Skip to main content

Types of loans offered by the SBI

India’s largest lender, State Bank of India (SBI) is renowned for its diverse range of loan products that cater to customers with different requirements. The affordable interest rates charged by the bank make SBI a popular choice among customers for various loan schemes. Among the loans offered by the bank, the most popular consumer loans are personal loans, auto loans, education loans, and home loans. Let’s take a look at different aspects of these loan products from the country’s top lender.

SBI personal loans
Personal loans are typically unsecured loans that help people take care of their emergency financial requirements. SBI is one of the top banks in India that offers different types of personal loans. The bank offers personal loans specifically designed for defense personnel, IT employees, non-permanent employees, etc. Personal loan schemes are offered by SBI under different names including Xpress Credit, Xpress Power, Xpress Lite, etc. Some of the key attributes of SBI personal loans are listed as follows:

  1. Interest rates for SBI personal loans start from 12% onwards.
  2. Customers can avail a maximum personal loan amount of Rs.15 lakh from the bank.
  3. The tenure ranges from 1 year to 6 years.

SBI auto loans
Auto loan is one of the major products offered by the bank. The bank offers loans for both two-wheelers and four-wheelers. The bank offers special loan schemes for certified pre-owned cars and superbikes. One of the notable features of SBI auto loans is that women customers can get a small discount on the interest rates for various products. Some of the key attributes of SBI auto loans are listed as follows:

  1. Interest rates for new cars start from 9.45% p.a.
  2. Interest rates for certified pre-owned cars start from 11% p.a.
  3. Interest rates for new two-wheelers start from 17.70% p.a.
  4. The loan application process is hassle-free with minimal documentation.

SBI education loans
Under the education loan ambit, SBI offers a multitude of loans for both domestic as well as foreign education. For education within the country, you may avail loans up to Rs.7.5 lakh depending upon the type of course. For education in a foreign country, you may avail loans up to Rs.1.5 crore based on the type of course you choose. The documentation process may vary depending upon whether you are studying within India or going abroad for your education. For instance, if you are going abroad, you need to provide your passport details during the application stage. Some of the notable aspects of SBI education loans are listed as follows:

  1. Interest rates for student loan schemes start from 10.50% p.a.
  2. Interest rates for scholar loan schemes start from 8.70% p.a.
  3. Girl students can avail a discount of 0.50% on most loan products.
  4. A reset period of 1 year is applicable for all loan products. It means that the interest rate is likely to change after 1 year.

SBI home loans
Home loan is one of the major products offered by SBI. Here, the cost of a loan product is influenced by various factors like loan tenure, loan amount, employment type, the credit score of the borrower, etc. You may opt for a home loan from SBI for buying a new home or constructing one. You may check out the interest rates for various categories before choosing a loan product. Some of the key attributes of SBI home loans are listed as follows:

  1. Interest rates for salaried borrowers start from 8.60% p.a.
  2. Women customers can get a small discount on their interest rates.
  3. Customers can choose the loan amount based on their eligibility criteria and requirement.

Other loans of SBI
SBI also offers loans against properties for its customers. Here, a customer can mortgage his/her property in exchange for the loan. Since these loans are protected by the mortgage value of the property, it is possible to get an affordable interest rate on the loan amount. Customers can also avail loans against various securities including mutual funds, equity shares, debt funds, fixed deposits, etc. To avail these loans, you need to provide the documents related to these securities during the application stage.

The loans offered by SBI come with attractive interest rates and minimal process fees. Being a premier banking institution of the country, SBI has the trust of millions of customers in the country. The bank has also set up operations in various foreign countries to help Indian customers living abroad. If you need any of the loans listed above, you may approach a branch office of the bank and file an application. To Know more about personal loans visit


Popular posts from this blog

Benefits Of Home Automation And Smart Appliances

Any human being living on this Mother Earth needs three factors for survival. They are food, clothing, and shelter. And when you have your own home, it is the safest place for your family members. There is seldom any home, in any part of the developed world, which does not have home appliances. In recent times, it is home automation which is the order of the day. In this article, let us discuss the benefits of home automation and smart appliances.

So, what was the first impression you got on the title? Saving money and state-of-the-art electronic appliances. Shall we look at some?
1. Benefits Of Home Automation - Savings

Let it be any smart home electronic appliance, they will save energy. Yes, they may be more expensive, but they will cut utility costs. There are some appliances which can be used for monitoring water usage. So, they can put a firm control on huge water bills.
2. Benefits Of Home Automation – Safety

When it comes to home automation technologies, prime importance is given t…

How to Clean Your Washing Machine

Are you surprised by the title? Usually, a washing machine is meant for cleaning and washing the clothes, but cleaning the same equipment, the title sounds weird. But have you noticed, sometimes, the clothes coming from the washing machine is not as clean as per the requirement? In this case, the washing machine needs cleaning. So, when you put the clothes in the washing machine, after the washing process, where does all the dirt get removed? Yes, you know that it gets out via the drain, but some residue will always remain. And there are times, you can find the light faint marks on the dark colored clothes. Now, that is an unfortunate situation and the washing process has to be done again. In this article, we shall discuss how to clean your washing machine.

Washing machine Cleaning - Steps For The Process
If you have a top loading washing machine, the process is very simple. You just need to fill the drum with the maximum number of hot water in the machine. The components are chlorine b…

How to Give your Bedroom an Ambience You Love with Artwork and Painting

Artwork can come in handy as the greatest addition to enhance the overall appeal of the interior of a home. However, the complicated thing comes in the course of interior enhancement of a home is – how to choose the right artwork that matches the ambiance of different spots of a home. If you own a home, you will surely have different spots in your home, e.g., drawing room, living room, bedroom, kitchen, and hall. Picking perfect artwork for the mentioned spots of a home interior can sometimes end up with disappointment if you don’t know what to pick that suits the associated interior space.
Upgrading Home Interior with Artwork
Needless to say, the artwork is meant to make your interior space even more space by adding a sense of nice and noble appearance to it. The best part of investing in the artwork is that you can take it away with you in case you have the plan to relocate. The artwork you put your money in to make your home’s interior look even more marvelous will stay with you fo…