SBI Bank personal loan stands out as the favored choice for personal loans in India, thanks to its competitive interest rates, speedy approval, and convenient online application process.
SBI Bank Personal Loan Details
| Interest rate | 11.25% p.a. onwards |
| Eligibility Age | - Minimum 21 years at time of application
- Maximum 60 years at loan maturity
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| Eligible Monthly Income | Minimum ₹25,000 p.m. |
| Processing Fees | Up to 2.70% of loan sanctioned |
| Loan Tenure | 12 to 60 months |
SBI Bank Personal Loan Interest Rate
The interest rates for SBI Bank personal loans start at 11.25% per annum. However, the actual interest rates offered to applicants can vary depending on various factors, including their credit score, monthly income, occupation, and the nature of their employer's business.
| Interest Rate | 11.25% - 14.00% |
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Eligibility Criteria for SBI Bank Personal loan
- You should be an employee of a private or public sector organization, at the state, central, or local level.
- Your age should be between 21 and 60 years.
- Your monthly income should not be less than ₹25,000.
- Lowest Interest Rates
- You should possess a minimum of 2 years of cumulative work experience.
- You should have a minimum of 1 year of continuous employment with your current organization.
Documents Required for SBI Bank Personal Loan
| Identity Proof | Aadhaar Card, Driving Licence, Passport, or PAN Card |
| Address Proof | Aadhaar Card, Passport, or Driving Licence, Utility Bills |
| Payslips | Last 3 months salary slips/latest salary certificate |
| Bank Statements | for past 3 months (Bank passbook for last 6 months) |
| Other Financials | Form 16 |
Comparison of Personal Loan Interest Rates of SBI Bank with other Banks/NBFCs
Fees and Other Charges of SBI Bank Personal Loan
| Rate of Interest | 11.25% to 14.00% p.a onwards |
| Processing Fees | Up to 2.70% on the Loan amount or |
| Stamp Duty and other statutory charges | As per the laws of the state |
| Cheque swapping charges | ₹500 |
| Amortisation Schedule Charges | ₹200 |
| Overdue EMI interest | A monthly penalty of 2% will be applied to the principal amount or on overdue EMI. |
| Cheque bounce charges | - First return: Rs.450 + taxes per instance
- Second return in a month: Rs.500 + taxes
- 3rd return onwards: Rs.550 + taxes
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Features and Benefits of the SBI Bank Personal Loan
- No collateral or security is required to avail a personal loan.
- Hassle-free online loan application process.
- Simplified documentation
- Pocket friendly repayment options
- Quick loan disbursal of amount.
- Interest rates range from 11.25% p.a. to 14.00% p.a.
- Avail an optional insurance cover that will offer coverage against unforeseen circumstances.
* Note: Wherever the details regarding interest rates, processing fees and tenure are mentioned, they may differ as per the lenders' discretion. The actual eligibility will be determined based on the borrowers' risk profile during the loan application process.
