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  • State Bank of Patiala (SBP) Personal Loan Interest Rates is Rated as "Blown Away!" by 3 Users

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    State Bank of Patiala (SBP) Personal Loan Interest Rates

    About State Bank of Patiala Personal Loan

    Personal loans offered by State Bank of Patiala can be used to meet any personal financial emergency and can be easily availed. State Bank of Patiala (SBP) personal loans are available at extremely competitive interest rates, ensuring that a loan does not become an additional burden on a borrower. State Bank of Patiala personal loans are designed keeping the needs of a customer in mind and are one of the most consumer friendly loans in India.

    State Bank of Patiala Personal Loan Interest Rates

    Interest rates charged by State Bank of Patiala on its personal loans are one of the lowest in the country, with a base rate of 9.95% per annum (effective 08/06/2015). Interest rates for the year 2015 have come down compared to 2014, thanks to a drop in the base rate. State Bank of Patiala charges an interest of 12.95% per annum (BR+3) to borrowers who have a check off facility and 14.95% per annum (BR+5) for all other borrowers. Interest rates on personal loans are of the floating type at State Bank of Patiala. Borrowers can opt for flexible EMIs to repay their SBP personal loans.

    SBP Personal Loan Interest Rates 2017

    Particulars Salaried Self-employed
    Interest rate 11.95% to 13.95% p.a. 11.95% to 13.95% p.a.
    Loan Amount Rs.1 lakh to Rs.10 lakhs Rs.1 lakh to Rs.10 lakhs
    Loan Tenure Up to 5 years Up to 5 years
    Lowest EMI Rs.2,221 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate). Rs.2,221 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate).
    Processing Fee 1.01% of the loan amount 1.01% of the loan amount
    Age 21 to 58 years 21 to 58 years
    Prepayment Charges Nil Nil
    Foreclosure Charges Nil Nil

    How to calculate EMI on your State Bank of Patiala Personal Loan

    EMIs form an extremely crucial part of every loan application, helping a borrower foresee the amount he/she would need to pay on a monthly basis, thereby providing a borrower an opportunity to plan his/her resources accordingly. Individuals taking a State Bank of Patiala personal loan can choose to repay it in flexible EMIs which can suit their repayment capacity. Calculating the EMI on your State Bank of Patiala personal loan is an extremely simple task, thanks to Bankbazaar. All one has to do is enter the loan details (tenure, amount, interest rate) into the EMI calculator on the Bankbazaar website and the results are automatically displayed in a simple and easy to understand format based on the parameters entered.

    An amortization table provides a systematic and guided break down of the entire loan repayment timeline, displaying the variation between the Principal and Interest component for a particular loan. After every EMI payment the principal amount reduces and it is this reduced principal amount which is used to calculate the interest for the next term. This process continues till the entire loan amount is cleared.

    Example: Mr. Joel avails a personal loan of Rs 1 lakh from State Bank of Patiala at an annual interest rate of 13%. His repayment tenure is 4 years, with the EMI coming up to Rs 2,683 per month. The amortization table below indicates the loan repayment timeline which Mr. Joel can consult in order to repay the loan.

    Loan Amortization Table

    Year Principal paid (Rs) Interest paid (Rs) Balance amount (Rs)
    Year 1 20,379 11,814 79,621
    Year 2 23,192 9,001 56,429
    Year 3 26,393 5,800 30,036
    Year 4 30,036 2,157 0

    Factors affecting State Bank of Patiala Personal Loan Interest Rates

    The interest rate an individual ends up paying can depend on multiple factors, some of which are mentioned below.

    • Loan tenure – The tenure of a personal loan can have a bearing on the interest rates charged by a bank and it is possible for personal loans with shorter tenures to attract a higher interest rate compared to loans with longer tenures.
    • Repayment capacity – The repayment capacity of an individual could change the interest rates charged State Bank of Patiala. This is evident in SBP as a lower interest rate is charged for borrowers who have a check off facility with the bank, indicating they have means to repay the loan amount. A higher rate of interest could be charged in cases where the repayment capacity of a borrower is under doubt.
    • Relationship with State Bank of Patiala– Individuals having a good relationship with State Bank of Patiala might be in a position to lower their interest rates, on accord of their past behaviour and personal standing. It is possible for banks to reduce interest rates for valued customers who have displayed commitment to their payments in the past.
    • Employment details – Interest rates can vary according to the profession of a borrower. Salaried borrowers might be charged a lower rate of interest as they have a stable source of income and there would be little risk of them defaulting. Self-employed borrowers or individuals with a tumultuous job history might not always have a steady income source and might have to pay a higher interest rate as the bank could view them as risky prospects.
    • Age – It is possible for banks to vary their interest rates depending on the age of a borrower. Elders and senior citizens (>60 years) might be charged a lower interest compared to youngsters (<30 years).

    Note: Interest rates charged by State Bank of Patiala are at their sole discretion and subject to change.

    How CIBIL score affects State Bank of Patiala Personal Loan Interest Rates

    State Bank of Patiala depends on the CIBIL score of an applicant to determine his/her credit history and decides if an individual is worthy of a loan based on this score. Individuals with a good CIBIL score might be in a strong position to negotiate their interest rates, and could get a better deal thanks to their score. Applicants with a poor CIBIL score might be seen as financially unstable and it is possible for a bank to charge a higher rate of interest in such cases.

    Key things about State Bank of Patiala Personal Loan Interest Rates

    • State bank of Patiala charges a penalty equivalent to 1% over and above the applicable interest rate in case of delayed payments.
    • Individuals might not have to provide any collateral to obtain a personal loan from State Bank of Patiala.
    • Any changes in the Base rate would have an impact on interest rates paid by a borrower.
    • Changes in repo rates could have an impact on interest rates paid by a borrower.

    SBP Personal Loan Interest Rates Reviews

    • State Bank of Patiala Personal Loan
      "Good Services"
      0.5 4.0/5 "Great!"
      State Bank of Patiala had a smooth process for the personal loan. The services was good from them. They responded on time. The documents was collected on time. They also offered a reasonable rate of interest. Not sure on the processing charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 30, 2016
    • State Bank of Patiala Personal Loan
      "Lowest Interest rate!"
      0.5 5.0/5 "Blown Away!"
      State bank of Patiala offered 12.5% as interest rate for my personal loan. I submitted the documents on reaching the branch. They approved the loan amount in a short time, even disbursed within 2 days. The manager is very much customer friendly.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Nov 25, 2015
    • State Bank of Patiala Personal Loan
      "Good in service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBP. I am holding an account with them for 7 years and this made to take a loan from them. Interest rate offered by them was 14.75% and the processing fee charged by them was 1% and there is no foreclosure charges as well. I can pay when ever I want.
      Was this review helpful? 8
      , patiala
      Reviewed on Jun 10, 2015
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