SBI Personal Loan

Features and Benefits

A lower SBI personal loan interest rate isn’t the only deal-breaker for the bank. The following features and benefits must be considered when choosing the State Bank of India.

• Low Processing Charges: SBI charges minimal fees for processing your loan application, making it more affordable.
• Low Interest Rates: Competitive interest rates ensure that your loan remains cost-effective.
• Minimal Documentation: The application process is simple and requires minimal paperwork.
• No Hidden Costs: SBI maintains complete transparency, so you won’t encounter any surprise fees.
• Interest on Daily Reducing Balance: Interest is calculated on the daily reducing balance, helping you save on overall interest.
• High Loan Amount: You can borrow up to ₹20 lakhs, depending on your eligibility.
• Instant Loan Approval: Quick approval ensures that you get the funds you need without delay.
• No Prepayment Penalty: You can repay the loan early without worrying about prepayment penalties.
• No Security, No Guarantor Required: As an unsecured loan, there’s no need for collateral or a guarantor.

• Flexible Repayment Period: Choose a repayment tenure that suits you, ranging up to 72 months.

Personal Loan Eligibility

SBI personal loan eligibility criteria must be met by individuals seeking personal loans. A borrower must fulfil the following  SBI personal loan requirements:

Criteria	Details
Age	- Minimum: 21 years - Maximum: 58-60 years (varies depending on loan type and profile)
Income	- Salaried Individuals: ₹2 lakhs p.a. - Self-employed Individuals: ₹3 lakhs p.a.
Employment	- Salaried Employees: Government, PSUs, or reputed private organizations - Self-employed Professionals: Stable business or practicing professionals (doctors, architects, etc.) - Pensioners: Retired government employees or family pensioners drawing SBI pension
Credit Score	750+ (preferred for faster approval and better terms)
Work Experience	- Salaried Individuals: 1+ year with current employer - Self-employed Individuals: 2+ years of stable business

SBI Personal Loan Schemes

SBI Bank charges no fees when you apply for SBI personal loan. However, the bank may charge an amount when processing the loan, or a fee may be levied. The applicant may have to bear the following charges on the SBI personal loan type:

Scheme	Overview	Key Features
SBI Xpress Credit	Quick Loan for Salaried	- Fast processing and disbursal - Minimal documentation - Attractive interest rates - Tenure: 6-60 months
SBI Personal Loan	General-Purpose Loan	- Flexible loan amount (₹25,000 - ₹15 lakhs) - Competitive interest rates - Repayment tenure: 6-72 months - No collateral required
SBI Pension Loan	Loan for Pensioners	- Exclusive loan for retired government employees - Easy documentation - Attractive interest rates - Tenure: 6-60 months
SBI Saral Personal Loan	Simplified Loan Process	- Streamlined application process - Quick approval and disbursal - Flexible repayment options - Tenure: 6-72 months

Get SBI Personal Loans by Need 

Personal Loans by Amount	SBI Loans by Profession	SBI Loans by Type
SBI Loans Personal of ₹50,000	SBI Loans Personal  for Government Employees	SBI Flexi Loan
SBI Loans Personal of ₹1 Lakh	SBI Loans Personal  for Salaried Employees	SBI Overdraft Loan
SBI Loans Personal  of ₹2 Lakhs	SBI Loans Personal  for Students	SBI Short Term Loan
SBI Loans Personal  of ₹3 Lakhs	SBI Loans Personal  for Housewives	SBI Small Personal Loan
SBI Loans Personal  of ₹4 Lakhs	SBI Loans Personal  for Self-Employed Individuals
SBI Loans Personal  of ₹5 Lakhs	SBI Loans Personal  for Doctors
SBI Loans Personal  of ₹6 Lakhs	SBI Loans Personal  for Lawyers

SBI Personal Loan Documents Required

The documents required for SBI personal loan are given below:

• Two passport-size photographs.
• Documents such as PAN card, driving license, aadhaar card, passport and voter ID card verifying the applicant's identity proof.
• Documents such as utility bills, ration cards, passports, voter ID cards, landline bills, and electricity bills can be produced to authenticate the address proof.
• Documents such as the bank statement for the last six months, salary slip, and ITR return for the past two years can be submitted for income proof.
• Other documents may include a check-off letter from your employer.

How to calculate EMI interest for SBI personal loan?

You can employ the various SBI personal loan EMI calculators available online to compute the monthly EMIs on the personal loan. The calculator gives the user an accurate result by taking into account crucial parameters, which are the principal amount, interest rate, and tenure. However, if someone is determined to figure out their EMIs manually, they can apply the formula below.

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

Here, "EMI" is for Equated Monthly Instalments, "N" stands for the number of monthly instalments, "P" stands for the loan's principal, and "R" stands for the interest rate.