Before starting the article, I would like to ask one question. Which is the largest public sector bank in India, best known for offering the customer friendly services in all divisions? Well, tickle your mind and try to churn out the answer. What didn’t get it? Let’s not put more stress on your mind, as we are going to answer all your queries.

Well, my friends, the answer is State Bank of India or commonly known as SBI. Yes, this public sector bank is undoubtedly the largest lenders in the country, caters the diverse needs of one and all through its multiple products. Now, when we say unique financial products, this renowned bank with its best of personal loan fulfills the personal needs of all its esteemed customers.

Yes, that’s right! Be it sister’s wedding, home renovation, credit card debt, travelling to some beautiful location, medical emergency or anything else, all your needs can easily be covered by SBI personal loans schemes. Moreover, the best thing about this bank is the fact that it offers four types of schemes to choose from. Yes, and I am sure you must be eager to know about them, don’t you? So, without wasting any time further, let’s just discuss what these schemes are all about.

Xpress Credit- This sort of credit facility is for those who want immediate funds to meet their varied needs. No matter what it is-be a sudden vacation, credit card debt or medical bills, this loan can easily be availed by you with minimal documents, low processing fee and no hidden and prepayment charges. This credit facility comes to you at an interest rate of 12.70%-15.20% p.a.for a tenure of upto 5 years along with paying a processing fee of 1.01% of the loan amount.

SBI Saral- This scheme can easily be availed for any any legitimate purpose or meeting any financial liability. People get the credit at an interest rate of 17.80% per annum for a tenure of upto 4 years. Moreover, this scheme comes with no prepayment charges along with a one-time processing fee of 2.02%-3.03% of the loan amount.

Jai Jawan  Pension Loan- This type of credit facility is for those pensioners who are getting their pensions via state or central government. This scheme is best suited for all those pensioners, who are looking for instant funds to meet their needs. It is available to you at an interest rate of 13.20% per annum for a tenure of upto 5 years. Not only this, in fact, you need to pay a nominal processing fee of 0.51% of the loan amount along with no hidden and prepayment charges.

SBI Festival Loan- Don’t have funds/finances to celebrate the festival coming your way, don’t worry as SBI festival loan is here. This scheme is exclusively availed to meet any kind of festival related expenses. After availing this credit facility, you can enjoy all the festivals without bothering about the cash/money in hand. This scheme is available to you at an interest rate of 16.05% per annum for 1 year along with a one-time processing fee of 1.10% of the loan amount.

Now, after knowing the basics of these schemes, it is important to know the eligibility  as well. Hence, to know about the same, you just need to take a look at the page below.

Both salaried as well as self-employed can avail the credit facility offered by this reputed bank. However, for your reference, we have mentioned below the same in the descriptive manner.

Salaried Individuals:

  • Age: 21-58 years
  • Minimum Income:₹5,000/- per month
  • Total Work Experience: 2 years
  • Years in Current Residence: 1 year

Self-employed Individuals:

  • Age: 21-65 years
  • Minimum Income:₹7,000/- per month
  • Total Work Experience: 2 years

Well, the documentation is also an important part that you should also keep in mind while availing the SBI personal loans. So, to know more about the same, kindly take a look below.

  • Signed loan application form
  • Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
  • Processing fee cheque
  • Last 3 months bank statement or 6 months bank passbook
  • Latest salary slip & Current dated salary certificate with the Latest Form 16 for salaried individuals
  • Latest Bank statement or Latest ITR of Form 16 for self-employed individuals
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