SBI Personal Loan-Interest Rates and Eligibility Criteria

State Bank of India personal loan rates start from 11.90% p.a. which is the largest bank in India providing multiple consumer-friendly products and personal loans are one of them. Be it your wedding or your travel plan, you can do it all with this loan scheme offered by State Bank of India. So, if you are a salaried or a self-employed individual who wants to fulfill his/her pending desires but have been looking for funds, here is the dream come true offer. The bank offers personal loans under the following schemes at low-interest rates and high loan amount facility:

personal loan

  • SBI Saral Personal Loan
  • Xpress Credit Loan
  • SBI Pension Loan
  • Festive Loan
  • Jai Jawan Pension Loan

As you can see, different schemes are dedicated to a different section of the customer for different purposes. So, from any personal need like traveling or medical bill clearance or education, all your needs can be fulfilled with this unsecured loan scheme of SBI.

SBI offers one of the personal loan interest rates on with the starting rate of 11.90% (floating) p.a. Just like any other bank, this bank also has certain eligibility criteria on the basis which it offers this type of loan. So, here are the details of all the schemes.

SBI Xpress Credit loan: This scheme is an ideal loan for the people who want instant money. If you are salaried or a self-employed professional, you can get this loan between the rate of 11.90% to 14.90% (floating) p.a. Up to the loan amount of ₹15 lakhs.

To get this loan, you must cover the below eligibility criteria:

  • The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates
  • The minimum monthly income of the applicant should be ₹7,500/-
  • The EMI/NMI ratio should not exceed 50

Pension Loan: This scheme is dedicated to the Pensioners and Family Pensioners (including Defence Personnel) and the interest rate offered under this scheme is 12.45% p.a. (floating) and up to the loan amount of ₹14 lakhs. To apply, you must cover the below criteria set by the bank:

  • The maximum age of the applicant should be 76 years
  • The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
  • If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.

Saral Personal Loan: This scheme requires the below criteria:

  • Self-employed engineer
  • Doctor
  • Minimum work experience of 2 years for an MBA graduate
  • Available for Chartered Accountants and Architect

Festive Loan: SBI is one of those banks that brings festive offers on SBI personal loan that are affordable and people-friendly as well. So, if you want money for the same purpose, you have to match the following criteria:

  • Government employees or those working for PSUs or even private or public institutions/establishments with a minimum work experience of 2 years.
  • Minimum Net Monthly Income of ₹3000/-
  • The self-employed applicants must have the work experience of 3 years.
  • Individuals with a regular source of income like pension or interest from TDR or NSC or Govt Securities can apply.

Other than the above-mentioned criterion, the general eligibility to apply for PL at SBI are as follows:

For salaried individuals:

  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant should be 58 years
  • Minimum Net Monthly Income should be ₹5,000/-
  • Total work experience should be at least 2 years
  • Years in current residence should be at least 1 year

For Self-employed:

  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant should be 65 years
  • Minimum Net Monthly Income should be ₹7,000/-
  • Total work experience should be 2 years

Thus, on the basis of the above rates and eligibility, you can choose the scheme that suits your purpose and enjoy the benefits of low-interest rates and flexible tenure. So, what else do you want? Get started and apply now!

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