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SBI Personal Loan Review: Interest Rates @ 9.60%

State Bank of India offers a range of secured and unsecured personal loans at low interest rates.

SBI Personal Loan Review: Interest Rates @ 9.60%

State Bank of India offers a range of secured and unsecured personal loans at low interest rates.

Editor's Rating


Good for

  • Loans against securities
  • Pensioners

Bad for

  • Self-employed borrowers
  • Large loan amounts of Rs. 20,000+

State Bank of India is a top choice for borrowers who are seeking small to medium sized loans, minimal extra costs, and non-standard loan tenure lengths. SBI personal loan interest rates are also exceptional, though it's important to note that the lowest rates are reserved for the most eligible borrowers. ValueChampion recommends SBI as a first consideration for your personal financing needs.

Summary of SBI Personal Loans
Interest Rates: From 9.60%
Loan Amounts: Rs. 25,000 to Rs. 20 lakhs
Loan Tenure: 6 months to 6 years
Secured personal loan options available

Table of Contents

What Makes SBI Personal Loans Stand Out to Borrowers

State Bank of India stands out with its variety of custom personal loans, including many options for a secured loan. Additionally, the lender's rates are one of the lowest in India, making SBI a good option for applicants who seek to reduce their total cost of borrowing. ValueChampion recommends the SBI personal loan to borrowers who are in need of funding up to Rs. 20 lakhs, or otherwise would benefit from SBI's flexible eligibility criteria and minimal extra costs. However, it's important to note that self-employed borrowers are not eligible for an SBI personal loan.

SBI Personal LoanFeatures
Xpress Credit Personal Loan
  • For salaried borrowers
  • Provision for second loan available
  • Overdraft facility for SBI salary account holders
SBI Pre Approved Personal Loan
  • Pre-approved customers can avail an instant personal loan through the YONO app
SBI Pension Loan
  • For pensioners below the age of 76
  • Loan amounts between Rs. 2.5 lakhs and Rs. 14 lakhs
Loan Against Securities
  • Use securities like shares, mutual funds, time deposit, or sovereign gold bonds as collateral
  • Conditions apply.
Loan Against Property
  • Must own house or property to use as collateral

SBI Personal Loan Interest Rates

SBI personal loan interest rates starts from 9.60%, making it one of the lowest rates in India
Based on minimum interest rates for standard personal loans. Rates are subject to change.
SBI personal loan interest rates starts from 9.60%, making it one of the lowest rates in India
Based on minimum interest rates for standard personal loans. Rates are subject to change.

SBI has one of the lowest personal loan interest rates in India, starting from 9.60% for SBI salary account holders. However, the lender's mean ROI is 12.63%, which means it's most likely that you will be charged a higher rate than advertised.

Standard Interest RateOverdraft Facility Rate
Xpress Elite Scheme (for salary account holders)9.60% - 11.10%9.85% - 11.35%
Xpress Elite Scheme (for non-salary account holders)9.60% - 11.10%9.85% - 11.35%
Xpress Credit For Defence Personnel, Para-Military, Indian Coast Guard10.60% - 11.10%11.10% - 11.60%
Xpress Credit For Others10.60% - 12.60%11.10% - 13.10%
Xpress Credit for non-permanent employees11.50% - 13.60%12.25% - 13.85%
Xpress Credit Insta Top-Up10.70%
Pension Loan9.75% - 10.25%
Pre-Approved Personal Loan12.60%
Loan Against SecuritiesClick here for interest rates.

In addition to the rates listed above, State Bank of India has further conditions and concessions, depending on your eligibility. It's important to confirm the best personal loan option with SBI customer service before applying.

SBI Personal Loan Eligibility

Consider this if you want the lowest interest rates

Required Monthly Income Rs. 15,000
Min. Loan Amount Rs. 25,000
Max. Loan Amount Rs. 20 lakhs / 24 times NMI
Processing Fee 1.00%
Interest Rate Type Fixed
Loan Tenure 6 months to 6 years

State Bank of India eligibility criteria is flexible much due to the bank's diverse selection of personal loan options. Under the standard SBI Xpress Credit Personal Loan, borrowers between the ages of 21 and 58 are eligible. While this age requirement is considered strict compared to other banks, SBI has a special pension loan for senior citizens up to the age of 76.

Only salaried employees who have worked for 1 year are eligible for an SBI personal loan, which is not unheard of for popular lenders. In addition, the bank has a low monthly income requirement of Rs. 15000, regardless of your relationship to SBI. That being said, salary account holders benefit from preferential pricing and overdraft facilities.

As a final mention, borrowers can avail between Rs. 25,000 and Rs. 20 lakhs under the Xpress Credit Personal Loan. Repayment of your loan can last as little as 6 months up to 6 years, which is more flexible than other lenders' tenures. If you are in need of a small personal loan, or wish to have more control over the length of your repayment schedule, we recommend that you consider State Bank of India for your personal financing needs.

Processing Fee and Other Charges

Processing Fee1.00% of loan amount, minimum Rs. 1000, maximum Rs. 10,000
Early Payment Fee3% on prepaid amount
Late Payment Interest2% per month on EMI / Principal overdue

State Bank of India has low processing fees and other charges. With lenders charging up to 4.00% or more in processing fees, the SBI fee of 1.00% is perfect for borrowers who want to minimise extra costs. Additionally, the bank only charged a 3.00% prepayment penalty or foreclosure fee. While this is not the lowest amongst the lenders we analysed, it is much lower than other banks that can charge up to 5.00% of the outstanding amount.

SBI Personal Loan Calculator

Use a personal loan calculator to estimate your EMIs before applying. By inputting your personal loan interest rate, loan tenure, and loan amount, you can plan your repayments ahead of time. Click here to use the SBI personal loan EMI calculator.

SBI Personal Loan EMI Repayment Schedule

Our team of financial analysts calculated an example EMI repayment schedule for borrowers, as seen below.

Stage of TenureEMIInterest PaidPrincipal PaidOutstanding Balance
Year 1₹37,660₹199,994₹251,922₹1,748,078
Year 2₹37,660₹171,954₹279,962₹1,468,116
Year 3₹37,660₹140,793₹311,123₹1,156,993
Year 4₹37,660₹106,163₹345,753₹811,240
Year 5₹37,660₹67,680₹384,236₹427,004
Year 6₹37,660₹24,912₹427,004₹0
Based on an Rs. 20 lakh personal loan over a 6 year tenure. Interest rate is set at 10.60% per annum, with no processing fee calculated in the outstanding balance.

SBI Personal Loan: Apply Online

If you are interested in an SBI personal loan, you must fill out an application form and submit required documents. Pre-approved customers are eligible for instant disbursal through the YONO app.

SBI Personal Loan Documents

In addition to your completed application form, you are required to submit documents for proof of identity, residence and income, as seen below.

  • 2 latest passport size photographs
  • Copy of identity card issued by employer
  • Last 6 months' salary slip or latest Form-16
  • PAN Card
  • One of the following: passport, driving license, Aadhar card, Voter's ID, Job Card issued by NREGA, letter issued by national population register

Please confirm your requirements with the bank before applying.

SBI Personal Loan Customer Care

If you have any queries about the personal loan application process or would like to apply, contact State Bank of India customer care through any of the methods below.

Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.