SBI Personal Loan Interest Rates

Additional Info: Check SBI Mini Statement number online.

• Competitor ROI policies: One of the major factors that the banks need to take into consideration is the competition and also the market levels for the Personal Loan that is offered at a given interest rate.
• RBI's monetary policies: The monetary policies of RBI has a major effect on the Personal Loans interest rates as it influences the same by setting certain standard rates and also stipulating bank reserve requirements.
• Inflation: Inflation gives rise to higher interest rates when it comes to Personal Loans because the lender has to demand a higher rate to compensate for the reduction in the purchasing power of the money that will be paid-off by the customer in the near future.
• Credit score: A good credit score of 700 or above confirms the timely repayment capacity of the borrower and also makes them trustworthy to the bank which will in turn help in getting better interest rates.
• Bank history: The existing valued customers of the bank who have maintained a cordial relationship with the bank can actually negotiate with the bank for a better rate of interest.
• Area of employment: Self-employed individuals are offered personal loans at higher rate from SBI than salaried persons.
• Income: Higher income of an individual plays as a security and also ensures the bank of the loan repayment by the customer. Hence, applicants with higher earning get better rates than those who have low income levels.

Additional Info: Also check SBI Pension Loan scheme.

Availing a Personal Loan from SBI has several benefits, such as:

• The procedure to sanction the Personal Loan is very simple and transparent.
• The period of Personal Loan ranges from 1 year to 5 years.
• There are various offers and attractive interest rates on various types of Personal Loans.
• There are multiple options for a Personal Loan depending on customer requirements and financial needs.
• The processing fee is minimal and there are no other charges.
• SBI is known for a continuous customer care service with regard to Personal Loans.
• They also accept the applications online for sanctioning the Personal Loan.

Additional Info: Also check SBI Net Banking facility.

The rate of interest depends on the type of loan opted for and borrower’s repayment capacity.

 Following category of borrowers get special concessions in Rate of Interest (ROI) under the Xpress Credit scheme:

• For loan amount Rs. 10,00,000 or above: 50 bps concession in ROI
• For Platinum Salary Package customers: 50 bps concession in ROI
• For Central Public Sector Enterprises considered under ‘RATNA’ Status: 50 bps concession in ROI
• The total maximum concession cannot be above 100 bps over the card rate.

The interest rates of SBI personal loans for women and men are the same. There is no special concession available for women.

Also Check: SBI Overdraft Facility in detail.

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]

Where,

P is the principal loan amount

r is the interest rate

n is the tenure of Personal Loan in months.

The SBI 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

Email ID:- dgm.customerr@sbi.co.in

Write to:-

Deputy General Manager,

Customer Service Dept.

State Bank of India, State Bank Bhawan,

4th Floor, Madame Cama Road,

Mumbai - 400021