SBI Personal Loan Scheme: Get Up to ₹20 Lakh Without a Guarantor — A Game-Changer for Borrowers

New Delhi, India The State Bank of India (SBI), the country’s largest public sector bank, has introduced a customer-friendly loan scheme that allows individuals to borrow up to ₹20 lakh with minimal paperwork and no guarantor requirement. This move is expected to bring significant relief to salaried professionals and aspiring entrepreneurs looking for hassle-free credit access.

No Guarantor Needed: Simplified Loan Process for Quick Approval

Traditionally, loan applicants often face prolonged processes and stringent requirements, including providing a guarantor or collateral. SBI has redefined this experience by offering personal loans that eliminate the need for both. According to SBI’s official website, the loan approval process is straightforward, and the interest is calculated on a daily reducing balance, making repayment more transparent and affordable.

Another key highlight: applicants will not be charged any hidden fees or processing charges. Borrowers can also apply for an additional loan after availing of the initial one — providing more financial flexibility during times of need.

Borrow up to ₹20 Lakh — Even Without an SBI Salary Account

The SBI personal loan scheme is open to a broad range of customers. Salaried individuals earning at least ₹15,000 per month and who have completed at least one year of employment are eligible. Remarkably, there is no requirement to maintain a salary account with SBI, making the offer even more inclusive.

Eligible applicants aged between 21 and 58 years can avail of loan amounts ranging from ₹24,000 up to ₹20 lakh, with repayment tenure options between 6 months to 6 years. The flexibility of loan amounts and tenure options makes this scheme suitable for everything from medical emergencies to major purchases or even starting a new venture.

Minimum Documentation, Maximum Benefits

To apply for this personal loan, applicants need to submit minimal documentation:

• Latest 6 months’ salary slips

• Income Tax Returns (ITR)

• Two passport-size photographs

• Valid ID proof (Aadhar, PAN, etc.)

• Proof of residence

These documents ensure faster verification and quicker disbursal, streamlining the entire borrowing experience.

Start Your Business with Just ₹1 Lakh via SBI e-Mudra Scheme

In addition to the personal loan offering, SBI is also supporting small entrepreneurs through its e-Mudra scheme, offering business loans ranging from ₹50,000 to ₹1 lakh. This digital-first initiative enables applicants to secure funding without complex paperwork, making it ideal for individuals aiming to launch micro or small enterprises. The online application process is seamless and empowers individuals to kickstart their entrepreneurial dreams with confidence.