Check SBI Personal Loan Rates & Apply Online Now

State Bank of India (SBI) is the largest public sector banks in India offering a wide array of products and personal loans in one of them. What makes personal loans different from others is that it is generally unsecured and the lender has no terms and conditions when it comes to the usage of money.

SBI Personal loan provides both secured and unsecured loans however unsecured personal loans are more in demand. So, if you are also stuck in a financial crisis or want money to finance a new car or a bike, apply for SBI personal loan. This loan offered by SBI is popular for its low-interest rates and a higher loan amount facility that altogether make the deal one of the best one in the market.

At SBI, you can get a personal loan under four categories so read this article to know the detailed information of the interest rate offered by the bank and eligibility criteria to apply for the loan.

SBI Personal Loan Schemes

• Xpress Credit Personal Loan- 11.90%-14.90% p.a.
• Pension Loan-12.45% p.a.
• Festival Loan
• Saral Personal Loan

SBI Xpress Credit loan: This scheme is an ideal loan for the people who want instant money. If you are salaried or a self-employed professional, you can get this loan between the rate of 11.90% to 14.90% (floating) p.a.

Eligibility criteria

• The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates
• The minimum monthly income of the applicant should be ₹7,500/-
• The EMI/NMI ratio should not exceed 50

Pension Loan: This scheme is for Pensioners and Family Pensioners (including Defence Personnel) and the interest rate offered under this scheme is 12.45% p.a. (floating).  The borrowers can get the maximum loan amount of ₹14 lakhs. So, have a look at the eligibility criteria before applying for this schemes:

Eligibility criteria

• The maximum age of the applicant should be 76 years
• The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
• If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.

Saral Personal Loan: This scheme requires the below criteria:

• Self-employed engineer
• Doctor
• Minimum work experience of 2 years for an MBA graduate
• Available for Chartered Accountants and Architect

Festival Loan: As the name suggests, this scheme is for your financial needs during a festival. SBI is one of those banks that brings festive offers on personal loans that are affordable and people-friendly as well. So, if you want money for any occasional purpose, you can get this loan to make your wish come true. This scheme would for sure leave a heart-touching experience in your life. So, have a look at the eligibility criteria before applying for this scheme.

Eligibility criteria:

• Government employees or those working for PSUs or even private or public institutions/establishments with a minimum work experience of 2 years.
• Minimum Net Monthly Income of ₹3000/-
• The self-employed applicants must have the work experience of 3 years.
• Individuals with a regular source of income like pension or interest from TDR or NSC or Govt Securities can apply.

SBI Personal Loan EMI Calculator

The term personal loan calculator is nothing but the EMI calculator only. Now, what is an EMI calculator? It is the tool that is used to calculate the monthly installments of a loan. It can be used to calculate the EMIs of all kinds of loan. With the help of this calculator, a borrower can know in advance the details of the payments that he/she will have to make. Having said that, this calculator makes it easier to take the right decision as you can use it before applying for a loan multiple times. The calculator gives accurate results in just a few seconds and hence is very helpful.

SBI Personal Loan Interest Rates

The bank offers personal loans at floating rate of interest based on 2-year MCLR which is presently 8.10% p.a.

How to Apply for SBI Personal Loan Online

If you are also looking for a personal loan from State Bank of India (SBI), you can visit the website and fill in the mandatory details. Once you have filled the details, you can follow the further steps and submit your application.