About the SBI Personal Loan Apply Online: SBI, headquartered in Mumbai, Maharashtra, stands as the largest lender in the country and is predominantly owned by the Government of India. According to the consolidated report, SBI reported a total income of Rs 2,57,289.51 crore as of March 31, 2015, and boasts total assets exceeding Rs 25,29,394 crore. For more detailed information about “SBI Personal Loan,” you can explore further.
SBI’s extensive network includes an impressive 16,995 branches within India and an additional 190 branches across other countries. The bank has established a credit card services partnership with GE. Notably, SBI is the sole Indian bank to secure a spot in the Forbes 500 list. SBI holds a substantial market share in personal loans (20%), home loans (25.5%), and car loans (26%).
Fueled by its extensive reach, SBI holds a prominent position as the most sought-after and searched bank in India. Its accessibility spans nearly every corner of the country.
SBI Personal Loan Apply Online 2023
In our everyday lives, and even during special occasions and unforeseen emergencies, we often find ourselves in need of substantial funds to address various financial requirements and responsibilities. These can range from vacations, education, property, vehicles, marriage, to medical emergencies. Sometimes, we encounter situations where we must arrange significant amounts of money within a limited timeframe. This is where personal loans come into play.
State Bank of India, one of the nation’s largest financial institutions, offers an array of personal loan options to assist you during challenging times. State Bank of India provides personal loans across four distinct categories: SBI Pension Loan, SBI Xpress Credit Personal Loan, SBI Saral Personal Loan, and SBI Festive Season Loan.
Details of the SBI Personal Loan:
| Aspect | Range / Details |
|---|---|
| Interest Rates | 11.95% – 16.55% 📈 |
| Processing Fees | Up to 3% of the Loan Amount 💰 |
| Prepayment Charges | Nil 🚫 |
| Repayment Options | Up to 4 Years ⌛ |
| Maximum Loan Amount | Up to Rs. 15 Lacs 💵 |
Eligibility Criteria For SBI Personal Loan:
SBI Personal Loans, as one of India’s largest loan providers, has played a crucial role in making homeownership dreams a reality for more than 3 million individuals. To apply for an SBI Home Loan, specific eligibility criteria apply, varying based on the loan type and categories. The eligibility requirements for SBI Home Loans are detailed in the table below:
| Eligibility | Loan Amount | Documents Required |
|---|---|---|
| Resident of India 🇮🇳 | Minimum: Rs 24,000 (metro and urban centers) or Rs 10,000 (rural/semi-urban centers) 💰 Maximum: 12 times net monthly income (salaried and pensioners) 💸 | – Passport size photograph 📷 – Identity proof 🆔 – Office address proof (self-employed and professionals). The documents can be shop/establishment certificate, lease deed, or telephone bill 🏢 – Latest salary slip and Form 16 (salaried persons) 📃 |
- Maximum loan repayment tenure: 48 months (4 years)
- Processing fee: 2% to 3% of the loan amount
- No prepayment charges
- Loan eligibility can be increased by adding your spouse as a co-borrower.
Read More: Kotak Mahindra Bank Loan 2023: यहाँ से करे ऑनलाइन आवेदन घर बैठे Step By Step
Personal Loans
The personal loan amount is determined based on an individual’s qualifications and may also vary according to the distinct categories established by SBI.
| Personal Loan Type | Age Limit | Job Type | Max Loan Amount | Minimum Loan |
|---|---|---|---|---|
| Xpress Credit Personal Loan | 21-58 years of age | Salaried individual in reputed corporate, self-employed engineer, doctor, architect, chartered accountant, MBA, govt. and PSU employee | Rs. 15 lacs 💰 | Rs. 24,000 💸 |
| Pensioner Loan | 60-76 years of age | Pensioners 👴 | Max. 10 months of pension; up to 14 lacs 💸 | Rs. 25,000 💸 |
| Festival Loans | 21-58 years of age | Salaried individual in reputed corporate, self-employed engineer, doctor, architect, chartered accountant, MBA, govt. and PSU employee | Rs. 50,000 💸 | Rs. 5,000 💸 |
| SBI Saral | 21-58 years of age | Salaried individual in reputed corporate, self-employed engineer, doctor, architect, chartered accountant, MBA | Rs. 10 lacs 💰 | Rs. 24,000 in metro cities 💸, Rs. 10,000 everywhere else 💸 |
EMI Calculator for Personal Loans
| Loan | ROI % | Tenure (yr) | Monthly EMI | Total Interest | Total Amt with Interest |
|---|---|---|---|---|---|
| ₹ 2,00,000 💰 | 12.45% 📈 | 3 ⌛ | ₹ 6,686 💸 | ₹ 40,693 💰 | ₹ 2,40,693 💰 |
| ₹ 2,00,000 💰 | 14.95% 📈 | 4 ⌛ | ₹ 5,561 💸 | ₹ 66,932 💰 | ₹ 2,66,932 💰 |
| ₹ 2,00,000 💰 | 16.55% 📈 | 4 ⌛ | ₹ 5,725 💸 | ₹ 74,778 💰 | ₹ 2,74,778 💰 |
How to Apply for a Personal Loan through the SBI Yono App?
Friends, in today’s time, smartphones have become essential for everyone, and you probably have a smartphone too. Therefore, now you can easily apply for a personal loan using the SBI Yono App. However, to do this, you will need to follow the steps outlined below.
- First, download the SBI Yono App on your smartphone and complete the registration process.
- Click on the three-line option to access the application’s dashboard.
- Select the loan option and then choose the Personal Loan option.
- Fill in all the required information in the application form, attach photos of all necessary documents, and click on the Submit option.
- If all your documents are correct, an amount of ₹50,000 will be transferred to your account.
- For larger loan amounts, visit your nearest bank branch to apply.
FAQ: SBI Personal Loan Apply Online 2023
SBI offers a maximum personal loan amount of Rs. 15 lakhs. The loan amount can also vary based on the applicant’s income and job type.
The processing fee for personal loan products from State Bank of India is typically 1% of the loan amount borrowed.
Certainly. Personal finance is available to existing State Bank of India customers. New customers can establish an account with the bank and subsequently apply for a personal loan.
Indeed, State Bank of India extends personal finance services to self-employed individuals too.
At present, the bank does not provide any exclusive personal loan scheme for female customers.
No, SBI does not require any collateral as security for personal loans.
