Multiple banks. Different interest rates. Call it a "conflict of interest".

SBI Personal Loan Interest Rates

SBI offers personal loans at interest rates ranging between 12% to 17.05% p.a. for Salaried/Self employed and for Pensioners at 11.95% - 12.45% p.a. with a loan tenure up to 6 years. The minimum loan amount that you can avail is Rs.25,000 and maximum loan amount being Rs.15 lakh.

Particulars Salaried/Self Employed Pensioners
Interest rate 12% – 17.05% p.a 11.95% - 12.45% p.a.
Loan Amount Minimum: Rs.25,000
Maximum: Rs.15 lakh
Minimum: Rs.25,000
Maximum: Rs.14 lakh
Loan Tenure Up to 60 months Up to 84 months
Processing Fee 1% of loan amount + tax 0.5% of loan amount + tax (Minimum of Rs.250)
Age 21 - 58 Years Up to 78 years
Salary/Income Rs.5,000 onwards Rs.5,000 onwards
Credit Score 750 and above 750 and above
Prepayment Charges 3% on prepaid amount 3% on prepaid amount

State Bank of India (SBI) Personal Loans are offered to self-employed individuals and salaried individuals as well as those involved in business and are aimed at fulfilling needs personal or otherwise that are not covered under traditional loan schemes. In short, personal loans from SBI can aid in expenses that haven’t actually been planned in advance. Personal loans from State Bank of India are readily available through minimal documentation, at no security/guarantor and prepayment charges.

SBI Personal Loan Schemes

Personal Loan Scheme Best For Interest Rate (p.a.)
SBI Xpress Credit Loan Salaried individuals 12% to 12.50%
SBI Xpress Power Loan Salaried individuals 12.10% to 13.75%
SBI Pension Loan Retired employees 11.95% - 12.45%

SBI Xpress Credit Loan:

This loan can be availed by you to take care of your various needs such as funding your children’s education, cost of medical treatment, taking a vacation, etc. If you are a salaried individual, you can avail this personal loan scheme from SBI.

Some of the features and benefits of this plan are: 

1. Income: Minimum income: Rs.5,000 and Maximum income: EMI/NMI ratio should not be more than 50% 

2. Repayment tenure: 6 years 

3. Loan amount: There are two types of loan amounts that you can avail – Term Loan and Overdraft 

a. Term loan:

  • Minimum amount: Rs.25,000
  • Maximum amount: 24 times the NMI up to a maximum amount of Rs.15 lakh

b. Overdraft loan: 

  • Minimum amount: Rs.5 lakh
  • Maximum amount: 24 times the NMI up to a maximum amount of Rs.15 lakh
  • Processing fee: 1% of the loan amount
  • Penal interest: A penal interest of 2% p.a. will be charged on the available interest rate if you delay paying the loan amount within the stipulated tenure

SBI Xpress Power Loan

This personal loan offered by SBI is for those individuals who do not hold a bank account with the lender. Any salaried individual can avail this personal loan for themselves to take care of their various needs.

Some of the features and benefits of this plan are:

1. Income: The individual should have a minimum monthly income of Rs.50,000 

2. Repayment tenure: 5 years or remainder of service, whichever is lower 

3. Loan amount: There are two types of loan amounts that you can avail – Term Loan and Overdraft 

a. Term loan:

  • Minimum amount: Rs.25,000
  • Maximum amount: 24 times the NMI up to a maximum amount of Rs.15 lakh

b. Overdraft loan: 

  • Minimum amount: Rs.5 lakh
  • Maximum amount: 24 times the NMI up to a maximum amount of Rs.15 lakh
  • Processing fee: 1% of the loan amount

SBI Pension Loan

This personal loan can be availed by those who have retired and have financial needs to take care of. If you are a retired employee, you can avail this personal loan scheme and take care of your various needs such as repairing of home, taking a vacation, etc.

Some of the features and benefits of this plan are:

1. Under this scheme, three types of pensioners are benefited – Central and State Government pensioners, Defence pensioners, and family pensioners.   

2. Loan amount: 

Type of pensioner Minimum amount Maximum amount
Central and State Pensioner Rs.25,000 18 months pension with a ceiling of Rs.7.5 lakh to Rs.14 lakh depending on the age of the pensioner
Defence Pensioner Rs.25,000 36 months pension with a ceiling of Rs.14 lakh for pensioners up to age of 56 years. 18 months pension with a ceiling of Rs.7.5 lakh to Rs.14 lakh depending on the age of the pensioner
Family Pensioner Rs.25,000 18 months pension with a ceiling of Rs.2.5 lakh to Rs.5 lakh depending on the age of the pensioner.

3. Repayment tenure: 

Type of pensioner Repayment tenure
Central and State Government Pensioners 2 years to 5 years
Defence Pensioners 2 years to 7 years
Family Pensioners 2 years to 5 years

Factors Affecting SBI Personal Loan Interest Rates

SBI personal loan interest rates can change for any individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as -

  • Personal loan amount - Based on the amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers
  • Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
  • Repayment capacity - State Bank of India will check repayment capability of a customer. Depending on amount of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates
  • Income - Income is important for loan eligibility as well. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer
  • Assets - Presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one’s life. Based on the same, State Bank of India might provide a preferential rate of interest for personal loans
  • Relationship with the bank - An existing customer of State Bank of India is bound to get preference when applying for a personal loan and the bank might consider providing a better rate of interest to the customer
  • CIBIL scores - Approval of a personal loan takes one’s credit history into account. So, the CIBIL score might also work in favour of getting a better interest rate from the bank

In spite of the above factors, any change in the advertised interest rates is at the sole discretion of the bank.

Calculating Interest On SBI Personal Loan

While there is a formula you can use to calculate the EMI on your loan, an easier way to calculate the interest payable is to use an EMI calculator. You can use BankBazaar’s Personal Loan EMI Calculator to determine how much you need to pay each month. Enter your loan details and hit ‘Calculate’. 

Illustration

1. For Salary of Rs.25,000 Per Month 

Mr. Durrani earns a monthly salary of Rs.25,000 and has a credit score of only 600. He avails the SBI Xpress Loan of Rs.3 lakh from SBI Bank with a repayment tenure of 1 year. Due to his low credit score, he is charged with an interest rate of 15% and a processing fee of 1%. The monthly EMIs that he will have to pay are given in the table below:

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.)
1 Rs.23,327 Rs.3,750 Rs.27,077 Rs.2,76,673
2 Rs.23,619 Rs.3,458 Rs.27,077 Rs.2,53,053
3 Rs.23,914 Rs.3,163 Rs.27,077 Rs.2,29,139
4 Rs.24,213 Rs.2,864 Rs.27,077 Rs.2,04,926
5 Rs.24,516 Rs.2,562 Rs.27,078 Rs.1,80,410
6 Rs.24,822 Rs.2,255 Rs.27,077 Rs.1,55,588
7 Rs.25,133 Rs.1,945 Rs.27,078 Rs.1,30,455
8 Rs.25,447 Rs.1,631 Rs.27,078 Rs.1,05,008
9 Rs.25,765 Rs.1,313 Rs.27,078 Rs.79,243
10 Rs.26,087 Rs.991 Rs.27,078 Rs.53,156
11 Rs.26,413 Rs.664 Rs.27,077 Rs.26,743
12 Rs.26,743 Rs.334 Rs.27,077 Rs. 0

2. For Salary of Rs.50,000 Per Month 

Mrs. Bhaskar earns a monthly salary of Rs.50,000 per month and has a credit score of 750. She avails the SBI Xpress Power loan of Rs.3 lakh for a tenure of 1 year. Due to her impressive credit score she is charged a relatively lower interest rate of 12% and a processing fee of 0.5% on her loan. The monthly EMIs that she will have to pay are given in the table given below:

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.)
1 Rs.23,655 Rs.3,000 Rs.26,655 Rs.2,76,345
2 Rs.23,891 Rs.2,763 Rs.26,654 Rs.2,52,454
3 Rs.24,130 Rs.2,525 Rs.26,655 Rs.2,28,32
4 Rs.24,371 Rs.2,283 Rs.26,654 Rs.2,03,953
5 Rs.24,615 Rs.2,040 Rs.26,655 Rs.1,79,338
6 Rs.24,861 Rs.1,793 Rs.26,654 Rs.1,54,476
7 Rs.25,110 Rs.1,545 Rs.26,655 Rs.1,29,366
8 Rs.25,361 Rs.1,294 Rs.26,655 Rs.1,04,005
9 Rs.25,615 Rs.1,040 Rs.26,655 Rs.78,391
10 Rs.25,871 Rs.784 Rs.26,655 Rs.52,520
11 Rs.26,129 Rs.525 Rs.26,654 Rs.26,391
12 Rs.26,391 Rs.264 Rs.26,655 Rs.0

Key Points regarding State Bank of India Personal Loan Interest Rates

Availing a personal loan from State Bank of India is easy for individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -

  • The interest rates in State Bank of India for personal loan are subject to the repo rate of RBI and may come down further, but not necessarily immediately
  • The personal loan interest rates in State Bank of India are floating, not fixed and are a mixed bag depending upon the scheme availed
  • Personal loans from State Bank of India don’t require any security or guarantor, but having a stellar financial record and investments in government securities might aid in getting a better interest rate
  • While your credit score might be kept in mind by State Bank of India, the interest rates may or may not change as per that

How does the CIBIL Score affect Personal Interest Rates of State Bank of India?

Preferential rates on personal loans are more feasible when considering a better CIBIL score. Along with a credit history report, scores from CIBIL play a pivotal role in furthering the case of getting a personal loan approved from State Bank of India. CIBIL scores range from 300 to 900 and a score above 750 is considered a good one. Scores above 750 might allow the bank to consider offering a better rate of interest to the customer. Else the rates might be higher than expected. Checking the CIBIL score and getting it to a figure that’s acceptable is a good way to expect better rates from banks.

FAQs 

How do I track my personal loan? 

You can visit the following link https://onlineapply.sbi.co.in/personal-banking/application-status to check the status of your personal loan. You can get access to this link on the official website of the bank under the personal loan section. You will have to enter your details such as the application number, date of birth, etc. and you can check the status of your personal loan.

What are the eligibility criteria to avail an SBI personal loan? 

The eligibility criteria depend on the personal loan scheme that you are availing from SBI. For example, if you are availing the SBI Xpress Credit Loan, then you need to have a holding bank account with SBI and should be a salaried individual. Similarly, if you are a retired employee, you can then avail the SBI Pension Loan and should not be above the age of 76 years. If you are a salaried individual who does not have a bank account with SBI and wish to avail a personal loan, you can avail the SBI Xpress Power Loan.

How can I calculate the EMI for the personal loan I am planning to avail? 

You can visit the SBI website to calculate the EMIs that you will have to pay after availing the personal loan. All you need to do is enter the loan amount, repayment tenure, and the interest rate. You will be able to know the monthly EMIs that you will have to pay. You can also take help of third-party websites where you can calculate the EMIs that you will be required to pay depending on the loan amount, interest rate, and the repayment tenure.

How important is my credit score if I wish to avail an SBI personal loan? 

You must have a very good credit score if you wish to avail an SBI personal loan. It is recommended that your credit score is 750 and above so that you can avail a personal loan from the lender. Having a good credit score creates an impression that you will be able to repay the loan amount in time and thus the lender feels comfortable approving your personal loan. You must ensure that your credit score is good before you avail a personal loan from the lender.

Is there a need for a security or collateral to get a personal loan from SBI Bank? 

No, there is no need for collateral deposits, security, or guarantee in availing personal loans from SBI.

News About SBI Personal Loan Interest Rates

  • SBI provides personal loans against credit cards

    State Bank of India (SBI) provides personal loans against their credit cards within 48 hours. The process can be completed in three steps. Customers can visit sbicard.com and share the details of their card and date of birth. Customers can also call 39 02 02 02 or 1800 180 1290 or send a message (SMS Encash) to 56767 to avail this facility.

    The amount can be repaid in 12, 24, and 36 months in case individuals opt for this facility. According to existing offers, the interest rates are determined. A 2% charge is levied as a one-time processing fee, which can be between Rs.499 and Rs.3,000. In case of foreclosure, a 3% charge on the remaining principal amount is levied. The loan offer is available to only certain SBI credit card holders. Customers might be eligible for a loan above or below their credit limits. Fund are transferred within 48 hours to the bank account or paid by cheque. Customers can visit the sbicard.com website and login using their User ID and password. If they are eligible for the loan offer, an ‘Encash’ link will be present. Upon entering the details required, customers can avail the loan. The loan can be availed on the mobile app as well.

    12 March 2019

  • How to claim tax benefit on a personal loan?

    Personal loans are a convenient way to help one with finances when making major expenses. Unlike home loans and car loans, personal loans are unsecured in nature and are approved without any security or collateral. Though personal loans do not have any tax benefits associated with them, you can still claim deductions in the ways mentioned below:

    Buying a house: Under section 24(B) of the Income Tax Act, 1961 you can claim a deduction of up to Rs.2 lakh on the interest amount of the loan if you use the loan amount to buy or construct a house. However, it is imperative to provide proof of the loan amount's usage in building or purchasing the house. Education: Section 80E of allows taxpayers to claim deductions on education loans. You can file a tax rebate with a personal loan under the same section if you have used it to sponsor your higher education or for your spouse or children. Up to Rs.1.5 lakh of tax benefits can be claimed on the interest amount. Investment: If you used the loan to invest in your business, the interest amount will be considered an expense and adjusted in your company's revenue. The interest amount can be deducted from the company's profit, thus, bringing down the taxable income.

    25 February 2019

  • Checking personal loan status

    Personal loans are useful for people who do not have a financial plan or face unforeseen expenses. While some individuals avail a personal loan for emergencies, others use them to fund holidays or make high-end purchases.

    Since individuals require a personal loan immediately, they would want the money to be their accounts as soon as possible. Borrowers would need to get in touch with banks or Non-bank Financial Companies (NBFCs) to avail a personal loan. There are various third-party sites also available where individuals can apply for a personal loan. Depending on the bank or NBFC, the documents required for a personal loan may vary.

    Checking application status: The process to track the application of a personal loan can be found out by asking bank executives. Banks also offer easy online tools where the status of the application can be checked. Individuals can also contact the customer care number of the bank or NBFC to find out the application status. However, they will need to make a note of the application number or reference number. Individuals can enter the reference number or the application number on the website of the bank or NBFC to find out whether the loan is approved or not. In case individuals do not have the reference number or application number, the name, date of birth, mobile number, and PAN details of the individual must be entered to find out the status of the application.

    22 February 2019

  • From travel to medical emergencies, personal loans can be taken for various purposes

    Earlier, getting personal loans for travelling or holidays was very difficult, but lately, loans for these purposes are easily available. Lenders are offering flexible loans to customers in terms of repayment schedules, duration, and loan amount.

    Loans are available for medical emergencies, plastic surgery, and hair transplant as well. Technology is being used by lenders to check the credit score of customers and provide loans to them. This helps in providing loans to better customers and bring down the costs. Medical emergencies, home renovation, and holidays are some of the common scenarios where people take loans. Personal loans are considered to be a much better option than maxing out credit cards because of the low-interest rates compared to credit cards. Loans for the treatment of hair loss is being offered by DigiLend. DigiLend has tied up with Richfeel Health and Beauty to provide loans for such purposes. Customers are provided flexibility to repay the loans. In some cases, the Equated Monthly Instalments (EMIs) are low initially and increase in the later period of the loan tenure.

    21 February 2019

  • 4 steps to find a personal loan that is right for you

    Financial needs may arise anytime. Occasions like weddings or buying a new gadget can prove to be major expenses and we might not always have a big savings pool we can dip into when needed. In such cases, a personal loan can prove to be very useful. Banks often offer personal loans at lucrative interest rates. The market today is brimming with such offers, but it is imperative to find the one that suits your needs the most. Here are 4 steps to help you find the perfect personal loan:

    Credit Score: Check your credit score before looking for plans. A good score will increase the chances of getting the loan application being approved. Compare: Many third-party websites today provide information about loans from various providers. Look at the offers, especially the interest rates and processing fee. This will help you narrow down your search to the loans that have the lowest rates. Lender: Compare the lenders and find the features that you would like to have. For instance, some lenders might provide lower interest rates while others provide more flexible tenure. EMI and Tenure: Choose the repayment tenure wisely. With a shorter tenure, you will save on the interest amount, but the EMI will be significantly higher. Whereas, with a longer tenure you will have lower EMIs but will end up paying more in interest amount.

    21 February 2019

  • Maximum Personal Loans Taken by Residents of Bangalore

    It has been observed that the maximum number of car loans and personal loans are taken by the people and residents of Bangalore. The loan ticket sizes in Bangalore is currently the highest as compared to the rest of the Indian cities. The number currently stands at Rs.47 lakh which is thence followed by Delhi whose amount stands at Rs.26 lakh, and then Kolkata whose amount stands at Rs.30 lakh.

    It has further been observed that in comparison with their urban counterparts, loan borrowers from tier-2 and tier-3 cities refrain themselves from spending more than Rs.20 lakh on a car or vehicle. Women have been reported to have transcended men in terms of vehicle purchases.

    19 February 2019

  • SBI crosses target for Mudra loans for 2017-18

    State Bank of India (SBI) has exceeded the loan target for Pradhan Mantri Mudra Yojana (PMMY) in the state of Telangana for 2017-18. The target for the month of March 2018 was Rs.2,100 crore, which was achieved in the month of February itself. The bank offered loans worth Rs.2,500 crore under the Mudra scheme in February. The target for the PMMY for the entire nation for the whole year was Rs.2.44 lakh crore. The Mudra scheme provides 3 types of loans and they include Tarun, Kishor, and Shishu.

    30 April 2018

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