SBI Bank ₹1 Lakh Loan : Features, Eligibility, and How to Apply

SBI Bank ₹1 Lakh Loan : Features, Eligibility, and How to Apply

State Bank of India (SBI), the largest public sector bank in India, offers a wide range of financial products to suit the needs of every individual. One of its most popular offerings is the personal loan, which can be availed for amounts as low as ₹1 lakh. Whether you’re dealing with a medical emergency, planning a wedding, or covering travel expenses, SBI’s ₹1 lakh personal loan is a convenient and accessible option with simple documentation and quick processing.

Key Features of SBI ₹1 Lakh Personal Loan

1. Loan Amount: You can avail a loan starting from ₹25,000 up to ₹20 lakh. For those seeking a small amount, ₹1 lakh is a common and easily sanctioned figure.

2. Interest Rate: SBI offers competitive interest rates starting around 11.15% per annum. The exact rate depends on your credit profile, employment status, and loan scheme.

3. Repayment Tenure: Flexible repayment period ranging from 6 months to 6 years (72 months), allowing borrowers to choose a tenure that fits their monthly budget.

4. Minimal Documentation: SBI requires basic KYC documents and proof of income. This ensures faster processing and minimal hassle.

5. Quick Disbursal: Once approved, the loan is disbursed within a few hours to a couple of working days.

6. No Collateral Needed: This is an unsecured loan, so no security or guarantor is needed.

7. Online and Offline Application: You can apply online via the SBI YONO app or website, or by visiting the nearest SBI branch.

Types of SBI Personal Loans Available for ₹1 Lakh

1. SBI Xpress Credit Loan: Available to salaried individuals with a salary account in SBI. It is ideal for employees of government departments and PSUs.

2. SBI Pension Loan: Tailored for central and state government pensioners. Quick approval with minimal formalities.

3. SBI Quick Personal Loan: General loan scheme for any salaried or self-employed individual with good repayment history.

Eligibility Criteria

To be eligible for a ₹1 lakh loan from SBI, the following basic conditions must be met:

• Age: Applicant must be between 21 to 58 years.

• Employment: Must be a salaried employee, pensioner, or self-employed individual with stable income.

• Income: Minimum monthly income should typically be ₹15,000 and above.

• CIBIL Score: A credit score of 700 or more is preferred for easy approval.

• Existing Relationship: Having a salary or savings account with SBI increases the chances of approval.

Documents Required

• Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID.

• Address Proof: Utility bill, Rent agreement, Passport.

• Income Proof:

  • Salaried: Latest salary slips, Form 16, and bank statements.

  • Self-employed: IT returns and audited financial statements.

• Photograph: Recent passport-sized photo.

• Loan application form: Duly filled and signed.

How to Apply for SBI ₹1 Lakh Loan

Online Method (via YONO SBI App):

1. Log in to the YONO SBI app.

2. Go to “Loans” > “Personal Loan”.

3. Select the amount (₹1 lakh), tenure, and EMI preference.

4. Upload documents if required.

5. Get instant approval or schedule a verification.

Offline Method:

1. Visit your nearest SBI branch.

2. Collect and fill out the personal loan application form.

3. Submit required documents.

4. Await verification and approval.

EMI Calculation for ₹1 Lakh Loan

Here’s an example EMI calculation:

• Loan Amount: ₹1,00,000

• Interest Rate: 11.5% p.a.

• Tenure: 2 years (24 months)

• EMI: ₹4,690 approx.

Note: EMI may vary based on the applicable interest rate and tenure.

Final Thoughts

SBI’s ₹1 lakh loan is an ideal solution for individuals looking for quick funds with flexible repayment options. Backed by trust, transparency, and a strong network of branches, SBI ensures customer-friendly terms and reliable service. Before applying, compare interest rates, check your CIBIL score, and use SBI’s loan EMI calculator for better planning.