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  • SBI Personal Loan Interest Rates

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  • SBI offers personal loans at interest rates ranging between 11.05% to 17.10% p.a. for Salaried/Self employed and for Pensioners at 12.00% p.a. with a loan tenure up to 7 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 11.05% – 17.10% p.a 12.00% 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 11.55% - 12.05%
    SBI Xpress Power Loan Salaried individuals 11.65% - 13.30%
    SBI Pension Loan Retired employees 12.00% p.a.

    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

    SBI Xpress Elite Scheme

    The SBI Xpress Elite Scheme is a personal loan scheme that is particularly for salaried individuals. This personal loan scheme is offered to customers who have a salary account with State Bank of India and for non-SBI salary account holders as well, who have a salary account with any other financial institution. Listed below is the interest rate offered by SBI for the Xpress Elite Scheme.

    SBI Xpress Elite Scheme  Interest Rate
    SBI Salaried Account Holders  11.05% - 12.55% p.a.
    Non- SBI Salaried Account Holders  11.30% - 12.80% p.a. 

    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

    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 SBI 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

    FAQs

    1. How do I track my personal loan?
    2. 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.

    3. What are the eligibility criteria to avail an SBI personal loan?
    4. 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.

    5. How can I calculate the EMI for the personal loan I am planning to avail?
    6. 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.

    7. How important is my credit score if I wish to avail an SBI personal loan?
    8. 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.

    9. Is there a need for a security or collateral to get a personal loan from SBI Bank?
    10. No, there is no need for collateral deposits, security, or guarantee in availing personal loans from SBI.

    11. What are the State Bank of India personal loan interest rates for salary account holders?
    12. Depending on the type of personal loan the salary account holder and his/her eligibility, the interest rates will be set anywhere between 11.05% to 12.80% p.a.

    13. Can I close my State Bank of India personal loan after 1 year?
    14. As per the terms and conditions, the personal loan account holder cannot pre-close the existing loan from fund received from another availed personal loan from the same scheme.

    15. How to close SBI personal loan online?
    16. The personal loan can be pre-closed at the SBI bank branch holding your account. The bank does not have an online pre-closure facility.

    17. How to close SBI personal loan before 1 year?
    18. The SBI personal loan cannot be closed before 1 year.

    19. Can I negotiate with SBI on the personal loan interest rate?
    20. Yes, depending on your eligibility and relationship with SBI, you can negotiate on your personal loan interest rate.

    21. Which documents should I carry at the time of visiting SBI?
    22. When applying for an SBI personal loan, carry your identity and address proof documents (Aadhaar cards, Passport, Voter ID card), income proof documents (Form 16, salary slips, bank statements), PAN card and your passport-size photographs.

    23. Is it possible for non SBI customers to get a personal loan from SBI Bank?
    24. Yes, non SBI customers can also apply for an SBI personal loan.

    25. How to check my SBI personal loan balance?
    26. To know the balance of your personal loan, request SBI to issue a copy of the repayment schedule. This will be a consolidated report of how much you’ve paid till date and your personal loan balance.

    27. How to pay your SBI personal loan EMI?
    28. SBI personal loan account holders can choose to pay the EMI through their net banking account linked to their SBI salary or pension account, or non-SBI customers can choose to pay their EMIs through ECS, NACH, or ACH facilities. Customer can also pay their EMIs through post-dated cheques.

    29. How to pay SBI personal loan EMI through net banking?
    30. Through standing instructions, customers can choose the auto debit mode from their net banking account. In addition, through the fund transfer facilities and electronic payment modes, customers can pay their EMIs.

    31. How to get SBI personal loan statement?
    32. SBI will automatically send the personal loan statement at the end of every month. Else, customers can check their SBI personal loan statement through their net banking account.

    33. How to pay SBI personal loan EMI online from any other bank?
    34. Link your SBI personal loan to your bank account to schedule EMI payments from a non-SBI account.

    35. How to get SBI personal loan status by mobile number?
    36. Register your mobile number with SBI when availing the personal loan to get regular personal loan statuses.

    37. How to track SBI personal loan application status?
    38. Using your application reference number, you can check the personal loan application status via your net banking account, at the bank branch or by calling the customer care unit of SBI.

    39. SBI personal loan disbursement time?
    40. SBI usually takes 2-7 days to disburse the personal loan amount following verification and approval.

        

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