SBI Salaried Employee Personal Loan

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Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Personal loans from the State Bank of India are among the most popular personal loan products. Salaried employees can borrow up to 35 lakhs for their financial obligations. In the modern age of high living costs, financing one’s dreams merely out of their savings isn’t a practical choice. Hence, the bank’s loans help fulfil many needs, like purchasing a dream car, renovating your house, etc.

SBI offers personal loans to all salaried employees, whether they have a salary account with or outside SBI. Stay with us as we unravel the SBI Bank Salaried Employee Personal loan interest rate, eligibility criteria, and more.

SBI Bank Salaried Employee Personal Loan – Highlights

The personal loan offers the following features to salaried borrowers:

Maximum Loan Amount	₹35 Lakhs
Interest Rate (p.a.)	10.55% onwards
Loan Tenure	Six months – 6 years
Overdraft Facility	Available
Provision of a Second Loan	Available
Online Application	Available

Comparing SBI Bank Salaried Employee Person Loan With Other Lenders

Comparing a loan offer to other available options helps make smart borrowing decisions. Here’s a quick comparison of SBI Bank’s salaried employee instant loans with other banks and NBFCs.

Bank Name	Interest Rate (per annum)	Maximum Loan Tenure
Bank of India	10.25% onwards	Seven years
Citibank	10.75% onwards	Five years
Kotak Mahindra Bank	10.99% onwards	Six years
Tata Capital	10.99% onwards	Six years
KreditBee	16% onwards	Two years

SBI Bank Salaried Employee Personal Loan – Fees and Charges

Apart from the SBI Bank Salaried Employee Personal loan interest rate, borrowers are required to pay:

A processing fee of 1.50% of the loan amount plus GST
An 18% Goods and Services Tax (GST)
Other charges like stamp duty, verification charges and incidental costs

SBI Bank Salaried Employee Personal Loan- Documents Required

Take a look at the SBI Bank salaried employee personal loan document requirements below:

Loan Application form with two self-attested photographs
KYC Documents: Aadhar Card, Utility Bills, Voter’s ID and other documents
Income Proofs: Latest salary receipts, bank statements of the past few months, income tax filings

SBI Bank Salaried Employee Personal Loan- Eligibility Criteria

The SBI Bank Salaried Employee Personal loan eligibility is as follows:

Eligible Applicants: Salaried Employees of public/ private/ other companies
Age Limit: 21-76 years
Minimum Monthly Income: ₹15,000
EMI/NMI ratio: Less than 50%
Residential Status: Indian resident