How To Apply Personal Loan From SBI: How To Apply SBI (State Bank of India) is the largest and most trusted government bank in India, offering a variety of financial services, including personal loans. If you want to take a personal loan from SBI, you can follow the simple and easy process outlined below.
Eligibility Criteria for Personal Loan
To get a personal loan from SBI, you need to meet some eligibility criteria. Some key points are:
- Age: The borrower should be between 21 and 58 years old.
- Applicant’s Employment Status:
- The applicant can be a salaried individual (employee) or a business/self-employed professional.
- Salaried individuals should have a minimum of 3 years of work experience.
- Income: Your monthly income affects your loan eligibility.
- Credit Score: Your credit score (CIBIL score) should be at least between 650-700 for easy loan approval.
Benefits of SBI Personal Loan
- Lower Interest Rates: SBI offers lower interest rates on personal loans compared to other banks.
- Loan Amount: You can get a personal loan ranging from ₹50,000 to ₹20 lakh.
- Loan Tenure: You can repay the loan in a period ranging from 12 months to 60 months.
- Quick Approval: The personal loan application process is simple and quick, ensuring fast loan approval.
- Less Documentation: The paperwork is minimal, making the process hassle-free.
How to Apply for SBI Personal Loan?
Online Application:
SBI’s online platform makes this process very easy. You can follow these steps by visiting the bank’s website:
- Go to SBI’s official website.
- Click on the “Personal Loan” section.
- Click on “Apply Online” and fill in your details.
- Upload the necessary documents and submit the application.
Offline Application:
In addition to the online process, you can also apply for a personal loan at any nearby SBI branch:
- Visit the nearest SBI branch.
- Get the personal loan application form.
- Fill in the form properly and submit the required documents.
- The bank will review your application and, after approval, disburse the loan amount.
Documents Required for SBI Personal Loan
For the SBI personal loan, you will need to submit the following documents:
- Identity Proof: Aadhar card, PAN card, voter ID, passport, or driving license.
- Address Proof: Utility bills (electricity/water), ration card, or bank statement.
- Income Proof: Salary slips, income tax return, Form 16, or bank statements.
- Employment or Business Proof: If employed, provide joining letter and related documents.
- Bank Statement: Bank statements for the last 3-6 months.
Loan Approval and Disbursement
- Document Verification: After the bank verifies all the documents, your loan application will be reviewed.
- Credit Check: The bank will also check your credit score.
- Loan Approval: Once all the conditions are met, your loan will be approved, and the loan amount will be disbursed.
SBI Personal Loan Interest Rates and Fees
- SBI personal loan interest rates range from 10.50% to 15.50%, depending on factors like your credit score, income, and other criteria.
- Application Fee: The fee could be between ₹1,000 to ₹1,500.
- Processing Fee: It could range from 1% to 2% of the loan amount, depending on the loan amount.
EMI (Equated Monthly Installments) and Repayment
The loan amount from SBI needs to be repaid in the form of EMIs. You can choose the EMI amount and tenure based on your monthly income and convenience. SBI provides an EMI calculator on its website to help you calculate the monthly EMI.
Conclusion
Taking a personal loan from SBI is a straightforward and reliable process. If you meet the eligibility criteria and provide all the required documents, you can easily get the loan. This loan can be used for any personal need such as education, medical expenses, weddings, or travel. When taking a loan, ensure you have a good understanding of your repayment ability and try to keep your EMI within your budget.
FAQs – How to Apply Personal Loan from SBI
- What is the eligibility for an SBI personal loan?
Age between 21 to 58 years, stable income, and good credit score. - What documents are needed for an SBI personal loan?
ID proof, address proof, income proof, bank statements, and photographs. - How can I apply for an SBI personal loan?
Apply online through the SBI website or visit an SBI branch. - What is the interest rate for an SBI personal loan?
Rates typically range from 9.60% to 15.20% per annum. - How long does it take for loan approval?
Usually, 2 to 7 working days for loan processing. - What is the loan tenure for an SBI personal loan?
Tenure ranges from 6 months to 6 years (72 months). - Can non-SBI customers apply for a personal loan?
Yes, non-SBI customers can apply too. - What are the processing fees for an SBI personal loan?
Processing fees range from 1% to 1.5% of the loan amount. - How is the loan repaid?
Repay via fixed monthly EMI installments. - Can I apply with an existing loan from another bank?
Yes, as long as you meet the eligibility criteria.