SBI Personal Loan – Interest Rate, Eligibility and Documentation

SBI Personal Loan – Interest Rate, Eligibility and Documentation

SBI Personal Loan – State Bank of India (SBI) is India’s largest public sector bank. It offers personal loans with attractive interest rates and flexible repayment tenors. If you need funds for personal expenses like a wedding, home renovation, travel, or medical treatment, an SBI personal loan can be quite useful. Here is a step-by-step guide on how to apply for a personal loan from SBI.

SBI Personal Loan Details

• Loan Amount: Minimum Rs 25,000 and Maximum Rs 35 lakh
• Interest Rates: Between 10.25% to 16% per annum based on credit score and loan amount
• Tenure: Max tenure is five years
• Processing Fee: Upto 2.00% of loan amount + applicable taxes

SBI Personal Loan Documents Required

When applying for a personal loan from SBI, keep the following documents handy:

• Duly filled personal loan application form
• Identity proof – Aadhaar card/PAN card
• Residence proof – Voter ID/Passport/Electricity bill
• Six months bank account statements
• Three months salary slips
• Form 16 (for salaried individuals)
• Business address proof (for self-employed)
• It returns (for self-employed)

Steps to Apply for an SBI Personal Loan

• Contact SBI Customer Care: Call 1800 112 211 or 1800 425 3800 to find eligibility and required documents. You can also visit your nearest SBI branch to meet the bank representative regarding personal loans.
• Check Eligibility and Documents: SBI offers personal loans to salaried individuals, self-employed professionals, and business people. The key factors determining your eligibility are income, employment, credit score, repayment capacity, past loan repayment track record, etc. Keep all required documents ready.
• Fill Application Form: You can apply for an SBI personal loan online via the YONO app or website. Or visit the SBI branch and meet the bank officer who will help you complete the personal loan application form. Provide accurate personal and financial details.
• Submit Documents: Submit self-attested copies of your identity proof, address proof, salary slips, bank statements, IT returns, and other income documents, along with a filled application form, at the SBI branch.
• Loan Appraisal: The SBI executives will verify your application details and appraise your profile and documents. If your loan application is approved, they will inform you about the loan amount, interest rate, and tenure as per your eligibility.
• Legal & Technical Verification: The Bank’s legal and technical teams will re-verify all the documents. They may contact your office/business place for further inquiries.
• Loan Disbursal: After completing the verification process by SBI teams, the approved loan amount gets directly credited to your bank account within seven working days.
• EMI Payments: You must repay the loan in Equated Monthly Installments (EMIs) over the tenure as per the repayment schedule. EMIs include both interest and principal amounts. You can make EMI payments via standing instructions, cheques, online transfers, etc.

SBI Personal Loan Interest Rates

SBI offers attractive interest rates on personal loans ranging from 10.25% to 16% per annum based on various factors like:

• Your credit score – The higher the score, the lower the interest rate
• Your income level
• Place of residence – Metro or non-metro city
• Type of employment – Salaried or self-employed
• Loan amount and tenure selected

So, based on these parameters, SBI determines personalized interest rates for each applicant. Overall, rates typically vary between 10.25% to 16% per annum.

SBI Personal Loan Tenure

SBI offers repayment flexibility on personal loans, with tenure options of 12 months to 60 months. So you can choose a tenure from 1 to 5 years, based on your repayment capacity.

The longer the tenure, the lower your loan EMI will be. But total interest outgo increases if you take a loan for five years. Also, loan eligibility depends on the maximum tenure you can take based on your age and repayment capacity. Discuss tenure options with SBI executives before applying.

Tracking SBI Personal Loan Application Status

To check the status of your SBI personal loan application after submission, you can:

• Call customer care on the given numbers
• Visit your SBI account online using internet banking credentials
• Use the SBI YONO app to check your loan status
• Visit the SBI branch where you submitted your loan application

The executives will guide you on the next steps if any pending document or your loan has been approved. If approved, you will know the expected date of loan amount disbursal into your account.

Key Things to Know About SBI Personal Loans

Here are some important things borrowers should know about SBI Personal Loans:

• No Collateral Required: SBI offers unsecured personal loans, so you need not provide any asset/collateral as security.
• Processing Fee: The bank charges a processing fee of up to 2% of the loan amount, plus applicable GST. This gets deducted from the approved loan amount before disbursal.
• Foreclosure Charges: You can prepay your loan anytime without any part-payment penalties. Normal foreclosure charges apply.
• Credit Score: A high credit score increases your chances of getting a loan approval more easily and at lower interest rates, starting at 10.25% p.a.
• Fixed Interest Rate: SBI personal loan has fixed interest rates for the entire tenure. So your EMIs do not fluctuate.
• Income Documents: Salaried applicants need the last six months’ pay slips, bank statements, and IT returns. Self-employed people need two years of IT returns and bank statements of business accounts.

How to Contact SBI for Personal Loan Process

If you need any assistance or clarification regarding State Bank of India personal loans during the application process, you can contact their customer service via:

• SBI Customer Care Numbers: Call 1800 112 211 or 1800 425 3800
• Email: You can email your queries to customer.care@sbi.co.in
• SBI Branch Visit: Walk to your nearest SBI branch and meet the bank representatives regarding personal loans.

So visit your city’s State Bank of India branch or call their helpline numbers today. The friendly executives will explain their loan offerings, eligibility criteria, interest rates, required documents, and application process in detail per your profile.

With attractive repayment tenure and a loan amount of up to Rs 35 lakhs, an SBI personal loan can help conveniently fulfill your lifestyle and financial needs.

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