What are the Popular SBI Personal Loan Products?




State Bank of India (SBI) needs no introduction. It is the undisputed market leader in the Indian banking sector. With a vast customer base of around 500 million, it is spread across every nook and corner of the country. Occupying 45th rank in the list of largest public sector banks in the world, SBI also has an asset size of Rs. 40 lakh crores. The bank has a wide range of popular products –

  • ·         SBI Saral Personal Loan
  • ·         SBI Xpress Credit Personal Loan
  • ·         SBI Pension Loan
  • ·         SBI Festive Loan
  • ·         SBI Xpress Power Loan

SBI Saral Personal Loan -

  • ·         In urban metro areas, the minimum loan amount is Rs 24,000, and in semi-urban/rural areas, the minimum loan amount is Rs 10,000
  • ·         The amount of loan will be maximum up to 12 times your NMI (Net Monthly Income) 
  • ·         SBI Saral Personal Loan tenure will be maximum up to 4 years


Salaried person
For self-employed
Duly filled in the application form
Application form with photograph
Know Your Customer Documents
Know Your Customer Documents
Bank statements of last 6 months
Bank statements of last 6 months
Salary Slips of last 3 months
Proof of residence
Form 16 (ITR)
Form 16(ITR)
Proof of Residence
Business existence proof

P&L statement of the business

ITR for the last 3 years
      
























  •     Applicable processing fee is 2% to 3% in addition to applicable service tax
  •     No need of any collatera
  •       Documentation process is simple and hassle-free (as evident below)



SBI Xpress Credit Personal Loan

This loan is suitable for meeting emergency expenses as it is fast.

Loan Amount
Rs.25,000 to Rs.20 lakh/24 times the NMI for term loan. Rs.5 lakh to Rs.20 lakh/24 times the NMI for overdraft loans
Tenure of Loan
6 months to 6 years
Processing Fee
1% of the loan amount + Tax
Penal Interest
2% per month
Charges for the Prepayment
3% on the prepaid amount

For Defense, Paramilitary and Indian Coast guard personnel, the interest rates are different.
Term Loan Facility: 11.90% to 12.40% p.a.
Overdraft Facility: 12.40% to 12.90% p.a.
The interest rate for IT guys vary under this scheme. Annual interest rate falls between 13.30% to 15.30%

SBI Pension Loan

One of the most popular products of pensioners across India, SBI Pension Loan is widely demanded. Some notable features of the product are mentioned below:
  • ·         A retired government employee up to an age of 76 years can avail this loan
  • ·         For Defense pensioners, there is no processing fee, and for others, it is a nominal one.
  • ·         The personal loan is available in the range of Rs 25,000 to Rs 14 lakh
  • ·         No hidden charges
  • ·         Fast processing & approval


Maximum Eligible Loan Amount and repayments:


Age at the time of Loan sanction
Max Loan Amt 
Period for Repayment
Age at the time of full Repayment
Below 72
Rs 14.00 lakh
5 years
Up to 77 years
72 - 74 years
Rs 12.00 lakh
4 years
Up to 78 years
74 - 76 years
Rs 7.50 lakh
2 years
Up to 78 years

















(ii) For Defense Pensioners:


Age at the time of Loan sanction
Max Loan Amt 
Period for Repayment
Age at the time of full Repayment
Below 56 years
14 lakhs
7 years
63 years
56 - 72 years
14 lakhs
5 years
77 years
72 - 74 years
12.00 lakh
4 years
78 years
74 - 76 years
7.50 lakh
2 years
78 years


(B) For Family Pensioners (including Defense Pensioners):


Age at the time of Loan sanction
Max Loan Amt 
Period for Repayment
Age at the time of full Repayment
Below 72
5.00 lakh
5 years
77 years
72 - 74 years
4.50 lakh
4years
78 years
74 - 76 years
2.50 lakh
2 years
78 years

SBI Festival Loans
A special product to make your festivals memorable. The minimum loan amount is Rs 5000 and the maximum loan amount is Rs 50,000. The minimum NMI criterion is fixed at 3000. Following are the advantages of SBI Festival Loan:
  • ·         Competitive interest rate
  • ·         Low processing charge
  • ·         No hidden or administrative costs
  • ·         No security required

An applicant applying for an SBI Festival Loan needs to furnish the following documents:
  • ·         Duly filled in application form along with passport size photographs
  • ·         Salary slips and Form 16 for salaried people
  • ·         IT Returns for the past 2 years, shop & establishment certificate/Lease deed for self-employed people
  • ·         Official Address proof


                                         SBI Xpress Power Loan

This loan product has been designed for salaried individuals with no salary account with SBI. Those who are working with Central/State Governments/Defense Establishments, Semi Government bodies, PSUs & Corporates are eligible for SBI Xpress Power Loan. Their gross monthly income should be Rs 50,000
Features & Advantages of SBI Xpress Power Loan:
  • ·         Minimum Loan Amount = Rs 25,000
  • ·         Maximum Loan Amount = Rs 15 lakhs
  • ·         Overdraft Loans amount

        Minimum Loan Amount = Rs 5 lakhs
        Maximum Loan Amount = Rs 15 lakhs
  • ·         Repayment facility through SI/NACH
  • ·         Zero hidden costs
  • ·         Processing Fee 1% of the loan amount