SBI Personal Loan: How to Apply Online, Eligibility, List of Documents & Guidelines

SBI, India’s premier banking institution, offers a range of personal loans to suit the needs of every section of society. During COVID 19 times, SBI has introduced a new product, SBI Kavach Personal Loan, to cater to the medical requirements of COVID-affected people and their family members. The best part of this product is that it is available at the lowest interest rates, 100bps lower than the minimum SBI charges for its regular SBI personal loan product.

How to apply for SBI personal loan?

SBI offers different ways to apply for a personal loan. It includes online and offline modes. While the offline mode is the traditional method, the online mode of applying for the SBI personal loan is gaining popularity.

The Online Application Process

  • Applicants can access the official website of SBI personal loans and apply for their loans by clicking on the Apply Now option. 
  • Clicking on the Apply Now option takes you to a separate webpage where you can select ‘Personal Loan’ as the purpose of the loan.
  • You have to indicate your relationship with SBI and declare whether you maintain an account with SBI.
  • Enter the account number and your mobile number before applying.
  • SBI sends you an OTP on the registered mobile number for verification. Enter the OTP to proceed further and complete the application process.
  • You get the loan offer from SBI. Select the respective offer that suits you the best. 
  • SBI acknowledges the loan application and provides the reference number. You can use the reference number to track your SBI personal loan.

Through the Yono SBI app

SBI offers its selected customers the facility of a pre-approved personal loan through the SBI Yono app. Such customers can apply for a personal loan through the Yono app. 

This process does not involve any physical documentation. The processing is instant, and the disbursement is effected in four simple clicks. The best aspect of this loan product is its 24 x 7 availability through Yono.

  • Login to YONO.
  • Click on the ‘Avail Now’ option.
  • Select Loan tenure and amount.
  • Enter OTP to get the amount credited.

Through SMS

SBI offers the facility to apply for a personal loan by giving a missed call or sending an SMS to get a call back from the bank.

  • Missed Call – Give a missed call to 7208933142
  • SMS – SMS ‘Personal’ to 7208933145
  • Toll-free number – Dial 1801-11-2211 

Who is eligible for the SBI personal loan?

The SBI personal loan eligibility depends on the type of personal loan you apply for. Here is a tabular representation of the individual eligibility criteria for each of the SBI personal loan products.

Personal Loan Product Eligibility Criteria Maximum amount eligible
SBI Kavach Personal Loan Personal loans to eligible individuals or their family members tested COVID positive after April 01, 2021

This loan is available only to SBI customers.

Salaried, non-salaried individuals and pensioners can apply for this loan.

The COVID positive report should not be more than 30 days old.  

Minimum amount – Rs 25,000

Maximum amount – Rs 5 lakhs

A reimbursement facility is also available.

Loan to Pensioners Central and State Government, Defence, and Family Pensioners are eligible for this personal loan.

The applicant should be less than 76 years of age.

Defence pensioners do not have any minimum age requirement.

The applicant should be drawing pension from any of the SBI branches.

The Treasury Office should provide their consent not to consider any request for transfer of pension without the NOC from SBI.

The maximum amount of pension loan is restricted to 18 months pension or the following amounts, whichever is less.

Pensioners below 72 years – Rs 14 lakhs

72 to 74 years – Rs 12 lakhs

74 to 76 years – Rs 7.50 lakhs

Family pensioners

Below 72 years – Rs 5 lakhs

72 to 74 years – Rs 4.50 lakhs

74 to 76 years – Rs 2.50 lakhs

SBI Xpress Credit – Salaried Employees Employees working with government departments, central and state profit-making PSUs, national educational institutions, or selected corporates can apply for SBI personal loan under this product.

The salary accounts should be with SBI.

The minimum monthly income should be Rs 15000.

The EMI/NMI ratio should be less than 50%. 

Term Loans

Minimum – Rs 25,000

Maximum – 24 times NMI or Rs 20 lakhs, whichever is less.


Minimum – Rs 5.00 lakhs

Maximum – 24 times NMI or Rs 20 lakhs, whichever is less

Pre-approved Personal Loans on Yono Available only to pre-selected customers on specific parameters defined by the bank

SMS PAPL ‘last four digits of SBI savings account number’ to 567676 

Depends on parameters defined by SBI
SBI Quick Personal Loan Individuals maintaining salary accounts with other banks

Minimum net income of Rs 15,000

EMI/NMI ratio less than 50%

Employees of government departments, PSUs, corporates, and national education institutions

Age range of 21 to 58 years

Minimum service – One year

Minimum – Rs 24,000

Maximum – Rs 20 lakhs or 24 times NMI, whichever is less

List of Documents to be submitted

  • Individuals maintaining their accounts with SBI need not produce any KYC documents as they are already available with the bank.
  • Other individuals should provide the following KYC documents when applying for the SBI personal loan.
  1. Identity Proof – Photocopies of any one of Aadhar Card, Driving license, PAN card, voter ID card, or passport
  2. Address Proof – Photocopies of one amongst Aadhar Card, DL, passport, or voter ID
  • Pensioners should submit the photocopy of their PPO to SBI.
  • Applicants under the SBI Kavach product should submit a COVID positive report not older than 30 days.
  • The following income documents are necessary for processing SBI personal loan.
  1. Salaried employees can submit their salary slips for three months, IT returns with Form 16, salary certificates from their employers, and bank account statements for the last six months.
  2. Pensioners should submit a copy of their bank account statement for the last six months.

Important Guidelines

Persons applying for SBI Personal Loan should note the following terms and conditions.

  • Penal interest on defaulted instalments @ 2% per month over the applicable rate
  • Prepayment charges @ 3% on the prepaid amount
  • The minimum repayment tenure is six months, and the maximum is six years.

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