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Key Features of SBI Personal Loan with Overdraft (OD) Facility

  • Loan Amount: Minimum: ₹1 lakh | Maximum: Up to ₹25 lakh (subject to 24 times borrower's net monthly income). Suitable for salaried individuals with Diamond or Platinum category salary accounts with SBI.
  • Interest Rates: Ranges from 10.30% to 15.30% per annum, depending on applicant's credit profile, occupation, CIBIL score, and repayment capacity. Lower rates may be offered to applicants with salary accounts at SBI or high credit scores (≥750).
  • Repayment Tenure: Flexible tenure ranging from 6 months to 6 years (72 months), or the remaining service period, whichever is lower. The overdraft facility allows borrowers to deposit surplus funds over and above the stipulated EMIs.
  • Overdraft Facility: Provided as an overdraft account, allowing borrowers to withdraw funds as needed up to the sanctioned limit. Drawing Power (DP) is reduced monthly by the principal component of the EMI.
  • Processing Fees: Up to 1.50% of the loan amount (minimum ₹1,000, maximum ₹15,000) plus GST. 50% waiver for government sector employees or applicants with CIBIL score ≥800. Special offer: Zero processing fee until 31st March 2025.
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  • No Collateral Required: Unsecured loan with no requirement for collateral, security, or a guarantor.
  • Quick Disbursal: Instant approval and disbursal for pre-approved loans through YONO app in just 4 clicks.
  • Flexible Withdrawals: Borrowers can withdraw funds as needed within the sanctioned limit, paying interest only on the utilized amount.
  • Surplus Funds Deposit: Allows depositing extra funds to reduce interest costs, which can be withdrawn later when needed.
  • Specialized for Salary Account Holders: Available to salaried individuals with Diamond or Platinum Salary Package accounts at SBI.
  • Transparent Terms: No hidden charges with clear terms and conditions. Interest calculated on daily reducing balance.
  • Minimal Documentation: Basic documents required for regular applications. No physical documentation needed for pre-approved loans via YONO app.
  • Prepayment Options: 3% of the outstanding loan amount as prepayment/foreclosure charges if closed before loan tenure. No charges if closed using proceeds from a new loan under same scheme.
  • Penal Charges: For irregular payments: Up to 60 days: 2.40% per annum | Beyond 60 days: 5% per annum on the irregular portion.
  • Festive Offers: SBI frequently provides promotional offers, such as zero processing fees or discounted interest rates during festive seasons.
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Benefits of SBI Personal Loans with Overdraft (OD) Facility

  • Flexible Fund Access: The overdraft facility allows borrowers to withdraw funds as needed up to the sanctioned limit, similar to a credit line. Ideal for managing unpredictable expenses.
  • Interest on Utilized Amount: Interest is charged only on the actual amount used from the overdraft account, calculated on a daily reducing balance.
  • Repayment Flexibility: Borrowers can deposit extra funds into the OD account at any time, which reduces the principal and interest liability.
  • Cost-Effective Interest Rates: Competitive interest rates ranging from 10.30% to 15.30% per annum, often lower for SBI salary account holders or those with high CIBIL scores (≥750).
  • No Collateral Required: Being an unsecured loan, no collateral, security, or guarantor is needed, making it accessible for salaried individuals with good credit profiles.
  • High Loan Amount: Loan amounts up to ₹25 lakh or 24 times the net monthly income, suitable for large expenses like medical emergencies, weddings, or debt consolidation.
  • Long and Flexible Tenure: Repayment tenure of 6 months to 6 years (72 months), allowing manageable EMIs.
  • Quick and Hassle-Free Application: Instant approval and disbursal for pre-approved loans via the SBI YONO app with no branch visit or physical documentation required.
  • Promotional Offers: Festive schemes, such as zero processing fees (valid until 31st March 2025) reduce borrowing costs.
  • Transparency and No Hidden Charges: Clear terms with no hidden fees, ensuring borrowers understand costs upfront.
  • Minimal Documentation: Requires basic documents like identity proof, address proof, and income proof.
  • Supports Financial Discipline: The ability to deposit surplus funds encourages savings and reduces interest costs.
  • Wide Eligibility: Available to salaried individuals with Diamond or Platinum Salary Package accounts at SBI, with a minimum net monthly income of ₹15,000.
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How to Apply for SBI Personal Loan with Overdraft (OD) Facility

  • 1. Online Application via SBI Website
    • Visit the official SBI website: sbi.co.in or onlineapply.sbi.co.in
    • Navigate to "Loans" section and select "Personal Loans"
    • Choose "Xpress Flexi Personal Loan"
    • Click "Apply Now" and fill out the online application form
    • Upload scanned copies of required documents
    • Submit the application and note the reference number for tracking
  • 2. Instant Application via SBI YONO App (Pre-Approved Loans)
    • Download or log in to the SBI YONO app
    • Check eligibility for a pre-approved personal loan
    • If eligible, select "Xpress Flexi Personal Loan"
    • Follow the prompts to apply in 4 clicks
    • No physical documentation required for pre-approved loans
  • 3. Offline Application at SBI Branch
    • Visit the nearest SBI branch with a Salary Package account
    • Request the Xpress Flexi Personal Loan application form
    • Fill out the form with personal, employment and loan details
    • Submit the form along with required documents
    • Branch will process the application (typically 2-7 working days)

Eligibility Criteria for SBI Personal Loan with OD Facility

  • Occupation: Salaried individuals with Diamond or Platinum Salary Package account at SBI
  • Age: 21 to 58 years at the time of loan application or maturity
  • Net Monthly Income: Minimum ₹15,000 per month
  • Credit Score: Preferably ≥750 for faster approval and better rates
  • EMI to Income Ratio: EMI should not exceed 50% of net monthly income
  • Bank Account: Must have active SBI salary account (Diamond/Platinum category)
  • Work Experience: Minimum 1-2 years of continuous employment
  • Residency: Must be resident of India with verifiable address proof
  • Loan Amount Eligibility: Determined based on salary, repayment capacity, and internal risk scoring model of SBI
  • Employment Type: Employees of Central/State Government, PSUs, reputed corporates, or institutions with tie-up arrangements with SBI
  • Account Relationship Duration: Preferably should be holding a salary account with SBI for at least 3 to 6 months
  • Loan Purpose: Should be for legitimate personal needs (excluding speculative or illegal purposes)
  • Documentation: KYC documents, latest salary slips, employment certificate, and bank statements may be required
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Documents Required for SBI Personal Loan with OD Facility

  • Application Form: Duly filled and signed loan application form with 2 passport-sized photographs
  • Identity Proof: Aadhaar, PAN (mandatory), Passport, Voter ID, Driving License
  • Address Proof: Aadhaar, utility bills (not older than 3 months), rental agreement
  • Income Proof: Salary slips (last 3-6 months), 6 months' bank statement, Form 16
  • Employment Proof: Employment ID or certificate (if required)
  • Credit Report: Latest credit score/report may be required for verification
  • Existing Loan Details: If applicable, documents of any existing loans to assess repayment capacity

Factors for SBI Personal Loans with OD Facility

  • Credit Score: CIBIL score ≥750 preferred for better terms
  • Income Level: Minimum ₹15,000 net monthly income required
  • Employment Status: Stable employment (1-2 years minimum)
  • Age: 21-58 years at application/maturity
  • Existing Financial Obligations: Total EMI should not exceed 50% of income
  • SBI Account Relationship: Salary account holders get benefits
  • Loan Amount & Tenure: ₹1-25 lakh, 6 months to 6 years tenure
  • Interest Rates: 10.30%-15.30% p.a. based on profile
  • Processing Fees: Up to 1.50% (waived until 31st March 2025)

Frequently Asked Questions (FAQs)

What is an SBI Personal Loan with Overdraft (OD) Facility?
The SBI Personal Loan with Overdraft Facility allows borrowers to access funds up to a sanctioned limit through an overdraft account. You can withdraw funds as needed, and interest is charged only on the utilized amount, calculated on a daily reducing balance. Surplus funds can be deposited to reduce interest costs.
Who is eligible for this loan?
Salaried individuals with Diamond/Platinum Salary Package account at SBI, aged 21-58 years, with minimum ₹15,000 net monthly income and preferably CIBIL score ≥750. EMI should not exceed 50% of income.
What is the loan amount and tenure?
Loan Amount: ₹1 lakh to ₹25 lakh (24 times net monthly income). Tenure: 6 months to 6 years.
What are the interest rates?
Interest rates range from 10.30% to 15.30% per annum, depending on credit score, employment type, and relationship with SBI.
How does the overdraft facility work?
The loan is provided as an overdraft account allowing withdrawals up to sanctioned limit. Drawing power reduces monthly by EMI principal. You can deposit surplus funds to reduce outstanding balance and interest costs.
What documents are required?
For regular applications: Application form, identity/address proof, income proof (salary slips, bank statements). Pre-approved loans via YONO need no documents.
How can I apply?
Online via SBI website/YONO app, or offline at branches. Pre-approved loans get instant disbursal via YONO in 4 clicks.
Are there any processing fees?
Up to 1.50% of loan amount (₹1,000-₹15,000 + GST). 50% waiver for government employees/CIBIL ≥800. Zero fees until 31st March 2025.
Is collateral required?
No, this is an unsecured loan requiring no collateral or guarantor.
How long does disbursal take?
Pre-approved loans: Instant via YONO. Regular applications: 2-7 working days.

List of Overdraft (OD) Facilities at SBI

  • SBI Xpress Flexi Personal Loan
  • SBI Xpress Credit Personal Loan (with OD Option for Select Customers)
  • SBI Overdraft against Salary
  • SBI Overdraft against Fixed Deposits (FDs)
  • SBI Overdraft against Property
  • SBI Overdraft against Insurance Policy
  • SBI Overdraft against Equity