Sbi Personal Loan Interest Rate

Last modified:2019-12-13


SBI Personal Loan Interest Rates are considered to be most affordable in the public banking sector. SBI Personal Loan Interest Rates are given in such way where it is not a burden for the customer to payback. SBI Personal Loan Interest Rate also depends based on different factors considered by the bank and more details on SBI Personal Loan Interest Rate are listed below.

You Can Also Search for Personal Loan

#1. Personal Loan
#2. SBI Personal Loan
#3. HDFC Personal Loan
#4. Axis Bank Personal Loan
#5. ICICI Personal Loan
#6. Personal Loan Interest Rates
#7. HDFC Personal Loan Status
#8. Bajaj Finance Personal Loan
#9. Loan Against Property
#10. HDFC Personal Loan Interest Rate
#11. Personal Loan Eligibility
#12. Personal Loan Calculator
#13. HDFC Personal Loan EMI Calculator

Overview on SBI Personal Loan Interest Rate

Personal Loans are availed by individuals to meet their needs and can be availed for any personal reasons from medical expenses to buying a new gadget. SBI provides personal loans for the people to meet their financial needs with lowest Interest rates. Get a complete overview on SBI Personal Loan Interest Rates on different type of loans, other charges associated with the Personal Loan are given in the sections below.
Key details related to SBI Personal Loan Interest Rates are given in the below table.

 
Particulars

For Salaried applicants

For Self-Employed applicants

Interest Rates p.a

12.50%-16.60%

11.20%-16.30%

Loan amount

Rs.10000 - Rs.15 lakhs

Rs.5 lakhs - Rs.1 Crore

Foreclosure

Possible after 1 EMI

Possible only after 6 EMI

Processing fees

2.02% to 3.03% of loan amount

2% to 3% of loan amount

Lowest EMI

Rs.2658 per lakh

Rs.2594 per lakh



What are the Types of SBI Personal Loan Interest Rate?

Applicant who is applying for SBI Personal Loan should be well informed on the Interest Rates of Personal Loans. Interest rates on Personal loan is based on the economic conditions, eligibility, and also personal credit history. One should also check the other charges associated with the SBI Personal Loan like processing fees, pre-closure charges, etc. So before availing for Personal Loans a good market research on Interest rates and other charges should be made by the applicant and then go forward to apply. Home Loan Interest rates are of two types

  • Fixed rates - constant throughout the tenure
  • Floating rates - gets reset with the altering market conditions

What are the Factors Bank Consider to Fix Interest Rate? 

There are certain range of interest rates quoted by banks and the interest rates differ from bank to bank. Also, the interest rates differs for each individual who is applying for the loan and the bank fixes the interest rate based on many factors. Here are few parameters on which a bank fixes the interest rates on your loan request.
  • Your Credit Score/CIBIL Score - The first thing a bank checks on to fix the interest rates for the loan amount you have quoted for is your credit score. Credit Score of 750-900 is considered to be good range and there are chances of lower interest rates being approved by the bank. It is recommended that you maintain a good credit score.
  • Loan Amount - The loan amount you quote for influences the interest rate. The higher the loan amount there are chances of lower interest rates.
  • Interest Rates - The loan Interest differs based on the fixed or floating interest rate you are opting for.
  • Tenure of the Loan - Banks are ready to provide lower interest rates on longer time period of the loan. 
  • Personal Loan Type - Based on different requirements banks provide different type of home loans and the type of loan you choose determines the interest rate.
  • Income of the applicant
  • Repayment Capacity of the applicant.
  • Relationship of the applicant with the bank is also considered while fixing interest rates.
  • Other factors like qualification, years of experience, repayment capacity, etc determines the interest rates. The bank checks on each of the criteria and then fixes the interest rate.

What are the Checkpoints that Applicants should Consider?

  • It is not considered wise by choosing to opt for bank that provides lowest interest rates but one should consider other factors. 
  • Sometimes bank gives the lowest interest rates but has other charges like preclosure charges, processing charges at higher rate.
  • Few other factors are to be checked of the bank before proceeding, like customer service, proper document processing, earlier lending history, providing proper documents, etc.

What is the SBI XPRESS CREDIT Personal Loan Interest Rate? 

SBI XPRESS CREDIT personal loan is for the applicants who are in need of immediate financial help. Those who are in need of funds for medical expense or vacation or many other immediate funds, then this loan scheme can be chosen. Minimum amount of Rs.24000 and maximum of 24 times of applicant’s net monthly income not exceeding Rs.15 lakhs can be obtained as loan through this scheme. Interest rates for this type of personal loan are given in the below.
 

Facility Type

CIBIL Score

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate With No Reset

Term Loan

No Check Off

8.25%

3.40% - 6.40%

11.65%-14.65%

Term Loan

Check Off

8.25%

2.90% -5.90%

11.15% -14.15%

Overdraft

No Check Off

8.25%

3.90% - 6.90%

12.15% -15.15%

Overdraft

Check Off

8.25%

3.40% -6.40%

11.65% -14.65%

 

What is the SBI Personal Loan Interest Rate for IT Employees Scheme?

 

Credit Info Bureau Score

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate With No Reset

750 and above

8.25%

4.80%

13.05%

550-749

8.25%

5.80%

14.05%

Less than 550/

No Score.

8.25%

6.80%

15.05%

What is the SBI Personal Loan Interest Rate for XPRESS Elite Scheme?

For SBI Salary Package Account holders
 

Credit Info Bureau Score

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate With No Reset

800 and above

8.25%

2.40%

10.65%

700-799

8.25%

2.90%

11.15%

600-699/ No Score

8.25%

3.90%

12.15%

Less than 600

NO LOAN


For other salary package account holders including applicants not maintaining salary account with SBI
 

Credit Info Bureau Score

2 year MCLR

Spread over 2 year MCLR

Effective Interest Rate With No Reset

800 and above

8.25%

2.65%

10.90%

700-799

8.25%

3.15%

11.40%

600-699/ No Score

8.25%

4.15%

12.40%

Less than 600

NO LOAN

What is the Eligibility Criteria to Apply for SBI Personal Loan? 

To obtain a personal loan from the SBI, one has to qualify to the eligibility criteria. This is to ensure that the customer could complete the repayment of the loan amount on time. The eligibility for availing personal loan are as follows.
  • Age - One should be minimum 21 years and maximum 58 years to avail a personal loan
  • Income - The loan amount is provided by considering the monthly income of the people. The minimum monthly income must be Rs.24000 to avail for a personal loan.
  • Stability - Job stability and number of years for the business to be run is a additional point that is taken into consideration at the fixation of the loan. 
  • CIBIL Score - One should qualify a good score and must have correctly paid back the old and existing loans , in order to easily be eligible for a loan sanction.

What are the Necessary Documents Required to Apply for SBI Personal Loan? 

Only very necessary documents for obtaining a loan are requested for submission. The documents required for obtaining the SBI personal loan are as follows.
  • Proof of Identity
  • Address Proof
  • Application form with photograph and signature
  • Salary pay slip for salaried people
  • Latest bank statement in case of self employed people
  • Aadhar Card
  • 3 months bank statement that shows the salary credit for salaried people
  • Pan card
  • 2 passport size photo

 

National News related Articles

FASTag related Articles

Summit & Conference related Articles

Festival related Articles

IRCTC related Articles

Schemes related Articles

Cinema News related Articles

Cricket News related Articles

ATM Transcations - RBI related Articles

Whatsapp Messenger related Articles

Virat Kohli Hits a century related Articles

Reliance Jio related Articles

CIBIL related Articles

GST related Articles

Passport related Articles

Reliance Jio GigaFiber related Articles

Two Wheeler Loan related Articles

HDFC Loan Status related Articles

Gold Loan related Articles

Business Loan related Articles

Car Loan related Articles

Education Loan related Articles

Mudra Loan related Articles

Personal Loan related Articles

Home Loan related Articles

PAN Card related Articles

RRB related Articles

Paytm Payments Bank related Articles

Awards related Articles

Technology News related Articles

Environment related Articles

MoU & Agreement related Articles

Visits related Articles

Science & Technology related Articles

Vodafone Idea related Articles

National related Articles

Business/Economy related Articles

related Articles

Arts & Culture related Articles

Index/List related Articles

Important Days related Articles

Sports News related Articles

Banking and Finance related Articles

Link Aadhar With Bank Account related Articles

AADHAR CARD related Articles

Link Aadhar With OTHERS related Articles

Link Aadhar With Mobile Number related Articles






सरकारी नौकरी अब हिंदी में





FreshersLive - No.1 Job site in India. Here you can find latest 2019 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.