SBI Personal Loan Interest Rate 2022 - How to Apply, Eligibility And Types

SBI Loan Interest Rates 2022 - How to Apply SBI Loans

A personal loan is a form of financial assistance, offered by various banks in india and NBFCs, which can be utilised for personal needs like higher education, medical emergencies, vacation plans, marriage expenses, and many more.

The State Bank of India(SBI) is the largest banking entity in our country, which provides customers with specially tailored personal loans. These personal loans are a huge benefit to customers when they need immediate funds. SBI offers personal loans to their clients with various forms of uses. Users may learn from the SBI website the characteristics of these loans and refer to the plan that fits their needs better.

The current interest rate on personal loans from SBI ranges from 9.60% - 16.60% And may Change .

SBI offers personal loans of up to Rs. 20 lakhs with interest rates starting from 9.60% p.a. onwards. The bank offers various types of personal loans such as Xpress Credit Loan, Xpress Elite, SBI Pension Loan and many more Loans mentioned down. Instant personal loans offered by SBI may be used for various purposes, such as higher education, weddings, home renovation, vacations, medical emergencies, debt consolidation, etc.

Types of SBI Personal Loan

1. SBI XPress Credit
2. SBI Pension Loan
3. SBI XPress Bandhan
4. SBI Pre-approved Personal Loans
5. SBI QUICK Personal Loan
6. SBI PAPL (Pre-Approved Personal Loan)

Features of SBI Personal Loan

Loan Amount: SBI offers a loan amount as high as Rs. 20 lakh to fulfil various financial needs with a single loan.

Eligible Entities: SBI offers specific loan schemes to different categories of borrowers such as pensioners, salaried and self-employed.

Flexible Tenure: If you opt for personal loan, you can repay it within a flexible tenure ranging from 6 months to 6 years.

Easy Application: Loans can be availed online with the help of its digital platform. The process involves minimum documentation and quick processing.

Pre-approved loan: Applicants can avail SBI preapproved loan from its YONO app 24X7 as per their eligibility.

SBI Personal Loan Types And Eligibility

Types of SBI Loans And eligibility criteria to avail a personal loan from State Bank of India are as follows:

1. SBI XPress Credit

•Low processing fees.
•Maximum loan amount of up to Rs.20 lakh.
•Lowest interest rate offered is 9.60% p.a.

Eligibility for Xpress Credit Personal Loan

The loan applicant’s minimum net monthly income (NMI) should be Rs.15,000.
The EMI/NMI Ratio should not be above 50%.
The applicant should be an employee at any of the following organizations:
Central and state governments
Central and state PSUs
Educational institutions with a national reputation
Certain corporates that have an exclusive business relationship with SBI
Companies that do not have any business relationship with SBI OR any Emigration Check Required (ECR), subject to specific terms and conditions.

2. SBI Pension Loan

•Quick disbursal of loan amount.
•Low processing fees
•Minimal documentation required.

Eligibility for SBI Pension Loan

You will need to be a central or state government pensioner, defence pensioner or a family pensioner to apply for this loan scheme offered by SBI. A family pensioner is the spouse of a pensioner who is allowed to obtain pension when the pensioner dies.
The pensioner, as well as, the family pensioner’s age should not be above 76 years.
For pensioners whose pension is disbursed by government treasuries, the concerned pensioner will need to give a mandate to the treasury to make the pension payment to the particular bank branch.
A defence pensioner can be any pensioner of the armed forces.

3. SBI XPress Bandhan

•You can apply for this loan even if you don’t maintain an account with the bank.
•You must be drawing a minimum gross monthly income of Rs.50,000 to avail this loan.
•Repayment tenure is up to 5 years or the remainder of the service whichever is lower.

Eligibility for SBI Xpress Bandhan Loan

The eligibility criteria to avail the loan is mentioned below:

The gross monthly income of the individual must be at least Rs.50,000.
Employees working with Educational Institutions of National Repute, Defence Establishments, State and Central Governments, Public Sector Undertakings (PSUs), Quasi Government Bodies, and Select Rated Corporates can avail for this loan facility.
No requirement of maintaining a salary account with the bank.
The Equated Monthly Instalments (EMI)/Net Monthly Income (NMI) ratio can be a maximum of 50%.

4. SBI Pre-approved Personal Loans

•The loan will be instantly processed.
•Low processing fee.
•The interest rate will be low and affordable and starts at 9.60%.

Eligibility for SBI Pre-approved Personal Loan

To know whether you are eligible for a pre-approved loan from SBI, send an SMS in this format - “PAPL <last 4 digits of SBI Savings Bank Account No.> to 567676.

5. SBI QUICK Personal Loan

•You can avail a loan amount of up to Rs.20 lakh.
•You can avail this loan even if you do not maintain a bank account with SBI.
•You need to draw a minimum monthly income of Rs.15,000 to avail this loan.

Quick Personal Loan

The eligibility criteria you will have to fulfil in order to avail this personal loan scheme are:

You must have a salary account with another bank.
Minimum and maximum age of eligibility for this scheme are 21 years and 58 years respectively.
You must have a minimum work experience of 1 year.
You must be drawing a minimum monthly income of Rs.15,000.

6. SBI PAPL (Pre-Approved Personal Loan)

You can get instant personal loans at any time with SBI Pre-Approved Personal Loans (PAPL). Use the YONO app to avail this loan at the comfort of your home. The service is available 24*7. However, note that only the bank can determine who all are eligible for this loan. To check your eligibility, you can SMS “PAPL <last 4 digits of Account No.> ” to 567676. The interest rate starts from 9.60% p.a.

Documents Required to apply SBI Loan

Photograph Passport size: (2 copies)
Identity Proof: PAN card/Voter ID/Driving License/Passport
Address Proof: Landline bill/Electricity bill/Ration card/Voter ID/Passport
Income Proof: Latest salary slip/Form 16/last 6 months account statement audited/ITR return for last 2 yrs
Other (related documents): Check-off letter from employer

These Details Are All From Web Sources 🌐