Best Reasons To Apply For SBI Personal Loan

State Bank of India is considered as one of the largest public sector banks with about 24,000 branches. With the facilities like zero prepayments, minimum processing fees, low-interest rates, and the extensive network of pan India makes SBI bank a popular choice among the borrowers.

Reasons for availing SBI personal loans:

SBI provides personal loans to meet personal needs such as multiple consolidations of credit, for a wedding, medical emergencies or travel expenses and to improve the credit score. 

Below mentioned are some of the best reasons for availing an SBI personal loan:

  1. Low-interest rates: SBI personal loans are available for self-employed and salaried individuals. You can get attractive personal loan options at low-interest rates. Presently, you can get an SBI personal loan starting at 11.30%.
  2. Multiple options: SBI provides numerous loan products for borrowers with attractive offers.

Here is a list of best SBI personal loans offered to different customer groups:

  • SBI Pension Loan: To avail this loan, you must be an employee of central and state pensioners, defence pensioners and family pensioners. However, you must be below 76 years of age to take an SBI personal loan. Presently, the loan to pensioners offered by SBI bank is available at an interest rate ranging between 11.45% to 11.95%. 
  • SBI Xpress Credit: You can get SBI personal loan for salaried up to Rs. 20 Lakhs if you have a minimum salary of Rs. 15,000. You can get the personal loan for salaried at a rate of interest ranging from 11.50% – 13.50%. SBI personal loan is available for the employees working in the following sectors
  • Central/ state/ quasi-government,
  • Central PSUs and profit-making state PSUs,
  • Educational institutions of national repute,
  • Selected corporates
  • There are some other SBI personal loans available for the borrowers which are SBI Saral Loan, SBI Festival Loan and SBI Jai Jawan Pension Loan. These personal loans are available at a rate of interest ranging between 12.45% to 17.65%.

 Here are current interest rates for different SBI products:

Product                                                Interest Rate

SBI Saral Loan                                17.65% – 17.65%

SBI Xpress Credit Loan                  11.50% – 13.50%

SBI Pension Loan                            11.45% – 11.95%

SBI Festival Loan                            12.50% – 16.60%

SBI Jai Jawan Pension Loan          12.45% – 12.45%

  1. Convenient tenures: The tenure of SBI personal loan is very flexible, and you can repay the loan ranging between 6 months to 72 months.
  2. Quick disbursal: With the SBI personal loan options available online, the process of approval and sanctioning of loans is quick. You can quickly know about the status of your loan application online with transparent procedures.
  3. Minimal documentation: SBI personal loans can be availed with minimal documentation. You don’t need to provide any collateral or security for taking the loan.
  4. Loan amount: You can get a loan amount ranging between Rs. 50,000 to Rs. 15 Lakh from State bank of India.
  5. SBI personal loan for low-salaried:  SBI also provided personal loans to individuals who have a low income. If you have a monthly salary of Rs. 10,000 and live in a semi-urban or rural area you can avail SBI Saral Personal Loan. However, the residents of the urban area need to fulfil the minimum income eligibility criteria of Rs. 24000. You can get a personal loan up to 12 times the net monthly income at 2-3% processing fees.

With convenient loan tenures and transparent procedure of providing the personal loans to self- employed and salaried individuals SBI personal loans have numerous benefits. You can quickly get your loan approved online depending on your eligibility criteria.