Benefits of Applying for SBI Personal Loan

3 mn read

Benefits of Applying for SBI Personal Loan


It is no secret that State Bank of India offers best rates and terms on banking and loan products such as Personal Loans, Home Loans, Credit Cards and Saving Accounts. More so it spearheads the trend for the industry.


Although there is no dearth of customer friendly products and features from SBI, a customer still needs to do some home work to make the most of the available options. The choice of best Personal Loan largely depends on your needs, income, and repayment capacity. So, let’s learn about the types of SBI Personal Loans and understand which one is the perfect SBI loan, as per your needs.


SBI Xpress Credit

SBI Xpress Credit is a Personal Loan product launched exclusively for salaried employees having their Salary Accounts with State Bank of India. Being an SBI customer, you get instant approval and disbursal for your urgent cash needs with minimum documentation. The basic eligibility criteria you need to meet include a minimum salary of Rs 15000 and EMI/ NMI Ratio of less than 50%.

Some of the benefits of SBI Xpress Credit Personal Loan are:

      Hassle free & swift funding for up to 20 lakh or 24 times of your net monthly income (whichever is higher)

      No security or guarantor required

      Approval for multiple requirements like wedding, education, home improvement, vacation, emergency or purchase

      Attractive rate of interest, charged on daily reducing balance

      Nominal processing fee

      Low documentation

      Extended tenure up to 6 years

      Option for second loan & overdraft facility available


SBI Preapproved Personal Loans

You can always bank on your relationship with SBI. Whether you have a Savings Account or a Salary Account, chances are high that you are preapproved for Personal Loan with SBI. Herein, using SBI YONO app you can apply for SBI Preapproved Personal Loan and lock a better rate of Interest and save more on Processing Fee as well. These benefits are only offered for existing SBI customers who are preapproved or selected for these offers. Let’s summarise benefits of this product:

      Instant processing of loan request

      Low processing fee

      100% digital application, no paperwork involved

      Can be applied 24X7

You can check eligibility by sending SMS “PAPL<space><last 4 digits of SBI Bank Account No.>” to 567676. Alternatively, contact a loan professional or online marketplace like MyMoneyMantra to get the advice on best Personal Loan offers available for your profile.

SBI QUICK Personal Loans

SBI Quick Personal Loan is a Loan for All. This product is designed for customers having their Salary Account with other banks. Like all other SBI Products, it offers quick and hassle free processing for customers who meet the eligibility criteria. The products highlights are parallel to SBI Xpress Credit Card. However the effective rate of interest may vary as per your Credit Score, Debt to EMI Ratio, Monthly Income, Risk Premium, etc.

It is also worth noting here that people working with Government departments- Central, State or Quasi Govt, Central & State PSUs, Corporate (Private & Public Ltd.) and Educational institutions of National Repute hold greater prominence. Employees working in these organisations and departments get preference for loan approval.

Things to consider before choosing SBI Personal Loan

  1. Based on your past relationship with the bank choose the right product for yourself. If you have a Salary Account with the bank, opt for Xpress Credit Personal Loan, if you have a Salary Account with some other bank, opt for SBI QUICK Personal Loan, while those who have SBI Savings Account, SBI Preapproved Personal Loan offer should be checked for best offer. So based on your relationship, choose the product.
  2. Opt for the most affordable option. Besides interest rate, check processing fee, prepayment charge and penal interest before signing the loan agreement. Also, do not forget to tap the ongoing promotional or seasonal offers.
  3. It is always good to keep the documents handy before applying for a loan. Only after the documents are verified, would your loan application be served. Documents for Personal Loan include Last Year’s Income Tax Return, Bank Account Statement for past 6 months, Salary Slips of last 3 months, Proof of Identity, Address, and KYC fulfilment.
  4.  Do market research and take professional advice. Know your credit score and compare the best Personal Loan offers available for your profile using an online loan marketplace. This way you can choose the most affordable loan in the shortest possible time.
  5. Make use of digital technology and enjoy fast approval & disbursal. The best part is, it is convenient and doesn’t require moving out of your home. You can apply from the comfort of your home/office from your mobile/laptop within a few minutes. Besides you enjoy lower fee and faster processing.

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