Are you in need of some urgent cash to manage an unforeseen emergency? Do you need money to repay a debt? Or wondering how to get some extra funds to support a home improvement project? State Bank of India’s diverse personal loan products might just answer all your questions. Here is everything about SBI Personal Loan:

Why should you choose SBI Personal Loan?

SBI is the country’s biggest public sector bank and one of the most trusted choices for those looking for a personal loan, because of:

⇒ SBI’s long-standing reputation

⇒ Fairly low processing fees

⇒ Low-interest rates available for its different offerings

⇒ Fast loan disbursement – if everything is in good order, SBI may process your loan and disburse the money within 2-3 business days

⇒ Transparent process – no hidden cost or charges

⇒ Different customized options of personal loans to cater to various customers

Depending on your income level, profession, age, and other demographics, you can apply for personal loans from SBI under 3 following categories:

Xpress Credit Personal Loan:

This is the most basic personal loan offered by SBI to its customers who maintain a salary account with them and are employed by any of the following:

⇒ Central and State Governments

⇒ Quasi-Government bodies

⇒ Central PSUs and in-profit state PSUs

⇒ Educational institutions of national repute

⇒ Selected Corporates who have a business relationship with the Bank

⇒ Corporates who do not have a business relationship with the Bank as well as do not have Earnings Credit Rate(ECR), subject to certain terms and conditions

SBI Xpress Bandhan (also known as Xpress Power):

This unsecured personal loan is for customers who do not maintain their salary accounts with SBI and are employees of any of the following entities:

⇒ Central and State Governments

⇒ Defense establishments

⇒ Quasi-Government bodies

⇒ PSUs

⇒ Educational institutions of national repute

⇒ Select Rated Corporates

SBI Pension Loan:

It is specially designed for pensioners of Central or State Governments or Defence establishments who draw their pension through SBI and are younger than 76 years of age. It’s also available to the authorized spouses, other family members of the said pensioners or third parties, who are eligible to receive the pension after the demise of the actual pensioner and are less than 76 years old. They are known as Family Pensioners.

Check the following table for key pointers on the above 3 options:

Besides, you should also know that –

⇒ There’s a provision of 2nd loan for customers availing Xpress Credit Personal Loan, under certain terms and conditions

⇒ Both of these 2 loans could incur penal interests on overdue EMIs

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