May 27, 2024

Credit is available in different forms, such as credit cards, mortgage loans, vehicle loans, and personal loans. Each credit type has a specific purpose which can be purchasing a house or a vehicle or to encourage you to split up a considerable cost into more manageable monthly payments.

A personal loan is a kind of loan that can assist you in making a significant investment or consolidating high-interest debts. Personal loans typically have a lower rate of interest than credit cards; hence, they can be used to aggregate a single, lower-cost monthly payment of several credit card debts.

SBI personal loan is offered with different types of products that cater to the needs of various borrowers, such as Xpress Credit Loan, SBI Saral Loan, SBI Pension Loan, Xpress Elite, and Pre-approved Personal Loans. SBI Personal loan can be used for various reasons such as expanding your business, consolidating massive debt, holiday, marriage, home improvement, health emergency, etc. SBI Personal loan Interest rates start at 9.60% p.a and are offered for the maximum period of 72 months/6years

What are the salient features of an SBI personal loan?

  • At the lowest interest rate of 9.60 percent at the most extended loan term of 72 months, the lowest EMI per lakh on SBI’s Personal Loan is ₹1,832.
  • Loans for both salaried and self-employed professionals are available.
  • Borrowers who are between the ages of 21 and 58 can apply for the loan.
  • A minimum loan amount of ₹ 50,000 to ₹15 Lakh is offered.
  • The loan term exists from 6 to 72 months.
  • Fees for processing the loan: 1.00 %.
  • Foreclosure fees: SBI personal loan prepayment is approved with 3% charges after paying 6 EMIs.
  • Other penalties: The bank reports late payment penalties for EMI, bounce fees for EMI, cancellation fees for loans at the time of signing the loan agreement.

Apply online for SBI personal loan through MyLoanCare

The step-by-step process for getting a personal loan from SBI online is described below:

Method 1

  • Visit the official SBI website (
  • Fill up the preliminary form using your details.
  • Fill the application to get an instant loan quote.
  • Submit the loan application form and wait for the lender to contact you

Method 2 (Apply for SBI personal loans online via MyLoanCare)

  • Visit the online platform like to apply for an SBI personal loan.
  • Now, fill out and apply the form with personal, technical and financial information as requested by the lender.
  • SBI will verify your qualifications after you have completed the application form and provide you with details on the qualifying amount you will get.
  • If you consent to process the submission, then the applicant will have to submit the essential documentation that can be uploaded online.
  • Finally, the paperwork will be processed by SBI officials, and the funds will be directly disbursed to the applicant’s SBI account upon effective loan acceptance.

What are the documents required for an SBI personal loan?

Documents play a significant role in determining your eligibility for a personal loan.

Document checklist for salaried

  • Loan application form with all the details filled correctly.
  • Recent passport size photographs.
  • Income Tax PAN copy.
  • PAN/Aadhar card/Driving Licence or Election id card for determining proof of identity.
  • Utility bills such as electricity/landline or Rent agreement or Property tax receipt for proof of residence.
  • For proof of income, you’ll need income documents such as 2 years Form 16, salary slip of 3 months, past 3 months bank statement showing credit of salary and EMI payment.

Guidelines to keep in mind when applying for a personal loan from the SBI

  • Check credit score: Updating your credit score is a critical move when applying for a personal loan. You’ll have better chances of getting your loan accepted at a lower interest rate if you have a decent credit score.
  • Compare the offers on MyLoanCare: Compare the cost of a personal loan provided by multiple lenders at MyLoanCare before selecting a prospective lender (including interest rates as well as all relevant charges).
  • Borrow just the appropriate amount: Make sure you only borrow the amount you can repay. Borrowing a greater sum than what you need would just add to the expense of your debt and will not provide any long-term advantages.
  • Never apply at the same time with multiple lenders: If you apply at the same time with multiple lenders, you may appear to be credit hungry, and you may not be considered a reliable borrower by the lenders. This is where MyLoanCare comes into the picture. Reach out to get multiple offers without negatively affecting your cibil.
  • Applicant’s relationship with Bank – SBI provides exclusive deals to the bank’s account holders. The advantage of a low SBI personal loan interest rate would be granted to those who have handled their accounts and made all payments on time in the past.
  • Category of Employers – SBI has an internal list of firms that fall into categories classified based on business size, prestige and current partnership with the bank, from high to low categories of businesses. Employees belonging to businesses in higher categories of corporations receive lucrative discounts and loans on low interest.
  • Amount of the Loan – This is the sum lent from the bank by a lender to a borrower. In general, with higher loan amounts, banks offer lower Personal Loan interest rates.
  • Salary – The salary of the borrower determines the ability to repay the debt. People with a higher income bracket are given loans at lower interest rates. The bank’s interest rate varies with the borrower’s monthly net earnings.


SBI Personal loan Interest rates are one of the lowest in the industry. Get a personal loan to meet your financial emergencies and avail the several benefits associated with it. Personal loans are taken for several purposes, from marriage to debt consolidation. To get the best offer take help of online marketplaces such as MyLoanCare.

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