State Bank of Mysore (SBM) offers personal loans for both salaried and self-employed individuals to meet their genuine personal needs. The personal loans received from State Bank of Mysore can be utilized for meeting personal expenses incurred in marriage, medical cost, children’s education fees, family function etc. Individuals, public and private sectors employees - they all can avail personal loans from the State Bank of Mysore. The bank offers different personal loan schemes for different borrowers as per their individual requirements.
State Bank of Mysore charges 17.25% on its personal loans. Currently, the applicable base rate of the bank is 10.00%. Your income level, loan repayment capacity and the amount of assets you have – these are some of the factors that may affect your SBM personal loan interest rates in 2015. However, State Bank of Mysore may charge different interest rates on personal loans taken for different tenures by different categories of borrowers.
|Interest rate||16.55% p.a.||16.55% p.a.|
|Loan Amount||Up to Rs.1.5 lakhs||Up to Rs.1.5 lakhs|
|Loan Tenure||1 to 3 years||1 to 3 years|
|Lowest EMI||Rs.3,542.92 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate).||Rs.3,542.92 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate).|
|Processing Fee||1% of the total loan amount||1% of the total loan amount|
|Age||21 to 58 years||21 to 58 years|
There are many methods of calculating the EMIs of your personal loan. You can either use the mathematical formula or an excel. But, the quickest way and simplest way to do it is to use a Personal Loan EMI Calculator which is available online. Put the following details pertaining to your personal loan in the calculator – loan tenure, principal amount, interest rate and processing fees (if any). Then, the calculator will immediately reveal your monthly EMIs for SBM Personal Loan in 2015.
You can access your personal loan amortization table with the same calculator. The table will contain a detailed break up of your loan repayment.
Example: When you have taken a personal loan of Rs. form State Bank of Mysore for 5 years at 17.25% with a processing fees of 1% of the total loan amount, your monthly EMIs will come to Rs. 2,499 and the total interest you will pay on the whole amount is 49,923. As per the loan amortization table, you will be repaying the below stated amounts towards your State Bank of Mysore Personal Loan repayment in 2015.
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
|Year 1||5, 461||7, 033||94, 539|
|Year 2||14, 813||15,173||79, 728|
|Year 3||17, 580||12, 407||62, 149|
|Year 4||20,862||9,121||41, 287|
|Year 5||24, 760||5, 224||16, 527|
You need to know a few things about personal loan interest rates before you apply for a personal loan with State Bank of Mysore in 2015. The bank may consider the following factors before it finalizes its personal loan interest on your personal loan.
Yes, your CIBIL score can be one of the determining factors for State Bank of Mysore to decide its interest rates on personal loan. If you have a good CIBIL score which is 750 or above, you may luckier enough to receive cheaper rate of interest on your SBM Personal Loan than somebody whose CIBIL score is less than 750. Hence, try to keep a good credit score by repaying all your debts on time.
There are certain things of which you can’t be ignorant when it comes to take a personal loan. You need to know the key things and terms related to personal loan interest rates. Listed below the major things you should be aware of: