If you are a salaried professional and looking for a lender that can finance your needs, you have many options. But, will all banks suits you? No, right? So, why is it that only a few banks are able to match your expectations? There are many reasons, one of the most important ones when it comes to a personal loan is the rate of interest. Not every bank would offer the rate you can afford.

A personal loan from State Bank of India (SBI) gets chosen by most of the personal loan for salaried people. The bank has designed this product by keeping in mind the expectation of a salaried person who is in need of finance maybe for emergency or to get rid of an old debt. In this article, we have put in the details of SBI personal loan like the eligibility, maximum loan amount and tenure.

SBI Personal Loan

You should also know that there are two schemes under which the loan is offered. The first one is Xpress credit loan which is for salaried people and the other one is Pension Loan is for pensioners government officials. So, read more to know everything in detail.

SBI Xpress Credit loan: This scheme is an ideal loan for the people who want instant money. If you are salaried or a self-employed professional, you can get this loan at the rate of 11.35% to 15.10% (floating) p.a. Up to the loan amount of ₹15 lakhs. To get this loan, you must cover the below eligibility criteria:

  • The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates

  • The minimum monthly income of the applicant should be ₹7,500/-

  • The EMI/NMI ratio should not exceed 50

Pension Loan: This scheme is dedicated to the Pensioners and Family Pensioners (including Defence Personnel) and the interest rate offered under this scheme is floating and up to the loan amount of ₹14 lakhs. To apply, you must cover the below criteria set by the bank:

  • The maximum age of the applicant should be 76 years

  • The person must be drawing a pension from the central or state governments and have his/her pension account with SBI

  • If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.

SBI Personal Loan EMI Calculator Works?

The calculator shows results on the basis of the loan amount, SBI personal loan interest rate and tenure on the loan. Here is an example for your better understanding:

  • Loan amount- ₹5,00,000

  • Interest rate- 11.35% p.a.

  • Tenure-  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

EMI- ₹10,959

Total Interest Outgo- 1,57,521

Total Amount- ₹6,57,521

What are the documents required to apply for the loan?

The documentation required to apply for a personal loan is as follows:

  • Completely filled application form

  • Two photographs of passport size

  • Proof of Identity- Driving License/ Aadhar card/ Passport/ Voter ID card/ PAN card

  • Processing fee cheque

  • Proof of Address- Telephone bill/ Ration card/ Passport/ Voter ID card/ Water bill/ Rent and Lease agreement/ Electricity bill

  • Proof of Income- For salaried individuals: Form 16, current dated salary certificate and Salary slips of the past three months. For self-employed individuals: Income Tax returns of the previous two years.

  • Bank statement of the past six months

Published by Zachary McGavin