How to apply for a personal loan from SBI? Offline and online methods explained

If you are someone in need of quick funds, and don’t have assets to pledge as collateral then you can get a personal loan. The loans are quickly disbursed and come with minimal documentation. If you are planning to borrow a personal loan from SBI, then before you go for it, you must know the documents, eligibility criteria and interest rates so that you can get an offer that matches your budget and get the money on easy terms.

Types of SBI personal loans

• Xpress Credit personal loan – SBI Xpress Credit Personal Loan is meant for salaried individuals who keep their salary account with SBI.
• Xpress Elite personal loan –For high income salaried customers with a monthly income of minimum ₹1 lakh.
• Real Time Xpress Credit – Aadhaar OTP based e sign loans for salary account holders.
• SBI Pre-Approved personal loans (PAPL) –Instant loans for select SBI customers through YONO app.

Documents required for SBI personal loan

Note: You may be required to provide additional documents based on the bank’s requirements as well as your overall profile.

1. Identity proof: Aadhaar card, passport, voter ID, or PAN card.
2. Address proof: Utility bills, rental agreement, Aadhar card etc.
3. Income proof: Salary slips of the last three months, Form 16, and six months’ bank statements.

Note: For pre-approved personal loans (PAPL), SBI already has customer details therefore documentation is not required.

Note: For latest interest rates, please refer to the bank’s website.

In conclusion, personal loans offer higher interest rates as compared to other loans in the market. Hence, before you apply for the loan, it is important to explore other options available in the market so that you can get the best deal which aligns with your needs as well as your budget.

Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.