Short answer: SBI’s range is narrow (10% to 15% a year) and its fee is capped at ₹15,000, but you need an SBI salary account. Bajaj Finance is open to more borrowers, including self-employed, with Flexi loans and tenures up to 108 months, at a wider range (10% to 30.5%) and fees up to 4.13% including taxes.
Last verified: 12 October 2026 from each company’s official website and, where marked, its Google Play listing. Rates and fees change; the lender’s Key Fact Statement (KFS) and loan agreement decide your actual terms. FundsTiger does not rank lenders.
SBI vs Bajaj Finance at a glance
| SBI | Bajaj Finance | |
|---|---|---|
| Type | Public sector bank | RBI-registered NBFC (Upper layer) |
| Loan amount | ₹1 lakh to ₹50 lakh (Digi Personal Loan), within 30x monthly income | ₹40,000 to ₹55 lakh |
| Interest rate | 10% to 15% a year (personal loan scheme, from 15 Dec 2025) | 10% to 30.5% a year |
| APR | Not published | Not published |
| Processing fee | Up to 1.5% (minimum ₹1,000, maximum ₹15,000) + GST | Up to 4.13% of the loan amount, including taxes |
| Tenure | 6 to 84 months | 12 to 108 months |
| Minimum income | ₹20,000 a month (government and defence); ₹25,000 (corporate employees) | From ₹25,001 a month depending on city (₹40,000 cited for Pune, Bengaluru, Mumbai, Delhi) |
| Who can apply | Salaried only, with an SBI salary account; rates vary by employer category (defence, government/PSU, corporates) | Salaried (public, private or MNC); self-employed also listed |
| Age | Not stated on the page we checked | 21 to 80 at the end of the loan |
| Prepayment and foreclosure | Not specified on the Digi Personal Loan page; the older Xpress Credit page says 3% of the amount prepaid, nil if closed by a new loan under the same scheme | Term loan: up to 4.72% incl. taxes on full or part-prepayment. Flexi loans: no part-prepayment charge. |
| Product | Term loan; Xpress Flexi overdraft variant | Term loan, Flexi Dropline and Flexi Hybrid |
| RBI-regulated lenders | SBI lends directly | Bajaj Finance lends directly |
| On RBI’s digital lending app list | Yes: its own banking app is listed | Yes: 1 RBI-regulated lender lists it; 10Cr+ installs, rated 4.7 |
| Also worth knowing | Fully digital through YONO with Aadhaar e-sign; EMIs can be up to 65% of net monthly income | Flexi loans charge interest only on the amount withdrawn; Flexi Hybrid: interest-only EMIs for up to 36 months; CIBIL score 650 or higher |
Install counts and ratings are from Google Play, as recorded on RBI’s digital lending app list check of 5 October 2026.
What a ₹3 lakh loan over 36 months would cost
We costed the same loan on each lender’s advertised figures, using the standard reducing-balance EMI formula and adding 18% GST to fees where the lender quotes them before tax. The lowest advertised rate is usually for the strongest credit profiles; many borrowers are offered more.
| Lender | Scenario | Rate a year | EMI | Total interest | Fee incl. GST | Total cost |
|---|---|---|---|---|---|---|
| SBI | Low end of scheme range | 10% | ₹9,680 | ₹48,486 | ₹5,310 | ₹53,796 |
| SBI | High end of scheme range | 15% | ₹10,400 | ₹74,386 | ₹5,310 | ₹79,696 |
| Bajaj Finance | Lowest advertised rate | 10% | ₹9,680 | ₹48,486 | ₹12,390 | ₹60,876 |
| Bajaj Finance | Highest advertised rate | 30.5% | ₹12,818 | ₹1,61,440 | ₹12,390 | ₹1,73,830 |
Try your own numbers in our personal loan EMI calculator. For loans quoted only as APR, the APR already includes fees, so the total is an estimate.
Key differences
- Rate range: SBI 10% to 15%; Bajaj Finance 10% to 30.5%.
- Fee: SBI up to 1.5% (₹15,000 cap) + GST; Bajaj up to 4.13% including taxes.
- Who can apply: SBI salary account holders only; Bajaj lists salaried and self-employed.
- Flexibility: Bajaj Flexi loans charge interest only on what you withdraw.
Which should you choose?
SBI may suit you if your salary is with SBI. On published figures it is likely to cost less.
Bajaj Finance may suit you if you do not bank with SBI, are self-employed, or want a Flexi line.
Whichever you pick, compare the APR in the KFS you are actually offered, not the advertised starting rate.
Before you apply
- Find the lender’s name in the app and check it on RBI’s list of digital lending apps or our RBI-registered NBFC search.
- Read the Key Fact Statement (KFS) before you accept. It must show the APR, every fee and the total you will repay.
- Never pay a fee before the loan is disbursed. Regulated lenders deduct fees from the loan or add them to the EMI.
- Apply to one or two lenders, not ten. Each application is a hard enquiry on your credit report.
- Check that the EMI fits your budget with our FOIR calculator.
Want to see offers from several RBI-regulated lenders in one place?
Frequently asked questions
Is a bank always cheaper than an NBFC?
Not always, but SBI’s published maximum (15%) is much lower than Bajaj Finance’s (30.5%). If you qualify for SBI, compare its offer first.
What credit score does Bajaj Finance need?
Bajaj Finance states 650 or higher. SBI does not publish a minimum on the page we checked.
Are these lenders RBI-regulated?
The loans described here are given by RBI-registered NBFCs or banks named in the table. Check the lender named in your loan agreement on RBI’s digital lending app list.
Where do these figures come from?
From each company’s official website and, where noted, its Google Play listing, checked on 12 October 2026. Where a company’s own pages disagree, we show both figures.
Sources
- SBI Digi Personal Loan (Xpress Credit)
- SBI personal loan interest rates
- SBI processing fees
- Bajaj Finance personal loan page
- Bajaj Finance loan for salaried
Read more: Bajaj Finance app review · Bajaj Finance lender profile · All loan app reviews · Lender directory
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Disclosure: FundsTiger (Gatimaan Finance Advisors Pvt. Ltd.) is a loan marketplace and lending service provider for RBI-regulated lenders. Aparampaar Finance Pvt. Ltd. (Omozing), one of those lenders, is a related party of FundsTiger. This article is general information, not financial advice. Read your loan agreement and KFS before you decide.