SBI Personal Loan Interest Rate, Eligibility, Documents, Processing Fee, How To Apply Online?

By Mayashree Acharya

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Updated on: Jan 23rd, 2024

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40 min read

State Bank of India (SBI) is the largest public sector banking and financial services institution in India. It occupies almost 1/4th of the country’s banking sector and offers a wide array of financial services, including personal loans, at convenient rates. 

Thus, if you are thinking of applying for a personal loan, check out the SBI personal loan interest rate in 2024 to make an informed decision.

SBI Personal Loan Interest Rate 2024

Check out the SBI personal loan interest rate along with its other features in the table below:

Particulars Values
Rate of interest11.15% to 14.30% per annum
Minimum loan amountRs. 25,000
Maximum loan amount Up to Rs.30 lakh (24 times of NMI)
Tenure 6 months to 6 years or remaining service period (whichever is lower)
Prepayment charges3% on the prepaid amount 

*NMI - Net Monthly Income

SBI Personal Loan Schemes

Following are the personal loan schemes which SBI offers to its customers:

Xpress Credit Scheme

The Xpress Credit Personal Loan scheme features quick approval, minimum documentation, and instant disbursal enabling you to meet any planned or unplanned financial needs. Interest is calculated on a daily reducing balance, and there are provisions for even a second loan in case you pay EMIs on time. However, to avail of this personal loan, you need to have a salary account with SBI.  

Here is the applicable SBI personal loan interest rate for Xpress Credit Scheme:

Applicant Type Interest Rate
Defence/ Indian Coast Guard/ Central Armed Police 11.15% to 12.65% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways  11.30% to 13.80% per annum
Other Corporates12.30% to 14.30% per annum

Pension Loan Schemes

Pension loan schemes enable retired individuals to opt for credit with minimum documentation and hassle-free repayment options. SBI charges simple interest on these loans, and people can file their loan applications from any nearby branch. 

The applicable interest rate for SBI pension loan schemes are as follows:

Scheme Type Interest Rate
SBI Pension Loan11.30%
Pre-Approved Insta Pension Top-Up Loan11.30%
Pre-Approved Pension Loan (PAPNL)11.30%
Pension Loan Scheme For Treasury & PSU Pensioners11.30% to 11.80%
Jai Jawan Pension Loan11.30% 

Xpress Elite Scheme

Salaried applicants with a monthly income of more than Rs.1 lakh can opt for an SBI Xpress Elite loan. Here are its interest rates:

Particulars Values
Interest Rate (salary account with SBI) 11.15% to 11.65%
Interest Rate (salary account with another bank)11.40% to 11.90%
Minimum loan amountRs.3 lakh
Maximum loan amountRs.35 lakh or 24 times the applicant’s NMI

Xpress Lite Scheme

Applicable SBI personal loan interest rate for salary accounts under the Xpress Lite scheme tends to vary based on applicant type. Check out the interest rates in the table below:

Applicant Type Interest Rate
Defence/ Indian Coast Guard/ Central Armed Police 12.15% to 13.65% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways  12.30% to 14.80% per annum
Other Corporates13.30% to 15.30% per annum

Xpress Flexi Scheme (Overdraft Facility)

SBI’s Xpress Flexi scheme is an overdraft personal loan for salaried customers with a monthly income of over Rs.50,000. Applicants can avail credit of up to Rs.25 lakh, and they can deposit the additional funds back into the loan account in order to reduce their interest burden. 

The minimum overdraft amount is Rs.1 lakh, and the repayment tenure ranges from 6 months to 72 months or the remaining service period (whichever is lower). Now, the applicable SBI personal loan interest rate for Xpress Flexi Scheme will depend on which salary account the applicant holds:

Type of AccountApplicantsValues
Interest Rate (for Diamond Salary account holders) Defence/ Indian Coast Guard/ Central Armed Police 11.40% to 12.90% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways  11.55% to 14.05% per annum
Other Corporates12.55% to 14.55% per annum
Interest Rate (for Platinum Salary account holders)For customers having a salary account with SBI 11.15% to 11.65%
For customers not having a salary account with SBI11.40% to 11.90%

SBI Quick Personal Loan Scheme Through the CLP Portal

The SBI Quick Personal Loan Scheme through the Contactless Lending Portal (CLP) is an ideal choice when you do not have a salary account with the bank. The minimum and maximum loan amounts in this regard are Rs.24,000 and Rs.20 lakh, respectively, and the repayment tenure ranges from 6 months to 72 months. The interest rates are as follows:

Particulars Values
Defence/ Indian Coast Guard/ Central Armed Police 11.40% to 12.90% per annum
Central Govt./ State Govt./ Police/ Central Public Sector Enterprises/ Railways  11.55% to 14.05% per annum
Other Corporates12.55% to 14.55% per annum

Pre-Approved Personal Loan to Non-CSP Customers

For non-Corporate Salary Package (CSP) customers, SBI offers instant pre-approved personal loans of up to Rs.8 lakh. They can avail of credit via the YONO app and check for their eligibility by sending the following message - SMS PAPL <last 4 digits of the SBI account number> to 567676. 

Moreover, no branch visit is required to avail this loan, and customers can apply for credit with just a few clicks. Its interest rate and other details are as follows:

Particulars Values
Interest rate13.80% to 14.30%
Availability 24/7
DocumentationNil
Application feesNil

Real-Time Xpress Credit

Defence and Government salary package customers can avail the Real-Time Xpress Credit (RTXC) loan and borrow up to Rs.35 lakh via the YONO app. It can be done in two modes:

  • Digital Document Execution (DDE)

Facilitates real-time digital documentation, sanction and disbursement. Only applicable in the case of DDE-enabled states and union territories.  

  • Non-DDE

Offers real-time documentation and sanction at SBI branches and single-click disbursements via the Retail Loan Management System (RLMS). 

The interest rates for Real-Time Xpress Credit are as follows:

Particulars Values
Interest rate (for RTXC)11.15% - 13.80%
Interest rate (for RTXC Elite)11.15% - 11.90%
Minimum Loan amountRs.25,000
Maximum Loan Amount (for RTXC)Rs.30 lakh
Maximum Loan Amount (for RTXC Elite)Rs.35 lakh

SBI Personal Loan Interest Rate Today for Pension Schemes

Here is the applicable SBI personal loan interest rate 2024 (as of January 2024) for pension schemes:

Particulars Values
Rate of interest11.30% to 11.80% per annum
Tenure 72 months (before the applicant turns 78 years)
Prepayment charges3% on prepaid amount 

Factors Affecting SBI Personal Loan Interest Rates

The applicable SBI personal loan interest rate can vary based on several factors. They are as follows:

  • Principal Amount

Your loan principal amount will play a major role in determining the interest rate. Usually, the higher the loan amount, the higher the applicable interest rate and vice versa. 

  • Loan Tenure

Generally, the longer the loan tenure, the higher the interest rate. Alternatively, personal loans with shorter repayment tenures come at lower interest rates.  

  • CIBIL Score

Your CIBIL score is another essential metric that comes into play while determining the personal loan interest rate. The higher your CIBIL score, the more convenient interest rates you can avail while opting for credit. 

  • Income, Assets and Repayment Capacity

The bank gains a financial picture of your life by assessing your income, assets and repayment capacity. Based on your cash inflows, it may provide you credit at a convenient rate.  

  • Customer’s Relationship with Bank 

Existing SBI customers will get better interest rates when opting for loans. This is because the bank already has an idea of the customer’s creditworthiness, income and repayment capacity, enabling them to provide credit at lower rates. 

  • Employer’s Profile

The employer’s profile also plays a major role in determining the applicable personal loan interest rate. Thus, salaried applicants get more convenient rates in comparison to self-employed individuals. 

However, employees of Central or State Government, public sector enterprises, Railway, Police, etc., get lower personal loan interest rates in comparison to individuals in other corporations.    

Eligibility for SBI Personal Loan Schemes

There are some basic eligibility criteria you must meet to avail of a personal loan at SBI. Additionally, they will differ based on the applicant type:

Salaried Applicants

Particulars Values
Minimum IncomeRs.15,000 per month
EMI/NMI Ratio Lesser than 50%
Employed At Central, State or Quasi Government offices, Central or State-owned PSUs, educational institutions of a national level, selected organisations having/not having a relationship with SBI.  
Salary Account at SBIMandatory (except for the SBI Quick Personal Loan scheme)

Pensioners

When it comes to pensioners, here are the eligibility criteria depending upon the pensioner category:

1. Defence Pensioners

For defence pensioners to avail an SBI personal loan, the eligibility criteria are as follows: 

  • Pensioners of the Armed Forces (Army, Navy and Air Force), Assam Rifles, Rashtriya Rifles, Coast Guards and Paramilitary Forces. 
  • Pension payment orders are maintained with the State Bank of India. 
  • The maximum age should be less than 76 years at the time of loan processing.
  • There is no minimum age bar.  

2. Central and State Government Pensioners

Central and State government pensioners must fulfil the following criteria to get an SBI personal loan:

  • Age of pensioners should be lower than 76 years. 
  • SBI maintains their pension payment order. 
  • Applicants must provide an irrevocable undertaking that they will not amend their mandate to the Treasury before the loan tenure is completed. 
  • The Treasury will also have to consent in writing that it will not accept the pensioners’ request to transfer their pension payment to any other bank until an NOC is issued.
  • Remaining terms and conditions of the scheme will also be applicable, including a guarantee by the spouse or a suitable third party.    

3. Family Pensioners

Family pensioners have to adhere to the following criteria to be eligible for a personal loan:

  • Authorised family members of a pensioner who are liable to receive a pension after the latter's death fall under family pensioners. 
  • Applicants should not be aged more than 76 years. 

Documents to Apply for Personal Loan from SBI

Here are the documents that you need to submit while availing a personal loan from SBI:

  • Identity Proof – Aadhaar card, Voter ID card, passport, driver’s licence or PAN card. 
  • Address Proof – Voter ID card, passport, electricity bills, telephone bills or property tax receipt. 
  • Employer-issued identity card.
  • Salary slips of the last 6 months.
  • Duly filled application form.
  • 2 passport-sized photographs.
  • Irrevocable LOA that is addressed to the disbursing authority. 
  • Irrevocable LOA from the individual disbursing salaries and allowances. 

SBI Personal Loan Customer Care

For any queries regarding your personal loan, you can contact SBI customer care by dialling the toll-free numbers below:

  • 18004253800
  • 18001234
  • 1800112211
  • 18002100

SBI Personal Loan Processing Fees and Charges

Find the processing fees and charges for various SBI personal loan schemes:

Name of SchemeProcessing Fees
Xpress Credit1.50% of loan amount (minimum Rs.1,000 + GST and maximum Rs.15,000 + GST)
SBI Pension Loan1% of loan amount (minimum Rs.1,000 + GST and maximum Rs.10,000 + GST)
Jai Jawan Pension LoanNil 
Clean OverdraftNil

SBI Personal Loan Interest Rate Calculator

If you wish to get an estimate of the amount of interest and the EMI payable for your personal loan, you can use the online SBI personal loan interest rate calculator. 

Here are the steps to use it:

Step 1: Navigate to the online SBI personal loan interest rate calculator

Step 2: Enter the principal amount and loan tenure. 

Step 3: Set the applicable SBI personal loan interest rate. 

The platform will generate your payable EMI amount and interest paid throughout the loan tenure. 

How to Calculate SBI Personal Loan Interest/EMI?

To manually calculate SBI personal loan EMI, you can use the formula given below:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] 

Where, 

P = principal amount

N = tenure (in months)

R = interest rate 

Coming to interest calculation, it can be done using two methods:

  • Simple Interest

S.I. = (P × R × T)/100

Here, 

P = principal amount

R = interest rate 

T = time

  • Compound Interest 

A = P(1 + r/n)nt

Where, 

A = maturity amount

P = principal amount

R = interest rate 

t = time (in years)

n = number of compounding within a year

To determine the amount of compound interest payable, use the formula:

CI = A – P

Here, 

A = maturity amount

P = principal amount 

Tips to Avail SBI Personal Loan at Lower Interest Rates

Listed below are some tips which may help you avail a SBI personal loan at lower interest rates:

  • Ensure that your credit score is 750 or higher. 
  • Check for interest rate concessions during festive offers. 
  • Opt for a lower principal amount or a shorter loan tenure.  

Note – Please remember that despite taking these measures, the final applicable SBI personal loan interest rate will depend upon the lender. 

Key Points Regarding SBI Personal Loan Interest Rates

Here are some key points regarding SBI personal loan interest rates that you must keep in mind before filing your loan application:

  • SBI personal loan current interest rates are dynamic and can change without any prior intimation. So, you should always check the latest interest rates before filing your loan application.  
  • To opt for a lower interest rate while availing of a personal loan, you can go for a shorter tenure. However, it will increase your payable EMI amount. 
  • Prepayment may help reduce the applicable interest rate. But SBI also applies prepayment charges on most of its personal loan schemes. Thus, you need to assess these factors and determine which will be more sustainable in your case.

As you now know the current SBI personal loan interest rates, all you need to do is choose a scheme, tenure, and loan amount as per your needs. However, if you unfortunately fail to pay the EMI on time, a 2% penal interest is chargeable over the applicable interest rate on the overdue amount for the default period. 

Thus, before taking a personal loan, it is always advisable that you calculate the EMI amount and assess whether you can pay it on time every month without straining your budget.  

Related SBI Articles:
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3. How to Apply for SBI ATM Card Online and Offline?
4. SBI Debit Card Charges
6. How to Download SBI Life Insurance Premium Receipt?
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8. SBI Annuity Deposit Scheme 
9. How to Link Aadhaar Card with SBI Bank Account
10. SBI Savings Account Interest Rate & Minimum Balance
11. SBI NEFT Charges
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15. Unblock SBI Credit Card - How To Unblock SBI Credit Card?
16. How To Block SBI Credit Card?
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Frequently Asked Questions

What are the eligibility criteria to avail an SBI personal loan?

To get a personal loan from SBI, the applicant must have a salary account with the bank, a minimum monthly income of Rs.15,000 and an EMI/NMI Ratio lower than 50%. Moreover, they must be employed by the Central or State Government, a national educational institution, Central/State PSUs, or selected companies with/without any relationship with the bank.  

How important is my credit score if I wish to avail an SBI personal loan?

Your credit score acts as a representation of your creditworthiness when opting for a personal loan. Thus, the higher this metric, the more convenient the interest rates will be and vice versa. 

Is there a need for security or collateral to get a personal loan from SBI Bank?

No, SBI personal loans do not have any security or collateral requirements. Additionally, applicants do not even need any guarantor to avail of such loans.   

What is the SBI personal loan interest rate for 1 lakh?

SBI personal loan interest rate for Rs.1 lakh will range from 11.15% to 15.30% per annum. However, the final rate will depend upon factors like applicant type, loan principal, tenure, credit score and repayment capacity. 

What is the SBI personal loan interest rate 10 lakh?

For an SBI personal loan of Rs.10 lakh, the applicable interest rate will range from 11.15% to 15.30% per annum. Additionally, factors like repayment tenure, loan amount, applicant type, income, credit score, etc.  

What is the SBI personal loan interest rate 2023 for government employees?

For the SBI Xpress Credit personal loan, government employees can avail an interest rate ranging from 11.30% to 13.80% per annum. However, for the Xpress Lite scheme, the applicable rate of interest will be 12.30% to 14.80% per annum. 

What is the SBI personal loan interest rate for 2 lakh?

For an SBI personal loan of Rs. 2 lakh, the interest rate will vary between 11.15% to 15.30% per annum. The bank will decide the applicable rate by assessing factors like the borrower’s credit score, repayment capacity, income, loan amount, tenure, etc.  

What is the SBI personal loan interest rate for 5 lakhs?

The interest rate for a Rs.5 lakh SBI personal loan will range from 11.15% to 15.30% per annum. SBI decides the final rate based on factors like the applicant’s repayment history, principal amount, loan tenure, etc. 

What is the SBI personal loan interest rate for 3 lakhs?

For an SBI personal loan of Rs.3 lakh, the applicable interest rate ranges from 11.15% to 15.30% per annum. However, the final rate will be decided by the bank based on applicant type, credit score, loan amount, tenure, etc.  

What are the State Bank of India personal loan interest rates for salary account holders?

For salary account holders, the interest rate for SBI personal loans ranges from 11.15% to 15.30% per annum. The final rate, however, depends on the scheme, credit score, applicant type, loan tenure, principal amount, and other factors.  

Can I close my State Bank of India personal loan after 1 year?

Yes, you can close your SBI personal loan after 1 year. However, you need to pay a 3% prepayment penalty on the prepaid amount. However, if you prepay your loan with the proceeds from a new loan under the same scheme, no charges are applicable.  

How to close SBI personal loan online?

If you close your loan by paying the last EMI, the loan will automatically close. However, if you wish to pre-close your loan, it needs to be done by visiting your nearest SBI branch. 

How to close SBI personal loan before 1 year?

You can close your SBI personal loan within 1 year by contacting the nearest branch. However, you have to pay a 3% prepayment charge (if applicable) on the prepaid amount. 

Can I negotiate with SBI on the personal loan interest rate?

Yes, you can negotiate the personal loan interest rate with SBI. However, it will depend upon your eligibility and your relationship with the bank. 

Which documents should I carry at the time of visiting SBI?

You should carry your PAN card, income proof (bank statements, salary slips and Form 16), identity and address proof (Passport, Voter ID card and Aadhaar card) and passport-sized photographs while visiting SBI for a loan application.  

Is it possible for non-SBI customers to get a personal loan from SBI Bank?

Yes, even non-SBI customers can apply for a personal loan at SBI. The SBI Quick Personal Loan scheme allows individuals who do not have a salary account with the bank to get a personal loan via the Contactless Lending Platform (CLP).

How to check my SBI personal loan balance?

You can easily check your SBI personal loan balance online via your net banking account. Additionally, you can request for a copy of the repayment schedule at your nearby SBI branch. 

How to pay your SBI personal loan EMI?

If you have a salary, savings or pension account at SBI, you can pay your personal loan EMIs through net banking. However, if you are a non-SBI customer, you can pay the EMIs via digital payment methods like NACH, ACH or ECS facilities. Additionally, you can pay it offline using cash or post-dated cheques.   

How to pay SBI personal loan EMI through net banking?

You can pay SBI personal loan EMI via net banking through standing instructions like auto-debit. Moreover, you can go for the other electronic payment modes and fund transfer facilities which SBI offers.  

How to get an SBI personal loan statement?

When you opt for a SBI personal loan, you automatically get a personal loan statement at the end of each month. Additionally, you can download your personal loan statement by logging into your net banking account.    

How to pay SBI personal loan EMI online from any other bank?

Yes, you can pay SBI personal loan EMI online from a non-SBI account by linking your personal loan account to it.  

How to get SBI personal loan status by mobile number?

SBI automatically sends regular personal loan statuses on your registered mobile number when you opt for a loan. However, you can also get it by calling toll-free numbers like 1800-425-3800 or 1800-112-211. 

How to track SBI personal loan application status?

You can check your SBI personal loan application status online by going to the official website, clicking on ‘Personal Loan’, ‘Apply Now’, then on ‘Application Tracker’, filling in the details and clicking on ‘Track’. 

SBI personal loan disbursement time?

SBI personal loan disbursement time ranges from 2 to 7 working days. 

About the Author

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

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Quick Summary

SBI is a major Indian public bank offering diverse personal loan schemes. Interest rates range from 11.15% to 14.30%. Loans up to Rs.30 lakh, alternative schemes, and flexible repayment options are available. Factors affecting interest rates include the principal amount, loan tenure, CIBIL score, and employer profile. Eligibility criteria vary for salaried and pensioner applicants. Processing fees, interest rate calculator, and tips to avail lower rates are provided.

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