SBI Personal Loan Interest Rate, Eligibility, Documents, Processing Fee, How To Apply Online?
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 interest | 11.15% to 14.30% per annum |
| Minimum loan amount | Rs. 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 charges | 3% 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 Corporates | 12.30% 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 Loan | 11.30% |
| Pre-Approved Insta Pension Top-Up Loan | 11.30% |
| Pre-Approved Pension Loan (PAPNL) | 11.30% |
| Pension Loan Scheme For Treasury & PSU Pensioners | 11.30% to 11.80% |
| Jai Jawan Pension Loan | 11.30% |
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 amount | Rs.3 lakh |
| Maximum loan amount | Rs.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 Corporates | 13.30% 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 Account | Applicants | Values |
| 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 Corporates | 12.55% 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 SBI | 11.40% 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 Corporates | 12.55% 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 rate | 13.80% to 14.30% |
| Availability | 24/7 |
| Documentation | Nil |
| Application fees | Nil |
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 amount | Rs.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 interest | 11.30% to 11.80% per annum |
| Tenure | 72 months (before the applicant turns 78 years) |
| Prepayment charges | 3% 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 Income | Rs.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 SBI | Mandatory (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 Scheme | Processing Fees |
| Xpress Credit | 1.50% of loan amount (minimum Rs.1,000 + GST and maximum Rs.15,000 + GST) |
| SBI Pension Loan | 1% of loan amount (minimum Rs.1,000 + GST and maximum Rs.10,000 + GST) |
| Jai Jawan Pension Loan | Nil |
| Clean Overdraft | Nil |
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.
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Frequently Asked Questions
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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