SBI Personal Loan – Types of Loan, Benefits, Eligibility, and How to Apply

SBI Personal Loan

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State Bank of India is an Indian public sector bank and financial services statutory body. SBI is the 49th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020. It is also the 5th largest employer in India with nearly 250,000 employees. On the 14th of September 2022, State Bank of India became the third lender and seventh Indian company to cross the 5 trillion market capitalization on the Indian stock exchanges for the first time.

NameState Bank of India[1]
HeadquartersMumbai, Maharashtra
TypePublic Sector Undertaking
IndustryBanking, Financial Services
Established1 July 1955
ChairmanDinesh Kumar Khara
ParentMinistry of Finance (Government of India)
SubsidiariesSBI Life Insurance Ltd, SBI General Insurance,
Yes Bank, Andhra Pradesh Grameen Vikas Bank, Kaveri Grameen Bank
SBI Personal Loan

SBI Personal Loan

SBI Personal Loans are available for both salaried and self-employed individuals. A borrower can take a personal loan from SBI for their needs like wedding expenses, education, health-related expenses, or any other monetary expenses.

State Bank of India offers personal loans under the schemes, namely Xpress Credit, Xpress ELITE Scheme and SBI Pension Loan. It has low-interest rates, higher loan amount facilities need no collateral, and charges zero prepayment fees that make it more flexible for the borrowers.

SBI Personal Loan offers amounts up to Rs 20 lakh and tenure of up to 6 years. SBI also offers pension loans of up to Rs 14 lakh for tenure up to 7 years. It also offers pre-approved personal loans with instant loan disbursals.

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Benefits of choosing an SBI Personal Loan

Personal loans are loans for your personal expenses. Personal loans are unsecured loans. Some of the main factors which makes SBI Personal loan scheme unique are given below.

  • Attractive Interest Rates

SBI charges one of the lowest personal loan interest rates and hence it is customer friendly. The interest rates of SBI ensure maximum benefits to the borrowers.

  • No Hidden Charges

There are no hidden charges or penalties for any scheme.

  • Timely Discount Schemes

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

  • Instant Loan Approval

As there is no collateral required to take a personal loan from SBI bank, the loans approval is quicker and smoother.

  • Online Loan Submission

SBI provides online loan submission that saves the loan borrowers time.

Types of SBI Personal Loans

Below are the types of Personal Loans offered by State Bank of India.

  • SBI Xpress Credit Personal Loan

SBI Xpress Credit is a scheme offered to salary account holders at SBI, to meet their personal requirements. Its loan amount is up to Rs 20 lakh and the tenure is 6 months/ 6 years.

  • Pre-approved Personal Loan (PAPL SBI offered through the YONO app)

This pre-approved personal loan is also known as SBI Yono Pre-approved Personal Loan. It is offered to savings account holders of SBI through SBI YONO App. Loan amount is up to Rs 8 lakh.

  • Real-Time Xpress Credit Personal Loan

SBI Real-Time Xpress Credit Personal Loan is an instant disbursal for government and defense salary package customers through YONO App. Real-Time Xpress Credit Personal Loan minimum amount is Rs 25000 and the maximum loan amount is Rs 30,00,000 for RTXC and Rs 35,00,000 for RTXC Elite.

  • SBI Quick Personal Loan

Quick Personal Loan is a loan for salaried individuals who do not maintain a salary account with SBI. The loan amount for this scheme is up to Rs 20 lakh and the tenure is 6 months to 6 years.

  • SBI Pension Loan

SBI Pension loan scheme is offered to central/state government pensioners, defense pensioners and family pensioners drawing their pension through SBI. Such pensioners can use the loan proceeds for financing their personal needs. The loan amount for central/state government employees is up to Rs 14 lakh and the tenure of the loan is up to 5 years, for defense pensioners is up to 14 lakh and tenure is up to 7 years, for family pensioners are up to Rs 5 lakh and the tenure of the loan is up to 5 years.

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How to Apply for SBI Personal Loan

You can apply for a Personal Loan at the State Bank of India online. It gives you the option to submit your application form through online. To submit your form online you just need to visit the official website, go to the Personal loan section and fill up the application form by giving all your required personal as well as professional details. Then submit your application form by clicking on the submit button. Soon after receiving your application form and evaluating your profile, the bank executive will get in touch with you for further loan proceedings. However, one can also apply for a personal loan by visiting the nearest bank branch and by filling up the application form as well as the required formalities.

Eligibility Criteria

The applicant’s eligibility criteria for personal loans are as follows

SBI Xpress Credit Personal Loan

  • For salaried applicants who have a salary account with SBI
  • Minimum Monthly Income of Rs 15,000
  • EMI/NMI ratio less than 50%

Real Time Xpress Credit Personal Loan

  • Government or defense salary package account holders with KYC-compliant account
  • Minimum Net Monthly Income of Rs 15,000 and above
  • EMI/NMI ratio for RTXC is 50% for RTXC Elite is 60%

Quick Personal Loan

  • Age limit should be 21 to 58 years of age
  • Borrowers not having salary accounts with SBI
  • Minimum Monthly Income of Rs 15,000
  • EMI/NMI ratio less than 50%

SBI Pension Loan

  • For Central/State Government Pensioners
  • Age below 76 years
  • Pension drawn through SBI
  • The Treasury should give in writing mentioning that no transfer of pension payment to any other bank without an NOC.

For Defence Pensioners

  • Maximum age up to 75 years
  • No minimum age required
  • Pensioners from armed forces such as the Navy Army, Air Force, BSF, CISF, CRPF, Coast Guards, Assam Rifles etc.
  • Pension account should be maintained with SBI

For Family Pensioners

  • Age up to 76 years
  • Authorized members of the family to receive pension in place of the deceased pensioner

Interest Rates

SBI Personal Loan Interest Rates start from 9.60% to 13.60%. The bank offers personal loan interest rates based on type of SBI personal loan schemes, base on the applicant profile, loan amount and the lender’s existing salary account relationship with the applicants.

Documents Required

Below are the list of documents required for a Personal loan

  • Duly filled application form
  • Passport sized photograph
  • Identity Proof
  • Address Proof
  • Income Proof
  • Copy of ID card issued by the employer
  • Irrevocable Letter of Authority from the person authorized to disburse salary and allowances
  • Any other document required by SBI
  • Last 6 months bank account statement where salary is credited
  • Salary slip for last 6 months

EMI Calculator

EMI Calculator helps you to calculate your Equated Monthly Installment that you need to pay to the bank until the tenure is over. To calculate the EMI, you just need to enter your EMI, total amount payable, principal amount, total interest payable. SBI EMI online calculator is very beneficial for everyone and is very simple to use and understand.


1. What is the minimum credit score required for availing SBI personal loan?

Ans: SBI have not exactly stated the cut-off for credit score. Applicants having a credit score of 750 or higher may opt for the loan.

2. Is it possible to get a personal loan from SBI with a salary under 20,000?

Ans: Yes, applicants with having a salary worth 15,000 and above can apply for a personal loan.

3. How long it will take for SBI to disburse a personal loan?

Ans: SBI will not take much time to disburse the loan. It may have a quicker disbursal in about 24 hours.

4. What is the minimum personal loan amount in SBI?

Ans: The minimum amount is INR 24000.

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