State Bank of India (SBI) offers personal loans with EMIs starting at Rs.2,224 per lakh. The bank charges interest rates ranging between 12.00% p.a. and 15.40% p.a.
|Rs. 6 lakh @13.10% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||Rs.28,553||Rs.20,245||Rs.13,683|
|Total Interest Payable (Rs.)||Rs.85,279||Rs.1,28,830||Rs.2,20,955|
|Processing Fee (Rs.)||Rs.6,000||Rs.6,000||Rs.6,000|
Example: If you have availed a personal loan of Rs.6 lakh through SBI at an effective interest rate of 13.10% p.a. and the processing fee is 1% of the loan amount, the table above show the details of your EMI, interest payable, and processing fee.
With more and more finance institutions making their name the segment, it is easy to avail personal loans these days. Also, the number of well-backed virtual moneylenders is on the rise. The allure of personal loans is the same whether you are looking for secured or unsecured financial aid. You can never predict when you might require money urgently. Relying on a credit cards is not always a smart move. There is a reason why personal loans are favoured by people. Hundreds of banks in India offer a variety of personal loans and hence you may safely assume that you can always zero in on one that suit your needs. SBI, the country’s largest public lender, offers a slew of personal loans and one instrumental aspect on the basis of which banks take decisions is how much money you earn on a monthly basis. After income verification, you only have to go to the official website of SBI and click on personal loans to apply for one.
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.
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