SBI Personal loan Eligibility Calculator || SBI Personal loan 2023
State Bank of India (SBI) offers personal loans to individuals for various purposes such as marriage, home renovation, medical expenses, education, etc. The loan amount, interest rate, and repayment tenure are determined based on the applicant’s income, credit score, and other factors.
The loan can be applied for online or by visiting a branch, and the processing time is usually a few working days. SBI may also require a guarantor and collateral for the loan, depending on the loan amount and applicant’s profile.
State Bank of India Personal Loans Eligibility Criteria
The eligibility criteria for SBI personal loan are as follows:
- Age: You must be between 21 to 60 years of age.
- Income: You should have a minimum net monthly income of Rs. 15,000.
- Employment: You must be salaried or self-employed with a stable income.
- Residence: You must be a resident of India.
- Employment stability: You must have a minimum work experience of 2 years and should have a stable job.
- Credit score: You must have a good credit score, typically 750 or above.
- Repayment capacity: The bank will assess your repayment capacity based on your income and other financial liabilities.
Note: The eligibility criteria may vary depending on the bank’s discretion and other factors. It’s always best to check with the bank for the latest and most accurate information.
Types of Personal Loans offered by SBI
State Bank of India offers several types of personal loans to cater to the diverse needs of its customers. Some of the popular personal loan options offered by SBI are:
- Xpress Credit Personal Loan: This is a quick and easy personal loan for salaried individuals with low documentation.
- SBI Pension Loan: This is a personal loan option for pensioners to meet their financial needs.
- SBI Saral Personal Loan: This is a personal loan for salaried individuals and self-employed individuals.
- SBI Shaurya Personal Loan: This is a personal loan for defense personnel and ex-defense personnel.
- SBI Holiday Loan: This is a personal loan option for individuals looking to finance their holiday expenses.
- SBI Xpress Power Personal Loan: This is a personal loan option for salaried individuals with a higher loan amount and longer repayment tenure.
Note: The types of personal loans offered by SBI may change over time and may vary depending on the location. It’s always best to check with the bank for the latest and most accurate information.
SBI Personal Loan Interest Rates February 2023
| Particulars | Details |
|---|---|
| Interest Rate | 9.60% – 13.60% |
| Loan Amount | For Term Loan:
For Overdraft:
|
| Loan Tenure | 5 Years or 60 months |
| Processing Fees | Nil – 1% of the Loan Amount + GST |
| Prepayment Charges | Nil – 3% of the principal outstanding |
| Collateral | Not Required |
SBI Xpress Credit Personal Loan
The Xpress Credit Loan is one such type of a loan which you can easily avail whenever you need it. Be it a sudden vacation or urgent funds required for medical expenses, this loan is apt for fulfilling all your immediate needs. The loan comes easy with minimum documentation, no hidden and pre-payment charges and low processing fee. Know more about SBI Xpress Credit Personal Loan Online here.
| Criteria | Details |
|---|---|
| Interest Rates | 11.35% – 14.75% per annum |
| Loan Amount | (i) Term Loan – Min: ₹25,000 Maximum: 24 times NMI subject to maximum of ₹ 20.00 lacs (ii) Overdraft – Minimum: ₹5.00 lacs Maximum: 24 times NMI subject to maximum of ₹20.00 lacs |
| Repayment Period | 6 Months to 72 Months (6 Years) |
| Processing Fees | 0.50% – 1% of the Loan Amount |
| Prepayment Charges | 3% of the Prepaid Amount |
SBI Xpress ELITE Scheme
Those who are having a salary account with SBI or in any other bank can avail this personal loan scheme to meet their varied needs. The effective interest rate of this scheme is a combination of credit score of an applicant in addition to the spread over 2-year MCLR. Take a look at the table below to know more about this scheme.
| Criteria | Details |
|---|---|
| Interest Rates for SBI Salary Package A/C Holders | 10.35% – 11.85% per annum |
| Interest Rates for other than SBI Salary A/C Holders | 10.60% – 12.10% per annum |
| Loan Amount | (i) Term Loan – Min: ₹24,000 Maximum: 24 times NMI subject to maximum of ₹ 15.00 lacs (ii) Overdraft – Minimum: ₹5.00 lacs Maximum: 24 times NMI subject to maximum of ₹15.00 lacs |
| Minimum Monthly Income | ₹15,000 |
| Repayment Period | 6 Months to 72 Months (6 years) |
| Processing Fees | 1.50% of the Loan Amount plus Applicable GST Charges With Minimum of INR 1,000 and Maximum of INR 15,000 |
| Prepayment Charges | 3% of the Prepaid Amount |
| Penal Interest Charges | 2% per month on the overdue amount over the applicable Interest Rate |
SBI Pension Loan
SBI Pension Loan is provided to those pensioners who are receiving their pensions through central or the state government. These pensioners can easily avail this loan to meet their urgent or unexpected personal financial needs. This loan comes with nominal processing fee, no hidden and prepayment fee.
| Criteria | Details |
|---|---|
| Interest Rates | 11.30% – 11.80% per annum |
| Loan Amount | (A) For Central and State Government Pensioners Maximum: 18 months Pension with a ceiling of: ₹14.00 lacs: For Pensioners who are up to 72 years of age. ₹12.00 lacs: For Pensioners who are above 72 years and up to 74 years of age. ₹7.50 lacs: For Pensioners who are above 74 years and up to 76 years of age.(B) For Defence Pensioners Maximum: 36 months Pension with a ceiling of: ₹14.00 lacs: For Pensioners who are below 72 years of age. ₹12.00 lacs: For Pensioners who are above 72 years and up to 74 years of age. ₹7.50 lacs: For Pensioners who are above 74 years and up to 76 years of age.(C) For Family Pensioners (including Defence Pensioners) : Maximum: 18 months Pension with a ceiling of: ₹5.00 lacs: For Pensioners who are up to 72 years of age. ₹4.50 lacs: For Pensioners who are above 72 years and up to 74 years of age. ₹2.50 lacs: For Pensioners who are above 74 years and up to 76 years of age. |
| Repayment Period | 24 Months to 84 Months (7 years) |
| Processing Fees For Family Pensioners | 0.50% of the Loan Amount with minimum of INR 500 plus GST to a maximum of INR 2,500 plus GST |
| Processing Fees For All Other Pensioners | 1% of the Loan Amount with minimum of INR 1,000 plus GST to a maximum of INR 10,000 plus GST |
| Prepayment Charges | 3% of the Prepaid Amount |
Why Choose SBI Personal Loan?
There are several reasons why you may choose a personal loan from State Bank of India (SBI):
- Convenience: SBI offers easy and convenient loan application and disbursal processes. You can apply for a personal loan online or through a branch, and the loan amount can be disbursed quickly.
- Attractive Interest Rates: SBI offers competitive interest rates on personal loans, making it an affordable option for borrowers.
- Flexible repayment options: SBI offers flexible repayment options to suit the borrower’s convenience, with tenures ranging from 12 to 60 months.
- Minimal documentation: The documentation requirements for SBI personal loans are minimal, making the application process hassle-free.
- Wide network: SBI has a wide network of branches across India, making it easy for borrowers to access loan services.
- Loan amount: SBI offers a high loan amount to eligible borrowers, making it an ideal option for financing large expenses.
- EMI calculator: SBI offers an online EMI calculator, which helps borrowers to plan their loan repayment and estimate the EMI in advance.
Note: The features and benefits of SBI personal loans may change over time. It’s always best to check with the bank for the latest and most accurate information.
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SBI Personal Loan Calculator
An SBI Personal Loan Calculator is a tool that helps you calculate your monthly loan repayment (EMI) and interest payments for a personal loan from State Bank of India (SBI). You can use an SBI Personal Loan Calculator to determine the exact amount of money you need to pay each month, based on the loan amount, tenure, and interest rate. By using a personal loan calculator, you can plan your finances and ensure that you can make the monthly loan repayments comfortably.
To use an SBI Personal Loan Calculator, you need to input the loan amount, interest rate, and loan tenure. The calculator will then calculate the monthly EMI and the total interest payable on the loan. This information can help you make an informed decision on whether to apply for a personal loan and what loan terms to choose.
Note: The interest rate used by the personal loan calculator is an indicative rate and may not match the actual interest rate offered by SBI. It’s always best to check with the bank for the latest and most accurate information on interest rates.
SBI Personal Loan Documents
Here is a list of the common documents required for a State Bank of India (SBI) personal loan:
- Identity Proof: PAN Card, Aadhaar Card, Voter ID Card, Passport, Driving License
- Residence Proof: Aadhaar Card, Voter ID Card, Passport, Driving License, Utility bill (not older than 3 months)
- Income Proof: Latest salary slip, Form 16, Bank statement for the last 6 months
- Employment Proof: Offer letter and/or appointment letter, salary slips for the last 6 months, recent salary account statement
- Signature Proof: PAN Card, Passport, Driving License
Note: The list of documents required may vary based on the loan amount, the borrower’s profile, and other factors. It’s always best to check with the bank for the latest and most accurate information on document requirements.
SBI Personal Loan instant Approval
State Bank of India (SBI) offers instant approval for personal loans to eligible borrowers under its “Instant Loan” scheme. If you meet the eligibility criteria and have the required documents, you can get instant approval for a personal loan from SBI.
However, please note that instant approval for a personal loan is subject to SBI’s internal credit and approval processes. The bank will assess your loan application and credit profile to determine if you are eligible for a loan and the loan amount that can be offered. SBI may also ask for additional documents or information before giving final approval for the loan.
To increase your chances of getting an instant approval for a personal loan from SBI, make sure to have all the required documents and meet the eligibility criteria. It’s always best to check with the bank for the latest and most accurate information on instant approval loans.
SBI Personal Loan FAQs
Here are some frequently asked questions about SBI personal loans:
Q. How can I apply for an SBI personal loan?
Ans. You can apply for an SBI personal loan online or at an SBI branch near you. You need to submit necessary documents and fill out a loan application form to apply.
Q. What is the minimum and maximum loan amount I can get with an SBI personal loan?
Ans. The minimum loan amount offered by SBI for personal loans is Rs. 50,000 and the maximum loan amount can go up to Rs. 15 lakhs. The exact loan amount offered will depend on your eligibility and income.
Q. What is the minimum income required to apply for an SBI personal loan?
Ans. The minimum net monthly income required to apply for an SBI personal loan is Rs. 15,000.
Q. What is the maximum tenure for an SBI personal loan?
Ans. The maximum repayment tenure for an SBI personal loan is 60 months (5 years).
Q. What is the processing fee for an SBI personal loan?
Ans. As of my knowledge cut-off in 2021, the processing fee for an SBI personal loan ranges from 1.50% to 2.00% of the loan amount, plus applicable taxes.
Q. Is collateral required for an SBI personal loan?
Ans. No, SBI personal loans are unsecured loans and do not require any collateral.
Q. What is the minimum age required to apply for an SBI personal loan?
Ans. The minimum age to apply for an SBI personal loan is 21 years.
Q . What are the documents required to apply for SBI personal loan?
Ans . You will need the following documents to apply for the SBI Personal Loan:-
– Signed Application Form
– Identity Proof- PAN Card
– Address Proof- Aadhar Card or Voter’s ID Card or Passport or Electricity Bill
– Income Proof- 3 to 6 Months Bank Statement or Salary Slips or Latest ITR
– Multiple Passport Size Photographs
Q . Who is eligible to take SBI personal loan?
Ans .The person who fulfills the following criteria is eligible for the SBI Personal Loan:-
– Age of 21 years to 58 years.
– Monthly Income of INR 15000.
– Total Working Experience of 2 years.
– 1 year of current residence.
Q . Can I get a personal loan if my salary is 20000?
Ans . Yes, you can apply for the SBI Personal at a salary of INR 20000 but you will have to submit the income proof to the bank.
Q . What are SBI personal loan preclosure charges?
Ans .The preclosure charge of the SBI personal loan is 3% of the prepaid amount.
Q. What documents are required for SBI personal loan?
Ans .You will need the following for the SBI Personal Loan:-
– Identity Proof (PAN Card)
– Address Proof (Aadhar Card, Voter’s ID Card, Passport, Electricity Bill)
– Income Proof (3 to 6 Months Bank Statement, Salary Slips, Latest ITR)
– Multiple Passport Size Photographs
Q . Does SBI give instant Personal loans?
Ans .Yes, you can get an SBI Personal Loan instantly if you fulfill all the eligibility criteria and submit the supporting documents to the bank. The disbursal will be made within 24 hours.
Q . What securities and collateral are required for SBI personal loan in India?
Ans .You will not have to keep any collateral or security with the State Bank of India if you are applying for a personal loan from it.
Q . Can you have a co-borrower on a personal loan?
Ans .Yes, you can have a co-borrower on a personal loan if your application is being rejected again and again due to a low credit score.
Q . Who can be your co-borrower in SBI personal loan application?
Ans .Your spouse, parents, children, or your siblings can be a Co-borrower in your SBI personal loan.
Q . What is the minimum CIBIL score required for SBI personal loan in India?
Ans .The minimum Cibil Score required for SBI Personal Loan in India is 750 and above. You might get a personal loan at a score of below 750 but the interest rate will remain high on such a score.
Q . What are the pre-payment charges of an SBI personal loan?
Ans .The pre-payment charge on the SBI personal loan is 3% of the prepaid amount.
Q . How can a govt employee take a personal loan from SBI?
Ans .A government employee has to simply submit an online personal loan application to SBI. Then the bank will ask for the necessary documents like income proof, address proof, and identity proof from the applicant. After the verification and authentication, the government employee can take a personal loan
Note: The information mentioned above is subject to change and may vary based on the bank’s discretion and other factors. It’s always best to check with the bank for the latest and most accurate information.
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