SBI offers personal loans at interest rates starting at 11% p.a. with tenures of up to 7 years. Depending on your eligibility, the loan amount ranges from Rs.25,000 to Rs.20 lakh. The processing fee ranges up to 1.5% of the loan amount.
SBI personal loans are offered to self-employed individuals and salaried individuals as well as those involved in business and aim to fulfill personal or otherwise needs that are not covered under traditional loan schemes. In short, personal loans from SBI is did not plan; they can help with expenses. Personal loans from the State Bank of India are voluntarily available through minimal documentation, at no security/sponsor, and advance charges.
The SBI Bank personal loan EMI calculator is a practical and time-saving instrument that aids you with accurate calculations of your Interest outgo, EMIs, and total Amount you are due towards a personal loan effortlessly. The workings of the EMI calculator are Loan amount, tenure & interest rate.
Table of Contents
The interest rate of Salaried/Self Employed
Interest rate: 1% p.a.- 14% p.a. 11.15% p.a. -11.65% p.a.
Loan Amount: Minimum: Rs.25,000/Maximum: Rs.20 lakh
Loan Tenure: Up to 72 months Up to 84 months
Processing Fee: 1.5% of loan amount + tax
Age: 21 – 58 Years
Salary/Income: Rs.15,000 onwards
Credit Score: 750 and above
Prepayment Charges: 3% on prepaid Amount
The interest rate of Pensioners
Interest rate: 11.15% p.a. -11.65% p.a.
Loan Amount: Minimum: Rs.25,000/Maximum: Rs.14 lakh
Loan Tenure: Up to 84 months
Processing Fee: 0.5% of loan amount + tax (Minimum of Rs.500)
Age: Up to 78 years
Salary/Income: At the discretion of the bank
Credit Score: At the discretion of the bank
Prepayment Charges: 3% on prepaid Amount
SBI Personal Loan Schemes
Personal Loan Schemes and Interest Rates (p.a.)
SBI XPRESS CREDIT (including PAXC-Pre-Approved Xpress Credit) Loan
- For Defence/ Para-Military/ Indian Coast Guard Salary Package Applicants: 11.00% – 12.50%
- For Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status: 11.00% – 13.50%
- For Other Applicants: 12.00% – 14.00%
- SBI XPRESS Elite Scheme: 11.00% – 11.50%
- XPRESS FLEXI SCHEME: 11.25% – 12.75%
- SBI Salary Package Account Holder: 11.25% – 12.75%
- Salary Account with another bank: 11.25% – 11.75%
- XPRESS LITE SCHEME: 12% – 14.50%
- SBI QUICK PERSONAL LOAN SCHEME THROUGH CLP PORTAL: 7.2% – 27%
- OTHER UNSECURED PERSONAL LOANS
- Pension Loan: 11.15%-11.65%
- Xpress Credit Insta Top-Up: 12.10%
Factors Affecting SBI Personal Loan Interest Rates
SBI personal loan interest rates can change for any individual approved for a personal loan. The approval process might be dependent on several factors, such as –
Personal loan amount- Based on the Amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers.
Tenure of the personal loan- Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest.
Repayment capacity- State Bank of India will check the repayment capability of a customer. Depending on the number of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates.
Income- Income is essential for loan eligibility as well. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer.
Assets- The presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one’s life. Based on the same, the State Bank of India might provide a preferential rate of interest for personal loans.
Relationship with the bank- An existing customer of State Bank of India is bound to get preference when applying for a personal loan, and the bank might consider providing a better rate of interest to the customer.
CIBIL scores- Approval of a personal loan considers one’s credit history. So, the CIBIL score might also work in favor of getting a better interest rate from the bank.
Key Points Regarding SBI Personal Loan Interest Rates
Availing of a personal loan from the State Bank of India is easy for individuals who meet the base minimum eligibility criteria. However, the following points should be borne in mind –
The interest rates in the State Bank of India for personal loans are subject to the repo rate of RBI and may come down further, but not necessarily immediately.
The personal loan interest rates in the State Bank of India are floating, not fixed, and are a mixed bag depending upon the scheme availed.
Personal loans from the State Bank of India don’t require any security or guarantor, but having a stellar financial record and investments in government securities might aid in getting a better interest rate.
While the State Bank of India might keep your credit score in mind, the interest rates may or may not change.
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