How to get a Personal Loan from SBI

SBI is amongst the leading lender in the banking sector, which provides loans to borrowers. Also, SBI is the largest bank in India in terms of revenue, and also the customer base of the SBI is the highest in numbers. The State bank of India is the government’s most preferred bank; thus, it generates the highest revenue from government employees and lending by the government. The SBI, in terms of personal loans, is the leading lender due to its vast customer base. Due to a high number of customers, the account holders prefer to take personal loans from SBI. Thus the disbursement amount of SBI is high in numbers. The government employee is amongst the strong customer base of SBI. Personal loans can be utilized for marriage purposes, travel purposes, home renovation, and medical purposes. The processing time taken by SBI is usually 48 hours; however, in case of a medical emergency, fast processing of the loans can be done. The interest rates of SBI are starting from 9.60% onwards, and the tenure is six years. The loan amount which can be sanctioned maximum is Rs.20 lakh. And the minimum salary criteria is Rs.15,000 monthly salary.

The State Bank of India has immensely customer-friendly policies regarding the disbursement of loans and also repayment. SBI charges the lowest interest rates of 9.60%, which is the lowest amongst all the public sector banks, private banks & NBFC’s. The State bank of India approves loans only to those customers whose CIBIL score is above 700 points. SBI is also very particular about the documentation process. All the necessary documents are required to be submitted before the approval of the loans. The bank also expects to have a consistent income running of the borrower. The applicant needs to submit salary slips or a salary credit statement from the bank before the approval of loans. The bank has set the minimum age criteria of 21 years for obtaining loans, and the maximum is 58 years during the loan maturity. No tax deductions are applicable in the case of personal loans. For repayment of loans, the bank provides multiple options like cheque payment, online mode of payment through the official website of SBI, & ECS mandate, i.e., electronic clearance system, which means auto-debit is also possible. Bank expects that the borrower should maintain a sufficient bank balance to avail the loans from the lender.

Following is the process of getting personal loans:

Fill up the application form while applying for the loan and paste the passport size photograph.

Attach the Xerox copies of all the required documents to the file.

Read all the terms & conditions set by the bank, and after the thorough check, only agree on the terms & conditions of the bank.

Submit the form & documents to the bank branch and get the loan approved within 48 hours. The amount would be credited into the bank account of the borrower.

Documents required for the approval of the personal loans

Passport size photographs

Application form provided by the bank

Government ID proofs:

Pan card

Aadhar card

Driving license


Employment proof:

Identity card provided by the employer

Offer letter provided by the employer

Salary slips are provided by the employer

Income proof:

Salary slip or else offer letter

The bank account statement of the salary is credited

For self-employed:

Business registration proof or shop act license

Profit & loss statement provided by the borrower

Hence, SBI is amongst the most preferred bank in India while applying for personal loans. SBI charges the lowest interest rates to the borrowers and has immensely customer-friendly policies. SBI policies are rigid regarding the disbursement of loans related to the borrower’s CIBIL ratings and the documentation process. Thus the borrower should ensure proper documentation and CIBIL score before applying for the loans. All the necessary information regarding personal loans is also provided on the official website of the bank. SBI is a trustworthy bank; thus also SBI is a better-recommended bank for availing loans.