SBI Personal Loan: How To Apply, Offers And Interest rates

State Bank Of India (SBI) offers some of the most exciting personal loan products in India for various cash requirements faced by individuals in their day-to-day lives. It offers personal loans at attractive interest rates and low processing charges. In addition, the bank also offers seasonal discounts from time to time, which decreases the EMI payable on the amount borrowed.

Here are some more features & benefits of SBI Personal loan:

  • Nil prepayment charges on SBI personal loan
  • Superior customer service and transparency
  • Quick and easy approval
  • Special schemes and discounts are offered by SBI for employees of large companies
  • Specific loan schemes for every borrower

SBI Personal Loan Interest Rates:

Types of SBI Personal Loan:

1. SBI Xpress Credit Personal Loan:

This loan scheme is offered to the employees of Central and State government, Profit making State PSUs, Central PSUs, Educational National Institute and few selected companies to help them meet their urgent cash requirements such as a medical emergency or a family vacation. The main features and benefits of the loan are as follows:

  • Borrowers are required to pay a very minimal processing fee for this SBI pension loan scheme. If you are a defence pensioner, you are not required to pay any processing fee.
  • No guarantor / security / collateral required.
  • The customer can pre-pay the loan anytime whenever he has surplus cash without worrying about any pre-payment charges.
  • The two forms of Xpress Loan: Term Loan and Overdraft Facility on an existing account.

2. SBI Saral Personal Loan:

Saral personal loan is available for salaried or self-employed people for their personal expenses such as domestic or foreign travel, medical treatment, domestic or foreign travel, for the marriage of children, etc. The main features and benefits of the loan are as follows:

  • The loan amount depends on your income and repayment capacity.
  • This loan doesn’t require mortgaging of collateral or security.
  • Individuals employed in a leading corporate house, self-employed (doctor, engineer, architect, chartered accountant) with at least 2 years experience are qualified to avail this loan.

3. SBI Pension Loan:

SBI offers personal loans to pensioners as well as family pensioners. You can avail this loan’s benefits if you are a central government pensioner, state government pensioner, or a defence pensioner. Here are some of the benefits of SBI Pension Loan:

  • Nil processing fees for defense pensioners.
  • The age of pensioners should not be more than 76 years and they should receive their pensions through cheques directly from government treasuries.

4. SBI Festival Loan:

This type of loan can be availed to meet festival related expenses. The benefits and features of the loan are as follows:

  • Minimum income eligibility for this loan is Rs. 3,000.
  • No collateral or guarantor is required.
  • There is no pre-payment penalty in the loan.

5. Jai Jawan Pension Loan:

To meet their personal expenses such as medical expenses, for travelling or a wedding, Jai Jawan Loan is offered to young defence and para-military forces pensioners. Here are some benefits:

  • Jai Jawan Pension Loan is for all the young defence and paramilitary forces pensioners who draw pension out of SBI.
  • There is no requirement of a security for loans up to Rs. 25,000.
  • All young defense and paramilitary force pensioners not more than 50 years of age are eligible for this loan.

How to apply for a Personal Loan at SBI?The process of applying for a personal loan at SBI can be described in the following steps:

Step 1: Visit the official website of SBI or one of the online loans marketplaces to check and compare loan offers.

Step 2: Apply for a loan. Fill in your personal, financial, and employment details.

Step 3: Select the loan amount that you require, to get instant online approval.

Step 4: Submit the required documents to the representative of SBI or upload documents online.

Step 5: Receive the money in your bank account after the loan gets sanctioned.

Also Read: 5 Things Every Borrower Needs to Know About Personal Loan

Conclusion: Applying for personal loans at SBI is fairly easy and hassle-free process designed to address customers needs and requirements.


What do you think?


Written by Bhavna Singhal

Years Of Membership

Leave a Reply