Hey Umesh. The SBI personal loan processing fee is 1.50 percent of the total approved loan amount plus the applicable GST, which is a minimum of Rs. 1000 plus GST and a maximum of Rs. 15,000. For the processing fee, there is a waiver /discount for certain categories of customers, as others shared in their answers. There is more to this fee, which you should be aware of. I am sharing that below.
What is the Processing Fee for Personal Loan SBI?
Now that you know the personal loan processing fee levied by SBI, there is something more to it. The bank says that the applicant will also be liable for paying the actual expenses regarding the stamp duty according to the State Stamp Act. There are no sorts of hidden charges here.
What is the Minimum CIBIL Score Needed to Avail SBI Personal Loan?
Let me also share the CIBIL score you must have to get the loan.
If you’re a defence and government salary package account holder, the minimum CIBIL score required is 650.
Whereas, if you are a corporate salary package account holder, the minimum CIBIL score required is 670.
So, this is all I know about the personal loan processing fee SBI Bank. I hope you find this information useful.
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What is the Processing Fee for Personal Loan in SBI?
With SBI's Personal Loan, you can get fast approval and prompt disbursal with little documentation for any purpose—be it a wedding, vacation, unanticipated expense, or planned buy.| Types of SBI Personal Loan | Processing fee for SBI personal loan |
| Xpress Flexi | Up to 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-), plus GST (Processing fee of personal loan in SBI waived up to 31.01.2023 as a special offer) |
| Xpress Credit | Loans to Salaried Employees having salary accounts with SBI 1.50% of the loan amount with a minimum of Rs 1000 +GST and Maximum of Rs 15000 +GST |
| Loan Against Mutual Fund Units | 0.50% of the Loan Amount + applicable Service Tax (ST) (Min: Rs 1000 Max: Rs 10,000 +applicable ST) |
| Loan against Sovereign Gold Bond | 0.50% of the Loan amount + applicable Service Tax or Rs 500 + applicable Tax, whichever is higher. |
| Loan Against Time Deposit | Zero processing charges |
| Loan against NSC/KVP | 0.35% of loan amount with a minimum of Rs. 500/- and Maximum of Rs. 2,500/- plus applicable GST |
| Loan against Insurance Policies | 0.35% of loan amount with a minimum of Rs. 500/- and Maximum of Rs. 2,500/- plus applicable GST |
| SBI QUICK Personal Loan | 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-) plus GST |
| SBI Xpress Elite | 1.50% of the Loan Amount (subject to minimum ₹1000/- & maximum ₹15000/-), plus GST (Processing Fee waived upto 31.03.2022 as a special offer) |
| Real-Time Xpress Credit | Upto 0.75% of the loan amount plus GST |
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When considering an SBI Personal Loan, one of the crucial aspects that often raises questions is the processing fee. I applied for the SBI personal loan a while back so I can tell you what is the SBI Personal Loan processing fee. At this moment, there is a festive offer that SBI has come up with. According to the offer, there is 0% processing fee till Jan 31, 2024. Let me share complete details for the processing details.
Understanding Processing Fee for Personal Loan SBI:
In my personal experience, SBI does charge a processing fee for personal loans. This fee is a one-time charge levied by the bank for the processing of your loan application and may vary based on the loan amount and other factors. SBI typically calculates the processing fee as a percentage of the loan amount. This percentage can vary based on the applicant's profile, the loan amount applied for, and the tenure selected. It's crucial to be aware of these factors to estimate the processing fee accurately. Here is the structure for processing fee for personal loan in SBI that they shared with me:
| Scheme Name | Processing Fees |
|---|---|
Clean Overdraft |
NIL |
SBI Pension Loan |
1% of the loan amount with a minimum of Rs 1000 +GST and Maximum of Rs 10000 +GST |
Jai Jawan Pension Loan |
NIL |
Xpress Credit |
1.50% of the loan amount with a minimum of Rs 1000 +GST and Maximum of Rs 15000 +GST |
In certain cases, based on your relationship with the bank or other factors, there might be room for negotiation on processing fees. It's worth exploring this option and discussing it with the bank officials during the application process.
Understanding the intricacies of SBI bank Personal Loan processing fee from personal experiences empowers you to make informed decisions throughout the loan application process.
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Authors Of The Question
Is there any Processing Fees in SBI Personal Loan?
Umesh
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3 Answers
1 Year
2023-12-11T11:09:37+00:00 2023-12-11T11:09:38+00:00Comment
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