SBI Personal Loan- If you need money immediately for needs like marriage, travel or medical emergency, then SBI personal loan can be helpful for you. In this, you do not need to mortgage any guarantee or property. There are two ways to get a personal loan from SBI – online and offline. Easy information about both the methods is given below.
1. Apply Online
- Visit SBI website and open the personal loan section.
- Choose the loan product as per your need and click on ‘Apply Now’.
- Fill in your details and upload required documents.
- After verification of the application, if the loan is approved then the money is transferred to your account within a few hours.
- The entire process is completed online from home, there is no need to go to the branch.
2. Apply through YONO SBI app
- SBI customers login to YONO app.
- Select ‘Loans’ option.
- If there is a pre-approved offer for you then just enter PAN, Date of Birth and Email.
- Select loan amount, EMI date and tenure.
After digital signature and OTP verification the money is transferred into the account immediately. - Especially, pre-approved loans up to Rs 2.5 lakh can be availed without documentation.
3. Offline Application
- Go to nearest SBI branch.
- Get a personal loan application form.
- Submit KYC documents (Aadhaar Card, PAN Card), Income Proof (Salary Slip or Bank Statement), Passport size photo.
- The branch checks your eligibility and once the loan is approved, the money is transferred to your SBI account.
- This method is good for those who are not comfortable with the online process.
Interest Rates and Loan Tenure
- SBI personal loan interest rates range from 10.30% to 15.30% per annum, depending on your salary, credit
- score and loan product.
- SBI Xpress Credit loan rates (for salary account holders) range from 11.45% to 14.60%.
- You can avail a loan of up to Rs 20 lakh for a tenure of 6 months to 6 years.
Eligibility and required documents
Salaried employees, pensioners or individuals with regular income are eligible for the loan.
Usually the minimum salary should be Rs 15,000 per month (may vary as per scheme).
Required Documents: Proof of identity and address, income proof, passport size photo.
If you have a good credit score (700 or above), you can get a loan quickly and at a lower interest rate.
Adding a co-applicant may also increase eligibility.