A ₹50,000 loan with near-zero awaiting periods and little supervision is all you will ever need? An instantly granted loan, either online or offline, from State Bank of India (SBI) is another offering from one of the most trusted banks in India.
Be it an emergency, personal expenses, or any other reason for which you need immediate funds, SBI personal loans can be a good choice. This guide will take you through the online loan application process at SBI with a stepwise way of determining the eligibility, documentation requirements, and other necessary information.
Why SBI Bank for a ₹50,000 Loan?
More than a bank, SBI represents trust and reliability. With a large customer base spread across the country, SBI offers low-interest personal loans starting at only 11.45% per annum. Be it a salaried individual or a professional, with almost instant loans, very few documents are required at SBI to disburse the loan amounts quickly.
Eligibility Criteria for SBI Personal Loan
Eligibility criteria for an SBI personal loan of ₹50,000 demand the applicant to fulfill the following:
- Minimum Monthly Salary: The monthly salary must be ₹15,000 or more.
- EMI Limit: The monthly EMI will not be more than 50 percent of total salary.
- SBI Account Holder: Must be an active SBI account holder for the last six months.
- CIBIL Score: A credit score of 700 and above is required.
- Stable Income Source: Must be either in a permanent job or have his/her own business.
- Legal Status: Cannot be a subject of any legal proceedings or declared bankrupt.
SBI Bank Loan Interest Rates
| Type of Loan | Interest Rate |
| SBI XPress Credit | 11.45% p.a. and 14.60% p.a |
| SBI Pension Loan | 11.60% p.a. to 12.10% p.a |
| SBI Pre-approved Personal Loans | From 14.10% p.a. to 14.60% p.a |
SBI Bank Personal Loan Processing Fees
| Loan Scheme | Processing Fee | Prepayment charge | Penal Interest |
| Quick Personal Loan | 1.5% | 3% | 2% p.m. |
| Xpress Flexi | 1.5% | – | 2% p.m. |
| Xpress Elite | 1.5% | 3% | 2% p.m. |
| Real-Time Xpress Credit | 0.75% | – | 2% p.m. |
Priority Sectors for Quick Approval:
If you find employment in one of the following sectors, chances are higher for processing your loan application quickly:
- Central or State Government
- Public Sector Undertakings (PSUs)
- Reputed Educational Institutions
- Quasi-Government Organizations
Documents Required for SBI Loan Application
The following will be required for SBI loan applications:
- Aadhaar Card (identity proof)
- PAN Card (income verification)
- Income Certificate (latest salary slips or income tax return)
- Address Proof (utility bills, rental agreement, etc.)
- Employment Proof (appointment letter or business registration documents)
How to Apply for SBI Online Loan of ₹50,000
Applying for an SBI loan is simple and easy; just follow these steps for a quick start.
- Download the SBI Yono App: SBI Yono App mobile app from your mobile.
- Go to Google Play Store or Apple App Store and download the SBI Yono app.
- Log in to Your Account:
- Open the app and enter your registered mobile number along with 4-digit MPIN.
- Verify your identity using the OTP sent to your mobile number.
- Go to Loan Section:
- Enter the “Loans” section and select “Personal Loan”.
- Pick Your Loan Option:
- Choose the type of personal loan that you would like to apply for.
- Key in the loan amount (₹50,000) and select the preferred repayment tenure.
- Calculate EMI and Interest:
- Using the calculator tool, check your monthly EMI and interest rate.
- Upload Required Documents:
- Present the needed documents as per instructions given.
- Submit Application:
- Confirm your application details and submit it. The loan amount shall be credited to your SBI account once approved.