State Bank of India (SBI) has a wide range of personal loan options that aim to meet different needs of customers including personal expenses, medical emergencies, travel, and education. The minimum loan amount generally is ₹24,000 depending on which type of loan one is seeking while the maximum loan amount is ₹20 lakh depending on the eligibility of the borrower. One can apply for a loan through the bank’s website or the mobile app or by visiting a branch based on their individual needs as the lender has versatile offerings.
Interest Rates
Amount
Eligibility
Documentation
Application Process
Tenure
Processing Fees
Usually around 1% of the loan amount. However, it may differ as some promotional offers may either cut it or waive it off.
Repayment
Processing Fees
Generally around 1% of the loan amount is charged as processing fee which is non-refundable. This differs from loan to loan depending on the type, amount, offers, etc.
Late Payment Charges
A penalty on late payment is applicable, which can vary. Generally, the norm is to charge a set percentage of the overdue amount or a fixed fee. Besides, additional interest may also accrue.
Cheque Bounce Charges
A penalty is typically charged if a cheque bounces.
Prepayment Charges
Typically around 2% of the prepaid amount is charged if the loan is partially prepaid. While for foreclosure, typically around 3% of the outstanding principal is applicable.
Loan Conversion Fees
A conversion fee may apply if one seeks to switch from floating to fixed rate.
Stamp Duty and Legal Charges
Stamp duty and legal charges depend on the state subject to local regulations.
Document Issuance Charges
Issuing loan documents or providing copies may also draw charges.
Miscellaneous
These may include fees for changing loan terms or getting a no-objection certificate (NOC) after loan closure.
Loan Scheme | Interest Rate (Per Annum) | Purpose |
---|---|---|
SBI Xpress Credit | 11% - 16.00% | Personal loan for salaried individuals |
SBI Pension Loan | 11.30% – 11.80% | Loan exclusively for pensioners |
SBI Personal Loan for Government Employees | 10.30% to 13.85% | For government employees, offering competitive rates. |
SBI Xpress Credit for Self-Employed Individuals | 11.00% - 16.00% | For self-employed individuals. |
SBI Personal Loan for Medical Treatment | 10.50% - 16.00% | For medical expenses with flexible repayment options. |
SBI Personal Loan for Education | 10.50% - 16.00% | For educational purposes, similar to other loans. |
Age
Minimum: 21 years.
Maximum: Up to 58 years.
Income
Salaried: Stable income with a minimum monthly income requirement.
Self-Employed: Stable business with a minimum of 2-3 years of running operation.
Employment
Salaried: Employed with a reputed firm.
Self-Employed: Stable business.
Credit Score
Most preferred: Generally 750 or above.
Residency
Indian citizens.
Documentation
Identity Proof: Aadhaar card, passport, etc.
Address Proof: Utility bills, rental agreements, etc.
Income Proof: Salary slips, bank statements, tax returns, etc.
Identity Proof - Generally, around ₹24,000, based on the type of loan and borrower’s profile
Address Proof - Generally, around ₹24,000, based on the type of loan and borrower’s profile
Income Proof
Salaried:
Self-Employed:
Employment Proof
Salaried:
Self-Employed:
Photographs
Loan Application Form
Other Documents (if applicable)
Using an online personal loan EMI calculator is recommended, as it gives the borrower an accurate idea of the amount to be paid every month for the loan borrowed and the interest on it.
https://www.paisabazaar.com/sbi-bank/personal-loan-emi-calculator/
The minimum loan amount generally is ₹24,000 depending on which type of loan one is seeking while the maximum loan amount is ₹20 lakh depending on the eligibility of the borrower.
SBI personal loan interest rates typically range from 10.50% to 16.00% per annum. However, the precise rate depends on several factors including the type of loan, credit profile of the borrower, and the loan amount. It offers options such as fixed and floating rates.
One must be between 21 and 58 years old, should have a stable income and a good credit score. Individuals should either be employed with a reputable firm or have a stable business.
· Identity Proof: Aadhaar card, passport, etc. · Address Proof: Utility bills, rental agreements, etc. · Income Proof: Salary slips, bank statements, income tax returns, etc. · Employment Proof: Employment letter or business registration documents.
Yes, one is allowed to prepay or foreclose SBI Personal Loan with some charges that may vary based on the loan type.