SBI Personal Loan Interest Rates

SBI offers personal loan up to Rs. 20 Lakhs at attractive interest rates starting @ 11.15% for 6 years tenure. Below are the interest rates for SBI Personal Loans.


SBI Personal Loan Interest Rate

Interest RateStarting @11.15% p.a.10.30% - 10.25% p.a.
Processing FeeUp to 1.50% of the loan amount, minimum Rs. 1,000 & maximum Rs. 15,000 + GST1% of the loan amount, minimum Rs. 1,000 & maximum Rs. 10,000 + GST
Loan TenureUp to 6 yearsUp to 7 years
Lowest EMI Per LakhRs. 1,832 for 6 yearsRs. 1,647 for 7 years
Prepayment ChargesNil charges for floating rates loansNil charges for floating rates loans

Additional Info: Check SBI Mini Statement number online.

Factors Affecting Interest Rates of SBI Personal Loans

  • 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.

Why Should You Choose SBI Personal Loan?

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.

SBI Personal Loan Interest Rates of Different Schemes

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%
Other Applicants

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:

  • 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.
SBI Salary Package Account Holders9.60% - 11.10%
Other than Salary Package Account Holders (including Applicants not maintaining Salary Account with SBI)9.85% - 11.35%
Central & State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute11.50% - 13.60%
Co-operatives or Institutions not covered under regular Xpress Credit scheme & Unrated Corporates12.25% - 13.85%
Pension Loan (including PAPNL - Pre Approved pension Loans)9.75% - 10.25%
Clean Overdraft15.65%
Xpress Credit Insta Top-Up10.70%
Pre-Approved Personal Loans (PAPL)12.60%
SPL. PAPL9.60%
SBI Quick Personal Loan through CLP portal10.85% - 12.85%

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

Also Check: SBI Overdraft Facility in detail.

Calculate SBI Personal Loan EMI

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.

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.

SBI Personal Loan Customer Care

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

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SBI Personal Loan Interest Rates FAQs

How much time does SBI take to make a decision on my Personal Loan?


Usually the SBI takes around 2-7 days to convey the decision of the Personal Loan once the application is submitted.

Why should we take a Personal Loan from SBI?


SBI offers very attractive rates of interest when it comes to Personal Loans and also the lowest processing fees.

How much interest is charged on a Personal Loan by SBI?


The rate of interest for Personal Loans with SBI ranges from 10.30% to 15.65%, depending on the type of loan and applicant's repayment capacity.

What is the SBI Personal Loan Interest Rate for Salary Account?


SBI Personal Loan Interest Rate for Salary Account varies between 10.30% to 11.60% p.a.

How does interest rate affect your EMI?


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.

What is the lowest EMI per lakh by SBI on a Personal Loan?


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.

What is the minimum and maximum period of a Personal Loan with SBI?


The minimum and maximum period of Personal Loan with SBI is 6 months to 60 months.

How much Personal Loan amount I can borrow from SBI?


The SBI offers a Personal Loan amount of Rs. 25,000 to Rs. 20 Lakhs.

How much processing fee is charged on a Personal Loan by SBI?


SBI charges a processing fee of up to 1.50% on Personal Loans with applicable service taxes.

Is age an eligibility factor in order to get a Personal Loan from SBI?


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.

Can I add my spouse's income or earnings while applying for a Personal Loan with SBI?


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.