Our day-to-day financial needs and liabilities demand a good amount of funds, even on special occasions and during emergencies. We spend money on vacations, education, properties, vehicles, marriage, and medical emergencies. Occasionally, we have to come up with a large sum in a short period. In such situations, personal loans are vital for meeting financial needs.
Many personal loan schemes are available from the State Bank of India, one of the largest lenders in India. SBI offers four types of personal loans: Pension Loan, Xpress Credit Personal Loan, Saral Personal Loan, and Festive Season Loan. Compare SBI’s interest rates with those of other banks.
Features of SBI Personal Loan
SBI Personal Loan offers something for everyone. Small instant loans online are available for emergency needs.
- Loan amount: Term Loans have a minimum loan amount of 25,000 and a maximum of 20 lakhs or 24 times NMI (whichever is less).
- Low-interest rates: Interest rates on SBI Personal Loans start at a low of 9.60% per annum, depending on the loan type, the borrower’s income, and the repayment capacity.
- Processing charges are low: The SBI is currently offering a concession of up to 100% on personal loans until 31.01.2022.
- Personal loans for everyone: The bank offers a wide range of personal loan schemes, such as SBI personal loans for government employees, and so on, to suit the financial needs of all borrowers.
Types of SBI Personal Loan
SBI Kavach Personal Loan
Get an instant loan (SBI PERSONAL LOAN) of up to Rs. 5 lakhs under the SBI Kavach Personal Loan for COVID treatment for yourself or a family member. Starting at only 8.50% per annum, this unique loan can be repaid in less than five years, including a 3-month moratorium period.
COVID also reimburses you for expenses already incurred for COVID-related medical expenses. SBI aims to provide borrowers with instant monetary assistance during the COVID 19 pandemic as part of this loan scheme.
SBI Xpress Credit
- SBI Xpress Credit Personal Loans are only available to Salaried Employees who have salary accounts with SBI.
- The loan amount can be as up to 5 Lakhs.
- The maximum repayment period is six years.
- For salary account holders, the interest rate on an SBI personal loan ranges from 10.60% to 13.85% p.a.
- There is a maximum of 15,000 rupees + GST and a minimum of 1.50% of the loan amount.
Pre-approved Personal Loans (PAPL) on YONO
- With SBI PAPL, you can avail of it on a 24/7 basis through the YONO app in just four clicks if you have an account with SBI. At present, the SBI offers this loan to a pre-selected category of customers based on specific criteria.
- The interest rate ranges from 9.60% to 12.60% per annum.
- Pre-Approved Loans through YONO are offered at a low processing fee by SBI.
- Just SMS “PAPL” to 567676 only to check your eligibility.
- Instant processing and disbursement are available with these loans.
- No physical documents are required.
- There is no need to visit the SBI branch.
SBI Quick Personal Loan
- The SBI personal loan program was available to salaried employees who did not maintain an SBI salary account.
- The max loan amount is up to Rs. 20 lakhs.
- There is a 72-month repayment period.
- The interest rate ranges from 10.85% to 12.85% per annum.
- The processing fee for this loan is 1.50% of the loan amount (minimum Rs. 1,000 and maximum Rs. 15,000.) + GST.
- Second loans are available.
SBI Pension Loan
- SBI personal loans are available to defense personnel, Central & State Government employees, and Family Pensioners under 76 whose pension payments are maintained with the SBI.
- In the case of Defence and Central and State Government pensioners, the maximum loan amount is Rs. 14 lakhs. The maximum loan amount for family pensioners is Rs. 5 lakhs. The loan amount of Defense pensioners can repay up to 84 months, and Family and Central & State government pensioners can repay up to 60 months.
- It is determined by the borrower’s age, pension income, age, repayment tenure, and other factors.
- The interest rate varies between 9.75% and 10.25% per annum.
- SBI offers a 50% discount on processing fees for SBI Pension Loans through branches until 31.01.2021.
SBI Personal Loan Documents Required
For your SBI personal loan application to be complete, you must submit the following documents:
Salaried employees & Self employed
- Duly filled loan application & 2 passport-sized photographs.
- Proof of identity:
- Photocopy of PAN Card
- Voters ID
- Aadhaar Card (anyone).
- Driver’s License
- Proof of residence:
- Property Tax Receipt
- Photocopy of recent Telephone Bill/Electricity Bill
- Voter’s ID Card (anyone).
- Proof of Income:
- One copy of your identity card issued by the employer.
- Bank statement for the last six months of the account to which salary is credited.
- An income tax return.
- Payslips or bank statements from the previous six months.
- The last two years’ tax returns and account statements for self-employed individuals.
How to check SBI Personal Loan Application Status?
When you submit your SBI Personal Loan application, you will receive a reference number. You can check your loan application status using this (URN) unique reference number.
Steps for checking SBI application status:
- Visit SBI’s official website.
- On the Personal Loan Application Status page, check the status of the application.
- Provide a unique reference number (URN)
- Enter the mobile number with the ISD code (91 for India)
- After clicking Track, you will see the application’s status.
Hey visitors, I hope you have understood the SBI PERSONAL LOAN process and are briefed about it. If you want to calculate EMI or check it, please visit the official website of the SBI. There you will get to know about the interest rate and EMI too.