SBI Personal Loan Interest rates

⋆ Interest Rate 9.99% ⋆

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      Rates as low as 9.99%*
      Loans Up to 30 Lacs
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      SBI Personal Loan Interest rates

      SBI Personal Loan Interest rates Key Features

      SBI Personal Loan Interest Rates 9.60% to 15.65% p.a.
      SBI Personal Loan Processing Fee 2.50% of the loan amount (Min Rs.2,999 & Max. Rs. 25,000)
      Loan Tenure Up to 72 Months
      Loan Amount Rs. 50,000 to Rs.40 lakh
      Minimum Salary/Income 15,000 onwards
      Minimum Credit Score Above 750
      Lowest EMI per lakh Rs. 2,187
      Pre-Payment/Foreclosure Charges 3% on Prepaid amount
      Overdue EMI Interest 2% per month on EMI

      Advantages of SBI Personal Loan Scheme

      • SBI bank provides its regular customers with the loan amount within 10 seconds after getting the loan approved and new customers within 4 hours of their loan application getting approved.
      • The applicant can choose the repayment tenure as per their suitability.SBI Personal Loan Interest Rates
      • SBI’s personal loan EMI’s are affordable and easy to pay.
      • The applicant can opt for a Fixed SBI Personal loan Interest Rate where the set interest rate on the personal loan will not change and you can pay a fixed amount for interest for the whole tenure of the loa.
      • The applicant can also choose for Floating SBI Personal loan Interest Rate where the interest rate will according to the bank’s norms and interest payments will have variability.
      • To avail a personal loan through SBI, the applicant does not require to have a guarantor or to provide security.
      • SBI offers personal loan to salaried individuals. The interest rate for each applicant is based on how good the credit score is!

      Factors affecting SBI Personal Loan Interest Rate


      Applicant’s profile is very important criteria which can affect the interest rate of the loan both ways. If the applicant has properly managed and presented their financial documents, credit history and previous loan behaviour, the interest rate may reduce while a poorly managed profile can either infuse more interest rate or can reject the loan application itself.

      Here, the applicant’s age also plays a very important role.

      Loan Tenure

      SBI’s personal loan tenure ranges between 1 year to 5 years. Though an applicant applying for a short term loan may need to pay higher interest rates when compared to long term loans.

      Repayment Capability 

      SBI bank considers repayment capability a big criterion for approval of the loan. Mainly, the applicant’s income, assets and creditworthiness are looked into before the bank offers a rate for the loan. A CIBIL score gives a very detailed review of repayment capacity and thus it is crucial to maintain a good CIBIL score with a credit score not less than 750.

      Relationship With The Bank

      SBI offers very decent offers, interest rates and low charges to applicants already holding an SBI account. Women are also offered special loan named “SBI Bank Personal Loan Diva”

      Applicants may even get discounts on the processing charges or reduced interest rates to those who have managed to show commitment to making their payments on time in the past.

      SBI Personal Loan Fees and Charges

      Common Charges:

      • Cheque swapping charges: Rs.500
      • Amortization schedule charges: Rs.200
      • Cheque bounce charges: Rs.550

      Applicants with Income of Rs.25,000 Per Month:

      Loan amount Rs.3 lakh
      Processing fee 1%
      Loan tenure 1 year
      Interest rate 15% p.a.
      EMI Rs.27,077
      Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
      Month 1 Rs.23,327 Rs.3,750 Rs.27,077 Rs.2,76,673
      Month 2 Rs.23,619 Rs.3,458 Rs.27,077 Rs.2,53,053
      Month 3 Rs.23,914 Rs.3,163 Rs.27,077 Rs.2,29,139
      Month 4 Rs.24,213 Rs.2,864 Rs.27,077 Rs.2,04,926
      Month 5 Rs.24,516 Rs.2,562 Rs.27,078 Rs.1,80,410
      Month 6 Rs.24,822 Rs.2,255 Rs.27,077 Rs.1,55,588
      Month 7 Rs.25,133 Rs.1,945 Rs.27,078 Rs.1,30,455
      Month 8 Rs.25,447 Rs.1,631 Rs.27,078 Rs.1,05,008
      Month 9 Rs.25,765 Rs.1,313 Rs.27,078 Rs.79,243
      Month 10 Rs.26,087 Rs.991 Rs.27,078 Rs.53,156
      Month 11 Rs.26,413 Rs.664 Rs.27,077 Rs.26,743
      Month 12 Rs.26,743 Rs.334 Rs.27,077 Rs. 0

      Applicants with Income of Rs.50,000 Per Month:

      Loan amount Rs.3 lakh
      Processing fee 0.5%
      Loan tenure 1 year
      Interest rate 12% p.a.
      Month Principal Paid(A) (in Rs.) Interest Paid(B) (in Rs.) EMI (A+B) (in Rs.) Outstanding Loan Balance (in Rs.)
      Month 1 Rs.23,655 Rs.3,000 Rs.26,655 Rs.2,76,345
      Month 2 Rs.23,891 Rs.2,763 Rs.26,654 Rs.2,52,454
      Month 3 Rs.24,130 Rs.2,525 Rs.26,655 Rs.2,28,32
      Month 4 Rs.24,371 Rs.2,283 Rs.26,654 Rs.2,03,953
      Month 5 Rs.24,615 Rs.2,040 Rs.26,655 Rs.1,79,338
      Month 6 Rs.24,861 Rs.1,793 Rs.26,654 Rs.1,54,476
      Month 7 Rs.25,110 Rs.1,545 Rs.26,655 Rs.1,29,366
      Month 8 Rs.25,361 Rs.1,294 Rs.26,655 Rs.1,04,005
      Month 9 Rs.25,615 Rs.1,040 Rs.26,655 Rs.78,391
      Month 10 Rs.25,871 Rs.784 Rs.26,655 Rs.52,520
      Month 11 Rs.26,129 Rs.525 Rs.26,654 Rs.26,391
      Month 12 Rs.26,391 Rs.264 Rs.26,655 Rs.0

      SBI Personal Loan Eligibility Criteria

      Everyone who can clear the following criteria can apply for SBI Personal Loan

      1. Age Range: Applicants aged between 18 years – 65 years.
      2. Nationality: The applicant should be a resident of India.
      3. The applicant should be a salaried or self-employed individual.

      SBI Personal Loan TopUp Loan

      Existing customers who require additional findings can opt for SBI personal top-up loan. The applicants can top-up their loan up to Rs.50 lakh or up their existing loan amount, whichever is lower. SBI offers personal loan top-up interest rate between 9.15 % p.a. to 9.65 % p.a. and the tenure is subject to that of the existing loan.

      SBI Personal Loan Balance Transfer

      Customers who want lower interest rates on their existing personal loans can aways choose the SBI Bank personal loan balance transfer from another financial lender. Transfering their personal loan balance to SBI Bank is easy and simple and customers will be offered interest rates as low as 11.49% and will be charged a processing fee of Rs.3,499.

      SBI Personal Loan FAQ

      ✅What are the SBI Bank personal loan interest rates?

      SBI Personal Loan Interest Rates for salaried individuals applying are between 10.75% p.a. to 21.50% annually.

      ✅Can I close SBI Bank personal loan before 1 year?

      One cannot foreclose SBI Bank personal loan account before payment of 12 EMIs.

      Is it possible for non-SBI customers to apply for a personal loan from SBI Bank?

      Yes, it is possible if you meet all the personal loan eligibility criteria required to avail the loan.

      How to check SBI Bank personal loan balance?

      You can call on 9878981166 and Dialabank will provide you with the necessary details right away.