Introduction to SBI Personal Loans

State Bank of India (SBI) offers a range of personal loan schemes tailored for salaried, self-employed, and pensioners, with competitive interest rates starting at 10.30% p.a. and loan amounts up to ₹35 lakh. As of 11:50 PM IST, July 03, 2025, Loanpao guides you through SBI’s personal loan offerings, including Xpress Credit, Pre-approved Personal Loans (PAPL) via YONO, and Pension Loans, along with festive offers like processing fee waivers.

SBI Personal Loan Schemes

SBI provides flexible personal loan options to meet various needs:

Scheme Purpose Loan Amount Tenure Interest Rate
Xpress Credit Loan Salaried individuals for personal expenses ₹25,000 - ₹35 lakh Up to 7 years 10.55% - 13.30% p.a.
Xpress Elite Premium salaried customers (SBI employees, corporates) ₹25,000 - ₹35 lakh Up to 7 years 10.30% - 12.30% p.a.
Pre-approved Personal Loan (PAPL) Instant loan via YONO app Up to ₹8 lakh Up to 5 years 10.55% - 14.30% p.a.
Pension Loan Central/state government pensioners ₹25,000 - ₹14 lakh Up to 7 years 10.80% - 11.80% p.a.
Xpress Credit Insta Top-Up Top-up for existing borrowers ₹25,000 - ₹5 lakh Up to 7 years 11.30% - 14.30% p.a.

Note: Interest rates are linked to SBI’s 2-year MCLR (9.05% as of March 2025) and may vary. Check SBI’s official site for updates.

Key Features of SBI Personal Loans

SBI’s personal loans are attractive due to:

  • Competitive Rates: Starting at 10.30% p.a. for elite customers, lower than many private lenders.
  • High Loan Amount: Up to ₹35 lakh for salaried individuals, ₹14 lakh for pensioners.
  • Flexible Tenure: Up to 7 years, reducing EMI burden.
  • Minimal Documentation: Quick processing for pre-approved loans via YONO.
  • Festive Offer: Processing fee waiver (up to 1.50%, min ₹1,000, max ₹15,000 + GST) until January 31, 2025.
  • No Prepayment Penalty: For loans on floating rates.

Eligibility for SBI Personal Loans

Eligibility criteria vary by scheme:

  • Age: 21–60 years (up to 76 for pensioners).
  • Income: Minimum ₹15,000/month (salaried), ₹25,000/month (self-employed), or pension for pensioners.
  • Employment: Salaried (central/state/PSU/corporate), self-employed, or pensioners (central/state government).
  • Credit Score: Preferably 750+ for better rates and approval chances.
  • PAPL: Available to select SBI customers via YONO app based on account history.

Documents Required

Prepare these documents for SBI personal loan applications:

  • Application Form: With two passport-size photographs.
  • ID Proof: PAN card, Aadhaar, driver’s license, or voter’s ID.
  • Address Proof: Utility bill, passport, or Aadhaar.
  • Income Proof: Last 6 months’ bank statements, salary slips (3 months for salaried), ITR (2 years for self-employed), or pension proof.
  • Pension Loan: Pension Payment Order (PPO) and pension account statement.

How to Apply with Loanpao

Loanpao simplifies the SBI personal loan application process:

  1. Visit Loanpao’s website or SBI’s YONO app.
  2. Check eligibility for PAPL or fill out the online application form with details like loan amount, income, and contact info.
  3. Submit documents online or at the nearest SBI branch.
  4. Receive instant approval for pre-approved loans or quick processing (1–4 days) for others.

Tip: Apply via YONO for zero processing fees during festive offers (valid until January 31, 2025).

Frequently Asked Questions

Up to ₹35 lakh for salaried individuals and ₹14 lakh for pensioners, subject to income and eligibility.

Yes, self-employed individuals with a regular income and ITR for the last 2 years are eligible.

Yes, 1–1.5% of the loan amount (min ₹1,000, max ₹15,000 + GST), but waived until January 31, 2025, for festive offers.

Pre-approved loans via YONO are disbursed instantly; others take 1–4 days after document verification.