Have you googled various personal loan schemes? If not, don’t worry, we will help you know the best personal loan schemes. This blog may provide instant solutions to all your financial worries. If your credit score is good, you can easily qualify for a loan from various lenders. But State Bank of India (SBI) loans is not only simple to avail, but they also come at the best interest rate with no hidden charges. SBI, the leading Indian multinational public sector bank, offers a personal loan for both salaried and self-employed individuals. Before moving over to its varied personal loan products, why not have a look at the features and benefits.

SBI interest rate starts at the rate of 10.90% p.a.
Interest is charged on a reducing balance i.e., interest will be calculated on the outstanding loan balance every month
Custom made personal loans under various categories for all types of customers
Minimal processing charges with maximum up to 1%
No hidden cost/ hidden charges
Collateral free personal loan with minimal documentation
Bank’s largest network makes it an accessible loan option for customers across the country

State Bank of India offers a personal loan under 3 exciting categories: Xpress Credit Personal Loan, SBI Pension Loan, and Xpress Power Loan.

SBI Xpress Credit Personal Loan

Under this scheme, the State Bank of India offers an instant personal loan for central and state government employees and individuals employed with reputed organizations having a salary account with SBI. You can get a personal loan up to 20 lakhs without security with minimum documentation for a variety of financial needs.

Eligibility

Age of the borrower should be between 21 to 60 years
Should have a minimum income of Rs. 15000 per month
Should have a salary account with SBI
Should be employed with:

- - - Central/ state/ quasi-government
    - Central PSUs and profit-making PSU
    - Exclusive corporates with or without a relationship with the bank

Some notable features of SBI Xpress credit personal loan are as under:

Loan amount	Up to Rs. 20 lakh/ 24 times NMI
EMI/NMI ratio	Less than 50%
Interest rate	11.55% p.a. onwards
Processing fee	1% of the loan amount + applicable tax
Minimum income	Rs. 15000 per month
Loan tenure	Maximum 72 months or the remaining period of service (whichever is less)

SBI Xpress Power Loan

Under this scheme, any salaried individual can get an instant personal loan even without having a salary account with the State Bank of India. You can get an SBI Xpress Power loan up to Rs. 15 lakhs to fulfil your immediate and short-term financial needs.

Eligibility

Salaried individuals not having a salary account with SBI
Should have a minimum income of Rs. 50,000 per month
Should be employed with:

- - - Central/ state/ quasi-government
    - Central PSUs and profit-making PSU
    - Reputable national educational institutions
    - Renowned corporates

Some notable features of SBI Xpress Power personal loan are as follows:

Interest rate	From 11.65% p.a. onwards
Age	21 to 60 years
Loan amount	Minimum loan amount: Rs. 25,000 Maximum loan amount: 24 times NMI / Rs. 15 lakhs
Loan tenure	Up to 60 months or the remaining period of service (whichever is lower)
Processing fee	1% of the loan amount + applicable taxes
Prepayment charges	3% on prepaid amount

SBI Pension Loan

State Bank of India offers a personal loan exclusively for central and state government pensioners, defence pensioners, and family pensioners below 76 years old. Retired government employees drawing their pension from one of SBI branches can get a pension loan to meet their various financial needs.

Under this scheme, applicants are required to pay nominal processing fees, while defence pensioners are exempt from the same.

Eligibility

Eligibility criteria for an SBI pension loan vary from the pensioner to pensioner, depending on the pension category.

Central and state government pensioners

Central and state government pensioners applying for an SBI pension loan should be below 76 years old.
SBI should maintain pension payment order of the applicant.
Any request from the pensioner to transfer his pension to any other bank will not be accepted till a NOC is issued.

For defence pensioner

Defence pensioners should not be more than 76 years at the time of processing
Defence pensioners refer to armed forces including Army, Navy, Air force, Paramilitary forces (CRPF, BSF, ITBP, CISF) Rashtriya Rifles, Assam Rifles, and Coast Guards
The applicant’s pension payment order should be maintained with SBI

For Family pensioner

Family pensioners should be equal to or less than 76 years old
Family pensioners include authorized family members who receive pensions after the death of the central or state, and defence pensioners
Pension payment order should be maintained by SBI

Some prominent features of SBI personal loan for pensioners are as under:

Interest rate	11.60% to 12.10% p.a.
Maximum age	76 years
Loan amount	From Rs. 25,000 to Rs. 14 lakh depending on pensioner type, age of the pensioner and monthly pension
Loan tenure	Up to 84 months for defence pensioners and 60 months for others
Processing fee	Zero processing fee for defence pensioners For others: 0.50% of the loan amount + Tax
Prepayment charges	3% on the prepaid amount

Special Note: Rates are subject to periodic change.

Documents required for SBI Personal Loan

Filled up the loan application form with 2 duly signed passport size photos
Income Tax PAN Copy
Identity proof: Driving License/ PAN/ Passport/ Voter’s ID/ Aadhaar Card
Residential Address proof: Registered Rent Agreement/Utility Bill (not more than3months old)/ Passport
Income proof: 2 years Form 16, salary slips for the past 3 months, bank statement for the past 3 months showing salary credit and any EMI debit

SBI Personal Loan Customer Care Numbers

State Bank of India values and cares about its customers and can be reached any time through various touchpoints. You can contact SBI by calling the following toll-free numbers for any query that you may have regarding SBI personal loans:

1800-11-2211
1800 425 3800
080-26599990

You can also contact SBI on 080-26599990 if you are not able to contact through above-given numbers.