State Bank of India Personal Loan

 

About State Bank of India Personal Loan

Headquartered in Mumbai, State Bank of India is a government-owned corporation, ranked 217th on the list of the biggest corporations of the world (in 2017) issued by Fortune Global 500. It is an Indian multinational public sector banking and financial services company that offers some of the most appealing personal loan products to the interested borrowers in India. Right now, State Bank of India offers two primary personal loan types to salaried employees – Xpress Credit Personal Loan and SBI Xpress Bandhan. Apart from these two, there is a personal loan product available for pensioners. While Xpress Credit Personal Loan is targeted at people employed with specified business entities, having a salary account with the bank, SBI Xpress Bandhan is meant for the applicants with a similar profile who don’t have a salary account with SBI. Both the loan types are offered at low interest rates (on a daily reducing balance), without any administrative/hidden charges, minimum documentation, zero security and low processing fee.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

You need to be employed with any of the following entities – Central PSUs, Central and State Government, reputed national level educational institutions, profit-making state PSUs, quasi-government or well-known corporates (with or without business relationship with the bank), to avail personal loan facility from State Bank of India. It is important to have a salary account with the bank if you’re seeking Xpress Credit Personal Loan. Your minimum net monthly income should be INR 5000 and the EMI/NMI ratio shouldn’t exceed 50%.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

State Bank of India Personal Loan Features / Details

You can seek a State Bank of India personal loan in the form of an overdraft or a term loan. Both can be a minimum of INR 5 lakh to a maximum of 15 lakhs. It can be repaid within the residual service period or a maximum of 60 months, whichever works out to be lower. You can go through the exact State Bank of India personal loan features, including the applicable interest rate, the loan tenure, repayment schedule etc., below.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

State Bank of India Personal Loan Fees / Charges

As expected from any type of personal loan extended by a reputed banking establishment, there’s a specific processing fee involved in State Bank of India personal loan as well. This is 1% of the loan amount plus the applicable taxes. There are no hidden costs involved. You can learn about other pertinent charges like foreclosure charges, prepayment charges, part payment charges etc. below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees