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SBI Personal Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
SBI Pension Loan 11.75% - 14.75% 0.50% of the loan amount + Tax for all other Pensioners including family Pensioners. 18 months pension or Rs 14,00,000 up to 84 months
Details
Documents Required

  • Residence Proof: Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport/ Ration Card.
  • Proof of Identity: Aadhar Card, Voter Id Card, PAN Card, Driving License, Passport.
  • Proof of Retirement: Pension Slip
  • Bank statements for the last 6 months.
Benefits

  • Zero Hidden Charges
  • Quick Loan processing
  • Minimal documentation
  • Low processing fees
  • Easy EMIs through SI(Standing Instruction)
  • Loan amount- Minimum 2.50 lakh to Maximum 14 lakh
Eligibility

FOR FAMILY PENSIONERS

  • Maximum age of family pensioner should be 76 years
  • Family pensioners can include their family members to share the pension after death.

FOR DEFENCE PENSIONERS

  • No minimum age bar under the scheme.
  • Maximum age should be less than 76 years at the time of loan processing.
  • A pension payment order is maintained with SBI.
  • Pensioners of Armed Forces including Army, Navy and Air force/Paramilitary Forces(CRPF, CISF, BSF, ITBP). Coast Guards, Rashtriya Rifles, Assam Rifles are eligible for this loan.

FOR CENTRAL AND STATE GOVERNMENT PENSIONERS

  • A pension payment order is maintained with SBI.
  • The pensioner age should be less than 76 years.
  • The pensioner has to provide a permanent undertaking not to change his mandate to the treasury during the tenure of the loan.
  • All other Terms & Conditions of the scheme will be available, including a guarantee of the spouse or by a suitable third party.
  • The Treasury to offer permission in writing that it will not accept any request from the pensioner to transfer his pension payment to other banks till a NOC is issued.
Other Details

  • This loan is only for senior citizens or retired applicants so that they can use their future pension payments as security.  
Xpress Credit Personal Loan 12.00% - 14.15%^ 1% of the loan amount+available service tax. up to Rs 20,00,000 up to 5 years
Details
Documents Required

  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ water bill, electricity bill, LPG bill, telephone bill/ Passport.
  • Proof of identity(Any One): Passport/ PAN/Voter ID Card/ Driver’s License.
  • Bank statements or Salary slip of any bank accounts.
Benefits

  • Zero hidden costs.
  • Minimum documentation.
  • Repayments through NACH/SI (National Automated Clearing House/Standing Instruction)
  • Low rate of share
  • No need for SBI salary account.
  • The term loan and overdraft facility
Eligibility

  • Minimum monthly income of Rs 50,000
  • EMI/NMI ratio up to 50%
  • Employees are applicable working with: Central/State Government or Defence sector, Quasi-government bodies, select rated corporates, Educational institutions of National repute, PSUs
  • An applicant with no salary account in SBI are eligible.
  • Minimum term loan amount of Rs 25,000 to Maximum of Rs 15 lakh
  • Minimum overdraft loan amount of Rs 5 lakh to Maximum 15 lakh.
Other Details

  • Applicants can enjoy the freedom of instant funds with SBI XPRESS POWER even without having a salary account in SBI. In this scheme, the applicant can avail for both overdraft facility and term loan.
Pre Approved Personal Loans 11.95% to 17.05%(Depends upon Salaried & Non-Salaried) 2% to 3% of the loan amount up to Rs 2,00,000 up to 7 years
Details
Documents Required

  • No documents required
Benefits

  • Zero hidden costs
  • Low processing fees
  • 24*7 convenience
  • No physical documents required.
  • Instant loan processing.
  • Pre-selected customers
Eligibility

  • The eligible applicants are informed of their loan eligibility through E-mail/ SMS / In-App notifications and also in the offer section of Internet Banking.
Other Details

  • Only pre-selected applicants are intimated about their maximum loan eligibility(up to Rs 2 lac) which they can avail at their advantage on a 24*7 basis by YONO App.
  • Having a Saving Bank Account in SBI with regular deposits and maintaining an average monthly balance beyond a certain threshold makes the applicant eligible for personal loans.
SBI Recurring Deposits(RD) Up to 7.20% 0 No maximum limit Up to 10 years
Details
Documents Required

  • KYC documents if needed.
  • Identity proof: Aadhar/PAN/ Driving License
  • Application form of the bank to open an RD account
  • Passport size photographs of the applicant.
  • Resident Proof- Utility bills, Passport, Aadhar card, PAN card, Voter ID card
Benefits

  • A flexible method of monthly deposits of a minimum of Rs 100/-
  • Passbooks are issued.
  • 10,000-40,000 TDS is deducted if the interest earned on RD exceeds Rs 10,000 a year.
  • The Minimum period of deposit 12 months and maximum 10 year
  • Nominee facility available
  • Rate of interest is available
  • RD is helpful to take loan up to 90% against the balance in RD account.  
Eligibility

  • Resident type must be an Indian.
  • Minor can also avail RD account under the guardianship of his/her parents.
  • An NRI can also open RD account through NRO and NRE accounts.
Other Details

  • Recurring deposit is one of the best product to offer an applicant with regular income to grow up their saving through deposit fixed amount every month to earn attractive interest.
  • FD is highly rigid and it is for a long period of time as compared to RD. RD gives more flexibility to all the individuals who earn monthly income.
  • RD is the perfect saving opportunity for all the individuals with all income categories.
  • Almost all the banks of India offers RD account with competitive interest rates.
  • At the time of maturity, monthly deposits and interest rates are earned by the applicant.
  • Investors for whom 1% of the deposit rate of the bank is paying on the RD are eligible for tax relief on RD only if they invest through India Post.
  • In case of emergency, the applicant can break RD before maturity but after that, the account will be closed.
  • Premature withdrawals are only granted by post offices if the applicant has an RD account with them for at least 1 year.
  • Maturity depends on the monthly deposits and duration you make in RD.
  • The RD account will be permanently deactivated or closed if the applicant fails to pay the amount for the consecutive months. The account remains closed until the applicant pays the outstanding amount.
  • In RD the interest rates offered by small finance banks are generally higher as compared to commercial banks and post offices.
  • Most of the small finance banks offer interest rate from 5.60%-9.60% per annum on RD.
  • As compared to other banks SBI has lowered the interest rates of RD on a medium-term and long-term basis.
  • Applicants who have opened their RD account in the post office are allowed to make one withdrawal up to 50% of the balance after one year. But this withdrawal should be repaid in lump-sum amount along with the share with no time limit.
  • The applicant who has RD account in post office will get an annual interest of 7.3%.
  • TENURE, PROCESSING COST AND INTEREST RATES.
  • Normally the tenure is Minimum of 6 months to Maximum for 10 years.
  • Only the first instalment will be debited on the same day and no other charge will cost in online RD.
  • SBI interest rates are starts from 6.25%-6.70% for general public and up to 7.20% for senior citizens.
  • A further 0.50% points hike for senior citizens only.
  • FAQ
  • IS RD TAX AVAILABLE:-
  • Yes TDS is charged in RD for both banks and post offices. It has been raised from 10,000 to 40,000 according to the Interim Budget proposals for 2019-20.
  • WHICH IS BETTER RD OR SIP(Systematic Investment Platform)?
  • RD is good but premature withdrawal will affect penalty charges. But in terms of SIP, it can be closed anytime and the money can be withdrawn without any penalty charges.
  • CAN RD BE EXTENDED?
  • The applicant can only extend his account only if he/she will pay 60 monthly instalments for 5 years. However, it will be considered as a fresh account and no extra charge has to provide by the applicant.
  • HOW TO OPEN RD IN POST-OFFICE?
  • The minimum amount needed for opening a post-office RD is Rs 100/month or any amount in multiples of Rs 5 but the tenure of investment will be 5 years. The applicant can open an RD account by visiting any of the nearest post-office
  • PROS OF RD:-
  • Flexible Recurring Deposit Schemes allow deposits of any amount at any time!
  • Safe Investment Option with Guaranteed Returns
  • Most of the banks offer RD products through Net Banking, Investors can make a deposit online without any hassle.
  • CONS OF RD:-
  • In case the RD is not flexible, the applicant will not be able to change the monthly investment amount.
  • Withdrawals from a Recurring Deposit Account before the end of tenure may attract a penalty or lower the interest rates. Also, instant withdrawals may not be possible in case of a financial emergency.
  • Interest Rates are low when compared to the Fixed Deposit. Applicants get a rate of up to 9% for Fixed Deposits whereas the varies from 7.5% to 8% for Recurring deposits.
  • Recurring Deposits offer guaranteed but low returns when compared to other popular investment schemes like Mutual Funds and SIPs.  
SBI Personal Loan Up to 16.60% 1% of the loan amount+applicable GST Up to 15 Lakhs Up to 5 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES & PENSIONERS.
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip for the last 3 months and bank statement for the last 6 months.
  • FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
Benefits

  • No prepayment charges.
  • Amazing customer service.
  • Quick and easy approval of the loan.
  • Provides special schemes and discounts to existing employers.
  • No hidden cost
  • An applicant can apply on-line with minimum documentation
  • An applicant can increase their loan eligibility. (Terms & conditions applied)
  • Lowest EMI
  • An applicant can apply for a loan with Min age of 21 to Max 58 years.
  • Low processing fees.
  • Maximum loan amount Rs 15 lakh.
Eligibility

  • FOR SALARIED EMPLOYEES:-
  • Applicant having 650 CIBIL scores is eligible. Low CIBIL score applicants may be rejected.
  • Minimum income of Rs 24,000/- per month is eligible.
  • Applicant must have 2 years of work experience.
  • FOR SELF EMPLOYED APPLICANTS:-
  • Professionals like Doctor, CA, CS are eligible.
  • Must have Min age of 21 years to Max 65 years.
  • An applicant having a minimum income of Rs 5 lakh per annum is eligible.
  • Must have 2 years of work experience.
  • FOR GOVERNMENT AND DEFENCE PENSIONERS:-
  • Age should not be more than 76 years
  • Require a copy of pension cheque.
  • Must be a resident of India.
  • FOR FAMILY PENSIONERS:-
  • Spouse will receive a pension after the death of the pensioner.
  • Must have an age limit of 76 years.
Other Details

  • SBI is one of the biggest multinational public sector banks of India. SBI offers a huge range of personal loan schemes.
  • SBI welcomes salaried applicants, a businessman as well as pensioners to take advantages of personal loan.
  • SBI personal loan has no prepayment penalties, low processing fees, minimum interest rates and much more.
  • With its unique features, it supports every customer to meet their needs. This loan is specially designed to meet the different needs of customers such as personal expenses, travel, medical expenses or others.
  • PROCESSING COST, TENURE AND INTEREST RATES:-
  • Processing cost 1% of the loan amount+GST
  • TENURE- Up to 5 years.
  • INTEREST RATE- 12.50% onwards.
  • HOW TO APPLY:-
  • First, go to the official site of SBI home loan.
  • On the main page click on other retail loans.
  • Now click on personal loan.
  • Now you will see get eligibility form. Fill-up your entire details and click on submit.
  • After submitting you will go to the offer page. Here you will see the offers and benefits as per your loan type and eligibility.
  • Grab your offer and complete the application.
  • After completing the application a representative of SBI will call you to discuss about the loan, offers and more.
SBI Xpress Power Up to 14.15% 1% of the loan amount+applicable service tax Up to 15 Lakhs Up to 5 years
Details
Documents Required

  • FOR SALARIED EMPLOYEES & PENSIONERS.
  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip for the last 3 months and bank statement for the last 6 months.
  • FOR NON-SALARIED /BUSINESSMAN:-
  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.
Benefits

  • Zero hidden costs.
  • Minimum documentation.
  • Repayments through NACH/SI (National Automated Clearing House/Standing Instruction)
  • Low rate of share
  • No need for SBI salary account.
  • Available as term loan or an overdraft facility
  • Minimum loan amount Rs 25,000/-
Eligibility

  • Minimum monthly income of Rs 50,000/-
  • EMI/NMI ratio up to 50%
  • Employees are applicable working with: Central/State Government or Defence sector, Quasi-government bodies, select rated corporates, Educational institutions of National repute, PSUs
  • An applicant with no salary account in SBI are eligible. 
  • Minimum term loan amount of Rs 25,000 to Maximum of Rs 15 lakh
  • Minimum overdraft loan amount of Rs 5 lakh to Maximum 15 lakh.
Other Details

  • SBI gives the freedom to meet your personal expenses and general purposes in day to day life. This loan can easily avail for salaried employees not maintaining a salary account with SBI. This loan is offered without any collateral and gives you the flexible opportunity to use the funds as per your needs.
  • Applicants can enjoy the freedom of instant funds with SBI XPRESS POWER even without having a salary account in SBI. In this scheme, the applicant can avail for both overdraft facility and term loan.
  • PROCESSING COST, TENURE AND INTEREST RATES:-
  • 1% of the loan amount+available service tax.
  • TENURE- Up to 5 years
  • INTEREST RATES: For Term Loan Facility: 12.00%-13.65% and for overdraft facility: 12.50%-14.15% 

SBI PERSONAL LOAN

SBI is one of the biggest multinational public sector banks of India.

SBI offers a huge range of personal loan schemes.
SBI welcomes salaried applicants, a businessman as well as pensioners to take advantages of personal loan.
SBI personal loan has no prepayment penalties, low processing fees, minimum interest rates and much more.
With its unique features, it supports every customer to meet their needs.
This loan is specially designed to meet the different needs of customers such as personal expenses, travel, medical expenses or others.

FEATURES & BENEFITS OF SBI PERSONAL LOAN

  • No prepayment charges.
  • Amazing customer service.
  • Quick and easy approval of the loan.
  • Provides special schemes and discounts to existing employers.
  • No hidden cost
  • An applicant can apply on-line with minimum documentation
  • An applicant can increase their loan eligibility. (Terms & conditions applied)
  • Lowest EMI
  • An applicant can apply for a loan with Min age of 21 to Max 58 years.
  • Low processing fees.
  • Maximum loan amount Rs 15 lakh.

ELIGIBILITY

FOR SALARIED EMPLOYEES

  • Applicant having 650 CIBIL scores is eligible. Low CIBIL score applicants may be rejected.
  • Minimum income of Rs 24,000/- per month is eligible.
  • Applicant must have 2 years of work experience.

FOR SELF EMPLOYED APPLICANTS

  • Professionals like Doctor, CA, CS are eligible.
  • Must have Min age of 21 years to Max 65 years.
  • An applicant having a minimum income of Rs 5 lakh per annum is eligible.
  • Must have 2 years of work experience.

FOR GOVERNMENT AND DEFENCE PENSIONERS

  • Age should not be more than 76 years
  • Require a copy of pension cheque.
  • Must be a resident of India.

FOR FAMILY PENSIONERS

  • Spouse will receive a pension after the death of the pensioner.
  • Must have an age limit of 76 years.

DOCUMENTS REQUIRED

FOR SALARIED EMPLOYEES & PENSIONERS

  • Signed loan application form.
  • 2 passport size photographs
  • Proof of identity- Aadhar card, PAN card, Driving license, Voter ID card.
  • Proof of residence- Copy of utility bills, Passport, Voter Id card.
  • Copy of salary slip and bank statement for the last 6 months.

FOR NON-SALARIED /BUSINESSMAN

  • TDS Certificate (Form 16A if applicable)
  • Certificate of eligibility (For C.A, Doctor and other professionals)
  • Business address proof
  • IT returns for last 3 years.
  • Business license details (or equivalent)
  • Profit & Loss account and Balance Sheet for the last 3 years.

PROCESSING COST, TENURE AND INTEREST RATES

  • Processing cost 1% of the loan amount+GST
  • TENURE- Up to 5 years.
  • INTEREST RATE- 12% onwards.

HOW TO APPLY

  • First, go to the official site of SBI home loan.
  • On the main page click on other retail loans.
  • Now click on personal loan.
  • Now you will see get eligibility form. Fill-up your entire details and click on submit.
  • After submitting you will go to the offer page. Here you will see the offers and benefits as per your loan type and eligibility.
  • Grab your offer and complete the application.
  • After completing the application a representative of SBI will call you to discuss about the loan, offers and more.

FAQ's

Q: How many types of personal loans are there in SBI?

A: State Bank of India provides three types of personal loans they are listed below:

1.XPRESS CREDIT PERSONAL LOAN

2.SBI XPRESS BANDHAN LOAN

3.PENSIONERS LOAN

Q: What is xpress credit loan in SBI?

A: SBI Xpress credit loan belongs to the personal loan which is offered to those who are maintaining the salary account with State bank of India. The minimum net monthly salary should be Rs.7500/-.The minimum repayment period will be six months and the maximum period is up to five years. The following categories only avail the Xpress credit personal loan in SBI:

  • The Quasi-government.
  • Central and State government.
  • Educational PSUs.
  • Educational institutions of national repute.
  • Profit making state PSUs.
  • Selected corporates who have a business relationship with SBI.
  • Corporates who do not have a business relationship with SBI.

Q: Is there any penalty charges in case of late payment of SBI personal loan?

A: Yes, if the irregularity Exceeds EMI or instalment payment for a period of one month then the penal interest will be charged at 2% per month.

Q: What are the chances to get a better rate of interest on a personal loan in Sbi?

A: The following three tricks may help you to get a good rate of interest in SBI:

  • During the festival season, some banks may offer an attractive rate of interest. Request a personal loan during the seasonal time for better interest rates.
  • Credit score will play a major role while applying for the personal loan. You may bargain with banks for the best personal loan deal on having a high credit score
  • A good track record of your previous repayment on loans can be helpful in getting attractive deals on the personal loan.

Q: How can the customers get in touch with SBI for customer service?

A: The State bank of India provides customer service through online and as well as from its branches. They allotted separate cells for the personal loan. Interested customers may contact customer grievance cells at local head offices or can visit www.sbi.co.in to get more details.

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