SBI all Personal Loan Details | Sbi Loan | Loan

SBI is all about personal loans | SBI all Personal Loan Details | Sbi Loan | Loan

Be it weddings, vacations, paying for college, unexpected medical expenses and any other unexpected financial need, personal loans are here to help you. Today, the personal loan market has become more specialized and personalized. Generally, personal loan interest is higher than secured loan interest. This guide will help you understand all aspects of SBI Personal Loan, one of the most popular products of India's largest public lender.

Features of SBI Personal Loans

SBI has various types of personal loans. You can easily apply for this loan online hassle-free. There are loans according to everyone's needs and desires. They offer special instant loans for any type of urgent need. Some of the basic features of SBI loans are given below:

Loan Amount

SBI offers you a minimum of Rs 25,000 to Rs 20 lakh or 24 times your NMI (Post-Tax Net Monthly Income), whichever is lower. Whereas SBI Overdraft Loan offers you a minimum of Rs 5,00,000 to Rs 20 lakh or 24 times your NMI, whichever is lower.

Repayment period

You are offered a repayment tenure of 72 months to 6 years for an instant personal loan from SBI.

Interest rate

SBI personal loans start with a minimum interest rate of 8.60% and can vary up to 15.65% per annum. It depends on several factors like the type of loan, borrower's income and repayment capacity.

Personal loans for everyone

Banks ensure many schemes which differ from person to person according to their profession and credit score. To meet the financial needs of different borrower categories, SBI offers various types of loans. For example, there are personal loans for government employees.

Types of SBI Personal Loans

SBI Kavach Personal Loan

Get an instant loan from SBI Personal Loan called Kavach Personal Loan up to Rs. 5 lakhs for COVID-19 treatment for you and your family members. Through this loan program, SBI hopes to provide all its customers access to immediate financial assistance during the COVID 19 pandemic. It also has a 3 month suspension. The covid report should not be more than 30 days old. Additionally, you are entitled to reimbursement for any medical expenses you have previously paid related to COVID-19. These SBI loans have interest rates that start at just 8.50 percent per annum and can be easily repaid over a period of up to 5 years. This loan is available only to current salaried or non-salaried customers of the bank.

SBI Express Credit

You can avail loan up to Rs 20 lakh under this scheme. Applicant must be a salaried person with a minimum salary of Rs. 15,000 Applicants must be working under Central or State Government, Central and State PSUs, Educational Institutions of national repute, Semi-Government, or any other corporation that works exclusively with SBI. The processing charge for this loan is 1.50% of the loan amount, which should not be less than Rs. 1,000 + GST ​​and not exceeding Rs. 15,000 + GST. Their EMI/NMI ratio should not exceed 50%. The interest rate on this SBI personal loan is always between 10.60% and 13.85%. The companies are subject to certain terms and conditions and have no commercial relationship with SBI or any Immigration Check Requirement (ECR).

Pre-Approved Personal Loan (PAPL) at YONO

An SBI account holder can avail PAPL at their convenience in a hassle-free manner, 24/7 using the YONO app with just four basic and simple taps. Currently, this loan is provided only to a pre-selected group of customers based on a set of pre-established SBI criteria. You can easily calculate the loan interest and total repayment amount using SBI Personal Loan Calculator. It will benefit you with an SBI loan not exceeding Rs.8 lakhs. SBI also charges a very low processing fee for a pre-approved personal loan if you apply through YONO aap. Not only this, the interest on these pre-approved loans varies from 9.60% to 12.60% per annum. These four tap SBI loans can be processed and disbursed instantly. No branch visit or physical copy of documents is required for this loan. As the loan is only available to select customers, you can check your eligibility by texting "PALP" to 5676767.

SBI Quick Personal Loan

Only salaried individuals who do not have a salary account with SBI can avail this SBI loan. The maximum repayment period of this loan is not more than 72 months. SBI Personal Loan Calculator helps you calculate the amount payable at the end of the repayment period. The processing fee for this loan is 1.50% of the loan amount, which should not be less than Rs 1,000 + GST ​​and not exceeding Rs. 15,000 + GST. Annual interest rates range from 10.85 to 12.85%. Applicant must have EMI/NMI ratio more than 50%. They should have minimum 1 year working experience. Applicants should be between 21-58 years of age and their minimum monthly income should be at least Rs. 15,000

SBI Pension Loan

It is a special loan offered to defense personnel, central and state government employees and family pensioners. Pensioners below 76 years of age can only apply for this. For retirees whose benefits are paid by the public treasury, the pen in question The beneficiary must authorize the Treasury to remit the pension amount to the specified bank branch. The interest rate on this SBI personal loan ranges from 9.75-10.25%. The loan amount approved by SBI will be based on the person's age, pension income, repayment tenure and some other factors. The repayment period is maximum 84 months for defense personnel and central and state government employees and 60 months for family pensioners. Defense personnel, central and state government employees not exceeding 14 lakhs, whereas a family pensioner can borrow more than 5 lakhs.

SBI Personal Loan Processing Fees and Charges

For SBI Xpress Credit: 3% prepayment charge on prepaid amount and 2% penal interest charged per month. For SBI Quick Personal Loan: Prepayment charges of 3% of prepaid amount and 2% penal interest per month are charged. style="font-weight: 400;">For SBI Kavach Loan: 0 Processing Fee, 0 Prepayment Penalty and 0 Foreclosure Charge required. For SBI Pension Loan: 3% prepayment charge on prepaid amount, 0 foreclosure charge, EMI/NPI ratio should be up to 33% for family pensioners and 50% for other pensioners.

How to Apply for SBI Personal Loan?

• Visit SBI – Loans, Accounts, Cards, Investments, Deposits, Net Banking – Personal Banking Site
• Hover your cursor over the "Loans" tab, and a menu will drop down.
• Click on “Personal Loans” from the menu.
• A list of all available loans is available there. Check and choose the loan that best suits your needs and matches all your qualifications.
• Click on "Apply Now". A new web page will open.
• Fill all the details asked for it and provide a soft copy of the required documents.
• Click on "Submit".
• A bank representative will call you to walk you through the remaining steps.

Follow the given steps to apply for pre-approved SBI loan from YONO app:

• Login to the YONO app on your phone.
• Find the "Pre-Approved Personal Loan" option in your account.
• Enter the loan amount and repayment period.
• You will soon receive an OTP on your registered mobile number. Enter the OTP.
• Click on "Submit".
• The loan amount will be disbursed to your account immediately.

YONO App Eligibility for Personal Loan

The eligibility criteria to apply for SBI Personal Loan through YONO app is very simple. You can check them in the following ways:

• CSP (Customer Service Point) and Non-CSP (Customer Service Point) customers can apply for this loan.
• Applicant must be a savings account holder to apply for SBI personal loan
• SBI Savings Bank account holders can check whether they are eligible for a pre-approved SBI loan by texting "PAPL####" to 567676 ("####" is the last four digits of your SBI Savings Bank account number).

SBI Personal Loan Documents

You need to submit few documents to get your loan approved. Check the given list to know which one is required:

• Identity Proof: Aadhaar Card, PAN Card, Voter ID Card, Driving License and Passport
• Proof of residence: Property tax receipt, photocopy of electricity bill or telephone bill, passport, voter ID card
• Income proof: Copy of identity card issued by employer, bank statement Income Tax Return (ITR) of previous six months, pay slip or bank statement of previous six months, ITR of last two years and account statement of self-employed persons.

How to Check SBI Personal Loan Application Status?

• Go to Application Status (sbi.co.in) site.
• Enter Unique Reference Number (URN)
• Enter your mobile number and ISD code (91 for India)
• Click the "Track" button.
• And the status of the application will be displayed on the screen.

SBI Personal Loan EMI Calculation

• Go to Calculators – Calculate your EMI for various types of loans online in India SBI – Personal Banking Site.
• Click on the calculator you want to use.
• Adjust the loan amount, interest rate and course tenure.
• And the result will be visible below.