Are you looking for a personal loan with flexible repayment options and zero processing charges? Here’s some exciting news! The State Bank of India (SBI), one of India’s most trusted banks, has launched an attractive offer under which individuals can avail personal loans up to ₹20 lakh for a maximum tenure of 6 years, with no processing fee charged until March 31, 2025.
This initiative aims to ease financial burdens and make personal loans more affordable, especially during times when people often need quick funds for education, weddings, medical expenses, or home improvements. Whether you’re a salaried employee or a professional looking for hassle-free financing, this offer is designed to benefit you.
SBI Offers Personal Loan
| Feature | Details |
|---|---|
| Loan Amount | Minimum ₹25,000 to Maximum ₹20 lakh |
| Interest Rate | Starting from 11.15% p.a. (varies based on applicant profile) |
| Repayment Tenure | Flexible from 6 months to 6 years (72 months) |
| Processing Fee | Zero processing fee till March 31, 2025 |
| Eligibility | Salaried individuals working in Govt., PSUs, reputed corporates, or educational institutions |
| Net Monthly Income (NMI) | Minimum ₹15,000 |
| EMI to NMI Ratio | Should be less than 50% |
| Required Documents | ID proof, address proof, salary slips, income documents, bank statements |
| Last Date for Zero Processing Fee | March 31, 2025 |
The SBI Personal Loan of ₹20 lakh for 6 years with zero processing fee is a golden opportunity for salaried individuals seeking hassle-free financing at affordable rates. Whether it’s for weddings, emergencies, or personal needs, SBI’s offer ensures you save on upfront costs, making your loan more budget-friendly.
Why is SBI Offering Zero Processing Fees on Personal Loans?
SBI has introduced this limited-period benefit as part of its broader customer-friendly initiatives like “Festive Dhamaka Offers.” The goal is to attract more borrowers while providing financial relief by eliminating extra costs like processing fees, which typically range from 1% to 2% of the loan amount.
For instance, if you’re borrowing ₹10 lakh, the usual processing fee could be around ₹10,000 to ₹20,000. With SBI’s new offer, you save this entire fee — making it one of the most affordable personal loan options in the market.
see also: You Can Get 750+ Credit Score Even Without a Credit Card.
Benefits of SBI’s Personal Loan Scheme
1. High Loan Limit
Eligible borrowers can apply for up to ₹20 lakh, enough to meet large expenses like higher education, destination weddings, medical emergencies, or even home renovations.
2. Flexible Repayment Period
The loan can be repaid over 6 months to 6 years (72 months), giving you the freedom to choose EMIs that suit your financial capacity.
3. No Processing Fee Advantage
Processing fees usually increase the cost of borrowing. SBI’s zero processing fee ensures borrowers save upfront, making this an economical choice.
4. Quick & Convenient Application
Applications can be processed online via SBI’s website or the YONO SBI app, or by visiting any nearby SBI branch. The process is straightforward, with minimum paperwork and fast disbursal.
Detailed Guide: How to Apply for SBI Personal Loan
Step 1: Check Eligibility
Make sure you fulfill the following:
- Salaried employee of a government entity, PSU, reputed corporate, or educational institution.
- Minimum Net Monthly Income (NMI) of ₹15,000.
- Age between 21 to 58 years.
- Minimum 1 year of continuous service.
- EMI/NMI ratio less than 50%.
Step 2: Gather Required Documents
Prepare the following:
- Passport-sized photos.
- Latest salary slip.
- PAN Card/ID proof and address proof.
- Income Tax Returns (ITR) if required.
- Last 6 months’ bank statement.
Step 3: Choose Application Channel
- Online: Log in to the official SBI Personal Loan page or use the YONO SBI app.
- Offline: Visit any nearby SBI branch and apply in person.
Step 4: Fill Out the Application Form
Provide necessary personal, employment, and financial details.
Step 5: Upload/Submit Documents
Upload documents on the Contactless Lending Platform (CLP) or hand them over at the branch.
Step 6: Loan Approval & Disbursement
Once verified, loan approval is processed quickly, and funds are disbursed to your bank account.
see also: Who is Giving the Highest Return on FD in 2025?
Example: How Much EMI Will You Pay?
Let’s take an example:
| Loan Amount | Interest Rate (Approx.) | Tenure | Monthly EMI | Processing Fee Saved |
|---|---|---|---|---|
| ₹10,00,000 | 11.15% p.a. | 6 years | ₹19,000 (approx) | ₹10,000 to ₹20,000 |
The actual EMI may vary slightly based on your profile and specific terms. You can check precise EMIs using SBI’s Personal Loan EMI Calculator on their website.
Eligibility Simplified: Who Can Apply?
| Criteria | Details |
|---|---|
| Age | 21 to 58 years |
| Employment | Salaried (Govt., PSUs, corporates, educational institutions) |
| Minimum Net Monthly Income (NMI) | ₹15,000 |
| Service Period | Minimum 1 year |
| EMI/NMI Ratio | Below 50% |
SBI Offers Personal Loan FAQs
1. Is there really no processing fee?
Yes, SBI has waived the processing fee entirely till March 31, 2025.
2. What is the maximum loan I can get?
You can avail a personal loan of up to ₹20 lakh, depending on your income and eligibility.
3. Who is eligible for this loan scheme?
Salaried individuals working in Government departments, PSUs, reputed corporates, or educational institutions with at least 1 year of employment history.
4. What documents are required?
Basic KYC documents, salary slips, ITR, and bank statements are needed.
5. Can I apply online?
Absolutely! You can apply via SBI’s official website or the YONO SBI app.
6. What is the interest rate?
Interest rates start from 11.15% p.a. but may vary based on your profile and loan specifics.
