SBI Personal Loan 2024 - Interest Rates, Eligibility & Apply Online
Comprehensive guide to State Bank of India Personal Loan with competitive interest rates starting from 10.30%, loan amount up to ₹20 lakh, and flexible repayment options. Get expert insights on eligibility, documents, and application process.
SBI Personal Loan
India's most trusted bank offering personal loans with competitive interest rates, flexible tenure options, and quick approval process. Get instant loan up to ₹20 lakh for salaried and self-employed individuals.
State Bank of India (SBI) Personal Loan is one of the most popular loan products in India, trusted by millions of customers. As India's largest public sector bank, SBI offers personal loans with competitive interest rates starting from 10.30% p.a., making it an attractive option for both salaried and self-employed individuals. With a maximum loan amount of ₹20 lakh and flexible repayment tenure up to 6 years, SBI Personal Loan caters to various financial needs including medical emergencies, wedding expenses, home renovation, education, and debt consolidation.
SBI's personal loan process is streamlined with minimal documentation and quick approval. Existing SBI customers can avail pre-approved personal loans with instant disbursal. The bank also offers special schemes like Xpress Credit for salaried individuals and Pension Loan for pensioners. Use our Personal Loan EMI Calculator to calculate your monthly installments and plan your finances better.
SBI Personal Loan Interest Rates 2024
| Credit Score Range | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
Excellent 750+ | 10.30% - 11.50% | 1.00% + GST |
Good 700-749 | 11.50% - 13.00% | 1.25% + GST |
Fair 650-699 | 13.00% - 14.50% | 1.50% + GST |
Average Below 650 | 14.50% - 15.50% | 2.00% + GST |
Note: Interest rates are subject to change and depend on your credit profile, income, employment type, and relationship with SBI. Check your Credit Score before applying.
SBI Personal Loan EMI Calculator
Eligibility Criteria
Basic Requirements
- Age: 21 to 58 years
- Minimum Income: ₹15,000 per month (Metro), ₹12,000 (Others)
- Work Experience: Minimum 2 years (1 year with current employer)
- Credit Score: 650 or above (700+ recommended)
Employment Type
- Permanent employees of reputed organizations
- Government employees (Central/State)
- PSU employees
- Private sector employees (MNC/Listed companies)
Key Features & Benefits
Competitive Interest Rates
Starting from 10.30% p.a., one of the lowest rates among public sector banks
Quick Approval
Get approval within 72 hours with minimal documentation for existing customers
Trusted Bank
India's largest and most trusted public sector bank with 200+ years of legacy
Flexible Tenure
Choose repayment tenure from 6 months to 6 years as per your convenience
Minimal Documentation
Simple documentation process with pre-approved loans for existing customers
No Hidden Charges
Transparent pricing with no hidden charges or prepayment penalties after 6 months
Documents Required
Identity & Address Proof
- PAN Card (mandatory)
- Aadhaar Card
- Passport / Voter ID / Driving License
- Utility bills (for address proof)
Income Proof
- Last 3 months salary slips
- Last 6 months bank statements
- Form 16 / IT Returns (last 2 years)
- Employment certificate
How to Apply for SBI Personal Loan
Visit SBI Website
Go to SBI's official website and navigate to Personal Loan section
Check Eligibility
Use the eligibility calculator to check if you qualify for the loan
Fill Application Form
Complete the online application form with accurate personal and financial details
Upload Documents
Upload scanned copies of required documents (PAN, Aadhaar, salary slips, bank statements)
Submit Application
Review all details and submit your application online
Verification
SBI will verify your documents and may call for additional information
Approval & Disbursal
Once approved, loan amount will be disbursed to your account within 72 hours
Customer Reviews
Based on 12,450+ reviews
Rajesh Kumar
January 2024
Excellent service from SBI! Got my personal loan approved within 48 hours. The interest rate is very competitive at 10.5% and the entire process was smooth. Being an existing SBI customer helped me get pre-approved loan with minimal documentation.
Priya Sharma
December 2023
Very satisfied with SBI personal loan. The processing fee is reasonable and there are no hidden charges. I used the loan for my daughter's education and the flexible EMI options made it easy to manage. Highly recommend SBI for personal loans.
Amit Patel
January 2024
Good experience overall. The loan approval took about 3 days which is acceptable. Interest rate offered was 11.2% based on my credit score. The only issue was that I had to visit the branch once for document verification, but otherwise the process was smooth.
Sneha Reddy
December 2023
Best rates among all banks I checked! SBI offered me 10.8% interest rate which was lower than private banks. The customer service was helpful and they explained all terms clearly. Got the loan disbursed in 72 hours. Very happy with the service.
Frequently Asked Questions
What is the maximum loan amount I can get from SBI?
SBI offers personal loans up to ₹20 lakh for salaried individuals and self-employed professionals. The actual loan amount depends on your income, credit score, existing obligations, and repayment capacity. Existing SBI customers may get higher loan amounts based on their relationship with the bank.
How long does it take to get SBI personal loan approved?
For existing SBI customers with pre-approved offers, the loan can be disbursed within 24-48 hours. For new customers, the approval process typically takes 3-5 working days after document submission and verification. The timeline may vary based on document completeness and credit verification.
Can I prepay my SBI personal loan?
Yes, SBI allows prepayment of personal loans. There are no prepayment charges if you prepay after 6 months from the date of loan disbursal. You can make partial prepayments or foreclose the entire loan. This helps you save on interest costs.
What is the minimum credit score required for SBI personal loan?
While SBI doesn't officially disclose a minimum credit score requirement, a score of 650 or above is generally required for loan approval. However, a credit score of 700 or above significantly improves your chances of approval and helps you get better interest rates. Check your credit score before applying.
Is there any processing fee for SBI personal loan?
Yes, SBI charges a processing fee ranging from 1% to 2% of the loan amount plus applicable GST. The exact processing fee depends on your credit profile and loan amount. For example, if you take a loan of ₹5 lakh with 1.5% processing fee, you'll pay ₹7,500 plus GST as processing charges.
Can I get a personal loan if I'm not an existing SBI customer?
Yes, SBI offers personal loans to both existing and new customers. However, existing SBI customers with a good banking relationship may get faster approval, pre-approved offers, and potentially better interest rates. New customers need to provide complete documentation and undergo credit verification.
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Ready to Apply for SBI Personal Loan?
Get instant approval with competitive interest rates starting from 10.30%. Apply now and get funds in your account within 72 hours!