info@logintoloans.com +91 8885545255

Logintoloans Assistant

Enter Pincode

Personal Details

Key Features of ICICI Bank Personal Loan

  • Loan Amount: Borrowers can avail loans ranging from ₹25,000 up to ₹50 lakh, depending on eligibility and the specific loan scheme.
  • Interest Rates: Interest rates start at 10.30% p.a. and can go up to 15.30% p.a., varying based on the applicant’s credit profile, loan scheme, and employment type. Rates are often lower for salaried individuals with ICICI salary accounts.
  • Repayment Tenure: Flexible repayment periods ranging from 6 months to 6 years for most schemes, offering borrowers the ability to manage their EMIs.
  • No Collateral Required: ICICI personal loans are unsecured, which means no security, collateral, or guarantor is needed, simplifying the borrowing process.
  • Quick Disbursal: Instant approval and disbursal within 3 seconds for pre-approved customers, and within 72 hours for others upon document submission.
Credit Card Promotion
    • Low Processing Fees: Processing fees are up to 1.50% of the loan amount (minimum ₹1,000, maximum ₹15,000, plus GST). Currently, SBI has waived processing fees until March 31, 2025, under a festive offer. Government sector employees and customers with a CIBIL score ≥800 get a 50% waiver on fees.
    • Pre-Approved Personal Loans (PAPL): Select customers can avail instant loans up to ₹8 lakh through the SBI YONO app or internet banking with minimal documentation and no branch visit, available 24/7.
    • Quick Approval and Disbursal: Schemes like Xpress Credit and Real-Time Xpress Credit offer fast processing, with instant disbursal for eligible salaried customers, especially government and defense personnel.
    • Variety of Schemes:
    • Xpress Credit: For salaried individuals with SBI salary accounts, offering up to ₹35 lakh.
    • Real-Time Xpress Credit: For government/defense employees, with instant disbursal up to ₹30 lakh (₹35 lakh for Elite)
    • Quick Personal Loan: For salaried individuals without SBI salary accounts, up to ₹20 lakh.
    • Pension Loan: For central/state government and defense pensioners, up to ₹14 lakh with a maximum age of 76 years.
    • Xpress Elite: For high-income salaried individuals (₹1 lakh+ monthly income), up to ₹35 lakh.
    • Transparent Costs: No hidden charges or administrative fees. Interest is calculated on a daily reducing balance, lowering the overall cost.
    • Prepayment Flexibility: Prepayment is allowed with a 3% charge on the prepaid amount if closed before tenure ends, but no penalty if closed using a new loan under the same scheme.
    • Minimal Documentation: Requires basic documents like identity proof (Aadhaar, passport), address proof, income proof (salary slips, Form 16), and 6 months’ salary account statement for salaried applicants.
    • Overdraft Facility: Available for certain schemes (e.g., diamond/platinum salary package customers), allowing borrowers to deposit surplus funds and withdraw as needed, with EMI repayment via standing instructions.
    • Specialized Offers: Tailored schemes for government employees, defense personnel, and pensioners with preferential terms, such as lower interest rates and relaxed eligibility criteria.
    • Online Application: Convenient application process through SBI’s website, YONO app, or internet banking, reducing paperwork and processing time.
    • Festive Offers: Periodic promotions, like the current "Festive Dhamaka" with zero processing fees until March 31, 2025, and competitive rates to enhance affordability.
Who We Are

Benefits of Personal Loans from State Bank of India (SBI)

  • Affordable Financing: Competitive interest rates starting at 10.30% p.a. (up to 15.30% p.a.) ensure lower borrowing costs, especially for salaried individuals with SBI salary accounts or high credit scores.
  • High Loan Amounts: Access up to ₹35 lakh, allowing borrowers to fund significant expenses like weddings, medical emergencies, education, travel, or debt consolidation.
  • No Collateral Needed: Being unsecured loans, there’s no requirement for assets, guarantors, or security, simplifying the application process and reducing risk to personal property.
    • Flexible Repayment Options: Tenure ranges from 6 months to 6 years (up to 7 years for pension loans), enabling borrowers to choose EMIs that suit their financial capacity.
    • Quick and Convenient Access: Pre-approved personal loans (PAPL) up to ₹8 lakh are available instantly via the YONO app or internet banking, with minimal documentation and 24/7 access, ideal for urgent needs.
    • Fast Processing and Disbursal: Schemes like Xpress Credit and Real-Time Xpress Credit offer rapid approval and instant disbursal, especially for government employees, defense personnel, and salaried customers.
    • Cost-Effective: Low processing fees are currently waived until March 31, 2025, under festive offers. A 50% fee waiver applies for government employees and customers with CIBIL scores ≥800.
    • Transparency: No hidden charges or administrative fees, with interest calculated on a daily reducing balance, ensuring borrowers pay only for the outstanding amount.
    • Tailored Schemes for Diverse Needs: Specialized loans like Xpress Elite , Pension Loans (for pensioners), and Quick Personal Loans (for non-SBI account holders) cater to specific borrower profiles with customized terms.
    • Prepayment Flexibility: Borrowers can prepay loans with a nominal 3% charge on the prepaid amount (no penalty if closed with a new loan under the same scheme), offering freedom to reduce debt early.
    • Minimal Documentation: Requires only basic documents (e.g., Aadhaar, salary slips, bank statements), making the process hassle-free, especially for salaried applicants.
    • Overdraft Facility: Certain schemes provide an overdraft option, allowing borrowers to manage surplus funds and withdraw as needed, with EMIs handled via standing instructions, enhancing cash flow flexibility.
    • Wide Accessibility: Easy application through SBI’s website, YONO app, internet banking, or branches, ensuring convenience for all customers, including those in remote areas.
    • Special Benefits for Select Groups: Government employees, defense personnel, and pensioners enjoy preferential rates, relaxed eligibility, and faster processing, making loans more accessible.
    • Festive and Promotional Offers: Periodic campaigns, like the current "Festive Dhamaka," provide zero processing fees and competitive rates, increasing affordability during key periods.
Check Best Gold Loan Offers

How to Apply for Personal Loans State Bank of India

  • 1. Check Eligibility:
    • Ensure you meet SBI’s eligibility criteria, which vary by scheme (e.g., Xpress Credit, Quick Personal Loan, Pension Loan):
      • Salaried Individuals: Minimum monthly income (e.g., ₹15,000 for Quick Personal Loan, ₹1 lakh for Xpress Elite), age 21–58 years.
      • Credit Score: Preferably 750+ for better terms.
  • 2. Choose Application Method:
    • Online Application (Preferred for Convenience):
      • Through SBI YONO App:
        • Download/install the YONO SBI app (available on iOS/Android).
        • Log in using internet banking credentials or register as a new user.
        • Navigate to the “Loans” section and select “Personal Loan.”
        • If no pre-approved offer, select the desired loan scheme (e.g., Xpress Credit, Quick Personal Loan).
        • Fill in personal, employment, and loan details (amount, tenure).
        • Upload required documents digitally (e.g., Aadhaar, PAN, salary slips).
        • Submit the application and note the application reference number.
      • Through SBI Website:
        • Visit https://sbi.co.in and go to “Loans” > “Personal Loans.”
        • Select the loan scheme (e.g., Xpress Credit, Pension Loan).
        • Click “Apply Now” and log in with internet banking credentials or YONO ID.
        • Complete the online form with personal, income, and loan details.
        • Upload scanned copies of documents.
        • Submit the application and track status using the reference number.
    • Offline Application (Branch Visit):
      • Visit the nearest SBI branch with required documents.
      • Request a personal loan application form for the desired scheme.
      • Fill out the form with accurate details (personal, employment, loan amount, tenure).
      • Submit the form along with original documents for verification and photocopies.
      • Branch officials will process the application, which may take 2–7 days for approval.
  • 3. Prepare Required Documents:
    • For Salaried Individuals:
      • Identity Proof: Aadhaar, PAN, passport, voter ID, or driving license.
      • Address Proof: Aadhaar, utility bill, passport, or rental agreement.
      • Income Proof: Last 3–6 months’ salary slips, Form 16, ITR for 1–2 years.
      • Bank Statement: Last 6 months’ salary account statement.
      • Photograph: Recent passport-size photo.
  • 4. Loan Processing and Approval:
    • Online/Pre-Approved Loans: Instant approval for PAPL or Real-Time Xpress Credit if eligible; funds credited to your SBI account within minutes.

Eligibility Criteria for SBI Personal Loans

  • General Eligibility Criteria:
    • Age: 21 years to 58–65 years at loan maturity (up to 76 years for pensioners).
    • Credit Score: Preferably 750+, though some schemes allow scores as low as 650.
    • Loan Amount: ₹25,000 to ₹35 lakh, based on scheme, income, and repayment capacity.
    • Repayment Capacity: Post-EMI income should meet SBI's minimum threshold (typically 40–50% of income remaining).
  • Xpress Credit (For Salaried Individuals with SBI Salary Account):
    • Salaried with central/state govt, PSUs, corporates, or institutions.
    • Minimum monthly income: ₹15,000 (varies by employer).
    • Employment stability: Permanent/confirmed employees with 1 year of service.
    • Loan Amount: Up to ₹35 lakh or 24x net monthly income (whichever is lower).
    • Salary account with SBI is required.
  • Real-Time Xpress Credit (For Govt/Defense Employees):
    • Employees of government/defense/select PSUs with or without SBI salary account.
    • Minimum monthly income: ₹15,000.
    • Loan Amount: Up to ₹30 lakh (₹35 lakh for Xpress Elite).
    • Eligibility through YONO app or SBI internet banking.
  • Quick Personal Loan (For Non-SBI Salary Account Holders):
    • Salaried individuals from government, PSU, or reputed private firms.
    • Minimum monthly income: ₹15,000.
    • Employment with current employer for at least 1 year.
    • Loan Amount: Up to ₹20 lakh or 24x net monthly income.
  • Xpress Elite (For High-Income Salaried Individuals):
    • Employees with SBI salary account or SBI banking relationship.
    • Minimum monthly income: ₹1 lakh.
    • Loan Amount: Up to ₹35 lakh.
    • High credit score (800+) usually required.
  • Pension Loan (For Pensioners):
    • Central/state government or defense pensioners (including family pensioners).
    • Loan Amount: Up to ₹14 lakh depending on age (₹10 lakh for 72–74 yrs, ₹7.5 lakh for 74–76 yrs).
    • Age at maturity: Up to 76 years.
    • Pension account with SBI required (or willingness to open one).
  • Pre-Approved Personal Loan (PAPL):
    • Eligible SBI customers with strong banking history.
    • Loan Amount: Up to ₹8 lakh.
    • Accessible via YONO or internet banking with minimal/no documentation.
Check Best Gold Loan Offers

Documents Required for SBI Personal Loans

  • Application Form:
    - Duly filled and signed personal loan application form (available online via SBI website/YONO app or at branches).
    - For online applications, this is completed digitally.
  • Photograph:
    - Recent passport-size photograph (usually 1–2 copies for offline applications).
  • Identity Proof (Any one, attested copy):
    - Aadhaar Card
    - PAN Card (mandatory for loan processing)
    - Passport
    - Voter ID
    - Driving License
    - Government-issued ID card
  • Address Proof (Any one, attested copy):
    - Aadhaar Card
    - Passport
    - Utility Bill (electricity, water, gas; not older than 3 months)
    - Rental Agreement
    - Voter ID
    - Property Tax Receipt
  • Scheme-Specific Documents:
    1. For Salaried Applicants:
    - Salary Slips: Last 3–6 months (depending on the scheme and employment type).
    - Form 16: For the last 1–2 years (to verify tax deductions).
    - Income Tax Return (ITR): Last 1–2 years (especially for non-SBI account holders).
    - Bank Statement: Last 6 months of salary account (SBI or other bank).
    - Employment Proof (if required): ID card, appointment/confirmation letter.
    - Additional for Xpress Credit: Employer undertaking for EMI deduction via salary, proof of salary account.
    2. For Pensioners (Pension Loan):
    - Pension Payment Order (PPO)
    - Pension account statement: Last 6 months
    - Pension certificate or receipt proof
    - Age proof (if not on ID proof): Aadhaar, passport, birth certificate
    3. For Pre-Approved Personal Loans (PAPL):
    - Minimal/No documents required for eligible customers
    - PAN and Aadhaar may be verified via DigiLocker
    - If prompted, upload identity/income proof through YONO app
  • Additional Notes:
    - For online applications: Upload scanned documents (PDF/JPEG format) or use DigiLocker.
    - For offline applications: Submit self-attested photocopies with originals for verification.
    - Credit Score: While not a document, a score of 750+ improves approval chances.
    - Festive Offers: Processing fee waiver until March 31, 2025. Document requirements remain the same.

Factors for Personal Loans – State Bank of India (SBI)

  • Eligibility Factors:
    Income Level: Minimum monthly income (e.g., ₹15,000 for Quick Personal Loan, ₹1 lakh for Xpress Elite) determines loan amount and approval. Higher income increases loan eligibility (up to ₹35 lakh or 24 times net monthly income).
    Employment Type: Salaried individuals (government, PSU, corporate) and pensioners are eligible. Schemes like Xpress Credit favor SBI salary account holders, while Real-Time Xpress Credit prioritizes government/defense employees.
    Credit Score: A score of 750+ improves approval chances and secures lower interest rates. Scores as low as 650 may be considered for select schemes but with stricter terms.
    Age: Applicants must be 21–58 years at loan maturity (up to 76 for pension loans). Age affects loan tenure and amount.
  • Loan Amount and Tenure:
    Loan Amount: Ranges from ₹25,000 to ₹35 lakh, depending on scheme (e.g., ₹20 lakh for Quick Personal Loan, ₹14 lakh for Pension Loan). Determined by income, credit profile, and employer type.
    Repayment Tenure: 6 months to 6 years (7 years for pension loans). Longer tenures reduce EMI but increase total interest paid.
  • Interest Rates:
    Rate Range: 10.30% p.a. to 15.30% p.a., based on scheme, credit score, and applicant profile (e.g., lower rates for government employees or high CIBIL scores ≥800).
    Calculation Method: Interest is on a daily reducing balance, lowering overall cost compared to flat-rate loans.
    Scheme-Specific Rates:
    • Pension Loan: Slightly higher, around 11–12% p.a.
    • Festive offers (valid until March 31, 2025) may provide concessional rates.
  • Credit Profile and History:
    A strong credit history (no defaults, timely repayments) is crucial. SBI checks CIBIL or equivalent scores to assess risk.
    Applicants with past defaults or low scores may face rejection or higher rates.
  • Processing Fees and Charges:
    Processing Fees: Up to 1.50% of loan amount (₹1,000–₹15,000, plus GST). Waived until March 31, 2025, under festive offers. 50% waiver for government employees or CIBIL ≥800.
    Prepayment Charges: 3% on prepaid amount if closed early; no penalty if closed with a new SBI loan under the same scheme.
  • Documentation:
    Complete and accurate documents (e.g., Aadhaar, PAN, salary slips, bank statements) are critical. Missing or mismatched documents can delay or derail approval.
    Pre-approved loans (PAPL) require minimal documents, relying on existing SBI account data.
  • Relationship with SBI:
    Applicants with SBI salary/pension accounts (e.g., for Xpress Credit, Pension Loan) get faster processing, higher loan amounts, and better rates.
    Long-term customers may qualify for pre-approved loans (up to ₹8 lakh) via YONO.

Frequently Asked Questions (FAQs)

What types of personal loans does SBI offer?
SBI offers several personal loan schemes:
  • Xpress Credit: For salaried individuals with SBI salary accounts, up to ₹35 lakh.
  • Real-Time Xpress Credit: For government/defense employees, up to ₹30 lakh (₹35 lakh for Elite), with instant disbursal.
  • Quick Personal Loan: For salaried individuals without SBI salary accounts, up to ₹20 lakh.
  • Xpress Elite: For high-income salaried individuals (₹1 lakh+ monthly income), up to ₹35 lakh.
  • Pension Loan: For central/state government and defense pensioners, up to ₹14 lakh.
  • Pre-Approved Personal Loan (PAPL): Up to ₹8 lakh for select customers via YONO app.
Each scheme caters to specific needs with tailored eligibility and terms.
What is the maximum loan amount I can get?
Maximum loan amounts vary by scheme:
  • Xpress Credit/Xpress Elite: ₹35 lakh.
  • Real-Time Xpress Credit: ₹30 lakh (₹35 lakh for Elite).
  • Quick Personal Loan: ₹20 lakh.
  • Pension Loan: ₹14 lakh (₹10 lakh for 72–74 years, ₹7.5 lakh for 74–76 years).
  • PAPL: ₹8 lakh.
The amount depends on your net monthly income (up to 24 times NMI) and EMI/NMI ratio (50–65%).
What are the interest rates for SBI personal loans?
Interest rates range from 10.30% p.a. to 15.30% p.a., depending on the scheme, credit score, and applicant profile. Lower rates are available for government employees or those with a CIBIL score ≥800. Rates are fixed and linked to SBI’s 2-year MCLR, calculated on a daily reducing balance. Festive offers may provide concessional rates.
What is the repayment tenure for SBI personal loans?
Tenure ranges from 6 months to 6 years for most schemes. Pension Loans can extend up to 7 years. Longer tenures reduce EMIs but increase total interest paid.
What is the minimum income required to apply?
Salaried Applicants: Minimum net monthly income of ₹15,000 (₹25,000 for some schemes; ₹1 lakh for Xpress Elite).
Pensioners: No specific minimum, but pension income must cover EMIs (typically ₹10,000+). Higher income improves eligibility for larger loans.
Do I need a salary account with SBI to apply?
  • Yes, for Xpress Credit, Xpress Elite, and Pension Loans (or willingness to open one for pensioners).
  • No, for Quick Personal Loan and PAPL, though an SBI account may expedite processing.
  • Government/defense employees can apply for Real-Time Xpress Credit with or without an SBI salary account.
What documents are required to apply?
Salaried Applicants:
  • Identity Proof: Aadhaar, PAN, passport, voter ID, or driving license.
  • Address Proof: Aadhaar, utility bill, passport, or rental agreement.
  • Income Proof: 3–6 months’ salary slips, Form 16, ITR (1–2 years).
  • Bank Statement: 6 months’ salary account statement.
  • Passport-size photograph.
Pensioners:
  • Pension Payment Order, pension account statement (6 months), identity/address proof.
PAPL:
  • Minimal/no documents for eligible customers (PAN/Aadhaar via DigiLocker).
Additional documents may apply for specific schemes.
Is a guarantor or collateral required?
No, SBI personal loans are unsecured, requiring no collateral, security, or guarantor across all schemes.
What is the processing fee for SBI personal loans?
  • Up to 1.50% of the loan amount (min ₹1,000, max ₹15,000, plus GST).
  • Currently waived until March 31, 2025, under festive offers.
  • 50% waiver (0.75% fee) for government employees or applicants with CIBIL ≥800.
No other hidden charges apply.
Can I apply for an SBI personal loan online?
Yes, through:
  • YONO App: Check pre-approved offers or apply for any scheme.
  • SBI Website: Visit sbi.co.in, go to “Loans” > “Personal Loans,” and click “Apply Now.”
  • Internet Banking: For select schemes like PAPL or Real-Time Xpress Credit.
  • Offline: Applications also accepted at SBI branches.
How long does it take to get loan approval and disbursal?
  • Pre-Approved Loans (PAPL): Instant approval and disbursal via YONO (within minutes).
  • Real-Time Xpress Credit: Instant disbursal for eligible government/defense employees.
  • Other Schemes: Approval within 1–4 working days; disbursal within 1–2 days post-agreement.
Processing times may vary based on document verification and credit appraisal.
Can I prepay or foreclose my SBI personal loan?
Yes, prepayment is allowed.
  • Penalty: 3% on the prepaid amount if closed before tenure ends.
  • No penalty: If closed using a new loan under the same scheme, for defense employees (100% waiver), or for government/corporate employees after 3 years (or 6 months for platinum/rhodium salary package holders).
Partial prepayments are also permitted.

List of SBI Personal Loans

  • SBI Xpress Credit Personal Loan
  • SBI Quick Personal Loan
  • SBI Pre-Approved Personal Loan (PAPL)
  • SBI Real Time Xpress Credit Personal Loan
  • SBI Pension Loan
  • SBI Xpress Lite Personal Loan
  • SBI Festival Personal Loan
  • SBI Emergency Personal Loan