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

    SBI offers personal loans at competitive interest rates based on the borrower's eligibility. SBI personal loan interest rates differ for salaried and self-employed customers. Find out how to calculate the interest on your SBI personal loan.

    We found 1 SBI Personal Loan Interest Rates
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% - 14.75% Floating
    1% + applicable tax One time fee
    25K - 15L
    5 Years
    Response Time : Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    SBI Personal Loan Interest Rates is Rated as "Excellent!" by 581 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN
    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

    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.

    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 2018) -

    Year Total Payment (INR) Balance (INR) Principal Portion (INR) Interest Portion (INR)
    2018 1,68,109 8,82,953 1,17,047 51,062
    2019 4,03,461 5,75,247 3,07,706 95,755
    2020 4,03,461 2,25,587 3,49,660 53,801
    2021 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

    SBI Personal Loan Interest Rates Reviews

    • SBI Personal Loan
      "Charges are high"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from State Bank of India. The services and the process is good. The bank is also high on the GST and processing charges. The rate of interest is also high and they need to work on that. I received the loan in two days. Good in all.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had applied for a Personal loan with SBI and i am happy with the services whatever i have experienced. The interest rates are very reasonable when compare to the market value. There was not much documentation as i carry a savings account in SBI.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 18, 2019
    • SBI Personal Loan
      "Good in Service"
      0.5 4.0/5 "Great!"
      I had taken a personal loan with SBI and as i hold a account in SBI it was easy to get things done in SBI. There was not much documentation and only my salary statement was required and my application was processed on time. The interest rate were 14% and i am pretty much satisfied with SBI Services.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 13, 2019
    • SBI Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan almost two months back and the experience was quite good. But the interest rate with them was around 16% and there has been 1% processing fee, where i feel that comparatively its pretty high. The loan amount has been sufficient and there has not been any sort of charges additionally which they had made.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jan 11, 2019
    • SBI Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      At the time when i was looking for a personal loan i had applied in SBI bank . As i hold a salary account in SBI it was easy for me to apply for a loan. The interest rates that i had on my loan amount was reasonable and i am pretty much happy with the services.
      Was this review helpful? 4
      , kolkata
      Reviewed on Jan 11, 2019
    • SBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State Bank of India. The rate of interest is of 12.5% and the processing charges is minimum too. The whole process took four days. The after loan process is good and the documentation was also taken on time. Hassle free in all.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jan 09, 2019
    • SBI Personal Loan
      "Instant Approval"
      0.5 5.0/5 "Blown Away!"
      I already have personal loan with SBI , its going to close, the total amount was Rs. 2 lakhs, now I need to pay the remaining amount around Rs. 1 lakh, The customer support and response is good. The tenure period for 5 years on my personal loan, the documentation is good and simple when the documents are clear, they gave me the good follow and support.
      Was this review helpful? 3
      , kanpur
      Reviewed on Jan 05, 2019
    • SBI Personal Loan
      "Very Nice Personal loan"
      0.5 5.0/5 "Blown Away!"
      My personal loan was purchased from State bank of India. Since my salary account is with SBI hence i have selected the same bank. I bought the loan amount of Rs. 10 lakhs. They have offered me a interest rate of 10.99% and the processing fee was Rs. 4500. 2 years ago i took this loan. I pay the premium amount of Rs. 21750. I have to pay the EMI for 5 years.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Jan 03, 2019
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with SBI and my experience was good, the process was smooth and i received my loan amount on time. Customer service was good with SBI and their follow up was on time. Tenure period for this loan is for 4 years.
      Was this review helpful? 5
      , new delhi
      Reviewed on Jan 03, 2019
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan from SBI for which is also a smooth experience. The application process and documentation was smooth and hassle free. I never had any issues with the loan application. Overall it is a recommendable service. Processing fee is nominal .
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 30, 2018
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my personal loan with State bank of India, there service is Excellent, they have given me sufficient loan amount, and the rate of interest they have charged me lowest and i am happy and even processing fee they have charged is low, there are no hidden charges, overall service is good.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 24, 2018
    • SBI Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with this loan has been quite good and the loan amount which they had provided has been sufficient and satisfactory as well. The interest rate with them has been nominal and there has not been any sort of additional charges which they had made or there has not been any processing fee with this loan as well.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Dec 22, 2018
    • SBI Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My experience with SBI for personal loan was average, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was not up to the mark with this bank and tenure period is 5 years.
      Was this review helpful? 5
      , bhubaneshwar
      Reviewed on Dec 20, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with State bank of India, there service is good, they have given me sufficient loan amount , and the rate of interest they have charged me was nominal, and even processing fee they have charged me was nominal,overall service is good.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 19, 2018
    • SBI Personal Loan
      "Good in Services"
      0.5 5.0/5 "Blown Away!"
      I had taken a Personal loan with SBI bank and i would say they were good in services. I never had any complaint with the services. When i had submitted the application, it was processed on time. There was no delay and overall i carried a good experience. The loan has been closed.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 19, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It had been a good experience with this loan experience with this loan and the whole process went smooth and simple. Within a short period of time they had given me this loan and there has not been any problem and there has not been any sort of additional charges which they had made.
      Was this review helpful? 8
      , kolkata
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with STATE BANK OF INDIA , and they provide nominal rate of interest and it is nominal in the market . The processing fee is nominal and tenure period is 5year . SO far it has been good experience with this bank . Loan amount is satisfactory .
      Was this review helpful? 6
      , hyderabad
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      The personal loan has been taken from the STATE BANK OF INDIA and i am satisfied with the services of this bank as i am using it from many years and the rate of interest what they have given is satisfactory with this bank. The duration to repay this loan is for 5 years.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      My sbi loan was closed the overall experience was good, they were taken too much of interest on the principal amount. The SBI service is good they have sanctioned my loan very faster, it would be nice if the bank reduced the interest for the loan. Anyway I got NOC letter at last.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 13, 2018
    • SBI Personal Loan
      "Good loan service"
      0.5 4.0/5 "Great!"
      I had a personal loan with State bank of India. I have never called any other customer care regarding the loan. According to my transaction and eligibility they have offered me a loan amount which is more than my expectation. I applied the loan amount of Rs. 6 lakhs and they have offered me around of Rs. 7.5 lakhs. I closed the loan in May 2016.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 13, 2018
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