SBI personal loan schemes such as Xpress Credit Loan, SBI Pension Loan, Xpress Elite, and Pre-approved Personal Loans. SBI personal loans can be utilized for a variety of things, including business expansion, debt consolidation, international travel expenses, marriage, house improvement, medical emergencies, and so on. Personal loans of up to Rs. 20 lakhs are currently available from SBI, with interest rates starting at 9.60 percent p.a.
SBI Personal Loan Benefits
- Loan Amount: SBI provides loans up to Rs. 20 lakhs to meet a variety of financial demands with a single loan.
- Loan Programs: SBI has numerous lending programs for different types of borrowers, including retirees, salaried workers, and self-employed people.
- Flexible Tenure: If you choose an SBI personal loan, you can repay it over a period of 6 months to 6 years.
- The procedure necessitates minimal paperwork and speedy processing.
The following are the main characteristics of different SBI personal loans:
Personal Loan from SBI Xpress Credit
- A salary account with SBI is required for loans ranging from Rs. 25,000 to Rs. 20 lakh.
- Loans with terms ranging from 6 to 60 months are available.
SBI Xpress Bandhan
- The SBI Xpress Bandhan personal loan is available to persons who do not have an SBI salary account. Some of the important elements of this personal loan are as follows:
- Defense Establishments/State Governments/Central Govt., Quasi Govt., and a few other top-rated firms are specifically targeted.
- The loan requires a minimum gross monthly income of Rs. 50,000 to be approved.
- The maximum EMI to Net Monthly Income ratio is 50%.
SBI Personal Loan for Senior Citizens
These personal loans from the State Bank of India are available to retirees and include the following features:
- Central or state government pensioners, defense pensioners, and family pensioners with an SBI pension account are eligible to apply.
- Under the SBI Pension Loan plan, the maximum loan amount that can be sanctioned is Rs. 14 lakh.
- In order to be eligible for this loan, retirees must be under the age of 76.
YONO App offers pre-approved personal loans to salaried and retired people.
- You may be eligible for a pre-approved personal loan if you have a salary or pension account with SBI.
- You may also check your eligibility for this SBI personal loan by sending an SMS to 567676 with the text “PAPLings Bank Account No.>”.
- SBI pre-approved loans are quickly credited to the applicant’s account with instant loan processing, minimal documentation, and a cheap processing charge.
Criteria for Eligibility
The following are the main qualifying requirements for the various types of SBI personal loans that are currently available:
A. Personal Loan from SBI Xpress Credit
You must work for a central/state/quasi-government organization/central or state government PSUs/nationally renowned educational institutions/selected corporations with or without a bank tie.
Your minimum monthly income should be of Rs. 15,000
You should have an EMI/NMI ratio of less than 50%.
B. Bandhan SBI Xpress
You should not have an account with SBI for your salary.
You must work for the Central/State Governments/Defense Establishments, Public Sector Undertakings, Quasi-Government Bodies, Select Rated Corporations, or Nationally Recognized Educational Institutions.
Your minimum monthly income should be of Rs. 50,000.
You should have a minimum EMI/NMI ratio of 50%.
C. Pension Loan from SBI
The following are the main characteristics of the SBI pension loan for various types of applicants:
Pensioners from the federal and state governments:
Minimum applicant’s age should be of 76 years.
Must have an SBI pension account, which must be kept in good standing throughout the loan term.
The applicant must submit a declaration to the Treasury prohibiting the transfer of pension payments to any other bank’s pension account until SBI issues a NOC.
For Defence Pensioners:
Applicants must be retired from the Navy, Army, Air Force, Coast Guard, Paramilitary Forces (e.g. CRPF, CISF, BSF, ITBP, etc. ), Rashtriya Rifles, Assam Rifles, and other Armed Forces.
The potential applicant’s pension payment order should be kept on file with SBI.
The maximum age for loan eligibility is 76 years old.
Family pensioners are authorized members of the pension recipient’s family who are entitled to a pension following the pensioner’s death.
To be eligible for the SBI Pension Loan, a family pensioner must be at least 76 years old.
D. YONO offers pre-approved personal loans to salaried and retired people.
The candidate must be employed by SBI or have a pension account with them.
When the applicant logs into YONO, a pre-approved SBI Personal Loan offer must be accessible.
E. Personal Loans to Non-Salaried Individuals who Have Been Pre-Approved (PAPL) YONO is a Japanese television station.
You must have an SBI savings account with regular deposits.
Your monthly balance should be greater than a certain amount (the amount varies depending on the kind of SBI account).
Documents Needed to Apply for a Loan
Depending on the personal loan category you choose, the documentation required to obtain an SBI personal loan may vary. The following is a list of essential documents:
Proof of Address: Ration Card, Bank Account Statement, Passport, Driving License, Electricity Bill, Telephone Bill, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card Bank account statements, salary slips, ITRs, and Form 16 are all examples of income proof.
To conclude, SBI personal loan comes with various loan offers at low personal loan interest rate with flexible repayment tenure. All you need is to fit into the lender’s eligibility criteria. Afinoz can be of great help here.