SBI, headquartered in Mumbai, Maharashtra, is the largest lender in India, with the majority of its ownership held by the Government of India. According to the consolidated report as of March 31, 2015, SBI had a total income of Rs 2,57,289.51 crore and total assets exceeding Rs 25,29,394 crore. The bank operates through an extensive network of 16,995 branches in India and 190 branches in other countries. SBI has a notable presence in the financial sector, holding a significant market share in personal loans (20%), home loans (25.5%), and car loans (26%). Additionally, SBI is the only Indian bank listed in the Forbes Global 500. With its broad reach, SBI Personal Loan, sbi personal loan interest, sbi personal loan eligibility, sbi personal loan documents, SBI is the most searched and preferred bank in India, offering accessibility from almost every part of the country. For more details on SBI’s personal loan offerings, you can explore further.
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State Bank of India (SBI) Personal Loan Overview
In our daily lives, and especially during special occasions or emergencies, there arises a need for substantial funds to address various financial requirements and responsibilities. Whether it’s for a vacation, education, property, vehicles, marriage, or a medical emergency, there are instances where arranging significant amounts of money quickly becomes necessary. In such situations, personal loa.s play a crucial role.
State Bank of India (SBI), being one of the largest lenders in the country, provides a range of personal loa. schemes designed to assist individuals during challenging times. SBI offers personal loans under four distinct categories – SBI Pension Loan, SBI Xpress Credit Personal Loan, SBI Saral Personal Loa, and SBI Festive Season Loan. sbi personal loan interest, sbi personal loan eligibility, sbi personal loan documents
Details of State Bank of India (SBI) Personal Los
| Interest Rates | 11.95% – 16.55% |
|---|---|
| Processing Fees | Up to 3% of the Loan Amount |
| Prepayment Charges | Nil |
| Repayment Options | Up to 4 Years |
| Maximum Loan Amount | Up to Rs. 15 Lacs |
SBI Personal Loa. Eligibility Criteria
SBI Personal Loa.s, a leading loan provider in India, has been instrumental in realizing the homeownership dreams of more than 30 lakh individuals. To access the Home Loan from SBI, specific criteria are in place, varying based on the type of loan and different categories. The eligibility criteria for SBI Home Loans are outlined in the table below:
| Eligibility | Loan Amount | Documents Required |
|---|---|---|
| Resident of India | Minimum – Rs 24,000 in metro and urban centres; Rs 10,000 in rural/semi-urban centres | – Passport size photograph<br>- Identity proof<br>- Office address proof for self-employed and professionals (shop/establishment certificate, lease deed, or telephone bill)<br>- Latest salary slip and Form 16 for salaried persons |
- Maximum loan repayment tenure is 48 months (4 years)
• Processing fee is 2% – 3% of loan amount.
• No prepayment charges
• You can increase your loan eligibility by making your spouse a co-borrower.
Personal Loans
The personal loan amount varies based on an individual’s qualifications and the different categories specified by SBI. sbi personal loan interest, sbi personal loan eligibility, sbi personal loan documents
| Personal Loan Type | Age Limit | Job Type | Max Loan Amount | Minimum Loan |
|---|---|---|---|---|
| Xpress Credit Personal Loa. | 21-58 years of age | Salaried individual in reputed corporate, self-employed engineer, doctor, architect, chartered accountant, MBA, govt. and PSU employee | Rs.15 lacs | Rs.24,000 |
| Pensioner Loan | 60-76 years of age | Pensioners | Max. 10 months of pension; up to 14 lacs | Rs.25,000 |
| Festival Loans | 21-58 years of age | Salaried individual in reputed corporate, self-employed engineer, doctor, architect, chartered accountant, MBA, govt. and PSU employee | Rs.50,000 | Rs.5000 |
| SBI Saral | 21-58 years of age | Salaried individual in reputed corporate, self-employed engineer, doctor, architect, chartered accountant, MBA | Rs.10 lacs | Rs.24,000 in metro cities Rs.10,000 everywhere else |
Personal Loan EMI Calculator
| Loan | ROI % | Tenure (yr) | Monthly EMI | Total Interest | Total Amt with Interest |
|---|---|---|---|---|---|
| ₹2,00,000 | 12.45% | 3 | ₹6,686 | ₹40,693 | ₹2,40,693 |
| ₹2,00,000 | 14.95% | 4 | ₹5,561 | ₹66,932 | ₹2,66,932 |
| ₹2,00,000 | 16.55% | 4 | ₹5,725 | ₹74,778 | ₹2,74,778 |
FAQ
The maximum personal loan amount offered by SBI is Rs.15 lacs. The quantum of the loan also depends on the income and job type of the applicant.
The processing fee charged by State Bank of India on its personal loan products is usually 1% of the loan amount availed. However, senior citizens need to pay only 0.5% of their loan amount.
Yes. Existing customers of State Bank of India are offered personal finance. New customers can first obtain an account with the bank and then apply for a personal loa.
Yes. State Bank of India offers personal finance to self-employed individuals as well.
No. Currently, no special personal loan scheme is being offered by the bank to women customers.
No. SBI does not ask for collateral as security for personal loans.
