Our Verdict
The State Bank of India (SBI) offers multiple kinds of personal loans among which only one offers unsecured credit without collateral. The SBI Quick personal loan is an easy-to-apply personal loan, which is accessible for applicants who have a salaried account not necessarily with SBI.
This loan is mainly for the salaried. The self-employed can also apply for the SBI Quick and the bank may consider evaluating their application if it is satisfied with the applicant’s credit score and financial position to pay back.
SBI Quick Personal Loan
Rate of Interest
Between 10.85% to 12.85% p.a.
Repayment Tenor
Between six months and 72 months
Processing Fee
1.50% of the loan + GST
Rate of Interest
Between 10.85% to 12.85% p.a.
Repayment Tenor
Between six months and 72 months
Processing Fee
1.50% of the loan + GST
SBI Quick Personal Loan Amount and Term
Loan Amount
Up to INR 20 lakh
Rate of Interest
The expected rate of interest is between 10.85% to 12.85% if applied via its contactless lending platform (CLP). The interest may vary if the offer comes from the bank as a pre-approved loan. The CLP portal is run by SBI for those who have salaried accounts in any bank account. People who do not have that will be offered this loan at a varied interest but more or less in the above range.
Conclusive interest rate will depend on the credit score and the assurance of the stability of the debt collection.
Repayment Tenor
Anything between six months and 72 months.
Prepayment and Foreclosure
3% of the prepaid amount will be charged on any foreclosure or prepayment.
In case the applicant is able to get a bigger loan approved under the same scheme then no foreclosure charges will be charged.
Approval Process
One can apply online. The approval process of this loan can be a bit longer and the bank may take a week to even more to evaluate your application.
SBI Quick Personal Loan Cost
Processing fee: 1.50% of the loan + GST
Minimum processing in SBI Quick is between INR 1,000 and INR 15,000 excluding GST.
Penal Interest: 2% per month on the overdue interest and the amount both.
SBI Quick Personal Loan Features and Benefits
Eligibility
Age: Between the age group of 21 to 58 years.
Employment with:
- Central, state, quasi governments (agencies supported by the state)
- Public sector undertakings of both state and central government
- Private and public limited companies (corporates)
- Recognised educational institutions
Minimum Service: 1 year
Minimum Income: INR 15,000 a month
EMI/NMI Ratio: Monthly instalment should not be more than 50% of the income.
Repayment
- EMIs can be played via internet banking, debit card and Unified Payments Interface (UPI) facility offered by any bank.
Insurance
SBI Life, another subsidiary of SBI dealing in insurances, is providing insurance covers to loans, including personal loans known as RiNn Raksha. This cover provides full coverage to a loan in case a person meets with severe injury, ailment or casualty.
Top Up Loans
One can get a bigger amount as a loan at the top of the existing loan depending on the credit history of the applicant.
Things Required to Qualify
Applicants will have to provide one ID proof and one current address proof.
To prove the identity one can give the following:
- PAN card
- In case the person does not have a PAN card, the option of Form 60 with one of the three below documents will work:
1. Passport
2. Voter ID card
3. Driving license
As address proof, you can provide one of the following:
- Voter ID card
- Driving license
- Passport
- Government house allotment letter
- Property tax receipt
Bank statement: For the last 6 months of the applicant
Salary Slip: Latest
Photographs: 2 passport size
We considered top factors that help consumers decide whether they want to opt for a specific loan offering. We ranked the SBI Quick personal loan on the basis of these factors that include:
Ease of Access: 20%
Rate of Interest: 15%
Other Cost and Charges: 20%
Borrowing Limit: 15%
Extra Benefits: 20%
Loan Transfer Facility: 10%