The SBI personal loan is one of the most popular financial products for individuals who need instant funds without pledging any asset. Whether it’s for medical expenses, travel, marriage, or any emergency, the State Bank of India offers this loan with attractive rates and a quick process. The SBI personal loan interest rate is competitive and suits a wide range of salaried and self-employed borrowers.
This guide will explain everything you need to know about SBI personal loans – from eligibility to SBI personal loan apply online steps, fees, and even how a person with a ₹10,000 salary can get approved.
Key Features of SBI Personal Loan
| Feature | Details |
|---|---|
| Loan Amount | ₹25,000 to ₹20 lakh |
| Interest Rate | Starts from 11.15% p.a. |
| Loan Tenure | 6 months to 6 years |
| Processing Fee | Up to 1.50% of loan amount + GST |
| Prepayment/Foreclosure Charges | Nil (if paid after 6 EMIs for floating rate) |
| Disbursal Time | Within 24–48 hours |
| Eligibility | Based on income, job stability, CIBIL score |
SBI Personal Loan Interest Rates vs Other Banks
| Bank Name | Interest Rate (p.a.) | Max Loan Tenure | Processing Fee |
|---|---|---|---|
| SBI | 11.15% – 14.30% | Up to 6 years | Up to 1.5% + GST |
| HDFC Bank | 10.75% – 17.50% | Up to 5 years | Up to 2.5% + GST |
| ICICI Bank | 10.99% – 16.00% | Up to 6 years | Up to 2.25% + GST |
| Axis Bank | 11.25% – 17.00% | Up to 5 years | Up to 2% + GST |
| Kotak Mahindra Bank | 10.99% – 24.00% | Up to 5 years | Up to 2.5% + GST |
SBI Personal Loan EMI Calculator
SBI Personal Loan Eligibility Criteria
- Age: 21 to 58 years (salaried); up to 65 for pensioners
- Employment: Minimum 1 year with current employer
- Minimum Income: ₹15,000 per month (preferably)
- Credit Score: 700+ for better approval chances
- Loan for ₹10,000 Salary: You can apply for a low amount, typically up to ₹50,000 – ₹1 lakh, depending on stability and other obligations.
Example: SBI Personal Loan for ₹10,000 Salary
Rahul, who works in a small private firm, earns ₹10,000 monthly. Based on his low liabilities, clean credit record, and stable job for over 2 years, SBI may approve a loan of around ₹40,000 – ₹60,000 for a tenure of 2 years, at an interest rate of approx. 12.5%.
SBI Personal Loan Apply Online – Step-by-Step Guide
Step 1: Visit SBI’s Personal Loan Page
Choose the appropriate loan type – Xpress Credit (for salaried), Pension Loan, or Regular Personal Loan.
Step 2: Check Eligibility
Use the SBI personal loan eligibility calculator available on their website. Input income, age, employer type, etc.
Step 3: Fill the Application Form
Provide your personal, employment, and bank details. Upload scanned documents if applying online.
Step 4: Upload or Submit Documents
Submit PAN, Aadhaar, income proof (salary slip or pension slip), bank statements, and ID/address proof.
Step 5: Verification by Bank
SBI verifies documents and assesses credit score. If approved, you’ll receive a sanction letter.
Step 6: Loan Agreement and Disbursal
Sign the loan agreement digitally or at the branch. The approved amount gets credited within 24–48 hours.
Documents Required
- PAN Card
- Aadhaar Card
- Last 3 months’ salary slips
- Last 6 months’ bank statements
- Employment certificate (if applicable)
- Pension slip for retirees
SBI Personal Loan Processing Fee & Other Charges
| Charge Type | Amount |
|---|---|
| Processing Fee | Up to 1.50% + GST |
| Prepayment/Foreclosure | Nil (after 6 EMIs for floating rate loans) |
| Penal Interest | 2% p.m. on overdue EMI |
| EMI Bounce Charges | ₹500 + GST per bounce |
| Document Charges | Nil to minimal depending on branch |
SBI Personal Loan Foreclosure Charges
If you decide to repay the entire loan early:
- No charges after paying 6 EMIs for floating rate loans
- For fixed-rate loans, 3% of principal outstanding may apply
- You must submit a written request and get NOC from SBI before foreclosure
SBI Personal Loan Status Check
Once you apply, you can check the SBI personal loan status in the following ways:
- Online: Use your application number on the SBI portal
- Mobile App: Log into SBI YONO app and track the status
- Branch Visit: Use your ID and reference number
- Customer Care: Call SBI’s loan enquiry helpline for real-time updates
Benefits of Choosing SBI Personal Loan
- Trusted national bank with minimal risk
- Transparent fees and no hidden charges
- Fast disbursal with simple documentation
- Competitive SBI personal loan interest rates
- Flexible tenure and part-payment options
- Branch support in case of queries
Tips for a Smooth Loan Experience
- Keep a healthy credit score
- Maintain job and income stability
- Choose lower tenure to reduce interest outgo
- Use the SBI personal loan eligibility calculator before applying
- Avoid defaulting on EMIs – it affects credit rating
- Prepay when possible to save interest
Conclusion
The SBI personal loan offers one of the best combinations of affordability, trust, and simplicity. Whether you’re a salaried professional or a pensioner, SBI caters to various profiles with tailored plans. From understanding the SBI personal loan interest rates to using tools like the SBI personal loan eligibility calculator, this guide gives you everything needed to make an informed choice.
Even if your income is on the lower side, such as ₹10,000 per month, you may still qualify for a small loan, provided your other financial aspects are sound. For those needing instant funds, SBI personal loan apply online makes the process easy, fast, and accessible.