SBI Personal Loan Interest Rate

Last Updated 22nd Jun 2018

SBI Personal Loan Interest Rate Jun 2018

SBI Personal Loan Interest Rates start from 12.50% with lowest rates for salaried borrowers working with reputed companies. Personal Loan rates for self employed are higher. Check Best Offers

SBI Personal Loan Details
SalariedSelf Employed
Lowest Interest Rate12.50% 11.20%
Processing FeeIn the range of 2% to 3%In the range of 2% to 3%
Loan Tenure6 months to 48 months12 months to 48 months
Loan AmountRs. 10,000 to Rs. 15 Lakh Rs. 10,000 to Rs. 15 Lakh
Part Prepayment Charges Allowed after 0 EMI's, Nil charges Allowed after 0 EMI's, Nil charges
Preclosure ChargesAllowed after 1 EMI's, Nil charges Allowed after 1 EMI's, Nil charges

Nil prepayment charges on SBI personal loan

Apply Personal Loan @ 10.75%*
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SBI Personal Loan

SBI gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from SBI are:

  • Nil prepayment charges on SBI personal loan
  • Superior customer service and transparency
  • Quick and easy approval
  • SBI has been rated 3.4/5.0 by customers for its service quality on MyLoanCare
  • SBI has over 25,332 branches in India where you can avail service
  • SBI offers special schemes and discounts for employees of large companies

SBI Personal Loan Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers.Interest rates on key products of SBI have been tabulated in the table below

Product Interest Rate
SBI Saral Loan17.65% - 17.65%
SBI Xpress Credit Loan11.90% - 15.00%
SBI Pension Loan12.45% - 12.45%
SBI Festival Loan12.50% - 16.60%
SBI Jai Jawan Pension Loan12.45% - 12.45%

SBI Personal Loan Details

  • Purpose of Loan: SBI personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 21 and 58 years.
    • Loan amount of minimum Rs. 10,000 to Rs. 15 Lakh.
    • Loan Tenure 6 to 48 months.
    • SBI personal loan rate of interest is in the range of 12.50% to 16.60%.
    • Lowest EMI of Rs. 2,658 per lakh.
  • Processing Fees: In the range of 2% to 3%.
  • Preclosure charges: Preclosure of SBI personal loan is Allowed with Nil charges
  • Part payment charges: Allowed at Nil charges
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges which are disclosed by the bank at the time of signing the loan agreement.
  • Special schemes: SBI offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of SBI are:
    • SBI Xpress Credit Personal Loan
    • SBI Saral Personal Loan
    • SBI Pension Loan
    • State Bank Festival Loan
    • Jai Jawan Pension Loan

SBI Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from SBI if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on SBI personal loan top up starts at 12.50%.

SBI Personal Loan Interest Rate Calculator

You can get the best personal interest rates from SBI subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from SBI:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally banks offer lower interest rates for higher amount. SBI offers loan between Rs. 10,000 and 15 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. Interest rate of the bank varies with your net monthly income.
  • Employer Category - SBI has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low SBI loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 6 months to 48 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving loan to the borrower, SBI checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.

SBI also offers loan to defence, armed forces and government employees. Personal loan interest rate for government employee and defence personnel varies from private salaried employees

SBI Personal Loan Charges

In addition to SBI’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on SBI’s personal loans is Allowed after 0 Month at Nil charges
  • Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows preclosure of personal loan after 1 EMI's at preclosure charges of Nil charges.
  • Processing Fee - SBI charges a processing fee of In the range of 2% to 3% of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
  • Other charges: Once your loan application is sanctions, SBI will provide you a statement of other charges applicable on your personal loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

SBI Personal Loan Products

SBI offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

SBI Xpress Credit Personal Loan
  • SBI Xpress Credit is a special loan for employees of Central and state government, Quasi Government, Central PSUs, Profit making State PSUs, Educational National Institute and few selected companies to help them meet their urgent cash requirements such as a medical emergency or a family vacation.
Description:
  • This loan doesn't require mortgaging of collateral or security.
  • Xpress loan is available in two forms: Term Loan and Overdraft Facility on an existing account.
  • Employees of Central and state government, Quasi Government, Central PSUs, Profit making State PSUs, Educational National Institute and few selected companies are eligible for Xpress Credit Loan.
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from Rs. 25,000 to Rs. 1,500,000
  • Loan for a maximum period of 48 months
  • Minimum income to get this loan should be Rs. 5,000
SBI Saral Personal Loan
  • This loan is granted to salaried or self employed individuals for their personal expenses such as domestic or foreign travel, medical treatment, for marriage of children, etc.
Description:
  • The borrower's income and repayment capacity determine the loan amount he will be eligible for.
  • This loan doesn't require mortgaging of collateral or security.
  • Salaried and working individuals in any leading corporate house, self employed (engineer, doctor, architect, chartered accountant, MBA) with minimum 2 years experience stand eligible to avail this loan.
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from Rs. 24,000 to Rs. 1,500,000
  • Loan for a maximum period of 48 months
  • Minimum income to get this loan should be Rs. 5,000
SBI Pension Loan
  • Pension loan is granted to government pensioners to meet their urgent need of funds for medical expenses, travel or a family obligation.
Description:
  • Loan available for meeting personal expenses of all government pensioners who draw pension from an SBI branch. Central/ State Government/ Defense pensioner withdrawing pension from SBI are eligible for this loan
  • Nil processing fees for defense pensioners.
  • Pensioners should not be more than 76 years of age and they should receive their pensions through cheques directly from government treasuries
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from Rs. 24,000 to Rs. 1,500,000
  • Loan for a maximum period of 60 months
  • Minimum income to get this loan should be Rs. 5,000
State Bank Festival Loan
  • SBI Festival Loan can be availed in the festival season, to meet personal requirements of funds
Description:
  • Minimum income eligibility for this loan is Rs. 3,000.
  • The borrowers income and his repayment capacity determine the loan amount that he will stand eligible for.
  • Any employee of Govt, PSUs, profit making public/private limited companies/self employed persons with minimum experience of 2 years / person having a source of income like pension, and interest from TDRs/NSCs/Govt. securities
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from Rs. 5,000 to Rs. 1,500,000
  • Loan for a maximum period of 60 months
  • Minimum income to get this loan should be Rs. 3,000
Jai Jawan Pension Loan
  • This loan is for all the young defence and para military forces pensioners to meet their personal expenses such as a wedding, for travelling or medical expenses.
Description:
  • Jai Jawan Pension Loan is for all the young defence and para military forces pensioners who draw pension out of SBI.
  • There is no requirement of a security for Jai Jawan loans up to Rs. 25,000.
  • All young defense and para military force pensioners not more than 50 years of age are eligible for this loan.
Key Loan Terms
  • Loan available at the age of 21 - 58 years
  • Loan amount that you can borrow ranges from Rs. 5,000 to Rs. 1,500,000
  • Loan for a maximum period of 60 months
  • Minimum income to get this loan should be Rs. 3,000

SBI Personal Loan: How to Apply

If you want to get a loan from SBI, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and SBI’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from SBI.

You can also do a comparison of SBI Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare.

Documents Required

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan SBI
Maximum Annual Percentage Rate (APR) 12.50% to 16.60%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 1 Lakh
  • Time period: 6 months to 48 months
  • SBI Personal Loan Interest Rate: 12.50% to 16.60%
  • Processing Fee payable to SBI: Upto Rs. 2,000. Current offer for processing fee is In the range of 2% to 3%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,658 for a 48 months Rs. 1 Lakh loan at 12.50% (lowest rate, longest time period) to Rs. 17,483 for a 6 months Rs. 1 Lakh loan at 16.60% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 12.50% to 16.60%
  • Total cost payable over loan tenure: Rs. 6,897 for 6 months loan to Rs. 29,584 for 48 months loan

SBI’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 6 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of SBI.

Compare Personal Loan Interest Rates of SBI with other Banks

Frequently Asked Questions on SBI Personal Loan

How much time will the SBI take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers which can be approved within a few hours to 2-3 days.

Why to take personal loan from SBI ?

SBI offers loan at 12.50% rate with the lowest EMI of Rs. 2,658 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to SBI.

How much interest is charged by SBI on personal loan?

Personal loan interest rates in SBI are 12.50% to 16.60%. SBI personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from SBI ?

If you apply for loan from SBI, your lowest EMI per lakh will be Rs. 2,658.

What is the minimum and maximum tenure of personal loan in SBI?

You can repay your personal loan in a flexible period of minimum 6 months to maximum 48 months.

How much personal loan amount I can borrow from SBI?

SBI offers you loan if you need a minimum amount of Rs. 10,000 to a maximum amount of Rs. 15 Lakh

How much processing fee is charged by SBI on personal loan?

SBI charges a processing fee of In the range of 2% to 3% with applicable service tax.

Is age an eligibility factor to get personal loan from SBI?

Yes, age is an important eligibility factor to get personal loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

Are there any prepayment charges on personal loan from SBI?

You can take personal loan from SBI with Prepayment charges Nil charges

Can I add my spouse's income while applying for personal loan from SBI?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.


SBI Personal Loan News - Jun 2018
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.