When financial needs arise unexpectedly, a personal loan is often the quickest solution. The State Bank of India (SBI), being one of the largest public sector banks in India, offers personal loans starting from ₹1 lakh, making it easier for individuals to manage urgent expenses without hassle. Whether you need money for medical emergencies, education, travel, or wedding expenses, SBI Personal Loan of ₹1 lakh can provide the financial support you need.
In this article, we will provide a comprehensive guide on SBI Personal Loan ₹1 lakh, covering its features, interest rates, eligibility criteria, documentation, EMI details, and application process.
Why Choose SBI Personal Loan 1 Lakh?
SBI is known for its trust, transparency, and affordability, which makes it a top choice among borrowers. A loan of ₹1 lakh from SBI comes with:
- Affordable Interest Rates: Competitive rates compared to private lenders.
- Quick Disbursement: Funds are credited swiftly once approved.
- Minimal Documentation: Easy process with fewer paperwork requirements.
- Flexible Repayment: Tenures ranging from 12 months to 72 months.
- No Hidden Charges: Transparent fee structure.
- High Trust Value: Being India’s largest public bank, SBI ensures credibility.
Features of SBI Personal Loan 1 Lakh
| Particulars | Details |
|---|---|
| Loan Amount | Minimum ₹1 lakh |
| Interest Rate | 11% – 14.50% (varies with profile) |
| Tenure | 12 to 72 months |
| Processing Fee | Up to 1.50% of loan amount + GST |
| Prepayment/Foreclosure | Allowed with minimal charges |
| Collateral Requirement | Unsecured (no security required) |
| EMI Facility | Available with easy repayment options |
Eligibility Criteria for SBI Personal Loan 1 Lakh
To avail of the loan, applicants must meet certain eligibility requirements:
- Age Limit: 21 years to 60 years.
- Employment Type: Salaried individuals, self-employed professionals, and pensioners.
- Minimum Income Requirement: Net monthly income of at least ₹15,000.
- Work Experience: Minimum 2 years of continuous employment (for salaried) or 2 years of business existence (for self-employed).
- CIBIL Score: A minimum score of 700 or above is preferred.
Documents Required for SBI Personal Loan 1 Lakh
Applicants need to submit the following documents for verification:
- Identity Proof (Aadhaar Card, PAN Card, Passport, Voter ID).
- Address Proof (Utility Bills, Rent Agreement, Aadhaar, Passport).
- Income Proof:
- Salaried: Salary slips of last 3 months, Bank statement of 6 months.
- Self-employed: ITR of last 2 years, Business financial statements.
- Photographs: Passport-sized photos.
SBI Personal Loan Interest Rates for 1 Lakh
The interest rate for an SBI Personal Loan depends on the applicant’s profile, income, and credit score. Typically, the rates range from 11% to 14.50% per annum.
For example, if you take a ₹1 lakh loan at 11.5% interest for 24 months, your approximate EMI will be ₹4,692 per month.
SBI Personal Loan EMI Calculator – Example for ₹1 Lakh
Let’s calculate the approximate EMI (Equated Monthly Installment) for different tenures:
| Loan Amount | Interest Rate | Tenure | Monthly EMI (Approx.) |
|---|---|---|---|
| ₹1,00,000 | 11.5% | 12 months | ₹8,883 |
| ₹1,00,000 | 11.5% | 24 months | ₹4,692 |
| ₹1,00,000 | 11.5% | 36 months | ₹3,299 |
| ₹1,00,000 | 11.5% | 48 months | ₹2,617 |
| ₹1,00,000 | 11.5% | 60 months | ₹2,209 |
This shows how flexible repayment options make it easier for borrowers to manage their finances.
Types of SBI Personal Loans You Can Avail for 1 Lakh
SBI offers multiple personal loan schemes to suit different financial needs:
- SBI Xpress Credit Personal Loan – For salaried employees with minimum paperwork.
- SBI Pension Loan – For pensioners and family pensioners with low EMIs.
- SBI Pre-approved Personal Loan (PAPL) – Instant loan offers available via SBI YONO app.
- SBI Festival Loans – Special offers during festive seasons.
- SBI Saral Personal Loan – For general needs with easy repayment.
How to Apply for SBI Personal Loan 1 Lakh
The application process is simple and can be completed in a few steps:
Online Application
- Visit the official SBI website or download the YONO SBI app.
- Go to the personal loan section and select the required loan amount.
- Fill out the application form with personal, employment, and income details.
- Upload scanned copies of required documents.
- Submit the application and wait for approval.
Offline Application
- Visit your nearest SBI branch.
- Fill the personal loan application form.
- Submit documents along with photographs.
- The bank will verify details and approve the loan.
- Amount is credited to your account once approved.
Benefits of SBI Personal Loan 1 Lakh
- Quick Financial Support: Helps in emergencies without lengthy approvals.
- No Collateral Required: Unsecured loan, no property/security needed.
- Flexibility: Multiple repayment tenures.
- Trusted Bank: Backed by SBI’s reliability.
- Easy Prepayment: Option to close loan early and save interest.
Tips to Get SBI Personal Loan Approved Quickly
- Maintain a good CIBIL score (700+).
- Ensure a steady income flow.
- Keep all documents updated and ready.
- Avoid multiple loan applications simultaneously.
- Opt for auto-debit repayment to maintain credibility.
Conclusion
A SBI Personal Loan of ₹1 lakh is an ideal choice for individuals looking for quick, reliable, and affordable financial assistance. With low interest rates, flexible tenures, minimal documentation, and fast disbursement, it caters perfectly to the needs of salaried, self-employed, and pensioners alike.
If you are in urgent need of funds, applying for a ₹1 lakh personal loan from SBI can help you manage expenses smoothly without financial stress.