Need funds quickly for your wedding, and it’s coming up soon? Been dreaming of taking that long-awaited vacation? Or perhaps an unexpected expense from a healthcare emergency has finally and unexpectedly come knocking at your door? Whatever the case, a personal loan could be your saviour.
However, not all personal loans are the same. This is where the SBI Personal Loan comes in – a simple personal loan from India’s largest Public Sector Bank. With competitive interest rates, very few documents involved, and flexible repayment terms, SBI has been a perfect solution for millions of Indians looking for financial help without the fuss. If you’re considering a loan, read on for the complete details, such as interest rates, eligibility criteria, and applications. Let’s get started!
SBI Personal Loan – Eligibility Criteria.
Salaried employees, pensioners of central/state government/armed forces, with a continuous source of income are eligible for Personal Loans, subject to minimum score in the Risk Scoring Matrix (RSM). The loans are offered through the branch channel by submitting the manual application form and the required documents to the bank.
Personal Loans on digital channels are available to pre-approved Customers on YONO, an Internet Banking Platform. The digital Channel may be broadened with fintech adaptation by the bank.
To get the SBI Personal Loan:
1) Minimum Service :
- Government/ Defence Sector employees: 6 months
- Corporate Sector employees: 12 months
2) Age: 21-60 years:
- Loans to Government/ Defence sector employees in service & having age more than 60 years will be considered on a case-to-case basis.
3) Minimum Net Monthly Salary :
- Government/ Defence Sector employees: ₹20,000/-
- Corporate Sector employees: ₹25,000/-
4) Loan Amount
- Minimum : ₹ 1 lakh
- Maximum: ₹ 35 lakh, provided EMI/NMI Ratio up to 65% & 24-times NMI, whichever is lower
5) The employee should be an Indian National.
6) Employees should have decent Credit scores per the bank’s internal policy.
SBI Personal Loan – Interest Rates.
| SBI Personal Loan Interest Details (w.e.f. 14.03.2025) | |
| Component | Value |
| 2-Year MCLR | 9.05% (as mentioned on SBI’s official rate sheet) |
| Mean ROI (Q4 FY25) | 12.68% |
| Spread over 2-Year MCLR | 1.25% – 6.25% |
| Effective Interest Rate | 10.30% – 15.30% per annum |
SBI Personal Loan Plans and Rates.
Xpress Credit Plan (which includes Pre-approved Xpress Credit – PAXC, RTXC, RMP Xpress Credit)
- For defence/ central armed police/ Indian Coast Guard: Interest rates are 11.45% to 12.95%.
- For central/ state government employees, police, railways, and CPSEs in ‘RATNA’ status: Interest rates are 11.60% to 14.10%.
- Other corporations – Interest rates 12.60% to 14.60%.
Xpress Elite Plan (which includes RTXC Elite)
- For SBI salary account holders: Interest rates 11.45% to 11.95%.
Xpress Flexi Plan (Overdraft Facility)
- Diamond Salary Package Customers – Interest Rates 11.70% to 14.85%.
- Platinum Salary Package Customers – Interest Rates 11.70% to 12.20%.
Pension Loan
- The interest rate is 11.60% to 12.10% per annum.
Pre-approved Personal loans (PAPL)
- The interest rate is 14.10% to 14.60% per annum.
Documents Required For SBI Personal Loan.
The documents may differ depending on which personal loan you wish to apply for. Only salaried individuals/professionals and Pensioners can apply for SBI personal loans. Here are some major documents that can be submitted to avail of an SBI Personal Loan are as follows:
Xpress Credit Loan.
- Application form duly filled and shall be submitted with 2 Latest Passport size photos.
- Address & Identification proof/ (Photocopies of PAN/ Passport/ Drivers license, Voter ID card/Aadhar Card.)
- Proof of Residence (photo copies of recent Telephone Bills/ Electricity Bills/Property tax receipts, Passport, and Voter ID card.)
- Copy of employer’s identity card.
- Last month’s bank statement is with the account where the salary would be credited.
- Salary slip for the last 6 months (optional*).
- Irrevocable Letter of Authority to authorizing authority
- Irrevocable Letter of Authority from the person authorized to disburse salary and allowances mentioned above.
For DSP (Defense Salary Package), PMSP (Paramilitary Salary Package), ICGSP (Indian Coast Guard Package)
- Application – could be any form filled in by the borrower and emailed to the lender along with two of the lender’s latest passport photographs.
- Proof of identity ( photocopies of PAN/Card/ passport/ driver’s license, Voters ID card/ Aadhar Card/ simplified KYC)
- Proof of Residence ( photo copies of recent Telephone Bills/ Electricity Bills/ property tax/ Passport/voter ID card)
- Last six months statement of the Bank “the account in which salary gets credited”
- Last 6 months salary slip (optional).
SBI is all about affordability, integrity, and convenience with its loans. SBI has a solution for you! – whether you are a salaried employee, a retired pensioner, or an existing customer. Its loans are well-priced, the eligibility criteria are uncomplicated, and the documentation is minimal. If you require a personal loan, SBI may be your financing partner.
Disclaimer:
The information provided in this SBI Personal Loan is publicly available for general informational purposes. Interest rates, eligibility criteria and loan terms are subject to change at the discretion of SBI. Ensure you check all details on the official SBI website or speak with a bank representative before applying. The author is not responsible for any actions taken concerning the information available.
