SBI offers personal loan up to Rs. 20 Lakhs at attractive interest rates starting @9.60% for 6 years tenure. Below are the interest rates for SBI Personal Loans.
|Interest Rate||Starting @9.60% p.a.||9.75% - 10.25% p.a.|
|Processing Fee||Up to 1.50% of the loan amount, minimum Rs. 1,000 & maximum Rs. 15,000 + GST||1% of the loan amount, minimum Rs. 1,000 & maximum Rs. 10,000 + GST|
|Loan Tenure||Up to 6 years||Up to 7 years|
|Lowest EMI Per Lakh||Rs. 1,832 for 6 years||Rs. 1,647 for 7 years|
|Prepayment Charges||Nil charges for floating rates loans||Nil charges for floating rates loans|
Availing a Personal Loan from SBI has several benefits, such as:
The rate of interest depends on the type of loan opted for and borrower’s repayment capacity.
|XPRESS CREDIT (including Pre-Approved Xpress Credit)|
|Defence, Para-Military, & Indian Coast Guard Salary Package Applicants|
Term Loan facility: 10.60% - 11.10%
|Overdraft facility: 11.10% - 11.60%|
Term Loan facility: 10.60% - 12.60%
|Overdraft facility: 11.10% - 13.10%|
Following category of borrowers get special concessions in Rate of Interest (ROI) under the Xpress Credit scheme:
|XPRESS ELITE SCHEME|
|SBI Salary Package Account Holders||9.60% - 11.10%|
|Other than Salary Package Account Holders (including Applicants not maintaining Salary Account with SBI)||9.85% - 11.35%|
|XPRESS CREDIT - NON-PERMANENT EMPLOYEES (NPES)|
|Central & State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute||11.50% - 13.60%|
|Co-operatives or Institutions not covered under regular Xpress Credit scheme & Unrated Corporates||12.25% - 13.85%|
|OTHER UNSECURED PERSONAL LOANS|
|Pension Loan (including PAPNL - Pre Approved pension Loans)||9.75% - 10.25%|
|Xpress Credit Insta Top-Up||10.70%|
|Pre-Approved Personal Loans (PAPL)||12.60%|
|SBI Quick Personal Loan through CLP portal||10.85% - 12.85%|
The interest rates of SBI personal loans for women and men are the same. There is no special concession available for women.
The monthly EMI paid for an SBI Personal Loan can be computed by using the three vital loan elements, which includes the SBI Personal Loan rate of interest, the principal loan amount and the period of repayment.
The mathematical formula to calculate EMI:
EMI = P x r x (1 + r) n/ [(1 + r) n ? 1]
P is the principal loan amount
r is the interest rate
n is the tenure of Personal Loan in months.
Personal Loan EMI Calculator will help you to plan your loan payments in such a way so that you need not face financial stress and pay the EMIs comfortably. You just need to fill in the details of the loan amount, period of the loan and the interest rate and within seconds our monthly EMIs are calculated. You can then make an informed decision and proceed ahead.
24X7 toll free numbers:-1800112211/18004253800
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Deputy General Manager,
Customer Service Dept.
State Bank of India, State Bank Bhawan,
4th Floor, Madame Cama Road,
Mumbai - 400021
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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Usually the SBI takes around 2-7 days to convey the decision of the Personal Loan once the application is submitted.
SBI offers very attractive rates of interest when it comes to Personal Loans and also the lowest processing fees.
The rate of interest for Personal Loans with SBI ranges from 9.60% to 15.65%, depending on the type of loan and applicant's repayment capacity.
SBI Personal Loan Interest Rate for Salary Account varies between 9.60% to 11.60% p.a.
The personal loan EMI is directly proportionate to the interest rate offered. Lower interest rate means lower EMI and higher rate will increase your personal loan EMI significantly.
SBI offers very attractive rates of interest when it comes to Personal Loans and also the lowest EMI is Rs. 1,832 per one Lakh.
The minimum and maximum period of Personal Loan with SBI is 6 months to 60 months.
The SBI offers a Personal Loan amount of Rs. 25,000 to Rs. 20 Lakhs.
SBI charges a processing fee of up to 1.50% on Personal Loans with applicable service taxes.
Yes, age is a vital eligibility factor in order to get a Personal Loan with SBI. An applicant should be at least 21 years of age at the approval time of the Personal Loan and 58 years of age at the time of loan maturity.
Yes, you can add your income or earnings along with your partner's income in order to increase the loan eligibility and get a higher loan amount sanctioned.