Personal Loans from State Bank of India

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State Bank of India Personal Loan

SBI personal loan is accessible to all salaried professionals and self-employed with a minimum of 2 years standing.  SBI Bank offers personal loan under four categories – SBI Xpress Credit Personal Loan, SBI Pension Loan, SBI Saral Personal Loan, and SBI Festive Season Loan.

SBI Xpress Credit Personal Loan

SBI provides Xpress credit personal loans to the employees of under noted entities maintaining salary account with SBI. The entities includes Central & State Government, Quasi-Government, Central PSUs, Educational Institutions of National Repute , and Selected Corporates who have business relationship with the Bank.

SBI Pension Loan

SBI pension loan is for persons who are Central, State Government, or Defence pensioners drawing their pension through one of the SBI branches and are not more than 76 years of age.

SBI Saral Personal Loan

SBI saral personal loan is available for any legitimate purpose to salaried persons and self employed.

 SBI Festive Season Loan

As the name suggests, this loan is provided by the bank to meet any kind of festival related expenses.

SBI Personal Loan Interest Rates Ranges from 11.85% to 15.10%

Other Personal Loan Details

Loan Amount                              Upto 10 Lakh

Processing Fee                             2% – 3% + GST

Late Fee                                       24% p.a

Preclosure Charges                    3%

Loan Tenure                                upto 48 months

No preclosure charges will be charged if the account is closed from the proceeds of a new loan account opened under the same scheme.

Why You should Apply for SBI Personal Loan

  • The bank offers personal loans across various categories such as SBI Xpress Credit loan, SBI Saral Personal loan, Loan to pensioners, and SBI Festival personal loan.
  • One of least preclosure charges.
  • The wide network of SBI makes it a suitable loan option for people residing anywhere in the country.
  • Comparatively less interest rate.

Cons of SBI Personal Loan

Loan allowed only upto Rs 10 lakh.

EligibilitySalariedSelf Employed/Business
Age21 to 5821 to 65
Monthly Income/ProfitMinimum of Rs 15000Minimum net profit of Rs. 2 lac
Minimum Work Experience2 years2 years at least in current business.
Account neededRequired salary account with SBIRequired business account with SBI

Documents Required
SalariedSelf Employed/Business
Application FormApplication Form
ID Proof, Address ProofID Proof, Address Proof
Latest salary slip with form 16Income report with form 16
3 Month bank statement3 Month bank statement



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