SBI Personal Loan Interest Rates @ 9.99%

SBI Personal Loan Interest rates

⋆ Interest Rate 9.99% ⋆

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’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

Profile

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

Age Range: Applicants aged between 18 years – 65 years.
Nationality: The applicant should be a resident of India.
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.