State Bank of India Personal Loan

State Bank of India features personal loans for self-employed individuals and salaried class both, to cater to their sudden unforeseen financial needs. The bank does not ask for any security for sanctioning personal loan. You can check out State Bank of India personal loan eligibility and State Bank of India EMI calculator at our website. Loanbaba provides personal loans interest rates in State Bank.

SBI Personal Loan for Government Employees

Xpress Credit Personal Loan is a product launched by SBI exclusively for government employees. This scheme is meant for employees working in State/ Centre Government, State/ Centre PSUs, corporate, Quasi Government and educational institutions of national repute.

Features of Xpress Credit Personal Loan State Bank of India
  • Modes: Term loan and OD (overdraft)
  • Minimum amount: In case of term loan, it is Rs. 25,000 and for overdraft, it is Rs. 5 lakh.
  • Maximum amount: In both the cases, viz. term loan and overdraft, one can avail an amount equal to 24 times NMI (Net Monthly Income) subject to a maximum of Rs. 15 lakh. In case of school teachers, the maximum amount of loan cannot be more than 12 times monthly gross salary in both the types i.e. term loan and OD.
  • Minimum NMI: Rs. 5000
  • EMI to NMI ratio: The EMI cannot exceed 50% of NMI.
  • Repayment Period: The maximum period of loan can be 60 months but cannot be later than the date of retirement.
  • Penal interest is levied at a rate of 2%.
  • 3% prepayment charges are levied on the amount prepaid.
  • Processing fees of 0.5% plus service tax (now GST) is levied.
  • In case of OD, DP (Drawing Power) will reduce gradually as it needs to be 0 in an overall period of 60 months.
  • In case closure of existing loan is being done by adjustment from a fresh such loan then prepayment charges will not be levied.
Personal Loan State Bank of India for State and Centre Government Pensioners
  • Age limit is 76 years.
  • In case any pensioner gives mandate to the government treasury to draw pension cheque in favor of any SBI branch and then gets the pension routed too his saving account in SBI, such an individual is also eligible under this scheme. The pensioner will direct treasury to make payment through specified branch. PPO (Pension Payment Order) will be retained by the treasury itself.
  • In such a case the pensioner to give an irrevocable undertaking too, that states, further modifications to the instructions regarding payment of pension will not be done. Further, the treasury responds to the pensioner’s undertaking in writing that no appeal will be entertained to change the pension payment bank or branch without receiving a No Objection Certificate (NOC) from the particular bank/ branch.
  • Spouse of the pensioner is entitled to receive family pension. Guarantee needs to give guarantee; if not available, a third party guarantee is obtained.
Personal Loan in State Bank for Defense Pensioners

It is a special personal loan which is offered only for those who have retired from armed forces. The force can be any viz. army, coast guards, paramilitary (ITBP, BSF, CISF, CRPF, etc.), navy, air force, Assam rifles, Rashtriya rifles. There is no minimum age limit under this scheme; however upper age limit for this account is 76 years.

SBI personal loan for family pensioners

Family pension means pension to the spouse of the pensioner, subsequent of his death. When even spouse is not there then family pension can be availed by children if their age is less than 21 years, after which the pension ceases to be credited. Personal loan under this scheme can also be taken up to an age of 76 years.

Features of SBI personal loan to pensioners
  • Minimum loan: Rs. 25,000
  • Maximum loan:  It can be 18 times monthly pension with a maximum of-
  1. Up to 72 years- Rs. 14 lakh
  2. 72-74 years- Rs. 12 lakh
  3. 74-76 years- Rs. 7.5 lakh
Defense pensioners
  • Minimum loan: Rs. 25,000
  • Maximum loan:  It can be 36 times monthly pension with a maximum of 14 lakh up to the age of 56. Beyond that the maximum loan can be 18 times the monthly pension subject to a maximum of-
  1. Up to 72 years- Rs. 14 lakh
  2. 72-74 years- Rs. 12 lakh
  3. 74-76 years- Rs. 7.5 lakh
Family pensioners
  • Minimum loan: Rs. 25,000
  • Maximum loan:  It can be 18 times monthly pension with a maximum of-
  1. Up to 72 years- Rs. 5 lakh
  2. 72-74 years- Rs. 4.5 lakh
  3. 74-76 years- Rs. 2.5 lakh

Note: EMI/ NMP ratio cannot exceed 50% for any kind of pensioner. For family pensioners, this ratio cannot exceed 33%. Here, EMI: Equated Monthly Installments and NMP: Net Monthly Pension.

Calculation of repayment period as per age of the pensioners for availing personal loan against pension

State and Centre government pensioners

Age at the time of approval of loan

Repayment period

Age of completion of loan

Up to 72 years

60

77

72-74

48

78

74-76

24

78

Defense pensioners

Age at the time of approval of loan

Repayment period

Age of completion of loan

Up to 56 years

84

63

56-72

60

77

72-74

48

78

74-76

24

78

Family pensioners

Age at the time of approval of loan

Repayment period

Age of completion of loan

Up to 72 years

60

77

72-74

48

78

74-76

24

78

Main features of personal loan offered be SBI for pensioners
  • Standing instructions for automatic deduction of EMI amount from savings/ pension account to loan account can be given. It offers worry-free loan clearance.
  • There are no margin requirements.
  • For state and centre government pensions (including family pensioners), a processing fees of 0.25% is to be levied with applicable GST/ service tax. Defense pensioners are exempted from levy of any such processing fees.
  • A prepayment fee of 3% is levied if any pensioner opts to repay/ settle the loan before the time period of the loan.
  • In case of closing a personal loan account as a consequence of adjustment with a fresh personal loan account, no prepayment charges are to be levied.
  • Guarantee from the spouse is must. In case of no spouse, a third party guarantee is asked upon.
SBI personal loans to NRIs

SBI offers personal loan to NRIs (Non Resident Indians) through either mode, SBI offers personal loan to NRIs (Non Resident Indians) through either mode: offline as well as online (Internet Banking). One can opt for either term loan or OD against NRI deposit.

SBI personal loan against NRI deposit
  • This scheme is meant for NRIs to meet their personal needs like buying a house or purchasing a car, without liquidating their deposits. The loan is handed over solely to the depositor.
  • One can procure SBI personal loan in Indian Rupee as well as foreign currency just by pledging their FCNR or NRE or NRO deposit with the bank.
  • The period of loan is the maturity period of deposit.
  • Margin under this scheme is 10%.
SBI online OD against NRI deposit

To avail an overdraft against NRI deposit, one needs not to visit branch or even India. You can simple get it made online via internet banking. The process is very easy and quick. The features are discussed below:

  • Eligibility: Any NRI customer with NRE or NRO FD with minimum residual period of 6 moths.
  • Permissible limit:
  1. For TDR and eTDR : 75% of the face value of the FD.
  2. For STDR or eSTDR: 90% of the face value of FD.
  • Minimum  amount of loan: Rs. 25,000
  • Maximum amount of loan: Rs. 500 lakh.
  • Cut-off time: One can apply between 8 AM and 8 PM.
  • Interest rate: 1% above the rate of interest in FD.
  • Tenure:
  1. For TDR/ eTDR: The loan can be taken up to the tenure of FD at a maximum of 3years.
  2. For STDR/ eSTDR: The loan can be taken up to the tenure of FD subject to the maximum of 3 years.
Types of SBI personal loans

1. SBI Xpress Credit Loan

This type of loan is meant for employees with good repute like state government, quasi-government, centre government, PSUs, etc. the employees need to have salary account with SBI to avail this loan. There si no margin requirement for this loan.

Eligibility
  • The applicant should have a net monthly income of minimum Rs. 5000.
  • EMI to NMI ratio should be less than 50%.
  • The applicant should be working in any of the following:  state and centre PSUs, quasi government organizations, companies/ corporate having or not having exclusive/ any business with SBI, central and state government, educational institutions of national repute.

2. SBI Saral Personal Loan

This loan is meant for individuals having a certain legitimate reason for availing the loan, like medical expenditure, purchasing assets, educational expenditure, wedding, hospitalization, vacations, home renovation, etc. One can pay back the SBI Saral personal loan in 48 monthly installments.

Eligibility
  • One needs to be a salaried employee or self employed such as CA, engineer, doctor, architect, investment planner, etc.
  • The minimum monthly income requirement is Rs. 24,000 in urban/ metro area and Rs. 10, 000 in rural/ semi-urban area.
  • The maximum limit of NMI for salaried employees and pensioners is Rs. 10 lakh in all the cases mentioned above.

3. SBI Festival Loan

SBI understands the importance of various festivals celebrated in India. Hence, SBI cares for the joy involved and caters to your financial needs for the festivals so that you can enjoy the festival worry-free. This loan product is built exclusively to meet all expenses related to festivals.

Eligibility
  • A person needs to be working with PSU, private company, government, a public company or institution with an experience of not less than 2 years in the same organization. Additionally, self employed can also apply but with an experience of at least 3 years in his/ her field.
  • Minimum NMI should be Rs. 3,000.
  • A person with steady modes of income is also eligible like interest from TDRs, NSCs (National Savings Certificates) or government securities.

4. SBI Career Loan

SBI assists young aspirants to build career too by providing extensive financial support. If one is focused enough to achieve individual career goals, SBI supports them with financial part. One doesn’t need to worry about the monetary hardships. You can go for achieving your goals even if you don’t have money to finance your academic course.

For this, all you need to do is getting your property mortgaged on the name of SBI branch from which loan is to be availed. The property may be any immovable property, NSCs, RBI bonds, LIC policies, bank’s time deposits, government securities, KVPs (Kisan Vikas Patras), public sector bonds, etc. the loan needs to be repaid in 36 installments. The moratorium period in this case is maximum 1 year from the completion of the course.

Eligibility
  • Age must not be less than 18 years.
  • Co-borrower cannot be greater than 60 years of age.
  • The co-borrower can be parent, spouse or any guardian.
  • Interest rate: It varies with nature of security mortgaged.
  1. Bank’s deposit- In this case the bank charges interest rate 1 % more than that is to be paid by the bank in the deposit.
  2. Immovable property like land and building- an interest rate of 4.5% above MCLR for 1 year is charged.
  3. Government securities/ NSCs/ KVPs/ others: An interest rate of 4.25% above MCLR for 1 year is charged.
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