What are the benefits of applying for an SBI Personal Loan?

Posted by Ajit Samal on December 3rd, 2020

If you are planning for SBI personal loans then, it can be availed to both salaried and self-employed individuals who want to meet their unforeseen financial requirements. Thus, you can take a personal loan from SBI to fulfill any of your financial requirements such as wedding-related expenses, foreign travel abroad education, or some other monetary expenses. The SBI personal loans come at attractive interest rates for the users. The rate varies based on the type of workplace and credit history that users have. 

State Bank of India offers some personal loan schemes to the users such as the Xpress Credit scheme, Xpress ELITE scheme, and SBI pension loan. It has low-interest rates, a higher loan amount facility needs no collateral, and charges zero prepayment fees that make it more feasible to apply for the same. 

Features of SBI personal loan 

  • Loan amount: SBI offers a loan amount starting from Rs. 20 lakh to fulfill various personal needs of the people with a single loan. 

  • Loan schemes: SBI offers specific loan schemes to different categories of borrowers such as pensioners, salaries, and self-employed. 

  • Flexible tenure: If you are one who opts for SBI personal loan, you can repay it within a flexible tenure starting from 6 months to 6 years. 

  • Easy application: State Bank of India offers personal loans online without any hassle. The process of loan involves minimum documentation and quick processing. 

Benefits of SBI personal loan 

Personal loans are one of the unsecured loans which means there is no security or collateral required to get it. Some of the main factors of the SBI personal loan scheme have been mentioned under: 

  • Attractive rate of interest: 

SBI asks for one of the lowest personal loan interest rates and thus, it is customer-friendly. The personal loan interest rates of SBI offers on a daily recurring balance, therefore, it offers maximum benefits to the borrowers. 

  • Timely discounted schemes: 

SBI is one of the very few banks that offer personal loans from time to time. It offers discounts for government employees, doctors, and other professionals. 

  • No hidden charges: 

There are no hidden charges or penalties applied for any SBI personal scheme. 

  • No prepayment penalty: 

For personal loans, SBI charges no prepayment charges. However, if the loan is being repaid before 6 months of the approval date. In this case, SBI charges 1% of the outstanding loan amount. 

  • Instant loan approval: 

There is no need for collateral required to take a personal loan from SBI. In this case, the loan is approved in a quick and flexible way. 

Types of personal loan 

If the borrowers have a salary account with SBI, they can apply for any of these types of loans when the users have cash requirements like medical emergencies, vacation, etc. The following key features of various SBI personal loans: 

  • SBI Xpress credit personal loan 

  • SBI salary account is mandatory for the user. 

  • The loan amount starting from Rs 25,000 up to Rs 20 lakh. 

  • Loan tenure starting from 6 months up to 60 months. 

  • SBI Xpress Bandhan 

SBI Xpress Bandhan's loan is for the borrowers who are not having a salary account with SBI. Here are some following are some of the key features of this personal loan: 

  • This is specifically for salaried employees of Defence Establishments/ State Government, Quasi-Government, and a few other top-rated companies. 

  • The minimum gross monthly income should be Rs. 50,000. 

  • Borrower’s maximum EMI to net monthly income ratio of up to 50%. 

  • SBI personal loan for pensioners 

State Bank of India offers personal loans to pensioned borrowers with the mentioned features: 

  • The user can apply for central or state government pensioners, defence pensioners, as well as family pensioners, maintaining an SBI pension account. 

  • SBI personal loan for pensioners as well as family pensioners who maintain SBI pension account. 

  • The user gets the maximum loan amount that can be sanctioned under the SBI pension loan scheme is Rs 14 lakh. 

  • Pension should not be aged above 76 years to eligible for this loan. 

The following is the eligibility of SBI personal loan for Central and State Government pensioners. 

Minimum age 

The maximum loan amount for 18 months pension 

Repayment period 

Maximum age 

Below 72 years 

14 lakh 

60 months 

Up to 77 years 

Minimum of 72 years

Maximum 74 years 

12 lakh 

48 months 

Up to 78 years 

Minimum of 74 years 

Maximum 76 years 

7.50 lakh 

24 months

Up to 78 years 

The following points are the SBI pension loan features as applicable to Defence pensioners: 

Maximum age limit 

The maximum loan amount for 36 months 

Repayment period 

Maximum age 

Below 56 years 

Rs 14 lakhs 

84 months 

63 years 

Minimum of 56 years 

Maximum 72 years 

Rs 14 lakhs 

60 months 

77 years 

Minimum of 72 years 

Maximum 74 years

Rs 14 lakhs

48 months 

78 years 

Minimum of 74 years 

Maximum 76 years

Rs 14 lakhs

24 months 

  1. ears 

Conclusion: 

There are various types of personal loan schemes offered by SBI such as SBI Xpress credit personal loan, SBI personal loan for pensioners, SBI Xpress Bandhan, and more where you can get different benefits. If you are applying for a personal loan for any of these schemes then read the guidelines mentioned above. 



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Ajit Samal

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Ajit Samal
Joined: March 25th, 2020
Articles Posted: 6

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