How to apply for a personal loan from SBI? Offline and online methods explained

If you are someone in need of quick funds, and don’t have assets to pledge as collateral then you can get a personal loan. The loans are quickly disbursed and come with minimal documentation. If you are planning to borrow a personal loan from SBI, then before you go for it, you must know the documents, eligibility criteria and interest rates so that you can get an offer that matches your budget and get the money on easy terms.

Types of SBI personal loans

• Xpress Credit personal loan - SBI Xpress Credit Personal Loan is meant for salaried individuals who keep their salary account with SBI.
• Xpress Elite personal loan -For high income salaried customers with a monthly income of minimum ₹1 lakh.
• Real Time Xpress Credit - Aadhaar OTP based e sign loans for salary account holders.
• SBI Pre-Approved personal loans (PAPL) -Instant loans for select SBI customers through YONO app.

Documents required for SBI personal loan

Note: You may be required to provide additional documents based on the bank’s requirements as well as your overall profile.

1. Identity proof: Aadhaar card, passport, voter ID, or PAN card.
2. Address proof: Utility bills, rental agreement, Aadhar card etc.
3. Income proof: Salary slips of the last three months, Form 16, and six months’ bank statements.

Note: For pre-approved personal loans (PAPL), SBI already has customer details therefore documentation is not required.

How to apply for an SBI personal loan?

1. Online application

Via SBI website:

• Click on the SBI Personal Loans page.
• Enter the loan product you want and click Apply Now.
• Fill in with your personal details, employment information and loan amount.
• Submit the application and upload the required documents.
• The bank will verify the details and approve the loan if eligible. Post approval, the amount will be credited to the bank account.

Via YONO app:

• Log in to the YONO SBI app.
• Go to ‘loans’ and then ‘personal loan’.
• Check for the eligibility, select the loan amount and tenure.
• Complete verification through OTP authentication and complete the application.
• Post approval, the amount of loan is disbursed immediately.

2. Offline branch visit

• visit the nearest SBI branch with required documents.
• Complete the personal loan application form.
• Provide identity, address and income proof.
• The documents will be verified and eligibility will be assessed by the bank.
• The loan amount is credited to your account upon approval.

SBI personal loan interest rates in 2025

Source: PaisaBazaar

Note: For latest interest rates, please refer to the bank’s website.

In conclusion, personal loans offer higher interest rates as compared to other loans in the market. Hence, before you apply for the loan, it is important to explore other options available in the market so that you can get the best deal which aligns with your needs as well as your budget.

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