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

    SBI Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.45% - 14.95% Fixed
    2% to 3% + S.T. One time fee
    25 times of monthly salary
    1-4 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About State Bank of India Personal Loan

    State Bank of India 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.

    State Bank of India Personal Loan Interest Rates

    Along with other benefits, SBI Personal Loan borrowers also get to enjoy affordable interest rates. The interest rates pertaining to various SBI Personal Loan Schemes are given below.

    The 2 year MCLR is set at 9. 25% at present. 

    SBI Personal Loan SchemeRate of Interest
    SBI Xpress Credit Scheme
    SBI Xpress Credit : Full Check - off (Category 1)330 - 380 bps above 2 year MCLR Currently, 12. 55% to 13. 05% per annum
    SBI Xpress Credit : Partial Check - Off (Category - 2)430 - 480 bps above 2 year MCLR Currently, 13. 55% to 14. 05% per annum
    SBI Xpress Credit : No Check - Off (Category - 3)530 - 580 bps above 2 year MCLR Currently, 14. 55% to 15. 05% per annum
    Other SBI Personal Loan Products
    SBI Pension Loans3. 80% above 2 year MCLR Currently, 13. 05% per annum
    SBI Saral Personal Loan8. 40% above 2 year MCLR (floating interest rate) Currently, 17. 65% per annum
    SBI Clean Overdraft7. 40% above 2 year MCLR Currently, 16. 65% per annum
    SBI Jai Jawan Pension Loan4. 65% above 2 year MCLR Currently, 13. 90% per annum
    SBI Bhagya Rekha Loan1. 90% above 2 year MCLR Currently, 11. 15% per annum
    SBI Education Plus Loan Scheme4. 40% above 2 year MCLR Currently, 13. 65% per annum
    SBI Festival Loan Scheme6. 65% above 2 year MCLR Currently, 15. 90% per annum

    SBI Personal Loan Products with Floating Interest Rates

     

    SBI Personal Loan Scheme1 year MCLRSpread Over 1 year MCLREffective Interest Rate
    SBI Personal Gold Loan9. 15%2. 00%11. 15% per annum
    Loan against KVP/ NSC/ RBI Relief Bond/ SBI Magnum/ LIC/ Surrender Value of SBI Life9. 15%4. 50%13. 65% per annum
    Loan Against Shares9. 15%3. 00%12. 15% per annum
    Loan for subscription to IPOs9. 15%6. 50% to 7. 00%15. 65% to 16. 15% per annum
    Loan against debentures9. 15%6. 50%15. 65% per annum
    Loan against FCNR (B) deposit9. 15%2. 25%11. 40% per annum
    Equity Plus9. 15%6. 50%15. 65% per annum
    SBI Career Loan9. 15%4. 25% to 4. 50%13. 40% to 13. 65% per annum
    Loans to employees to subscribe for ESOPs9. 15%6. 50%15. 65% per annum
    Loan against SBI Debt Fund Series9. 15%4. 50%13. 65% per annum

     

    SBI Secured Personal Loan Interest rates

       

    Loan against floating rate term deposit (domestic)1. 50% over the interest rate paid on relative term deposits offered as security. This interest rate is the same for all loan amounts.
    Loan against SBI Time Deposits (Domestic)1. 00% over the interest rate paid on relative term deposits offered as security. This interest rate is the same for all loan amounts.
    Loan against NRE Fixed Deposits1. 00% over the interest rate paid on relative term deposits offered as security. This interest rate is the same for all loan amounts.
    Loan against SBI’s Time Deposit and NRO Fixed Deposits1. 00% over the interest rate paid on relative term deposits offered as security. This interest rate is the same for all loan amounts.

    Calculating Interest on SBI Personal Loan

    EMIs or Equated Monthly Installments are the way in which any personal loan from State Bank of India will need to be paid back. Each EMI consists of a portion of the principal amount as well as the interest. As the maturity year draws closer, the principal portion gradually increases and simultaneously the interest portion decreases.

    The method for calculating the EMI on a personal loan can be mentioned as follows -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Here E - Monthly EMI, r - rate of interest per month, n - number of years.

    For a ballpark figure of Rs. 1,00,000 at an interest rate of 12.85% with a loan tenure of 1 year, the first EMIs for the first year would total out at Rs. 44,623 out of which the interest will account for Rs. 4,504.

    For example, the following will be the amortization table for a personal loan of Rs. 10,00,000 for a period of 3 years at an interest rate of 12.85% from State Bank of India (starting from August 2015) -

    Year Total Payment (INR) Balance (INR) Principal Portion (INR) Interest Portion (INR)
    2015 1,68,109 8,82,953 1,17,047 51,062
    2016 4,03,461 5,75,247 3,07,706 95,755
    2017 4,03,461 2,25,587 3,49,660 53,801
    2018 2,35,352 0 2,25,587 9,766

    With a period of repayment exceeding 2 years, the annual total of EMIs might not change for some subsequent years, while the principal and interest amounts in a year will keep varying.

    The principal portion keeps increasing and the interest portion keeps decreasing till the loan gets paid off completely.

    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 -

    1. 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
    2. Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
    3. 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
    4. 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
    5. 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
    6. 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
    7. 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.

    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.

    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
    Close

    Compare Personal Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.