SBI Personal Loan

As the leading public sector bank in India, SBI provides a wide range of personal loan facilities to help customers fulfil their emergency cash requirements. If you are trying to collect funds to pay for a medical emergency or pay for other scheduled expenses such as a vacation, wedding, home improvement and purchasing of gadgets-SBI personal loans are very helpful.


  • Zero charges for prepayment-you can foreclose the loan at any time, without having to think about any fees for prepayment.
  • A hassle-free application process for loans with limited paperwork.
  • Get your loan amount accepted easily, without having to deal with a lot of red cassettes.
  • You can be sure to locate an SBI branch located near you with over 25,000 branches across India.
  • Finally, SBI provides some of the most competitive interest rates on personal loans. The bank also provides interest rate subsidies and discounts for some borrowers, such as military personnel, employees of the central government, women borrowers, and more.


  1. Pre-approved Personal Loans 

Pensioners, salaried people and self-employed clients will apply for an SBI personal loan easily. On YONO (SBI’s mobile banking app), pre-selected clients are informed of whether they qualify for pre-approved personal loans.

With only a few taps on their mobile screen, pre-approved customers can opt to take a private loan directly via the app, 24 x 7. The loan amount is automatically credited to the bank account of the borrower until the operation is over. The repayment is made by EMIs that are immediately deducted from the bank account of the borrower. The whole procedure is hassle-free and incredibly convenient.

Features of Pre-Approved Personal Loans from SBI:

  • Available to selected customers of SBI bank.
  • No hidden charges.
  • Low processing fees.
  • Approval of Loan application is done 24 x 7.
  • Instant cash disbursal.
  • The maximum loan amount available to non-salaried individuals is Rs. 2 lakhs.
  • There is no need to include any physical documentation because the bank is available with all the borrower’s needed KYC documents.

2. Loans to Salaried Employees holding a Salary Account with SBI. 

Known as the SBI Xpress Credit Personal Loan, this loan is open to all workers holding a salary account with SBI (both in the public and private sectors). The loan sum can be used by borrowers to cover all their personal expenses such as holiday, marriage, home improvement, debt consolidation, purchases of gadgets and other unplanned expenses such as medical expenses.

With quick approval and minimal paperwork, the Xpress Credit Personal loan offers instant disbursement of the loan amount.

Features of the Xpress Credit, SBI Personal Loan: 

  • Maximum loan amounts up to Rs. 20 lakhs.
  • Affordable interest rates.
  • Minimal processing charges.
  • Simple and hassle-free documentation.
  • Interest charged on daily reducing balance.
  • No hidden costs.
  • No need to submit collateral or provide a guarantor.
  • Can apply for a second personal loan, if needed (approved on an individual case-by-case basis).

3. Personal Loans for Pensioners 

SBI is one of the few banks providing personal loans to pensioners in India who do not earn a steady income. These personal loans help pensioners fund a child’s marriage expenses, arrange a dream holiday, buy a retirement home, or cover unplanned medical costs. The burden of financial planning during retirement is eliminated by quick, immediate and hassle-free, personal loans for pensioners.

Features of Personal Loans for Pensioners:

  • Minimal fees for processing and no hidden charges.
  • Low-interest rates.
  • Instant approval of loans and fast disbursing of funds.
  • Simple documentation.
  • Simple and flexible repayments from EMI.
  • At all SBI bank branches, qualifying borrowers may apply for this loan.


The interest rates paid for your personal loans are influenced by many variables. Here are some of the top elements and ways to lower interest rates:

  • Check Your Credit Score and Borrowing History: Since personal loans are unsecured, to assess your creditworthiness, lenders look at your credit history and other debts. The higher the credit score, the more you can make use of the interest rate. So, before borrowing, make sure you review and raise your credit score to increase your chances of getting the best interest rates.
  • The Loan Amount in relation to your Income Levels: The loan amount you borrow also influences the interest rate. If a small percentage of your total income is the amount borrowed, then you will gain from lower interest rates. On the other hand, if relative to your income, the lent sum is high, then the lender is not sure of your repayment potential. You may be sanctioned for your loan, but you’d be paying higher interest rates.

In addition to these two variables, make sure to verify whether you are eligible for concessions. To learn about the different discounts and concessions available to you when borrowing, get in contact with an SBI phone banking officer.