State Bank of India provides you with a personal loan to meet your financial needs. And there is a wide range of personal loans in SBI, the country’s largest public sector bank. A personal loan is an unsecured product, so there will be no need to mortgage any asset to borrow a lump sum amount from SBI. You can learn more about the SBI Personal Loan types on the page below. So, keep reading!
List of Personal Loans in SBI
You can borrow any of the following personal loans from SBI as per your need –
SBI KAVACH Personal Loan Scheme
Keeping in mind the rising COVID cases, SBI introduced this new loan product wherein you can borrow money for the treatment of COVID upon positive diagnosis. The minimum and maximum loan amounts under this product are INR 25,000 and INR 5 Lakh, respectively, based on your eligibility. SBI also provides you with a reimbursement facility through branch channels. The amount you borrow will be over and above the existing loan, if any.
You can repay the loan amount with the applicable interest rate for 60 months including 3 months of the moratorium period. So, all in all, you need to pay the amount in 57 EMIs including the interest charged during the moratorium period.
The SBI Personal Loan Interest Rate is 8.50% per annum for this product. You can pay the EMI via standing instruction from salary, pension, savings or current account.
Note – No processing fee is charged on SBI KAVACH Personal Loan.
SBI Xpress Credit
A standard SBI Personal Loan wherein you can borrow up to INR 20 Lakh from the bank. This loan is available to those who have a salary account with SBI. Your monthly salary should be at least INR 15,000 to borrow a loan from SBI. The following employees are eligible for this loan –
- Central, State or Quasi-government
- Central and Profit Making State PSUs
- Educational Institutions of National Repute
- Selected corporates with or without a relationship with SBI
The minimum amount you can borrow from SBI is INR 25,000 and the maximum amount is INR 20 Lakh or 24X the monthly income. SBI Personal Loan Interest Rate for this product ranges from 10.60-12.60% per annum. A penal interest of 2% per month would be charged over and above the applicable interest rate on the overdue amount in case of default. If you decide to prepay, a charge of 3% will apply to the prepaid amount. No prepayment or foreclosure charges shall apply if the account is closed from the proceeds of a new loan account under the same scheme. The minimum repayment period is 6 months and the maximum is 6 years.
SBI Quick Personal Loan
A personal loan for a salaried person who doesn’t have a relationship with SBI. Having a minimum salary of INR 15,000 and needing a lump sum money? Apply for SBI personal loan. In this, you can borrow from INR 24,000 to INR 20 Lakh. If you have a minimum work experience of one year, you’ll be eligible for borrowing the loan amount from SBI. Here, the bank will charge 10.85-12.85% per annum. SBI Personal Loan Interest Rate are based on the creditworthiness of the borrower basis their income and credit score. The repayment period is a minimum of 6 months and a maximum of 72 months or the remaining period of service(whichever is less.
Check the list of documents required to borrow an SBI personal loan –
- Income Tax Return
- Bank Account Statement of last 6 months
- Two passport size photographs
- Latest salary slip
- Proof of identity and current or permanent address, as per SBI KYC guidelines