant for salaried individuals. The loan amount can extend up to Rs 20 lakhs and the tenure can be six months to six years.

SBI Pre-approved Personal Loan (through the YONO app)

This loan is meant for savings account holders who can get an instant personal loan through the YONO app. The loan amount can exceed Rs 8 lakhs.

SBI Real-Time Press Credit Personal Loan

The loan can be availed anytime, anywhere and serves as an instant disbursal for government and defensive salary customers via the YONO app. The loan amount ranges from Rs 25,000 to Rs 30 lakhs for Real-Time Xpress Credit (RTXC) and Rs 25,000 to Rs 35 lakhs for Real-Time Xpress Credit Elite (RTXC Elite).

SBI Quick Personal Loan

Salaried borrowers who do not maintain accounts with SBI can apply for this personal loan. The loan ranges up to Rs 20 lakhs with 1.5% of the loan plus GST as a processing fee. The tenure varies from six months to six years.

SBI Covid Loans

It assists with Covid treatment for an individual or the family. The loan amount ranges from Rs 25,000 to Rs 5 lakhs with tenure up to five years. The processing fee is nil.

SBI Pension Loan

To assist with the financial need of government/defence/family pensioners.

Loan amount

Government pensioner: Up to Rs 14 lakhs

Defence pensioner: Up to Rs 14 lakhs

Family pensioner: Up to Rs 5 lakhs

Tenure

Government pensioner: 5 years

Defence pensioner: 7 years

Family pensioner: 5 years

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Eligibility for SBI personal loans

SBI Xpress Credit Personal Loan

  • Salaried account holders with SBI.
  • Minimum salary must be Rs 15,000.
  • Equated monthly instalment (EMI)/ net monthly income (NMI) ratio: Less than 50%.

SBI Pre-approved Personal Loan (through the YONO app)

  • Customer service point (CSP) or non-CSP customer
  • SBI savings account holder

SBI Real-Time Press Credit Personal Loan

  • Net monthly Income for  RTXC should be Rs 15,000 or more and for RTXC Elite it should be Rs 1 lakh or more.
  • NMI/EMI ratio: Less than 50% for RTXC; Less than 60% for RTXC Elite.
  • Government/ defence salary package holder.

SBI Quick Personal Loan

  • Should not have SBI salary account
  • Employed
  • Age range: 21-58 years
  • Monthly income: Rs 15,000 or more
  • EMI/NMI ratio: Less than 50%

SBI Pension Loan

For central/ state government pensioners

  • Age less than 76 years
  • Pension drawn through SBI
  • The pensioner should provide an irrevocable undertaking not to alter the mandate to the Treasury during the loan tenure
  • The Treasury should give in writing mentioning that no transfer of pension payment to any other bank without an NOC
  • All terms and conditions are applicable, including guarantee by a third party or by the spouse

Eligibility for defence pensioners

  • Maximum age up to 76 years
  • No minimum age
  • Pensioners from armed forces such as navy, army, air force, paramilitary forces (BSF, CISF, CRPF, ITBP), Coast Guards, Assam Rifles, Rashtriya Rifles
  • Pension account should be maintained with SBI

Eligibility for family pensioners

  • Age up to 76 years

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Documents necessary For SBI personal loan

  • PAN card
  • Proof of signature
  • ITR / Form 16
  • Bank statements for the last six months: Last three months’ wage slips

Self-employed individuals

  • Form 26 AS, Income Tax Challan, or TDS certificate (Form 16A) for income tax declared
  • Business proof
  • ITR for the previous two years, coupled with P&L account, balance sheet, and income computation for the last two years

SBI personal loan interest rate 

Particulars Salaried/Self-employed Pensioners
Interest rate 9.60% p.a. – 15.65% p.a. 9.60% p.a. – 15.65% p.a.
Loan amount Rs 25,000 to Rs 20 lakhs Rs 25,000 to Rs 14 lakhs
Loan time Up to 72 months Up to 84 months
Processing fee 1.5% of loan amount + tax 0.5% of loan amount + tax
Age 21 to 58 years Up to 78 years
Salary Rs 15,000 onwards At the discretion of the financial institution
Credit score Greater than equal to 750 At the discretion of the financial institution
Prepayment charges 3% on prepaid amount 3% on prepaid amount

Check out: Read about IFSC code SBI  

FAQs

Do banking institutions demand collateral or security for personal loans?

No, there is no need for collateral or security while applying for a personal loan.

Can individuals pay off their loans early?

Yes, they can pay the lump sum amount, but they should enquire about the prepayment charges.

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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