SBI Personal Loans Review


State Bank of India offers quite a few options for the seekers of personal financing. Among these include Xpress Credit Loan, Saral Loan, Pension Loan and Festival Loans. The most popular and probably well-known among these is, however, Saral Personal Loan, which is at present available at a floating interest rate of 18.50% for a maximum term of four years.

You may want a quick source of fund at occasions, such as marriage and school or college admission. In case of exigencies, such as medical treatment, you may have no other option than a personal loan. You will automatically turn to the biggest lender of the country when such a need arises.

Here you are. Saral Loan may be what you need in times of emergencies. Here are some more details about this personal financing option.

Processing Fees 2.02% – 3.03% of the loan amount
Maximum Possible Loan Amount Rs. 10 lakhs
Current Interest Rate 18.50%
Loan Tenure 4 years
Prepayment Charges Nil
Repayment Mode EMI
Security Needed No

Who is Eligible?

You may be eligible if you are either of the following.

  • A professional, such as doctor, engineer, architect, chartered accountant or MBA
  • Working in a reputed private or public company
  • A government employee
  • Have been in the current employment for the past two years

How much can I borrow?

The maximum one can borrow under Saral Loan is Rs. 10 lakhs. However, not everybody can qualify for the highest loan amount. Your maximum loan amount can typically be 12 times your net monthly income. The minimum borrowing amount, however, is Rs. 24,000 in metro and urban centers, and Rs. 10,000 in rural/semi-urban centers.

How to Apply?

To apply, you need to visit a local branch and meet the loan officer. Alternatively, you can visit its official website and choose a relevant option to apply online. You may also want to contact its customer care for more details before beginning to apply.


Prior to considering about taking a personal loan, you must understand a few things about it. Here are some frequently asked questions about personal loans.

Is it a good idea to take a personal loan?

A personal loan usually comes with a very high interest rate. The cost of borrowing money can be a huge burden if you didn’t plan how you are going to repay.

Is there an alternative to personal loan?

Depending upon your financial circumstances, you may be able to find a less expensive alternative. For example, you may consider taking a top up loan if you own a home and have financed it from a lender that offers this facility.


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