State Bank of India offers personal loans with EMIs starting at just Rs.2,147 per lakh.
Following a directive issued by the Reserve Bank of India (RBI), the State Bank of India had earlier provided a moratorium for personal loan EMIs falling due from 1 March 2020 to 31 May 2020. However, after the latest announcement on moratorium by RBI, the lender extended the moratorium for further three months for personal loan EMIs falling due from 1 June 2020 to 31 August 2020.
The bank charges interest rates ranging between 10.45% p.a. and 14.85% p.a. You can visit the BankBazaar’ website and use the personal loan EMI calculator to compute the EMI payable based on the loan amount, repayment tenure, and interest rate entered by you.
| Rs. 3 lakh @10.45% p.a. | 2 years | 3 years | 5 years |
| Equated Monthly Instalment (EMI) (Rs.) | Rs.13,906 | Rs.9,744 | Rs.6,441 |
| Total Interest Payable (Rs.) | Rs.33,741 | Rs.50,772 | Rs.86,445 |
| Processing Fee (Rs.) | Rs.3,000 | Rs.3,000 | Rs.3,000 |
SBI follows certain guidelines on what amount to approve as well as the applicant’s eligibility. On the personal loan page of SBI, you will see the EMI calculator that helps you gauge your eligibility and how much you can borrow for a specific tenure. Such online calculators help you to get an idea of how much you will have to keep aside from your monthly income towards EMI. The other significant feature that will come to your notice is the interest rate that change as per the term of loan you are comfortable with.
If you wish to know SBI-specific info, you may get those from the same web page or other third party financial sites offering the same information. Even though, there are numerous lenders providing competitive personal loans, they mostly set forth some terms and conditions and clarifications should be completed by the loan applicant. This is the reason why you should always do a rough calculation of your finances and income. Knowing this will give you a basic idea of how soon you will be able to settle the amount.
Yes, you can pay off the EMI in cash. This can be done by visiting an SBI bank branch.
The online EMI calculator results will not show you processing and the prepayment charges. The amount of these fees will differ from one lender to another. It also varies from one applicant to another. The amounts of these charges will be specified in the loan agreement which is given to the borrower when the loan is disbursed.
The reducing balance method is used by SBI for the calculation of personal loan EMI. In this method, the EMI is calculated based on the outstanding loan amount and it will not be calculated on the total principal amount.
You will be charged Rs.500 + GST as penalty every time you miss an EMI payment. A penal interest of 2% per month will also be applicable over and above the loan interest rate.
You can easily pay SBI personal loan EMI online via ECS (Electronic Clearing System) or NACH (National Automated Clearing House) or ACH (Automated Clearing House). These services allow you to transfer the EMI amount from any bank to your SBI personal loan account. Alternately you can use a cheque/DD/cash to pay your loan EMI by visiting a branch.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
State Bank of India announced a moratorium period of 3 months for all its term loans, following the policy announcement by the Reserve Bank of India of the same. This is applicable across the board for all of SBI’s term loans which will include personal loans, car loans, home loans, etc.
The moratorium policy was announced by the RBI Governor, Shaktikanta Das, as a measure to ease the economic impact of the Covid-10 pandemic which has resulted in a 21-day lockdown across India. The moratorium will be applicable for all kinds of terms loans on the outstanding effective from 1 March 2020.
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