State Bank of India (SBI) offers special personal loans for its salary account holders. The name of this personal loan scheme is Xpress Credit Personal Loan. Also, there is a special personal loan scheme for the pensioners with the name SBI Pension Loan.
Other than these loans, there is an SBI Festive Loan which is available in the festive season for you to meet your financial requirements for different occasions. Each of the schemes has a different purpose and the rates are also different.
Since all these are unsecured personal loans, the rates and the loan amount are decided by keeping in account the income and other factors like CIBIL score and repayment capacity depending on the profession. Here are the details of the interest rates applicable on each of the schemes and the personal loan EMI calculator along with the information on how can you check the loan status. So, read more to know the details and apply for it.
SBI Personal Loan Interest Rate 2017
SBI personal loans are available at floating rate of interest based on 2-year MCLR which is presently 8.10% p.a. The SBI personal loan interest rates are starting from 11.90% per annum for rated companies and starting from 12.65% per annum for unrated companies.
SBI Personal Loan interest rate for salary account
Xpress Credit personal loan is the loan available for the salary account holders of SBI only. The interest rate presently is 11.90% per annum for rated companies and starting from 12.65% per annum for unrated companies.
SBI Personal Loan interest rate for Defence personnel
This scheme is for Pensioners and Family Pensioners (including Defence Personnel) and the interest rate offered under this scheme is 12.45% p.a. (floating). The borrowers can get the maximum loan amount of ₹14 lakhs.
SBI Personal Loan EMI calculator 2017
Personal Loan EMI calculator is the tool that calculates the monthly installments of the loan. If you want to take the loan, you just need to mention the below-given details in the calculator:
- Loan Amount
- Interest Rate
For e.g., if you want to take a personal loan with the below details:
Loan Amount- ₹15 lakhs
Tenure- 5 Years
Rate of Interest- 11.90% – 14.90% per annum
The payments you will have to do will be as follows:
Total Interest- ₹98,436-₹1,23,800
Total Amount- ₹15,98,436-₹16,23,800
The eligibility criteria to apply for personal loans for salary account holders is for the employees of the following employers:
- Central and state Government
- Central PSUs
- Profit making State PSUs
- Educational Institutions of National Repute
- Selected Corporates who have business relationship with the Bank
- Corporates who do not have business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions
- The minimum net monthly income should be ₹5000/-
- EMI/NMI ratio should not exceed 50%
- The loan amount the applicant can get under the term loan is from ₹25,000/- to 24 times NMI or maximum of ₹15 lakhs
- The loan amount the applicant can get under the overdraft facility is from ₹5 lakhs to 24 times of NMI or a maximum of ₹15 lakhs. The overdraft facility will be subject to monthly reduction in DP so that DP becomes NIL in 60 months
- The maximum loan amount for school teachers is capped at 12 months Gross Salary both under Term Loan and Overdraft facility
- The maximum tenure for the loan is 60 months or residual service period whichever is less
The documentation required to apply for a personal loan is as follows:
- Completely filled application form
- Two photographs of passport size
- Proof of Identity- Driving License/ Aadhar card/ Passport/ Voter ID card/ PAN card
- Processing fee cheque
- Proof of Address- Telephone bill/ Ration card/ Passport/ Voter ID card/ Water bill/ rEnt and Lease agreement/ Electricity bill
- Proof of Income- For salaried individuals: Form 16, current dated salary certificate and Salary slips of the past three months. For self-employed individuals: Income Tax returns of the previous two years.
- Bank statement of the past six months
SBI Personal Loan status
The applicants can check the status of their loan application on the official website of the bank. To check the same, you must have the application ID which is provided at the time of applying for the loan. The application ID is automatically generated and sent to the registered email ID and mobile number. With the help of the application ID, you can check whether or not your application has been approved.