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

    • State Bank of Mysore Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Before ten years I had taken a personal loan from State Bank of Mysore. At that time, they offered me 11% of interest on my loan. Systematically SBM is good, they have approved the loan immediately. I took the amount of Rs. 1 lakh for the period two years. It got closed and I got my NOC from the bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 08, 2017
    • State Bank of Mysore Personal Loan
      "Need to change Manager - personal Loan"
      0.5 1.0/5 "Really Bad"
      We are not getting any loan from this branch from past 2 months. always the Manager says Bank has been switched to State Bank of India, So we could not able to provide loan. Please change the manager. Worst service which i have ever seen. please don't go to this branch until the manager will not change.
      Was this review helpful? 0
      , dandeli
      Reviewed on May 24, 2017
    • State Bank of Mysore Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      State Bank of Mysore it was excellent interms of everything, I had taken two loans before ten years from them. It was great experience, So I would give best rating for the customer support who gave me satisfactory service. SBM offered the interest rate of 14% for my personal loan.
      Was this review helpful? 1
      , bellary
      Reviewed on Feb 16, 2017
    • State Bank of Mysore Personal Loan
      "Nice experience "
      0.5 5.0/5 "Blown Away!"
      The length of the SBM personal loan process is too long. The reason being, the form filling process requires too much of signature to complete the procedure of taking a personal loan from State Bank of Mysore.The loan process was completely good when it comes to personal loan application.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 13, 2016
    • State Bank of Mysore Personal Loan
      "They ask more number of documents "
      0.5 3.5/5 "Pretty good"
      Hi I had taken personal loan of Rs.250000 from State bank of Mysore near Bellary ,it was a very big challenge for me to collect all those ,but they sanctioned very fast and in time .Re-payment facility is good , Officers were very nice and they are very much co opeartive.
      Was this review helpful? 1
      , bellary
      Reviewed on Jul 02, 2016
    • State Bank of Mysore Personal Loan
      "Lengthy document Process"
      0.5 1.0/5 "Really Bad"
      It was not a easy process when I applied for a personal loan with SBM bank. The services and response was not very satisfactory. I did not go ahead because the documents was a lot to produce. And they were also not offering the loan amount I was needing. The rate of interest was of 13.5%. And the processing charges was waived off.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 30, 2016
    • State Bank of Mysore Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the State Bank of Mysore and the interest rate is an excellent one with them and the loan amount got disbursed within two days of time. Processing charges were good one with them and there are no issues with them.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 01, 2016
    • State Bank of Mysore Personal Loan
      "Very user friendly"
      0.5 3.0/5 "Satisfactory"
      The interest rate applied was around 13.20% for the personal loan with state bank of mysore .They have offered a lesser eligible amount so that I have not taken the loan.They don't require a surety to process the loan for government employees.I have been consulting the manager regarding the loan process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2016
    • State Bank of Mysore Personal Loan
      "Great loans!"
      0.5 5.0/5 "Blown Away!"
      Though I have my salary account with State Bank of Mysore, they processed the personal loan in a short time by collecting minimal documents for the loan process. I took this loan from them before 3 years and I never faced any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 19, 2016
    • State Bank of Mysore Personal Loan
      "A long time and lots of formalities.."
      0.5 3.0/5 "Satisfactory"
      State Bank of Mysore asks for so many documents and they asks for guarantor. The person of guarantor should have an account of same bank. Not so easy to avail personal loan from this bank. In public banks we can not take loan in short time as need to wait for a long time. I prefer private banks for loans.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 14, 2015
    • State Bank of Mysore Personal Loan
      "Got best loan offers "
      0.5 5.0/5 "Blown Away!"
      I have taken three laksh loan amount from SBM for my home renovation. Since I got the best loan offers I choose SBM BANK for the personal loan. They have offered me 15% rate of interest. Processing wise also they are very good.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 16, 2015
    • State Bank of Mysore Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken this personal loan with SBM recently. The rates offered by them was reasonless they took around monthâ??s time to process the loan. Service provided by them was not up to the market. Its a nationalized banks they were too many procedure I have been asked to visit the Branch every now and then. Even for getting the sign on the stamp duty I have to visit the Branch.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 10, 2015
    • State Bank of Mysore Personal Loan
      "Awesome"
      0.5 4.5/5 "Excellent!"
      STATE BANK OF MYSORE has offered me 11.50% for my personal loan. They took one week time to process my loan application. My friend has recommended me about this bank. I have submitted the correct documents to them. Based on my profile they were offering seven lakhs loan amount to me.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 09, 2015
    • State Bank of Mysore Personal Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      It was really easy to get this loan from State Bank of Mysore.The interest rate applied for the loan was around 15% and they do apply charges around 1.7% for the loan.They have processed the application within two days of time.I will recommend about State Bank of Mysore.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 03, 2015
    • State Bank of Mysore Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The manager helped me a lot for my personal loan at State bank of Mysore. Still the process took around 25 days. The rate of interest was of 15% and it was not a flat rate. They charged total of 11K for the charges inclusive of a accidental insurance. If anything is to happen to me they would take the loan amount from the insurance. It is valid for five years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 25, 2015
    • State Bank of Mysore Personal Loan
      "Lacking in customer service..."
      0.5 4.0/5 "Great!"
      Rate of interest is very good in State Bank of Mysore but they are lacking in customer service and they had not sanctioned the loan amount on time. They were expecting for many records to get process the personal loan and otherwise the process was fine. Charge are less and nominal.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 06, 2015
    • State Bank of Mysore Personal Loan
      "Happy service"
      0.5 5.0/5 "Blown Away!"
      When compared to other banks the rate of interest is low in State Bank of Mysore. The customer service and response is good. Since I opted for a large amount for personal loan , they gave me a grace time of around 12 months. The tenure is 36 months. They also gave me a half settlement option which was very helpful to me at that time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 03, 2015
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    State Bank of Mysore (SBM) Personal Loan Interest Rates is Rated as "Great!" by 17 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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.

    SBM Personal Loan Interest Rates 2017

    Particulars Salaried Self-employed
    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
    Prepayment Charges Nil Nil

    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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