(Updated on 08.05.2019) SBI Personal Loan May 2019 – Get Lowest Interest Rates on SBI Personal Loan with Minimum Documents & EMI Calculator Eligibility.

SBI Personal Loan Interest Rate

SBI PERSONAL LOAN – QUICK, EASY & INSTANT APPROVAL ONLINE

SBI Personal Loan

SBI Personal Loan, one of the people’s widely acknowledged personal loans, has varied and attractive Personal Loan Products (SBI Saral Personal Loan, SBI Xpress Credit Personal Loan, SBI Pension Loan) to meet distinctive requirements for every borrower such as salaried, self-employed and working professionals. SBI Personal Loan Eligibility Calculator is the best way to know your eligibility for different SBI Personal Loan products which you can avail at your earliest. SBI Personal loan schemes offer Personal Loan at low-interest rates, minimum processing fees, no pre-payment penalties, and lots more to help customers to support their genuine requirements (from marriage to honeymoon, from education to medical expenses).

State Bank of India also offers multifarious SBI Home Loan and SBI Car Loan at existing interest rates to help each & every class of people (from Urban to Rural) to fulfil their dreams.

SBI Personal Loan Eligibility

• SBI personal Loan for Salaried employees, pensioners of central/state government/armed forces,

• Self-employed businessmen and professionals with a regular source of income are eligible to avail SBI Personal Loan.

• Central or State Government or Defence pensioner drawing your pension through one of our branches and are not more than 76 years of age can also avail Personal Loan.

• Central & State Government employees, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute & Selected Corporates are also eligible for SBI personal loan.

• Pensioners of Armed Forces, including Army, Navy and Air Force, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Coast Guards, Rashtriya Rifles and Assam Rifles whose Pension Payment Order gets disbursed through SBI.

• Quantum of personal loan varies from according to SBI Personal Loan Products.

SBI Personal Loan Schemes

1) SBI Saral Personal Loan

• A Salaried individual of good quality corporate, a self-employed engineer, doctor, architect, chartered accountant, MBA with minimum 2 years standing are eligible for this loan.

Loan Quantum: Min. Rs.24,000/- in metro and urban centers and Rs.10,000/- in rural/semi-urban centers. Max. Rs. 10 lakhs for centers,

• Processing charges are 2% – 3% of the loan amount + applicable Service Tax.

• 3% prepayment charges applicable.

• No security is needed for SBI personal loan. 

• The loan is repayable in 48 EMIs.

2) SBI Xpress Credit Personal Loan

• Central & State Government employees, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute & Selected Corporates can also avail SBI Personal Loan.

• Loan amount: Minimum: Rs.24,000/-

        Maximum: 24 times NMI subject to a maximum of Rs 15.00 lacs.

• SBI Xpress Credit repayment period is minimum 6 months and maximum 60 months.

• Processing fee is 1% of the Loan Amount + applicable Service Tax

• 3% pre-payment charges on SBI personal loan.

• No security needed to avail this loan.

3) SBI Pension Loan

• Central or State Government or Defence pensioner drawing pension through one of the SBI branches and are not more than 76 years of age can avail SBI Pension loan to meet personal expenses.

• SBI pension loan amount: Min. 25 lakhs to Max. Rs. 14 lakhs

• Processing Fess: 0.50% of the Loan Amount + Applicable ST subject to Minimum of Rs. 500/- + applicable ST and NIL for Defence Pensioners.

• SBI pension loan pre-payment Charge is 3% of loan 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. 

4) SBI Personal Loan Against Mutual Fund Units – SBI offers the facility of getting loans against mutual fund units. There are several benefits of the service but the main advantage is that the customer can get loan for there short term requirement without liquidating the mutual fund investments.

The important things to know regarding the service are mentioned below –

• The minimum loan amount that one can avail is Rs. 25,000/- which can go upto a maximum of Rs 20,00,000 (With 50% margin) for Equity/Hybrid/ETF Mutual Fund & Rs. 5,00,00,000 (With 15% margin) for Debt & FMP Mutual Fund.
  Individual(s) over the age of 18 years are eligible to utilise the facility.
• The processing fees includes 0.75% of the loan amount + Service tax (Max. Rs. 50,000 + ST).
• For renewal or review purpose Rs. 1000 with applicable service tax will be charged on an annual basis.
• The interest rate for now (As per SBI directions) is fixed at 11.15% with a reset period of 1 year.

SBI Personal Loan EMI Calculator

SBI Personal Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation on Personal loan EMI within seconds. Loan Amount Interest Rate (Reducing) % Per Annum Loan Tenure (in Months)   Monthly EMI Total Amount with Interest Flat Interest Rate PA Flat Interest Rate PM Total Interest Amount Yearly Interest Amount

SBI Personal Loan Documents Required

• Application form with 1 photograph is required for SBI Personal Loan.

• Passport / Voters ID card/ Driving License/PAN card/Aadhar Card/ Person of Indian Origin card Identity proof

• Valid Passport/Voter’s ID card/Ration Card as Address Proof.

• Latest IT Return/Original Letter from Company.

• PAN Card, Passport copy as Age proof.

• PAN Card, Driver’s License, Passport copy, Banker’s attestation of Bank Account Statement as signature proof.

• Electricity Bill, Water Bill, Sales Deed, Receipt of Tax paid as Ownership Proof.

• Last 3 months’ payslips and Form 16 as Income proof.

• Last 6 months bank account statements.

SBI Personal Loan Prepayments

• No pre-payment/ Pre-closure penalty will be levied for SBI Personal Loan.

• Reduce your interest burden and optimally utilise your surplus funds by prepaying SBI Personal.

SBI Personal Loan EMI Table

SBI personal loan EMI Table for a loan amount of Rs. 5,00,000 for 5 years at the interest rate of 12.45% p.a., the lowest EMI comes out as Rs. 11,236. To know the EMIs for all the years, see the table given below:

SBI Amortization Table

If you need around Rs 5,00,000 , you can apply for SBI Personal Loan at 12.45% p.a. interest rate for 5 years. Below is the amortization table for the same.

• Year	Principal (Rs)	Interest (Rs)	Balance Amt (Rs)
  1	76,870	57,926	4,23,130
  2	87,005	47,827	3,36,125
  3	98,477	36,355	2,37,648
  4	1,11,462	23,370	1,26,186
  5	1,26,302	8,672	0

  SBI Personal loan MCLR May 2019
  

  Tenor	MCLR
  Overnight	8.15%
  One Month	8.15%
  Three Month	8.20%
  Six Month	8.35%
  One Year	8.50%
  Two Year	8.60%
  Three Year	8.70%

  SBI Personal loan Application

  You can apply for SBI personal loan online through loansninsurances.com. Login to the registration page and enter the required details. Both existing and new customers can apply for the personal loan.

SBI Personal Loan FAQs

Latest News on SBI Bank

1) SBI has removed Cash Deposit limit for SBI Savings Account holders. SBI Personal Savings account holders can deposits cash without any limits in any Non-home branch. Earlier, the deposits were restricted to Rs. 25,000. On the other hand, No change has been made in the cash deposit limit (Rs. 2 lakh) for Small and Medium Enterprise (SME) segment accounts. The Bank will charge Rs. 50 plus GST on every transaction on cash deposits.

2) SBI to introduce ‘Multi-Modal’ Biometric Authentication through fingerprint, face recognition, voice recognition software on the bank’s mobile app. This biometric authentication will also be applicable on Mobile Wallet and Unified Payment Interface (UPI) transactions. In order to use this feature, SBI customers will have to register their fingerprint on the server through the Bank’s existing mobile banking application.

3) SBI‘s Quick Transfer Service allows you to transfer funds upto Rs. 25,000 per day (Rs. 10,000 per transaction). Also the customer is not required to add a beneficiary in order to transfer the funds on SBI Quick Transfer facility. SBI Quick Transfer facility can be availed by SBI customers on its internet banking portal. The Remittance Amount gets instantly credited to the Beneficiary’s Account with SBI. In case, the Beneficiary doesn’t hold SBI account then money is transferred either through IMPS or NEFT.

4) Global NRI Centre or GNC has been launched by STATE BANK OF INDIA in Kochi, India to provide banking services to its NRI customers based in US. Apart from this, the GNC Centre also provides services such as Wealth management, Intelligence assistance, free post-box, and remittance facilities. When asked, why did he choose Kochi for the Centre; Rajnish Kumar, Chairman of SBI replied that it is the state that receives highest remittances and 8% of the total remittances come from NRI accounts. At this centre, all the NRI remittances would come at one place that are currently spread over 92 NRI branches in 66 locations.

5) State Bank of India is planning to raise ₹ 12,700 Crore at current exchange through public offer and/or the issue of bonds in US dollars or any other convertible currency. This will be done for the overseas expansion of the largest lender. Currently it has an overseas presence through 195 foreign offices in 36 countries.