SBI Personal Loan 2021 : There was a time when taking loan amount from a bank would take us days to complete the process and get the money. Now in this digital era, Everything is happening within minutes.
You can apply for loan online and submit the documents and get the money by evening. So today we are going to see the details about SBI Personal Loan and its benefits.
SBI(State Bank Of India) Offers a wide range of personal loan such as Xpress Credit Loans, Pension Loans and others. The Personal Loans offered by SBI can be used for various purposes such as for business expansion, foreign travel expenses, marriage, medical emergency and others.
Table of Contents
Types of SBI Personal Loans 2021
As mentioned above, There are different types of SBI Personal loans available and here they are.
|Types Of Personal Loans||Interest Rate Per Annum|
|Xpress Elite Scheme Personal Loan||9.60%|
|Pension Loan(Pre Approved Pension Loan)||9.75%|
|Xpress Credit Personal Loan||10.60%|
|Xpress Credit Insta Top-Up Personal Loan||10.70%|
|Xpress Credit Non-Permanent Employees Personal Loan||11.50%|
|Pre-Approved Personal Loan||12.60%|
|Clean Overdraft Personal Loan||15.65%|
|Quick Personal Loan||10.85%|
SBI Personal Loan Benefits 2021
SBI Personal Loan benefits are way better when compared with other banks. Here are what they offer to the people.
- SBI offers free loan ‘ Kavach Personal Loan’ for Covid Treatment of self and family members. You can get the personal loan up to Rs 5 Lakhs.
- The Interest of SBI loans is charged on a daily reducing method. It means that the EMI is calculated on the outstanding balance of your principal amount every day, thus reducing your EMI every time you pay off your EMIs or make any prepayments.
- SBI Offers customized personal loans for varied customers, including a personal loan for pension people.
- These include SBI Personal loans for government employees, SBI personal loans for Salaried Employees, SBI Instant Personal Loan, Loans for Pre-approved Personal loan SBI.
Eligibility for SBI Personal Loan
The Following are the eligibility criteria for different types of SBI personal loans.
A) SBI Xpress Credit Personal Loan
- You must have an salary account with SBI
- You should be an employee of Central/State Government/Educational Instituations of national reputation/ Selected corporate
- Your minimum income should be Rs 15,000/month
- Your EMI/NMI ratio should be less than 50%
B) SBI personal loan for Family Pensioners
- Family Pensioners consist of authorized members of the pension recipient’s family who are eligible to receive a pension after the death of the pensioner.
- The Maximum age of the family pensioner should be 76 years to be eligible for the SBI Personal Loan.
C) SBI Xpress Bandhan
- You should not be having an Salary Account with SBI.
- You should be employee of Central/State Government. Selected Rated Corporates or Educational Institutions of National Repute.
- Your minimum monthly income should be Rs 50,000
- Your EMI/NMI ratio should be up to 50%
Documents Required For SBI Personal Loan
The Documents required to get SBI Personal loan may differ depending upon the personal loan category you opt for. Here are the documents required to get the loan.
- Identity Proof: Passport, PAN, Voter Identity Card, Driving License, Aadhar Card.
- Address Proof: Ration Card, Bank Account Statement, passport, Driving License, Electricity Bill, Telephone bill, Purchase agreement for owned properties
- Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16.
SBI Personal Loan Amount (Min-Max)
As you have seen, the Eligibility criteria required to take a loan. Now it is quite evident that sometimes we need small amount of money as a loan to make our small amendments.
So the minimum loan amount in SBI Personal Loan is Rs 25,000 and the maximum amount is Rs 20Lakhs as a personal loan.
SBI Personal Loan Repayment
The loan you have took has to be repaid in Equated Monthly installments over the Tenure of the loan or in Lump Sum at the end of the Tenure depending on the type of loan you took. The Repayment installment commences from a date specified in the Sanction-Letter.
The liability to the bank will be extinguished only when the outstanding in the loan account becomes Nil, on payment of residual amount.
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How to Apply for SBI Personal Loan from Website 2021 ?
Below are some steps by which you will know how to apply for SBI Personal Loan directly from bank.
- First Visit the official website of SBI Personal Loan
- There you will Loan Purpose page, In which you have to choose the Purpose of Loan and next if you have Relationship with SBI Bank.
- Select the Type of Relationship which are Xpress Credit Loan, Salary Account with SBI and other and Enter your Account Number.
- Next Enter your registered mobile number and tick on the box and click on Submit.
- You will receive an OTP number on your mobile, Enter it and you will see whether you are eligible for the loan or not.
- If you don’t have relationship with the bank then you have to enter your Applicant Details like Date of Birth, Resident Type, Income Details, Working in Organization details, Gross Monthly Salary, Existing EMIs if any, and Retirement age.
- You also have to fill your Workplace Details like State, Contact Details like Mobile Number, Email ID.
- Click on the box to tick it and you will see Get Loan Quote and Get a call.
- If you are eligible, You will see the loan offers which are suitable as per your details or the executive will call you directly explaining the procedure.
- After filling in all your details, If you are eligible you will see loan offers. Remember one thing, If you are a freelancer or doing some small work with a monthly work of Rs 15,000/- then you won’t be eligible for the loan.
- You must be working for a company which gives you a regular salary monthly.
- After that, You will see Complete Application option, The Bank will show you this will be amount which is eligible for you.
- If you are satisfied with that, You have to fill in your bank details and choose the Tenure details and you have to upload your Salary Certificate for verification.
The Loan process will begin and after confirmation the bank will credit money into the bank account you have mentioned.
How to apply for SBI Personal from YONO App 2021 ?
If you are using YONO App, Then let us tell you that you can easily apply for loan in quick time and get the amount deposited into your account on the same day itself. Here is how you need to do it.
- First you need to open the app, and Login into the application with your Login Credentials. Once you get to the same main interface, You will see all different options.
- At the top left corner, You will see three horizontal lines tap on it. In that you will see Loans options, Tap on it and choose Personal Loan.
- If you are eligible for the loan, The App will show you that you are eligible for the loan and click on Avail
- On the next screen, You will banks best offer amount to you for example lets take 5Lakh Rupees. That is the best offer loan amount the bank can give you.
- Below that, You will Loan Amount, You can customize that from dragging the amount bar from minimum to maximum. The minimum amount will be 25,000 to max 5 Lakhs. Choose the amount which is suitable for you.
- Next you have to choose Tenure, The Minimum to maximum range is 1month to 72 months.
- Choose the Tenure range carefully and below that you will see Best Available Rate, EMI Amount per month and processing fee details as well. Click on Next.
- On the Next screen, You will see the Account Number from which the money will be deposited and below that EMI Payment Start Date.
- You have to choose the date from which the money will start cutting off from your account.
- On the next screen, You will see some Terms and Conditions. Tap on I have Read and understood the process tick box and click confirm
- On the next screen, You will see Review where the loan details will be shown to you clearly. See the details carefully and click on next.
The process is completed, The Amount will be deposited to you within 45mins to 1 hour into your account.
So this is all about SBI Personal Loan and Other Details, We will get back to you with more updates.
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