State Bank of India (SBI) Personal Loan

SBI offers personal loan @ 9.60% p.a. onwards of up to Rs 20 lakh for tenures of up to 5 years. It also offers pension loan of up to Rs 14 lakh for tenure of up to 7 years. SBI also offers pre-approved personal loan with instant loan disbursal.

SBI Personal Loan Highlights – March 2022
Interest rate9.60% p.a.
Loan AmountUp to Rs 20 lakh
TenureUp to 5 years
Minimum Monthly SalaryRs 15,000

SBI Personal Loan Interest Rates

The following are the different personal loan interest rates offered by SBI to different categories of borrowers:

For Defense/Para-military/Indian Coast Guard Salaried Applicants

Term Loan10.60%- 11.10% p.a.
Overdraft11.10%- 11.60%

For Other Applicants

Term Loan10.60%- 12.60% p.a.
Overdraft11.10%- 13.10% p.a.

Special concessions in Interest Rate for SBI Personal Loan

CriteriaConcession Offered
Loan amount >= Rs 10 lakh50 bps in rate of interest
Platinum salary package account holders50 bps in rate of interest
Central Public Sector Units under ‘RATNA’ status50 bps in rate of interest

Xpress Elite Scheme

For Salaried Account Holders9.60%- 11.10% p.a.
Other than Salaried Account holders (including those not having salary account with the bank)9.85%- 11.35% p.a.

Xpress Credit Non- Permanent Employees

Employees from Central/State Government, Quasi Government, Central/State PSUS, Defense Personal, Educational institutions of National reputation11.50%- 13.60% p.a.
Co-operatives/institutions not covered under regular Xpress Credit Loan Scheme and Unrated Corporates12.25%- 13.85% p.a.

Other Unsecured Personal Loans

Pension Loan (including Pre-Approved Personal Loans)9.75%- 10.25% p.a.
Clean Overdraft15.65% p.a.
Xpress Credit Top-up10.70% p.a.
Pre-Approved Personal Loan12.60 % p.a.
SPL, PAPL9.60% p.a.
SBI Quick Personal Loan through CLP Portal10.85%- 12.85% p.a.

Comparison of Interest Rates of SBI Personal Loan vs other Lenders

Banks/NBFCsInterest Rates (per annum)
SBI9.60% – 13.85%
HDFC Bank10.25% – 21%
PNB7.90% – 14.50%
ICICI Bank10.50% – 19%
Axis Bank10.25% p.a. onwards
Kotak Mahindra Bank10.25% onwards
IndusInd Bank11.00% onwards
IDFC First Bank10.49% – 23%
Bajaj Finserv13.00% onwards
Tata Capital10.99% onwards

Note: The above mentioned interest rates may change and shall depend on the sole discretion of the bank, NBFC and RBI.

SBI Personal Loan Fees and Charges

SBI Kavach Personal Loan
Processing FeesNIL
Pre-payment penaltyNIL
Foreclosure ChargesNIL

SBI Pension Loan

Pre-payment Charges3% on prepaid amount
Foreclosure ChargesNIL
EMI/NMP Ratio (Family Pensioners)Up to 33% in case of
EMI/NMP Ratio (other pensioners)Up to 50%

SBI Xpress Credit

Pre-payment Charges3% on prepaid amount
Penal Interest@ 2% per month

SBI Quick Personal Loan

Processing Charges1.50% of the loan amount (Rs 1,000- 15,000) + GST
Penal Interest@2% per month
Pre-payment Charges3% on pre-paid amount

Types of SBI Personal Loans

The bank offers various types of personal loans such as Xpress Credit Loan, SBI Pension Loan, Xpress Elite and Pre-approved Personal Loans.

1. SBI COVID Personal Loan

  • Purpose: For Covid treatment of self or family members
  • Loan Amount: Rs 25,000- Rs 5 lakh
  • Tenure: Up to 5 years
  • Processing Fees: NIL

2. SBI Pension Loan

  • Purpose: To meet the financial needs of central/state government pensioners, defense pensioners and family pensioners
  • Loan Amount:

For Central/ State Government Employees- Up to 14 lakh
For Defence Pensioners- Up to 14 lakh
For Family Pensioners- Up to 5 lakh

  • Tenure:

For Central/ State Government Employees- Up to 5 years
For Defence Pensioners- Up to 7 years
For Family Pensioners- Up to 5 years

3. SBI Xpress Credit Personal Loan

  • Purpose: For salaried account holders at SBI, to meet their personal requirements
  • Loan Amount: Up to Rs 20 lakh
  • Tenure: 6 months-6 years

4. SBI Pre-approved Personal Loan

Purpose: For a category of customers who are pre-selected on specific parameters pre-defined by SBI, with instant loan disbursement

5. SBI Quick Personal Loan

  • Purpose: To meet the personal requirements of the salaried borrowers not maintaining salaried account with SBI
  • Loan Amount: Up to Rs 20 lakh
  • Tenure: 6 months-6 years
  • Processing Fees: 1.50% of the loan amount (Rs 1,000- 15,000) + GST

Eligibility Criteria for SBI Personal Loan

The following are the key eligibility criteria for different types of SBI personal loans currently on offer:

SBI Xpress Credit Personal Loan (For salaried applicants)

  • Borrowers employed with Central/ State/ Quasi-Government, Central/ State PSUS, Selected corporates with/ without relationship with the bank, nationally recognized educational institutions
  • For salaried account holders with SBI
  • Minimum Monthly Income- Rs 15,000
  • EMI/NMI ratio- less than 50%

SBI Quick Personal Loan

  • Employees working with Central/ State/ Quasi-Government, Central and State PSUs, corporates and educational institutions with at least 1 year service
  • Age- 21- 58 years
  • Borrowers not having salary account with SBI
  • Minimum Monthly Income- Rs 15,000
  • EMI/NMI ratio- less than 50%

SBI Kavach Personal Loan

  • For salaried, non-salaried and pension seeking account holders of the bank
  • Should have a Covid positive report not more than 30 days old

SBI Pension Loan

For Central/ State Government Pensioners
  • Age- Below 76 years
  • Pension drawn through SBI
  • The pensioner should provide an irrevocable undertaking not to alter the mandate to the Treasury during the loan tenure
  • The Treasury should give in writing mentioning that no transfer of pension payment to any other bank without an NOC
  • All terms and conditions are applicable, including guarantee by a third party or by the spouse
For Defense Pensioners
  • Maximum age- Up to 76 years
  • No minimum age
  • Pensioners from armed forces such as Navy, army, Air Force, Paramilitary Forces (BSF, CISF, CRPF, ITBP), Coast Guards, Assam Rifles, Rashtriya Rifles
  • Pension account should be maintained with SBI
For Family Pensioners
  • Age- Up to 76 years
  • Authorized members of the family to receive pension in place of the deceased pensioner

Documents Required for Loan Application

The documents to avail SBI personal loan may vary depending upon the personal loan category you opt for. However, the list of basic documents is as follows:

  • Duly filled application form along with passport-sized photographs
  • Identity Proof: Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card
  • Address Proof: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property purchase agreement (for owned properties), Aadhaar Card
  • Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16
  • Any other document required by SBI

SBI Customer Care

Toll Free Numbers: 1800-1234 / 1800-11-2211 / 1800-425-3800
  • You can also fill and submit the Online Customer Complaint Form
  • You can send an email detailing your request/grievance to [email protected]

Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.


Q. How long does it take SBI to disburse a personal loan?

Ans. Banks and NBFCs usually disburse personal loans within 2-7 days of making a personal loan application. However, pre-approved personal loans offered to select customers by the SBI may have quicker disbursal. Lenders like Axis Bank, HDFC Bank, Bajaj Finserv and ICICI Bank also offer pre-approved/pre-qualified personal loans to select customers with instant disbursal. Click here to apply for pre-approved instant personal, if eligible, offered by top lenders

Q. Can I include my spouse’s income for calculating the loan amount?

Ans. No, you cannot include your spouse’s income when applying for an SBI personal loan. However, your spouse can apply for a personal loan separately, if eligible. Some lenders may allow spouses or other specified family members to apply as co-applicant. In such cases, the lenders may consider the income of the co-applicant while evaluating the loan amount and application.

Q. Can I choose between a fixed or floating rate for the personal loan?

Ans. SBI offers personal loans only on fixed interest rates. It does not offer personal loans on floating interest rates.

Q. What is the minimum credit score required for availing SBI personal loan?

Ans. While SBI has not explicitly stated their cut-off credit score, applicants having credit score of 750 and above would have higher chances of availing personal loan.

Q. What is the minimum salary required for availing SBI personal loan?

Ans. The minimum monthly income required for availing SBI personal loan is Rs 15,000.

Q. I don’t have a salary account with SBI. Can I apply for a personal loan?

Ans. Personal loan applicants not having their salary account with SBI can apply for SBI Quick personal loan.

SBI to Offer Express Credit Personal Loans through YONO

State Bank of India is gearing up to offer express credit personal loans through its multipurpose YONO app. Currently, applicants can avail this loan either online or by visiting the bank branch.

The bank is already offering small-sized personal loans averaging Rs. 2.5 Lakh on the YONO app. It may launch this high-value personal loan scheme ranging from Rs. 5 Lakh to Rs. 10 Lakh through the app now (as reported by Business Today).

In addition to that, SBI will also offer fast-tracked two-wheeler loans to its customers. At present, the YONO app generates leads for car and home loans.

Existing SBI customers get the facility of pre-approved personal loans from the bank through the YONO app. The bank plans to offer personal loans to new customers as well through this app itself. It is also working on an account aggregator system where customers can get quick access to their credit history with other lenders as well.

Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.

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