Personal loan from SBI

Personal loan from SBI is categorized into different sectors. You also have the opportunity of taking two personal loans at a time if you are an SBI customer.

Advantages of taking a personal loan from SBI- 
  • Low interest rate and the  interest rate is charged on a daily reducing balance.
  • Low processing charges
  • No hidden costs /administrative charges.
  • No security required and minimal documentation.
Documents Required for a Personal loan from SBI – 
  • Passport size photograph
  • Latest salary slip and form 16.
Personal Loans from SBI – Categories – 
  1. SBI Saral Personal loan
  2. Xpress Credit Personal loan
  3. SBI loan for pensioners

Let us discuss in detail about all the categories of personal loan from SBI.

SBI Saral Personal loan : 

Eligibility for  SBI Saral Personal loan – 

A Salaried individual of good quality corporate, self employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 year of experience.

Loan Limit for Saral Personal Loan from SBI –

Your personal loan limit would be determined by your income and repayment capacity.

Minimum :
Rs.24,000/- in metro and urban centres
Rs.10,000/- in rural/semi-urban centres
Maximum :
12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lakhs.

Margin for SBI Saral Personal Loan – No margin

Repayment for SBI Saral Personal Loan – 48 EMIs. You can also increase your EMI amount with no penalty or prepayment charges.

Prepayment Charges for SBI Saral Personal loan – 

  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

Processing Fees for SBI Saral Personal loan –  2% – 3% of the loan amount + applicable Service Tax

Xpress Credit Personal Loan from SBI : 

Need funds for any unseen expenses? Or planning  a family vacation? Don’t miss out because of financial crisis. Personal loan from SBI is available with different features. Xpress Credit personal loan from SBI is available to the below mentioned employees maintaining salary account with SBI at zero margin.

    • Central and state Government
    • Quasi-Government
    • Central PSUs
    • Profit making State PSUs
    • Educational Institutions of National Repute
    • Selected Corporates who have business relationship with the Bank
    • Corporates who do not have business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions.

Income  Requirement for Xpress Credit Personal loan from SBI – 

    • Minimum Net Monthly Income (NMI) : Rs.5000/-
    • EMI/NMI Ratio should not exceed 50%

    Loan Amount for Xpress Credit Personal loan from SBI –

    (i) Term Loan:

    • Min: Rs.25,000/-
    • Maximum: 24 times NMI subject to maximum of Rs 15.00 lacs.

    (ii) Overdraft:

    • Minimum: Rs.5.00 lacs,
    • Maximum: 24 times NMI subject to maximum of Rs 15.00 lacs.

    The OD will be subject to monthly reduction in DP so that DP becomes NIL in 60 months

    Note: Maximum loan amount for School Teachers is capped at 12 months Gross Salary both under Term Loan and Overdraft facility

    Repayment Period for Xpress Credit Personal Loan from SBI

Maximum 60 months or residual service period whichever is less.

  1. Provision for 2nd Loan for XPRESS CREDIT PERSONAL LOAN FROM SBI –Second Loan can be taken after 1 year of disbursement of the first loan. Only if the 1st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan.
  2. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However this is subject to the overall EMI/NMI ratio of 50%
  3. Margin : Nil
  4. Security : Nil
  5. Third Party Guarantee : Nil
  6. Prepayment terms : No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.

Charges/Fees of Xpress Credit Personal Loan from SBI

  1. Processing Fees – 1% of the Loan Amount + applicable Service Tax
  2. Penal Interest – Penal Interest @2% p.a. would be charged over and above the applicable interest rate on the overdue amount for the period of default. If part installment or part EMI remains overdue then penal interest should not be levied.
  3. Prepayment Charges – Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount.

Interest Rates for Xpress Credit Personal loan from SBI – 

Xpress Credit to employees of Rated Corporates (W.E.F. 01.11.2017) with No Reset:

 

Facility Type Check Off Category Rating 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
Term Loan
Check Off
A- and above
8.05%
3.80%
11.85%
Term Loan
Check Off
BBB+ and below
8.05%
4.30%
12.35%
Term Loan
No Check off
A- and above
8.05%
5.90%
13.95%
Term Loan
No Check off
BBB+ and below
8.05%
6.40%
14.45%
Overdraft
Check Off
A- and above
8.05%
4.05%
12.10%
Overdraft
Check Off
BBB+ and below
8.05%
4.55%
12.60%
Overdraft
No Check off
A- and above
8.05%
6.15%
14.20%
Overdraft
No Check off
BBB+ and below
8.05%
6.65%
14.70%

Xpress Credit to employees of Unrated Corporates (W.E.F. 01.11.2017) with No Reset :

 

Facility Type Check Off Category Credit Bureau Score 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
Term Loan
Check Off
=800
8.05%
4.55%
12.60%
Term Loan
Check Off
700 – 799
8.05%
5.05%
13.10%
Term Loan
No Check off
= 800
8.05%
5.40%
13.45%
Term Loan
No Check off
700 – 799
8.05%
6.65%
14.70%
Overdraft
Check Off
= 800
8.05%
4.80%
12.85%
Overdraft
Check Off
700 – 799
8.05%
5.30%
13.35%
Overdraft
No Check off
= 800
8.05%
5.65%
13.70%
Overdraft
No Check off
700 – 799
8.05%
6.90%
14.95%

Xpress Credit – IT Employees Scheme : Rate of Interest (W.E.F. 01.11.2017) with No Reset :

 

Credit Info Bureau Score 2 year MCLR Spread over 2 year MCLR Effective Interest Rate
750 and above
8.05%
4.80%
12.85%
550 – 749
8.05%
5.80%
13.85%
Less than 550 / No Score
8.05%
6.80%
14.85%

Xpress ELITE SCHEME : Rate of Interest (W.E.F. 01.11.2017) with 1 year Reset Period
SBI Salary Package A/C Holders

 

Credit Info Bureau Score 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
800 and above
7.95%
3.40%
11.35%
700 – 779
7.95%
3.90%
11.85%
600-699 / No Score
7.95%
6.90%
14.85%
Less than 600
No Loan (This will override even if the applicant has clear sanction/ refer to higher authority as per the Personal Loan Risk Scoring Model).

Other than Salary Package A/c Holders (including Applicants not maintaining Salary A/c with our Bank)

 

Credit Info Bureau Score 1 year MCLR Spread over 1 year MCLR Effective Interest Rate
800 and above
7.95%
3.65%
11.60%
700 – 779
7.95%
4.15%
12.10%
600-699 / No Score
7.95%
7.15%
15.10%
Less than 600
No Loan (This will override even if the applicant has clear sanction/ refer to higher authority as per the Personal Loan Risk Scoring Model).

Xpress Credit – Non-Permanent Employees (NPEs)

Employer Type Rate of Interest
i) Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute

Check-off Category-I * :

  • 430 bps above 2 yr MCLR i.e. 12.35%

Check-off Category-II * :

  • 640 bps above 2 yr MCLR i.e. 14.45%
ii) Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates

Check-off Category-I * :

  • 505 bps above 2 yr MCLR i.e. 13.10%

Check-off Category-II * :

  • 665 bps above 2 yr MCLR i.e. 14.70%
SBI Pension Loan / Personal Loan for pensioners from SBI :

If you are a Central or State Government or Defense pensioner drawing your pension through one of the SBI branches and are not more than 76 years of age, you can avail of a loan from your branch to meet your personal expenses. We understand you may have an urgent or unexpected need for funds or a family obligation to be fulfilled and appreciate your association with us.

Nominal processing fees (Nil Processing Fees for Defence Pensioners), no hidden costs and quick loan processing. Whenever you have some surplus funds, you can credit your loan account, thereby reducing your loan liability and interest burden.

Eligibility for Personal loan from SBI  :

(A) For Pensioners:

(i) For Central & State Government Pensioners:

The pensioner should not be more than 76 years of age In addition, pensioners whose pensions are disbursed by Government Treasuries by means of cheques drawn in favour of SBI branches, as per mandate of the pensioner, are also proposed to be included. In such cases, the original Pension Payment Order (PPO) remains in the custody of the Treasury and the pensioner gives a mandate to the Treasury for payment of pension through a particular branch of a bank.

Such pensioners will be included under the purview of the Scheme subject to the following conditions:

  • The pensioner concerned furnishes an irrevocable undertaking that he will not amend his mandate to the Treasury to pay his pension from the branch, during the currency of a loan availed by him from SBI.
  • The Treasury concerned consents in writing that it will not accept any request from the pensioner to transfer his pension payment to any other bank/ branch till an NOC is issued by the Bank.

All other terms and conditions of the Scheme will be applicable, including guarantee of the spouse (who will be eligible for family pension) or a suitable third party. The norms for family pensioners will continue.

(ii) For Defence Pensioners:

Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles who’s Pension Payment Order is with SBI.

There is no minimum age bar under this scheme.

The Maximum age at the time of availing the personal loan should be 76 years.

(B) For Family Pensioners (including Defence Family Pensioners) :

Family pensioner, i.e. spouse authorized to receive pension after the death of the pensioner, subject to condition that family pensioner should not be more than 76 years of age.

Loan  Amount for Personal loan for pensioners from SBI

(i) For Central & State Government Pensioners

Minimum : Rs. 25,000/-
Maximum : 18 months’ Pension with a ceiling of:

Age Max Loan Amount
= 72 years Rs 14.00 lac
> 72 but = 74 years Rs 12.00 lac
> 74 but = 76 years Rs 7.50 lac

(ii) For Defence Pensioners

Minimum : Rs. 25,000/-
Maximum : 
36 months’ Pension with a ceiling of RS 14.00 lac for Pensioners who are up to 56 years of Age

18 months’ Pension with a ceiling of :

Age Max Loan Amount
> 56 but = 72 years Rs 14.00 lac
> 72 but = 74 years Rs 12.00 lac
> 74 but = 76 years Rs 7.50 lac

(EMI / NMP not to exceed 50% in all the cases for all type Pensioners)

EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

(iii) For Family Pensioners (including Defence Pensioners):

Minimum : Rs. 25,000/-
Maximum : 18 months’ Pension with a ceiling of: 

Age Max Loan Amount
= 72 years Rs 5.00 lac
> 72 but = 74 years Rs 4.50 lac
> 74 but = 76 years Rs 2.50 lac

(EMI / NMP not to exceed 33% in all the cases for Family Pensioners)

EMI = Equated Monthly Instalments

NMP = Net Monthly Pension

Age and Repayment Period – 

(A) For Pensioners:

(i) For Central and State Government Pensioners :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 72 years of Age 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

(ii) For Defence Pensioners :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 56 years 84 months 63 years
More than 56 years and up to 72 years 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

(B) For Family Pensioners (including Defence Pensioners) :

Age at the time of Loan sanction Repayment Period Age at the time of full Repayment
Up to 72 years of Age 60 months 77 years
More than 72 years and up to 74 years 48 months 78 years
More than 74 years and up to 76 years 24 months 78 years

Repayment Mode for Personal loan for Pensioners –

Standing Instruction to debit the pension account for recovery of the EMIs

Processing Fees for Personal Loan for Pensioners – Nil

 

Margin: Nil

Prepayment Charges for Personal Loan for Pensioners – 

  • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
  • No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

Guarantee for Personal Loan for Pensioners :

(a) TPG of Spouse eligible for family Pension.

(b) In the absence of spouse, TPG of any other family member or a third party worth the loan amount

Insurance : Nil

Interest Rates for Personal Loans from SBI (SBI Saral Personal Loan and SBI personal loan for Pensioners) – 

Other Unsecured Personal Loans Revised (w.e.f. 01.11.2017)
Scheme 2 year MCLR Spread over 2 year MCLR Effective Interest Rate Reset Period
SBI Pension Loan
8.05%
4.35%
12.40%
No Reset
Jai Jawan Pension Loan
8.05%
4.35%
12.40%
No Reset
Pension Loan to coal mines Provident fund for pensioners 
8.05%
4.35%
12.40%
No Reset
Clean Overdraft
8.05%
8.45%
16.50%
No Reset
OD for e-Commerce purchases
8.05%
5.50%
13.55%
No Reset

Security for SBI personal loan– Nil

How Loanyantra Helps with your personal loan – 

Loanyantra, first-ever online loan management company, manages all your loans under one account. Once you decide you want a personal loan, you can give us a missed call on 040-71011991.  Our relationship manager calls you back within no time and calculates your eligibility and also will let you know the best options available according to your priority and preference.

Just relax as we take care of collecting the documents from your home and get all the things done at your doorstep.

Not just that, we also track your loan and let you know how and when you can complete it faster.

All you need to do is just a missed call to 040-71011991.

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