How To Apply Personal Loan 

1.Online: You can apply online on the website. You need to fill in a few personal details like income, type of employment, date of birth and contact details. Based on this information, the bank will check your eligibility and offer you a loan quote. You can then submit the completed application with the requisite documentation. You can also ask to be contacted by a representative of the bank for further details on loan offers and  application.

2.In person: You can visit the nearest SBI branch, collect details of the loans on offer, ask to speak with a representative and submit your application with the required documentation manually.

Credit Personal Loan:

1.Eligibility: These loans are given to employees of the central and state government, Central PSUs, quasi –government organisations, and certain state PSUs, educational institutions

2.Income: There is a minimum monthly income criterion. In addition, your EMI/NMI ration should not exceed 50 – i.e. the total amount of your EMI payments should not exceed 50% of your net monthly income (NMI).

3.Loan Amount: The maximum is 24 times your NMI, capped at Rs 15 lakhs.

There are different offers under this type of personal loan including loan against rent receivables and loan against mortgage of property.

1.Eligibility: Salaried individuals, self-employed professionals.

2.Income: The personal loanamount depends on your income and repayment capacity.

3.Amount: The maximum amount is 12 times the net monthly salary of the customer, up to a maximum of Rs 10 lakhs.

Loan to Pensioners:

1.Eligibility: Retired central and state government employees who are drawing a pension and are not more than 76 years of age can avail a personal loan from SBI. Spouses who are authorized to draw the pension on the death of the employee are eligible for a Family Pensioner Loan.

2.Amount: The maximum amount is capped at 18 months pension, subject to certain age restrictions.

Festival Loans:

This personal loan is specifically given to cover all the extra expenses that accompany the festival season!

1.Eligibility: Employees of central or state government /PSUs/public or private limited companies with a minimum of 2 years of service; self-employed individuals with minimum 3 years of experience; and people with a  regular source of income from verifiable channels.

2.Income: A certain minimum net monthly income is a requirement. Your spouse's income can be included when calculating the loan amount if he/she guarantees the loan or the loan is taken jointly.

3.Amount: The loan amount is determined by your income and repayment capacity and can range from Rs 5000 –Rs.50,000 - depending on your net monthly income.

It is best to check the minimum and maximum loan amounts, tenure and interest rates with a bank representative so that you get the most accurate picture of the loan offer.