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    State Bank of Mysore (SBM) Personal Loan Interest Rates

    We found 1 State Bank of Mysore (SBM) Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    16.55% Fixed
    1% One time fee
    1.5L Max
    1-3 Years
    Response Time Within 30 minutes
    Think about
    Eligibility Criteria

    About State Bank of Mysore Personal Loan

    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 Personal Loan Interest Rates

    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. State Bank of Mysore Personal Loan interest rates table

    Interest rates 17.25 % (Base rate + 10.00%)
    Loan amount Up to Rs.1.50 lakhs based on repayment capacity.
    Loan tenure 2 months to 36 months.

    EMI per lakh (based on lowest interest rate)

    (Calculate EMI on your Personal Loan)

    Rs. 2,499
    Processing fees 1% of the loan amount.
    Base Rate 10.00 % (w.e.f 01-05-2015)

    How to calculate interest/ EMIs on State Bank of Mysore Personal Loan Interest Rate

    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

    Factors affecting State Bank of Mysore Personal Loan Interest Rate

    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.

    • Work related information: If you work in a reputed organization and your probation period is over, you may receive reduced rate of interest on your personal loan. Besides, if you possess a considerable amount of assets, you may be able enjoy privileged rate of interest. The bank may have different parameters of considering interest rates for salaried and self-employed individuals.
    • Relationship with SBM: Having a good relationship with State Bank of Mysore may help you get lower rate of interest on your personal loan. SBM may offer special interest rate on your personal loan, if you are a trusted customer of the bank.
    • Tenure of the loan: If you take a personal loan from State Bank of Mysore for a longer tenure, you may be charged cheaper rate of interest on your personal loan.
    • Capacity for repayment: SBM may take into consideration your personal loan repayment capacity while determining its personal interest rates in 2015. Your SBM Personal Loan interest rate in 2015 may get affected by your capacity for repayment. If the bank thinks you can repay your loan without any delay, it may offer you preferential rate.

    How CIBIL Score affects your State Bank of Mysore Personal Loan Interest Rates

    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.

    Key things you should know about State Bank of Mysore Personal Loan Interest Rates

    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:

    • State Bank of Mysore may accept securities such as LIC policies, KVIP, NSC and Shares.
    • When SBM’s repo rate goes up, your personal loan interest payment will also go up, if you opt for floating rate of interest.
    • In fixed rate loans, you pay a fixed amount of interest for the whole tenure. But, in floating rate loan, your interest payment varies as per the changes in bank’s prime lending rate.
    • A good credit history may help you receive preferential rates of interest on your personal loan taken from State Bank of Mysore in 2015.
    • It is also important you know how to calculate your EMIs and interest rates on your SBM Personal Loan.

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