|SBP Personal Loan Interest Rates 2018|
|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|
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.
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.
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.)|
The interest rate an individual ends up paying can depend on multiple factors, some of which are mentioned below.
Note: Interest rates charged by State Bank of Patiala are at their sole discretion and subject to change.
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.
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