The State Bank of India is one of the most essential lending institutions in India. The bank offers a variety of personal loan schemes to help you in your distressed times. Below, we’ve talked about the top 2 personal loan schemes that the bank offers viz. SBI Xpress Credit personal loan and SBI Pension Loan. Take a look at the post to understand comprehensively the State Bank of India Personal Loan 2021.
State Bank of India Personal Loan 2021 – Highlights
Before we tell you about each State Bank of India Personal Loan 2021 category of the State Bank of India, take a look at the highlights of the State Bank of India Personal Loan 2021:
- Prepayment charges - Nil
- Loan term – Up to 60 months (5 years)
- Maximum loan amount - Rs.15 lakhs
- Loan approval time - 10 minutes
- Rates of interest - 12.15% p.a. – 15.15% p.a.
- Processing fees - 1% of the loan amount + GST
State Bank of India Personal Loan 2021 – Types
The State Bank of India offers a variety of personal loans, even though, below we have drawn the top 2 categories. Take a look further to understand comprehensively each of them:
- SBI Xpress Credit Personal loan
You can avail of a personal loan of up to 24 times of your net monthly income being a salaried individual or a pensioner. Take a look at the highlights of the SBI Xpress Credit Personal loan scheme:
- Rates of interest - 11.65% p.a. – 14.65% p.a.
- Collateral / Security - NIL
- Loan amount – Up to Rs. 15 lakhs
- Minimum EMI / lakh - Rs. 2,616 – Rs. 2,765
- Minimum salary - Rs.7,500
- Loan tenure – Up to 5 years
- Processing fees - 1% of loan amount + applicable taxes
- Part-payment charges - 6 months to 5 years
-
Eligibility Criteria of SBI Xpress Credit Personal loan 2021
The bank extends Xpress Credit personal loan to the workers of entities that are under noted and sustaining salary account with zero margins:
- Profit-making State PSUs
- Education Institutions of National Repute
- Selected Corporates
- Central and government
- Quasi-Government
- Central PSUs
-
The minimum loan amount available under SBI Xpress Credit personal loan
- Rs. 10 lakhs for overdraft
- Rs. 24,000 for the term loan
-
SBI Pension Loan
The State Bank of India offers special loan product for those who are withdrawing pensions within the SBI bank account:
- SBI Pension Loan Interest Rates – 11.60% p.a. onwards
-
Features and Benefits of SBI Pension Loan 202
- Low processing fee
- Interest rates starting as low as 11.60% p.a.
- No pre-payment charges
- No hidden charges
- Family pensioner can take out the loan but the applicant shouldn’t be surpassing the age of 76 years.
- A maximum of 50% amount of pension is taken into account for availing loan.
- 0.51% is charged as a processing fee, additionally, applicable taxes are subject to at least Rs. 500.
-
Loan Amount for Family Pensioners
- You will need to avail at least Rs. 25,000.
- If you are aged 72 years, you can avail of a loan amount of up to Rs. 5 lakhs.
- If you are aged 72 years, you can avail of a loan amount of up to Rs. 4.5 lakhs.
- 0.50%is charged as processing fees for central government pensioners including family pensioners. Additionally, applicable taxes are also charged subject to a minimum of Rs. 500.
- The bank does not levy any processing fees for defence pensioners.
-
Loan Amount for Central & Government Pensioner
- If you are aged below 72 years, you can avail of a loan amount of up to Rs. 14 lakhs.
- If you are aged between 72 to 74 years, you can avail of a loan amount of up to Rs. 12 lakhs.
- If you are aged between 74 to 76 years, you can avail of a loan amount of up to Rs. 7.5 lakhs.
- For family pensioners, the loan amount can be extended up to Rs. 25,000.
-
Loan Amount for Defense Pensioner
- You will need to avail at least Rs. 25,000.
- If you are aged 72 years, you can avail of a loan amount of up to Rs. 14 lakhs.
- If you are aged between 72 to 74 years, you can avail of a loan amount of up to Rs. 12 lakhs.
Note: The bank does not charge a processing fee on the SBI Defence Pensioners.
Conclusion
To sum up, as SBI is the largest public sector bank in India, thus, it holds its name among the best financial institutions in India offering personal loans in India.
You can avail of appealing SBI personal loan interest rate 2021 if you apply smartly with some research across the market. If you have already applied, you can also check your SBI personal loan status easily via their portal.
Moreover, you can also attain great deals on personal loans, Business loans, and home loans from the Afinoz instant loan app by installing it from the Play Store.