Description

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.

SBI Bank Personal Loan Interest Rate

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

7.65% - 17.65%

SBI Xpress Credit Loan

11.90% - 15.00%

SBI Pension Loan

12.45% - 12.45%

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

12.50%

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 personal loan from SBI

Factors Affecting the SBI Bank Personal Loan Interest Rate

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 12.50% to 16.60%.
  • The Lowest EMI on SBI personal loan is Rs. 2,174 per lakh, if we take the loan for 5 years. 

Eligibility Criteria of SBI Bank Personal Loan

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

Documents Required to Avail SBI Bank Personal Loan

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.

SBI personal loan EMI Calculator

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

Loan Repayment Options

  • 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

FAQ

Q. In how many days I can get to know whether my personal loan application got approved or rejected.

A. It generally takes 15 days for banks to make a decision on loan application after submitting it by the borrower. However, there are certain banks that may grant instant personal loans that take a few hours to 2-3 days for approval.

Q. How is it beneficial to take a personal loan from SBI?

A. SBI offers the lowest interest rate on personal loans at a rate of 11%. It provides the lowest EMI of Rs. 2,174 on every 1 lakh. You can consider opening your loan amount with SBI if you are paying EMI higher than this or you can also go for balance transfer and move your loan to SBI from any other bank.

Q. What are SBI personal loan products?

A. In SBI, there is a provision to customize your personal loan according to your needs. It has offers for specific requirements of customers so as to provide the best offers and low-interest rates that are favorable to them. Some of the popular types of personal loans that SBI offers to its customers include:

SBI Xpress Credit Personal Loan - This product of SBI is specially designed to benefit employees of Central and state government, Central PSUs, Quasi Government, Profit making State PSUs, Educational Institutes and few selected companies working for public welfare to help them meet their financial needs.

SBI Saral Personal Loan- This product from SBI is a personal loan that is granted to salaried employees or self-employed individuals to cover their personal expenses such as medical emergency, daughter’s marriage, children education or planning a vacation.

SBI Pension Loan - SBI Pension loan is given to the government employees who are drawing their pensions to meet their financial liabilities for medical expenses, family obligation or for traveling from one place to another.

State Bank Festival Loan - The expenses increase in festival seasons in India, therefore SBI offers Festival Loan to meet personal requirements of funds

Jai Jawan Pension Loan - This loan is specifically available for all the young defense personals and pensioners of paramilitary forces to provide them adequate funds that can meet their personal expenses

Q. How much interest is imposed by SBI on a personal loan?

A. The interest rates for personal loans in SBI range from 11% to 16.60%. The rate of interest is comparatively less for salary account holders in SBI as compared to other customers.

Q. What are the minimum and maximum tenure of personal loan in SBI?

A. Minimum tenure for repaying the personal loan in SBI is 6 months and maximum tenure is 48 months.

Q. What is the lowest EMI (every 1 lakh) on a personal loan from SBI?

A. The lowest EMI per lakh on SBI personal loans is Rs. 2,174, if we take the duration of 5 years as tenure. 

Q. What is the maximum limit of the personal loan amount that can be borrowed from SBI?

A. You can borrow a minimum amount of Rs. 50,000 and a maximum amount of Rs. 15 Lakh from SBI as personal loans

Q. What is the processing fee on SBI personal loan?

A. The processing fees charged by SBI fall in the range of 2% to 3% including the applicable service tax.

Q. Is age an eligibility factor for personal loan approval from SBI?

A. Yes, age is one of the most important factors to be eligible for a personal loan from SBI. A person should be at least 21 years old at the time of applying a loan and 58 years old at the time of loan maturity.

Q. Does SBI impose any prepayment charges on a personal loan?

A. SBI does not charge for prepayment of personal loans

Q. Is it possible to add my spouse's income while taking a personal loan from SBI?

A. It is better to combine your income and your spouse’s income to increase the eligibility of personal loan from SBI. Also, you can apply for a higher amount if the combined income is high. 

Q. What are the benefits of taking a personal loan from SBI?

A.

•    There are no prepayment charges on SBI personal loan

•    The customer service is top class, flexible and transparent

•    The personal loan approval process is hassle-free and Quick in SBI

•    SBI has more than 25 thousand branches in India from where you can avail the services

•    It provides special offers for privileged and existing customers.

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