- Eligibility Factors
- Documents Required
- Loan Verification Process
- Rate of Interest
- Below 76 years of age for Central & State Govt Pensioners, Defence
Pensioners, and Family Pensioners.
- Age 21 years to 58 years for all other loans.
b. Credit Score: Minimum Credit Score of 650 for any type of
c. Employment Type:
- Central PSUs and State PSUs
- Educational Institutes having national repute
- Corporate sector (Private & Public Ltd.)
d. Minimum Net Income (Monthly): Rs. 15,000 should be the minimum
monthly net income.
e. Work Experience: An individual should have a minimum of 12 months
of service in their respective field.
For all loan borrowers:
- Filled application form
- 2 passport-sized photographs
- Proof of Identity
- Proof of Current/Permanent Address
- Income Tax Returns details
- Salary slips of the latest month
- Bank account statement of the last 6 months
- Property Purchase Agreement
- Form 16
For pre-approved personal loans on SBI YONO, you don’t need to submit physical documentation.
For SBI QUICK personal loan (loans for salaried customers who don’t maintain a salary account with SBI), the applicants can upload the documentation through the Contactless Lending Platform (CPL).
The following steps have to be followed for the loan verification process:
- Fill the application form and submit it with the documents required for the verification of the application. The form can be submitted according to the type of loan scheme you have opted for. The form can be submitted directly at CPL or by signing up on Apnapaisa.com.
- The officials will get back to you within 24 hours and would schedule a visit to collect the documents if you have opted for offline submission of documents.
- The officials will verify your documents, and if required, they might visit your property for further verifications.
- Once the bank approves the application, the loan amount will be disbursed into your account instantly. Later, you will receive a copy of the duly signed loan agreement that will contain the details of loan interest, loan tenure, loan amount, additional charges, and penalties.
Loan Verification Process – if Applied Through YONO App
SBI offers a Pre-Approved personal loan that can be availed instantly on a 24x7 basis through the YONO app. This loan scheme is offered to only some pre-selected customers based on specific parameters pre-defined by SBI.
Steps to Avail the loan in 4 clicks:
Step 1: Log in to YONO App
Step 2: Click on the Avail Now button
Step 3: Select Loan Tenure & Amount
Step 4: Enter the OTP, and the amount will be credited
Interest Rate for Xpress Credit are as follow:
A. For Defence/Paramilitary/Indian Coast Guard Salary Package Applicants
i. Term Loan facility:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 3.40% to 3.90%; Effective Interest Rate with No Reset - 10.60% to 11.10%
ii. Overdraft facility:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 3.90% to 4.40%; Effective Interest Rate with No Reset - 11.10% to 11.60%
B. For Other Applicants
i. Term-Loan facility:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 3.40% to 5.40%; Effective Interest Rate with No Reset - 10.60% to 12.60%
ii. Overdraft Facility:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 3.90% to 5.90%; Effective Interest Rate with No Reset - 11.10% to 13.10%
Xpress Elite Scheme
i. SBI Salary Package Account Holders:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 2.40% to 3.90%; Effective Interest Rate with No Reset - 9.60% to 11.10%
ii. Other than Salary Package Account Holders:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 2.65% to 4.15%; Effective Interest Rate with No Reset - 9.85% to 11.35%
Xpress Credit for Non-Permanent Employees (NPES)
i. Employees of Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 4.30% to 6.40%; Effective Interest Rate with No Reset - 11.50% to 13.60%
ii. Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates:
2 Year MCLR - 7.20%; Spread Over 2 Year MCLR - 5.05% to 6.65%; Effective Interest Rate with No Reset - 12.25% to 13.85%
Rate of Interest for Other Loans:
2 Year MCLR
Spread Over 2 Year MCLR
Effective Interest Rate with No Reset
Pension Loan(with PAPNL Pre-Approved Pension Loans)
2.55% - 3.05%
9.75% - 10.25%
Xpress Credit Insta Top-Up
Pre-Approved personal loans
(1 Year MCLR)
(Effective Interest Rate with Reset)
SBI QUICK Personal Loan through CLP Portal
3.65% - 5.65%
10.85% - 12.85%