Are You an SBI Customer? Here are the Types of Loans Offered by the State Bank of India
Banks are financial institutions that provide a huge range of credit, financial and banking facilities to their customers. Customers can open salary/savings/current accounts, make fixed/recurring deposits, and avail of other facilities too. However, the most important category of product in SBI is Loans.
Here, we will discuss the types of home loans, personal loans, business loans, and credit cards offered by one of the most public sector banks of India, i.e. State Bank of India, popularly known as SBI. It is the largest public sector bank in the country that offers various loan schemes according to the diverse needs and requirements of its customers.
Some of the most sought after loans offered by SBI are home loans, personal loans, auto loans, education loans, loans against property, and credit cards.
Let’s discuss these products in detail.
- SBI Personal Loans
- Types:
- SBI Xpress Credit: Loans for salaried employees who have salary accounts with SBI.
- SBI QUICK Personal Loan: Loans for salaried customers who are not maintaining salary accounts with SBI.
- SBI KAVACH Personal Loan Scheme: This SBI Personal Loan is for Covid treatment of self or family member found Covid Positive on or after 01.04.2021.
- SBI Pension Loan: Loan for Central & State Government, Defence, and Family pensioners.
- Pre-Approved Personal Loans on YONO: Instant personal loan for select SBI customers at their convenience through YONO app in just 4 clicks.
- Loan amount:
- Minimum Rs. 25,000& maximum Rs. 20 lakhs for SBI Xpress Credit.
- Minimum Rs. 24,000& maximum Rs. 20 lakhs for SBI QUICK Personal Loan.
- Minimum Rs. 25,000 & maximum Rs. 5 Lakhs for SBI KAVACH Personal Loan Scheme.
- Up to Rs. 14 Lakhs for SBI Pension Loan.
- Tenure:
- 60 months (including 3 months moratorium) for SBI KAVACH Personal Loan Scheme.
- 6 months to 6 years for SBI Xpress Credit and SBI QUICK Personal Loan.
- Interest rates: 50% to 15.65% p.a.
- Processing fees:
- Nil for SBI KAVACH Personal Loan Scheme, Clean Overdraft, and Jai Jawan Pension Loan.
- 1% of the loan amount, minimum Rs. 1,000 and maximum Rs. 10000 + GST for SBI Pension Loan.
- 50% of the loan amount, minimum Rs. 1,000 & maximum Rs. 15,000 + GST for SBI QUICK Personal Loan and SBI Xpress Credit.
- Prepayment charges:
- Nil for SBI KAVACH Personal Loan Scheme
- 3% of the prepaid amount for others.
- Eligibility:
- Salaried, non-salaried, and pensioners can apply.
- Minimum age: 21 years.
- Maximum age: 76 for pensioners and 58 years for others.
- Minimum monthly income: Rs. 15,000 for SBI Xpress Credit
- EMI/NMI Ratio: Below 50%
- Individuals with Salary Account with SBI for SBI Xpress Credit scheme.
- Individuals should have Salary Account with any other bank for SBI QUICK scheme.
- Minimum net monthly income: Rs. 15,000.
- Employees should be working with reputed private/public firm. Pensioners can also apply.
- Minimum service: 1 year.
- Documents:
- Duly filled in home loan application form
- 2passport size photographs
- Proof of identity and permanent/ current address, as per SBI’s KYC guidelines.
- Salary slip of the latest month
- Bank Account Statements of last 6 months to be uploaded in CLP.
- ITR to be uploaded in CLP
- Loan account statement for last 1 year if any previous loan availed from other lenders.
- SBI Home Loans
- Types:
- SBI Regular Home Loan: This SBI Home Loan is for purchase/ construction/ extension/ repair/renovation of a house.
- SBI Balance Transfer of Home Loan: Enables transferring of an existing home loan from another lender to SBI.
- SBI NRI Home Loan: Home loans for NRIs (Non-Resident Indians) for investing in properties.
- SBI Flexipay Home Loan: Provides higher loan amount eligibility for salaried borrowers.
- SBI Privilege Home Loan: Home Loan exclusively for government employees.
- SBI Shaurya Home Loan: Home loan scheme for Army and Defence Personnel of the nation.
- SBI Pre-approved Loan (PAL):Provides sanction of Home Loan limits to the select SBI customers before finalization of the property.
- SBI Realty Home Loan: Home loan for purchasing a plot for construction of a dwelling unit.
- SBI Home Top Up Loan: Enables existing SBI Home Loan customers to borrow additional amount over and above their existing home loan amount.
- SBI Bridge Home Loan: Home loan for all home owners for upgrading their homes to bigger homes or better locations, by selling their existing homes.
- SBI Smart Home Top Up Loan: A general purpose loan for existing home loan customers. Just walk into the nearest SBI branch/ RACPC without any documents to avail of the loan in just a few minutes.
- SBI YONO Insta Home Top-Up Loan: Top-Up Loan for SBI’s pre-selected Home Loan customers over YONO Mobile App. No paperwork and no branch visit is required.
- SBI Corporate Home Loan: Home Loans to Public and Private Corporate Entities.
- SBI Home Loan to Non-Salaried: Home loans for non-salaried individuals.
- SBI Tribal Plus: Home Loans for people residing in Hilly and Tribal areas.
- SBI Earnest Money Deposit (EMD): Loan for booking residential plots/built-up houses being sold by Government Housing agencies.
- SBI Reverse Mortgage Loan: Provides an additional income source for senior citizens of India who have a self-acquired/ self-occupied home in India.
- SBI CRE (Commercial Real Estate) Home Loan: Home loan for purchasing up to three homes for investment purpose.
- SBI Loan against Property (P-LAP): Loan against the mortgage of your property for fulfilling personal needs.
- Loan amount:
- Minimum Rs. 20 lakhs &maximum Rs. 2 Crores for SBI Bridge Home Loan.
- Up to Rs. 5 Lakhs for SBI Smart Home Top Up Loan.
- Minimum Rs. 50,000&maximum Rs. 50 Crores for SBI Home Loan to Non-Salaried.
- Up to Rs. 10 Lakhs for SBI Tribal Plus.
- Up to Rs. 15 Lakhs for SBI Earnest Money Deposit.
- Minimum Rs. 3 lakhs & maximum Rs. 1 Crore for SBI Reverse Mortgage Loan.
- Maximum tenure:
- 1 year for SBI Earnest Money Deposit.
- 2 years for SBI Bridge Home Loan.
- 10 years for SBI Realty Home Loan.
- 15 years for SBI Tribal Plus, SBI Loan against Property, and SBI Reverse Mortgage Loan.
- 20 years for SBI Smart Home Top Up Loan.
- 30 years for all others.
- Interest rates: Range between 6.75% to 8.05% p.a.
- Processing fees:
- Nil for SBI Privilege Home Loan and SBI Shaurya Home Loan
- 35% of the loan amount + applicable taxes, minimum Rs. 5,000 for SBI Bridge Home Loan and SBI CRE (Commercial Real Estate) Home Loan
- 2,000 + applicable GST for SBI Smart Home Top Up Loan and SBI YONO Insta Home Top-Up Loan.
- 50% of the loan amount + GST, minimum Rs. 50,000 & maximum Rs. 10 Lakhs for SBI Corporate Home Loan.
- 50% of the loan amount, minimum Rs. 1,000 for SBI Earnest Money Deposit.
- 50% of the loan amount, minimum Rs. 2,000 & maximum Rs. 20,000 for SBI Reverse Mortgage Loan.
- 1% of the loan amount, maximum Rs. 50,000 + tax for SBI Loan against Property
- 40% of the loan amount, minimum Rs. 10,000 & maximum Rs. 30,000 + GST for others.
- Prepayment charges:
- Eligibility:
- Resident type: Indian residents.
- Minimum age: 21 years for SBI Flexipay Home loan and SBI Earnest Money Deposit, and 18 years for others.
- Maximum age: 75 years for SBI Privilege Home Loan and SBI Shaurya Home Loan, 65 years for SBI Realty Home Loan, 60 years for SBI Tribal Plus and SBI Reverse Mortgage Loan, and 70 years for others.
- Documents:
- Duly filled in loan application form
- 3 passport size photographs
- Proof of identity and residence
- Property related documents
- Income proof
- Bank Account Statements of last 6 months for all bank accounts.
- Loan account statement for last 1 year if any previous loan availed from other lenders.
- SBI Business Loans
- Types: Asset Backed Loan, Asset Backed Loan Commercial Real Estate, Cotton Ginning Plus, Export Packing Credit, e Dealer Finance Scheme, e Vendor Finance Scheme, Fleet Finance, Lease Rental Discounting, PM Mudra Yojana, Simplified Small Business Loan, Stand Up India, SME Smart Score, SME Credit Card, Warehouse Receipt Finance, Finance to Food Processing Industry, Loans To Business Correspondents, SBI Od Product For Business Correspondents (BCS), SME Gold Loan, and OTS/Compromise.
- Loan amount:
- Minimum Rs. 10 lakhs
- Minimum Rs. 500 Crores
- Tenure:
- Minimum: 12 months
- Maximum: 180 months
- Minimum Margin: 0% to50%
- Processing fees: Up to 1% of the loan amount (maximum Rs. 10 Lakhs).
- Eligibility: SBI Business Loan eligibility depend on the scheme chosen.
- Existing customers who already availed credit facilities from SBI.
- New units with marketable assets to provide as security.
- Takeover of existing units from other lenders with satisfactory track record.
Apart from loans, SBI also offers credit cards. There are multiple SBI Credit Cards for all needs. You can choose from a variety of credit cards, like Lifestyle Cards, Reward Cards, Shopping Cards, Travel & Fuel Cards, Banking Partnership Cards, and Business Cards. Some of the most popular SBI credit cards are Simply CLICK SBI Card, Simply SAVE SBI Card, SBI Card ELITE, SBI Card PRIME, Paytm SBI Card, FABINDIA SBI CARD, SBI Card Unnati, IRCTC SBI Platinum Card, BPCL SBI Card, Club Vistara SBI Card, Yatra SBI Card, and Delhi Metro SBI Card. These cards offer exciting rewards, discounts, and benefits. You can compare all SBI Credit Cards on their website and choose the most suitable one according to your needs.
