SBI Personal Loan Interest Rate 2022

SBI (State Bank of India) is committed to provide excellent financial products and services across every nook and corner of the country. The bank is functional from several years and constantly working towards making people financially independent. 

If your personal needs are growing but financial condition is drowning, then you can go for the personal loans from SBI. You can either opt for unsecured personal loan or can take a personal loan against any security to fulfill the financial liabilities on your own without having to depend on anyone else.

In addition to the regular forms of personal loan categories, SBI also provides customized loans for privileged customers. Given below are the interest rates of different types of personal loans from SBI

Product	Interest Rate
SBI Saral Loan	17.65% - 17.65%
SBI Xpress Credit Loan	10.60% - 11.60%
SBI Pension Loan	11.45% - 11.95%
SBI Festival Loan	12.50% - 16.60%
SBI Jai Jawan Pension Loan	12.45% - 12.45%

Personal Loan Charges 

Bank levies certain charges on personal loan applications for salaried as well as self-employed individuals. Given below is the breakdown of personal loan charges

	Salaried	Self Employed
Lowest Interest Rate	9.60%	11.20%
Processing Fee	In the range of 2% to 3%	In the range of 2% to 3%
Loan Tenure	6 months to 48 months	12 months to 48 months
Loan Amount	Rs. 50,000 to Rs. 15 Lakh	Rs. 50,000 to Rs. 15 Lakh
Part Prepayment Charges	Allowed after 0 EMI's, Nil charges	Allowed after 0 EMI's, Nil charges
Preclosure Charges	Allowed after 1 EMI's, Nil charges	Allowed after 1 EMI's, Nil charges

* There are no prepayment charges on a personal loan from SBI

There are many factors that drive personal interest rates from SBI. The bank accesses your loan amount, loan tenure, your financial liabilities, credit score, monthly salary, etc. before disbursing the personal loan. Given below some major factors affecting SBI Bank Personal Loan Interest Rate 

Loan Amount	The amount that the borrower wishes to borrow from the bank is the loan amount. Higher the loan amount, lower is the interest rate.  SBI generally offers loan amount between Rs. 50,000 and 15 Lacs.
Employer Category	SBI maintains a list of companies that fall in groups of top level, middle level, and low level. These companies are categorized based on the company’s size (no. of employees), annual turnover, reputation and relationship with the bank. Employees working in top level companies get good discounts and lower interest rates on a personal loan from SBI.
Salary	Your monthly salary says a lot about your repaying capacity. Individuals drawing a higher salary are most likely to get personal loans at less interest rate from SBI. The interest rate on personal loans varies from person to person based on their net monthly income.
Relationship with the Bank	An already existing customer of the bank can enjoy more benefits in terms of special rates, discounts on personal loans from SBI. Also, the persons who have managed their accounts well in the bank with timely payments in the past can get loans at lesser interest rates as compared to others.
Repayment Capacity	SBI checks whether the borrower is capable of repaying the loan or not before approving it. Bank uses CIBIL score to judge the repaying capacity based on the history of previous loans taken. CIBIL stores all the information regarding credit card bills payments of every individual.
Loan Tenure	Personal loans are generally loans with small tenure ranging from 6 to 48 months that are taken to fulfill the immediate financial needs.

Key Features of the SBI Bank Personal Loan Interest Rates

• Both salaried, as well as self-employed individuals can avail the loan from SBI.
• Persons falling within the age group of 21 to 58 years.
• Personal Loan amount of minimum Rs. 50,000 to maximum Rs. 15 Lakh can be taken.
• Loan Tenure for personal loans from SBI ranges from 6 to 48 months.
• The interest rate for personal loan falls in the range of 9.60% to 16.40%.
• The Lowest EMI on SBI personal loan is Rs. 2,174 per lakh, if we take the loan for 5 years. 

As with all other banks, SBI also has certain eligibility criteria for individuals applying for personal loans. The customer should fulfill the below-mentioned criteria for availing personal loans from SBI. People who can apply for the loan from SBI are

• Salaried personals such as doctors, CA, CS, architects, salaried employees working in MNC’s, Public Limited Companies and Government Sector Employees. SBI also offers personal loan to defense personals and armed forces. The interest rates on personal loans for government employees and defense personnel are different from private sector employees
• The age range of the applicant should be between 21 and 65 years 
• The monthly income should not be less than Rs. 24,000 
• Maximum loan amount eligibility is 15 times monthly income
• Minimum work experience should be 24 months

For availing SBI Bank Personal loan, a list of necessary documents needs to be submitted for easy processing of loan application. Here is the list of documents that you will require - 

For salaried employees

• Loan application form with all details
• 2 Passport Size Photo
• Identity Proof - Driving License/ Passport/ PAN/ Voter ID
• Copy of Income Tax PAN
• Residential Address Proof - Registered Rent Agreement/ Passport / Utility Bill (up to 3 months old)
• Income proof Documents - 3-month pay slips of the company you are currently working with, 3 months bank statements showing salary credit EMI debit messages.

Fees and Charges Associated with the SBI Bank Personal Loan

There are several other charges that the bank applies on personal loans, which you need to consider and compare before applying for the loan from SBI. The charges apart from interest rate are 

Part Payment Charges - Part Prepayment is allowed on SBI’s personal loans is allowed at absolutely no extra charges.

Pre-closure Charges – Pre closure charge needs to be paid in case you want to repay the entire loan amount before the loan tenure.  There are no pre-closure charges levied by SBI on personal loans after the payment of 1 EMI's.

Processing Fee – The processing fees on SBI personal loans ranges from 2% to 3% including the tax.  This fee is generally non-refundable for the majority of banks.

Other charges – After the approval of loan application, SBI provides a statement of other applicable charges on personal loan account. Some of the ‘other charges’ interest on late payments, loan cancellation charges applicable on delayed payments or if you want to cancel loan application after approval, EMI cheque bounce charges, etc.

EMI (or equated monthly installment) is a fixed amount of money that you pay monthly to the bank against the personal loan taken. This is the repayment of your loan amount to the bank. The personal loans from SBI are quite affordable with easy and low monthly installments and the lowest interest rate at 11%. The personal loan calculator from SBI works on this simple formula

    P*r* (1+r)^n/([(1+r)^n]-1)

In the above formula,

P is the Loan amount which ranges from Rs. 50,000 to Rs. 15 Lakh

r is the Rate of interest per month. The current interest rate on a personal loan is 12.50%

n is the tenure in the month which can be up to 48 months for SBI

• With SBI, you can make a part payment or pre-payment for your personal loan. You have this flexibility to close your loan account any time you want when you are capable enough to make the entire payment of your loan amount in one go. 
• SBI levies fees of 3% if you pre-pay your Personal Loan EMIs partly or entirely before loan tenure.
• In case, you want to close your personal loan account and proceed with the new account, then there is no need to pay foreclosure fees to the bank.

Here, you can see how SBI is different from other loan providers 

Lender	Loan Amount	Interest Rate	Personal Loan EMI for Different Tenures
			For 1 Year	For 3 Year	For 5 Year
SBI personal loan	Rs. 1,00,000	11%	Rs. 8,838	Rs. 3,274	Rs. 2,174
HDFC Bank	Rs. 1,00,000	15.50%	Rs. 9,049	Rs. 3,491	Rs. 2,405
ICICI Bank	Rs. 1,00,000	11.25%	Rs. 8,850	Rs. 3,286	Rs. 2,186
Bajaj Finserv	Rs. 1,00,000	12.99%	Rs. 8,931	Rs. 3,369	Rs. 2,275
Citibank	Rs. 1,00,000	10.99%	Rs. 8,838	Rs. 3,273	Rs. 2, 174
IDFC Bank	Rs. 1,00,000	11.50%	Rs. 8,862	Rs. 3,298	Rs. 2,199
Axis Bank	Rs. 1,00,000	15.75%	Rs. 9,061	Rs. 3,503	Rs. 2,419
Tata Capital	Rs. 1,00,000	11.25%	Rs. 8,850	Rs. 3,286	Rs. 2,186
Fullerton India	Rs. 1,00,000	20%	Rs. 9,263	Rs. 3,716	Rs. 2,649
IndusInd Bank	Rs. 1,00,000	11.99%	Rs. 8,884	Rs. 3,321	Rs. 2,224
Kotak Bank	Rs. 1,00,000	11.25%	Rs. 8,850	Rs. 3,286	Rs. 2,186
RBL Bank	Rs. 1,00,000	14.5%	Rs. 9,002	Rs. 3,442	Rs. 2,353
IIFL	Rs. 1,00,000	13%	Rs. 8,932	Rs. 3,369	Rs. 2,275
HDB Financial	Rs. 1,00,000	13.99%	Rs. 8,978	Rs. 3,417	Rs. 2,326
Karur Vysya Bank	Rs. 1,00,000	13.90%	Rs. 8,974	Rs. 3, 413	Rs. 2,322
Punjab National Bank	Rs. 1,00,000	12%	Rs. 8,885	Rs. 3,321	Rs. 2,224
Vijaya Bank	Rs. 1,00,000	12.90%	Rs. 8,927	Rs. 3,365	Rs. 2,270
Union Bank of India	Rs. 1,00,000	12.60%	Rs. 8,913	Rs. 3,350	Rs. 2,255
Syndicate Bank	Rs. 1,00,000	14.20%	Rs. 8,988	Rs. 3,427	Rs. 2,337
Standard Chartered Bank	Rs. 1,00,000	11.99%	Rs. 8,884	Rs. 3,321	Rs. 2,224
Indian Overseas Bank	Rs. 1,00,000	12.45%	Rs. 8,906	Rs. 3,343	Rs. 2,247
Andhra Bank	Rs. 1,00,000	12.85%	Rs. 8,925	Rs. 3,362	Rs. 2,268
Bank of Baroda	Rs. 1,00,000	11.60%	Rs. 8,866	Rs. 3,302	Rs. 2,204
Bank of Maharashtra	Rs. 1,00,000	12.95%	Rs. 8,929	Rs. 3,367	Rs. 2,273
Canara Bank	Rs. 1,00,000	14.10%	Rs. 8,983	Rs. 3,423	Rs. 2,332
Corporation Bank	Rs. 1,00,000	12.90%	Rs. 8,927	Rs. 3,365	Rs. 2,270
Dena Bank	Rs. 1,00,000	11.60%	Rs. 8,866	Rs. 3,302	Rs. 2,204
Federal Bank	Rs. 1,00,000	10%	Rs. 8,791	Rs. 3,227	Rs. 2,125
IDBI Bank	Rs. 1,00,000	12.50%	Rs. 8,908	Rs. 3,345	Rs. 2,250
Allahabad Bank	Rs. 1,00,000	12.80%	Rs. 8,922	Rs. 3,360	Rs. 2,265
Indian Bank	Rs. 1,00,000	14.20%	Rs. 8,988	Rs. 3,427	Rs. 2,337
Yes Bank	Rs. 1,00,000	10.75%	Rs. 8,826	Rs. 3,262	Rs. 2,161