SBI - Personal Loan

Features

  • Loan up to ₹35 lakhs
  • Low interest rates starting from 10.05%*
  • Low processing charges
  • Low processing charges
  • Minimal documentation
  • Zero hidden costs
  • No security, no guarantor
  • Provision for second loan
  • Term loan facility on daily reducing balance or Overdraft facility with reducing Drawing Power
APPLY FOR PERSONAL LOAN

Eligibility

  • Employees working with
    • Government sector (Central Government/ State Government/ Railway/ Police/ PSU)
    • Defence sector (Defence/ Indian Coast Guard/ Central Armed Police)
    • Corporate sector
  • Employee should have Salary Package Account with SBI. Click here to know more about benefits of maintaining Salary Account with SBI
  • Minimum Service:
    • Government/ Defence Sector employees: 6 months
    • Corporate Sector employees: 12 months
  • Age: 21-60 years. Loans to Government/ Defense sector employees in service & having age more than 60 years may be considered on case-to-case basis.
  • Minimum Net Monthly Salary:
    • Government/ Defence Sector employees: ₹20,000/-
    • Corporate Sector employees: ₹25,000/-
  • Loan Amount
    • Minimum: ₹ 1 lakh
    • Maximum: ₹ 35 lakh, subject to EMI/NMI Ratio upto 65% & 24-times NMI, whichever is lower
  • Employee should be an Indian National
  • Employee should have a decent Credit score, as per Bank’s internal policy

Terms and Conditions

  • Documents required
    • Application Form along with photograph of the borrower
    • Permanent Account Number (PAN)
    • At least one copy of the Officially Valid Documents (OVDs)
    • 6 months’ Salary Slips
    • Latest ITR/ Form 16. However, it is waived for all salaried employees for whom income tax is not applicable or not deducted by the employer, in line with the norms stipulated under Income Tax Act, e.g., customers having <1 year of service, customers having taxable Income in “Nil” Tax Rate %age slab, customers of any State/ UT with no income tax, etc.
    • 6 months’ Salary Account Statement (i.e. account statement(s) where last 6 months’ salary is credited)

 

  • Processing fee: Up to 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-), plus GST.
    • Defense sector employees: 100% waiver
    • Platinum & Rhodium variant Salary Package customers: 100% waiver
    • Government sector employees: 50% waiver i.e., 0.75% of the loan amount plus GST (Minimum ₹1000/- & Maximum ₹15000/-, plus GST
    • Customers having CIC (CIBIL) Score of >= 800: 50% waiver i.e., 0.75% of the loan amount plus GST (Minimum ₹1000/- & Maximum ₹15000/-, plus GST)
  • Penal Charge: In the event of default in payment of any instalment or any irregularity in the loan account, penal charges at following rate will be applicable:
    • Irregularity upto 60 Days: 2.40% per annum on the irregular portion for the period of irregularity.
    • Continuous irregular for a period beyond 60 days: 5% per annum on the irregular portion for the period of irregularity.
  • Repayment period:
    • Minimum : 6 months
    • Maximum : Maximum 84 months.
    • Loan to be closed on or before the Date of Retirement/ Date of End of Contract/ 60 years of age, as applicable.
  • Prepayment charges :
    • Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 2% of the prepaid amount
    • Pre-payment charges may be waived for following category of customers:
      • Loans of Defense sector employees, being closed after 6 months from date of sanction.
      • Loans of Government/ Corporate sector employees, being closed after 3 years from date of sanction, or from the proceeds of a new loan account opened under the same scheme after 6 months from date of sanction.
      • Loans of Platinum & Rhodium variant of Corporate Salary package customers, being closed after 6 months from date of sanction.

In case of customers availing Overdraft facility,

  • Drawing Power (DP) on the Overdraft will be reduced on monthly basis to the extent of the principal component of the EMI so that the Overdraft is liquidated at the end of the loan tenure.
  • After disbursement of the loan, borrowers will be permitted to deposit surplus funds over and above the stipulated EMIs, and to transfer the surplus amounts deposited in the OD account to linked SB account, subject to availability of DP.
  • Repayment of EMIs will be through Standing Instructions (SI) on the Salary Package account till the outstanding in the loan account becomes nil.
  • SI will not be stopped in OD accounts (including loan accounts with credit balance) due to excess deposit of fund by borrowers over and above the stipulated EMIs, till drawing power and outstanding in such accounts is zero since extra fund deposited over and above drawing power can always be withdrawn by customers after full disbursement of loan amount.
  • No annual maintenance charges or folio charges will be applicable.
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**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.

Period Payment Interest Balance