|State Bank of Travancore Personal Loan Interest Rates 2018|
|Interest Rate (Floating per annum) (as of July 2015)||
SBT Easy Gold Loan – 11.90%
SBT Liquid Gold Loan - 12.90%
SBT Max Gain - 10.65% to 10.90%
Home Cash Scheme - 12% to 12.25%
Suvidha Loan - 12.90% to 13.40%
SBT Personal Loan - 13.40% to 14.15% (check-off dependent)
Jai Jawan Pension Loan - 12.90%
New Prasanthi Elite - 13.65%
New Prasanthi Loan - 13.40%
|Loan Types||SBT Easy Gold Loan, SBT Liquid Gold Loan, SBT Max Gain, Home Cash Scheme, Suvidha Loan, SBT Personal Loan, Jai Jawan Pension Loan, New Prasanthi Elite, New Prasanthi Loan|
|Loan Amount||No minimum stipulation and no maximum limit based on the need|
|Loan Tenure||Can be as long as 60 months|
|Lowest EMI per lakh||Rs. 2157|
|Prepayment Charges||Not applicable|
|Base Rate (as of July 2015)||10.65%|
State Bank of Travancore Personal Loans are offered to self-employed individuals and salaried as well as those involved in business. These loans are meant for needs personal or otherwise that are not covered under traditional loan schemes. Such loans from State Bank of Travancore can aid in many unplanned expenses. Personal loans from State Bank of Travancore are readily available through minimal documentation and low interest rates.
State Bank of Travancore Personal Loan interest rates have had changes within 2-3% in the past five years and the recent changes in RBI’s repo rate have resulted in a lowering of the interest rate recently. Going back to 2010, while rates ranged from 8-12%, now as of July 2015, the rate for personal loans from State Bank of Travancore ranges from 10.65% to 14.15% and is applicable for all categories of loan seekers meeting the eligibility criteria set by the bank. Further increase or decrease of the interest rate will be at the sole discretion of the bank.
EMIs or Equated Monthly Installments are the way in which any personal loan from State Bank of Travancore will need to be paid back. Each EMI consists of a portion of the principal amount as well as the interest. As the maturity year draws closer, the principal portion gradually increases and simultaneously the interest portion decreases.
The method for Calculating the EMI on a Personal Loan can be mentioned as follows -
E = P*r*[(1+r)^n/((1+r)^n-1)]
Here E - Monthly EMI, r - rate of interest per month, n - number of years.
For a ballpark figure of Rs. 1,00,000 at an interest rate of 10.65% with a loan tenure of 1 year, the interest will account for Rs. 5,862.
For example, the following will be the amortization table for a personal loan of Rs. 10,00,000 for a period of 5 years at an interest rate of 10.65% from State Bank of Travancore (starting from August 2015) -
|Year||Total Payment (INR)||Balance (INR)||Principal Portion (INR)||Interest Portion (INR)|
In any period of repayment exceeding 2 years, the annual total of EMIs might not change for some subsequent years, while the principal and interest amounts in a year will keep varying. The principal portion keeps increasing and the interest portion keeps decreasing till the loan gets paid off completely.
State Bank of Travancore personal loan interest rates can change for any individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as -
In spite of the above factors, any change in the advertised interest rates is at the sole discretion of the bank.
Preferential rates on personal loans are more feasible when considering a better CIBIL score. Along with a credit history report, scores from CIBIL play a pivotal role in furthering the case of getting a personal loan approved from State Bank of Travancore. CIBIL scores range from 300 to 900 and a score above 750 is considered a good one. Scores above 750 might allow the bank to consider offering a better rate of interest to the customer. Else the rates might be higher than expected. Checking the CIBIL score and getting it to a figure that’s acceptable is a good way to expect better rates from banks.
Availing a personal loan from State Bank of Travancore is easy for individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -
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