Multiple banks. Different interest rates. Call it a "conflict of interest".
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    SBI Personal Loan Interest Rates

    We found 1 SBI Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.90% - 14.90% Fixed
    1% One time fee
    24K - 15L
    5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    SBI Personal Loan Interest Rates is Rated as "Excellent!" by 340 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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.

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    SBI Personal Loan Interest Rates 2017

    Particulars Salaried Self-employed
    Interest rate 12.50% - 16.60% p.a. 11.20% - 16.30% p.a.
    Loan Amount

    Minimum: Rs.10,000

    Maximum: Rs.15 lakh

    Minimum: Rs.5 lakh

    Maximum: Rs.1 crore

    Loan Tenure

    Minimum: 6 months

    Maximum: 48 months

    Minimum: 12 months

    Maximum: 48 months

    Lowest EMI Rs. 2,658 per lakh Rs. 2,594 per lakh
    Processing Fee 2.02% to 3.03% of the loan amount 2-3% of the loan amount.
    Age

    Minimum: 21 years

    Maximum: 58 years

    Minimum: 21 years

    Maximum: 65 years

    Prepayment Charges Allowed after 0 EMI's, Nil Prepayment Charges Allowed after 6 EMI's, Nil Prepayment Charges
    Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 6 EMI's, Nil prepayment Charges

    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
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  • SBI Personal Loan Interest Rates Reviews

    • SBI Personal Loan
      "Happy with the service"
      0.5 5.0/5 "Blown Away!"
      I am happy with State bank of India for the personal loan which I had taken recently. The entire loan process was good and I had no issues with them in getting the loan. Interest rate is quite satisfactory. Their response and customer service is good.
      Was this review helpful? 0
      , dimapur
      Reviewed on May 23, 2017
    • SBI Personal Loan
      "Quick & excellent deal"
      0.5 5.0/5 "Blown Away!"
      State bank of India has offered me a good deal on the rate of interest. I got a rate of around 14% and it is a floating rate. I have taken a personal loan and it was a express loan. I got the loan when I needed it. The processing charges was also normal.
      Was this review helpful? 2
      , dindigul
      Reviewed on May 18, 2017
    • SBI Personal Loan
      "Satifactory but Interest rate has to be reduced"
      0.5 4.0/5 "Great!"
      I am a privilege customer of SBI, they sent me the message stating pre approved loan got approved without documents. Hence I reached SBI for the personal loan within five working days they have disbursed the amount. They have mentioned interest rate would 9.5% but if we calculate its coming around rate 17% per annum, SBI has to reduce the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • SBI Personal Loan
      "Bitter experience"
      0.5 1.0/5 "Really Bad"
      Its been 2 years I had a personal loan with State bank of India. I had very bitter experience with SBI, because they purposely charged extra charges and late fee in my personal loan . The Rate of interest is very high , which is very equalized with private banks. I don't refer SBI at any cost. Overall it is good not choosing SBI for any products.
      Was this review helpful? 0
      , chennai
      Reviewed on May 15, 2017
    • SBI Personal Loan
      "Average service needs to be improved"
      0.5 5.0/5 "Blown Away!"
      Thrice I had taken personal loan from State bank of India. They normally take around 2 weeks of time to disburse my loan. I am happy with loan amount. Sbi need to be more little more flexible in their interest rates with the salaried employees as I got the normal interest rates. The documentation process should be over looked for the one who already has an existing loan with the same bank. Need to be improve with their Data base too.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 03, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having salaried account with State Bank of India. Based on that, my personal loan got approved with state bank of India. They just took 3 days of time to disburse my personal loan. The rate of interest and the processing fee was nominal with State Bank of India.
      Was this review helpful? 2
      , shillong
      Reviewed on Apr 21, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I got the personal loan from SBI within 16 months of time. They took around 7 days of time to disburse the loan. Documentation process was completed within couple of days. It would be great if they decrease the rate of interest in future, the processing charged levied was around 2k which is pretty nominal. In a nutshell, it was a very good service provided by SBI.
      Was this review helpful? 0
      , midnapore
      Reviewed on Apr 21, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      This is about my SBI personal loan which I had taken against my credit card. The loan amount is 1.35 lakhs, service taxes were amounting to rs 4400. Rate of interest was 0.99% .EMI is 4400 this is for 3 years. Within 2 months my loan process would get completed . I had applied for this personal loan online and in the next 2 to 3 days of time my loan was sanctioned successfully.
      Was this review helpful? 2
      , chennai
      Reviewed on Apr 19, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      They have processed my personal loan amount with in 2 days of time. The verification part and the paper work is good SBI The interest rate is 13.85% The processing fee and charges was nil for me. They have just charged for stamp duty that is 200 rupees Iam totally fine with the service. Overall good
      Was this review helpful? 5
      , vadodara
      Reviewed on Apr 12, 2017
    • SBI Personal Loan
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      In 2013 I availed a personal loan from State bank of India. At that time the interest rate was 13.% which is very normal when compared with other banks. Also they had not taken too much of time to disburse the loan amount rather they had completed the loan process within few days. Overall services of SBI is satisfactory.
      Was this review helpful? 5
      , jamshedpur
      Reviewed on Apr 12, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      STATE BANK OF INDIA had offered me a personal loan. They took a very minimumal time to process my loan application. I had taken the loan amount of 5.5 lakhs , it is given for five to seven years not sure EMI is 14k they had charged some processing fee and charges but I don't remember, another 2 to 3 years to go to close this loan.
      Was this review helpful? 3
      , salem
      Reviewed on Apr 04, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from SBI and they were super fast in the process. They offered me the loan as needed the rate of interest they have offered me is 14% they have not charged any processing fee nor any charges on the loan amount is for 1 lakh EMI is 2200/- verification and document collection was done on time.
      Was this review helpful? 5
      , kolkata
      Reviewed on Mar 29, 2017
    • SBI Personal Loan
      "Its Better"
      0.5 3.0/5 "Satisfactory"
      SBI disbursed my personal loan within two or three days but now -a- days SBI is taking two to three months to disburse the amount. Recently I had taken a top up on my SBI personal loan with the same interest rate which they had provided on the old loan, but I am not completely aware of SBI loan process they should give clear information to the customers.
      Was this review helpful? 1
      , tirupati
      Reviewed on Mar 09, 2017
    • SBI Personal Loan
      "Very good services"
      0.5 3.0/5 "Satisfactory"
      Earlier I had taken a personal loan from State Bank of India and the process for this loan was pretty long. It took a month for the disbursement. They also have too much of paper work. The rate of interest and processing charges was the same as other banks. The can be more swift.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Mar 06, 2017
    • SBI Personal Loan
      "Customer Service has to be Improved"
      0.5 2.0/5 "Expected more"
      I am a bit disappointed with SBI service, They did not give proper response to me for my personal loan application. I had taken a loan amount of Rs. 3 Lakhs with an interest rate of 17% and with the processing fee of Rs.13,000 for the tenure of 3 years. Everything is good with SBI, it would be great if they provide satisfactory service to its customers.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 15, 2017
    • SBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had opted to take a personal loan from HDFC Bank, actually I got a call from HDFC Bank regarding the personal loan .However I received a message post which I had placed a request for the same. Later they had approved my loan., Document verification happened, but later I had visited the branch to submit some of the documents which was pending. The rate of interest what they had offered is 11.69% which is much better when compared with other banks. Additionally, they had deducted processing fee along with insurance for an amount of 3000. My EMI will start from the month of March which is approx 11k,
      Was this review helpful? 3
      , pune
      Reviewed on Feb 14, 2017
    • SBI Personal Loan
      "REcommandable for Rural Area"
      0.5 5.0/5 "Blown Away!"
      One year before I have taken personal loan with SBI Bank, the loan amount of rs 3 lacs with the tenure of 5 years. The bankers offered me EMI as 7000. I was directly visited the bank and submitted my documents. They had required simple documents. Interest rate was little bit high, they has taken around 10 days for loan disbursement.
      Was this review helpful? 4
      , eluru
      Reviewed on Feb 06, 2017
    • SBI Personal Loan
      "Very Good"
      0.5 3.0/5 "Satisfactory"
      Iam holding a salaried account in STATE BANK OF INDIA and the facilities are good.. We can transfer the money to any bank there is no charges. No charges for the debit card.Net banking facility is customer friendly and adding all services in one account
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 04, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have the salaried account and savings account with SBI bank . I submitted document for the personal loan . Every thing went on smooth Customer service and the responsiveness are good with the bank.Rate of Interest is 13% Iam satisfied. Its been 2 years now for my PL.
      Was this review helpful? 1
      , jhunjhunu
      Reviewed on Feb 04, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The loan processing is very fast and quick with STATE BANK OF INDIA. As I had taken loan before 15 years. Its over All is good with Central bank be it service or processing and everything is absolutely fine with them.It was good before now it is not.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 02, 2017
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