SBI Personal Loan – Interest Rate, EMI & Apply Online

Top Apps & Marketplaces You Should Also Check for Personal Loan Offers

Before you apply, compare offers on multiple platforms. These apps often show live rates, pre-approved offers, or faster digital processing. Visit and compare to find the best SBI or partner offers:

Note: Some apps may show pre-approved SBI offers or partner rates. Always cross-check the offer terms on the official SBI portal or ask the branch for confirmation before accepting.

About SBI Personal Loan

SBI Personal Loan is a popular unsecured loan product from the State Bank of India (SBI) designed for salaried individuals, pensioners and select self-employed customers. SBI offers competitive interest rates, flexible tenors, and quick disbursals when documentation is in order. Typical uses include debt consolidation, medical expenses, weddings, home repairs, travel, and more.

Why choose SBI Personal Loan?

• Trusted public-sector bank: SBI has wide reach, transparent policies and established grievance redressal.
• Competitive rates: Interest rates often attractive for salaried customers with good credit scores.
• Wide distribution: Apply via SBI branch, YONO SBI app, or online portal.
• Flexible tenor: SBI offers tenors that can suit short or medium term needs.

SBI Personal Loan — Interest Rates (what to expect)

Interest rates change over time and differ by applicant profile (salaried vs self-employed), relationship with bank, and offers. As an indicative guide (subject to change), SBI personal loan rates may range from approximately 10% to 14% p.a. for salaried customers depending on credit score, tenure and special schemes. For exact rate on your profile, check the SBI website or get a pre-approved offer via YONO.

Tip: Banks sometimes offer slightly lower rates for existing customers with salary account or good deposit relationships — ask your branch or check the YONO pre-approved offers.

EMI & Repayment — understanding your monthly outflow

EMI (Equated Monthly Installment) depends on loan amount, interest rate and tenor. No calculator here — but the formula used by banks is standard annuity EMI. Two quick tips:

• Shorter tenor → higher EMI but lower total interest.
• Longer tenor → lower EMI but higher overall interest cost.

Before applying, use any trusted EMI calculator (many apps and bank pages provide one) to decide a comfortable tenor based on your monthly cash-flow and obligations.

Eligibility — who can apply

Common SBI eligibility criteria (indicative):

• Age: Typically 21 to 58 years (at loan maturity) for salaried applicants; pensioners have separate norms.
• Employment: Salaried (with minimum continuous service at employer), self-employed (subject to income proof).
• Minimum income: Bank may require a minimum in-hand salary or net monthly income depending on city and role.
• Credit score: A good credit score (700+) improves approval chances and rate.
• Other factors: Existing obligations, DTI (debt-to-income) ratio, and history with the bank.

Exact eligibility can vary by variant and scheme — always confirm on SBI’s official product page or branch.

Documents required (standard checklist)

SBI typically needs the following (some documents may be optional based on customer profile):

• Identity proof: Aadhaar, PAN, Passport, Voter ID
• Address proof: Utility bill, Aadhaar, Passport
• Income proof (salaried): Salary slips (last 3 months), Form 16, employer certificate
• Income proof (self-employed): ITR 2–3 years, business proof, bank statements
• Bank statements: Last 6 months (salary credits, existing EMIs)
• Photographs & KYC: Passport photos, filled application form

If you are an existing SBI salary account holder, bank may streamline documentation or offer faster processing.

Apply Online — step-by-step (SBI YONO / Website)

1. Pre-check eligibility: Use SBI pre-approved offers on YONO or SBI.in to see instant eligibility.
2. Fill application: Provide personal details, employment, income and loan amount & tenor.
3. Upload documents: Upload KYC, income proof and bank statements as requested.
4. Verification: Bank will verify documents, conduct credit checks and may call employer (for salaried).
5. Sanction & offer: On approval, you’ll get a sanction letter with rate, EMI & fees.
6. Sign & disburse: Complete e-sign/branch sign and get funds credited to account.

Processing time depends on document completeness — digital-only verified applicants can get faster disbursal.

Costs & fees to watch

• Processing fee (flat or % of loan)
• GST on processing fee
• Prepayment / foreclosure charges (check if applicable)
• Cheque bounce / late payment charges
• Interest calculation method (monthly/annual) — check specifics

Always ask for Effective Interest Rate (EIR) or APR equivalent — this includes fees and gives true cost comparison across lenders.

Tips to get the best SBI personal loan rate

• Maintain a high credit score (pay EMIs and cards on time).
• Apply as an existing SBI customer (salary account holders often get better offers).
• Negotiate processing fee waivers or lower fees.
• Provide clear income documents and stable employment history.
• Consider shorter tenor if monthly cashflow allows — lower total cost.
• Check pre-approved offers on YONO — they sometimes carry better rates or faster processing.

When to avoid an SBI personal loan

Do not take a personal loan if:

• Your need is very short-term and cheaper alternatives exist (e.g., overdraft or credit card promotional EMI).
• Interest and fees make the total cost unreasonable — compare with other banks and NBFCs.
• You have an upcoming scoring event (e.g., applying for a mortgage) where new debt may worsen your DTI.

Common FAQs (SBI Personal Loan)

Q1: Can I pre-apply via YONO and finish at a branch?

A1: Yes. Pre-application on YONO speeds documentation; final sign & disbursal may involve branch visit depending on e-sign availability.

Q2: Is income tax return mandatory for self-employed?

A2: Typically yes — lenders require 2–3 years of ITRs for self-employed applicants.

Q3: How fast is disbursal?

A3: For salaried applicants with complete docs, disbursal can be within 24–72 hours; complex verifications take longer.

Q4: Will applying reduce my credit score?

A4: A hard enquiry may be performed and can have a small temporary impact. Multiple applications in short time can hurt score.

Q5: Are there special schemes for women or senior citizens?

A5: SBI periodically offers schemes and rates for select segments — check current offers on SBI’s website or branch.

Disclaimer

This SBI Personal Loan guide is for educational purposes only. Interest rates, fees, eligibility and offers change frequently; always confirm current rates and terms on SBI’s official website (sbi.co.in) or via the YONO app and your local branch. The apps listed above are recommendations for comparison—All Finance Store is not responsible for offers shown on third-party apps. For personalised advice, contact SBI branch or a certified financial advisor.