Personal loans are provided by many banks, but SBI is the most preferable. SBI provides a variety of personal loans to meet the needs of different borrowers, including the Xpress Credit Loan, SBI Pension Loan, Xpress Elite, and Pre-approved Personal Loans. SBI personal loans can be used for a variety of things and can be repaid at a low-interest rate and flexible repayment tenure.  

Features and benefits of SBI Personal Loan  

Before availing for SBI Personal Loan, you need to know the features and benefits offered by the State Bank of India which are listed below:  

• Quantum of Loan: SBI provides a loan amount of up to Rs. 20 lakh to meet a variety of personal needs with a single loan. 
• Loan Schemes: SBI provides various loan schemes to different types of borrowers, such as retirees, salaried staff, and self-employed people. 
• Flexible tenure: If you want an SBI personal loan, you can repay it over a period of 6 months to 6 years. 
• Easy application process: SBI Personal Loans are simple to apply for and can be done entirely online. The procedure necessitates minimal paperwork and rapid processing. 

SBI Personal Loan Highlights
Interest rate	Starting from 9.60% per annum
Loan Amount	Maximum of Rs. 20 Lakh
Income for Eligibility	Minimum of Rs. 15,000 p.m.
Eligibility Age	Minimum of 21 years and up to 58 years at loan maturity
Loan Tenure	Maximum of 72 months
Types of SBI Personal Loans	Pension Loan, Xpress Credit, Xpress Elite, Xpress Credit Insta Top-up, Clean Overdraft, and more

SBI Personal Loan Eligibility Criteria 

Listed below are the key eligibility criteria of SBI Personal Loan of different types:  

• SBI SBI Xpress Credit Personal Loan  

• You must have an SBI salary account. 
• You must work for a central/state/quasi-government body or the federal or state government. PSUs/nationally renowned educational institutions/selected corporations with or without a banking partnership 
• Your monthly income should be at least Rs. 15,000.  

• SBI Xpress Bandhan  

• You do not have an account with SBI for your salary. 
• You must work for the Central/State Governments/Defense Establishments, Public Sector Undertakings, Quasi-Governmental Bodies, Select Rated Corporations, or Nationally Recognized Educational Institutions. 
• Your monthly income should be at least Rs. 50,000. 
• Your EMI/NMI ratio should be at least 50%. 

• SBI Pension Loan  

Here are some following key features of SBI Pension Loan for different categories of applicants:  

For Central & State Government Pensioners 

• The pensioner should be under the age of 76. 
• Must have an SBI pension plan, which must be kept in good standing during the loan term. 

• The applicant must apply a document to the Treasury prohibiting the transfer of pension payments to any other bank’s pension account before 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 prospective applicant’s pension payment order should be held on file with SBI. 
• The maximum age for loan eligibility is 76 years old. 

For Family Pensioners  

• Registered members of the pension recipient’s family who are entitled to obtain a pension after the pensioner’s death are known as family pensioners. 
• To be eligible for the SBI Pension Loan, a family pensioner must be at least 76 years old. 

Documents required for SBI Personal Loan Application  

• Passport, PAN, Voter Identity Card, Driving License, Aadhaar Card are all acceptable forms of identification. 

• Ration card, bank account statement, passport, driving license, the electric bill, telephone bill, sale deed/property purchase agreement (for owned properties), Aadhaar card are all acceptable forms of proof of address. 
• Bank account statements, salary slips, ITRs, and Form 16 are all examples of income proof. 

Conclusion  

SBI offers personal loans to the user to get instant financial help at a low interest rate and flexible repayment tenure than other banks and NBFCs. You can check the given information as SBI Personal Loan interest rate, types of personal loan offered by State Bank of India, and more. May this information help you to get through Afinoz.com and get an instant loan.