SBI Personal Loan Interest Rate Calculator - Jan 2017

SBI Personal Loan Interest Rates

Last Updated 19th Jan 2017
Salaried Self Employed
Interest Rate 12.50% - 16.60% 11.20% - 16.30%
Lowest EMI Rs. 2,658 per lakh Rs. 2,594 per lakh
Loan Tenure From 6 months to 48 months From 12 months to 48 months
Loan Amount Min Rs. 10,000 and Max Rs. 1,500,000 Min Rs. 500,000 and Max Rs. 1,000,000,000
Processing Fee 2.02% to 3.03% 2-3% of Loan Amount
Age Min 21 years and Max 58 years Min 21 years and Max 65 years
Prepayment Charges Allowed after 0 EMI's, Nil Prepayment Charges Allowed after 6 EMI's, Nil Prepayment Charges
Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 6 EMI's, Nil Prepayment Charges
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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SBI Personal Loan

SBI gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from SBI:
  • Zero prepayment charges
  • Strong focus on 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 17,107 branches in India where you can avail service
    • SBI offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in SBI depends upon
    • Loan amount: Personal loan rate in SBI depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: SBI has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. SBI interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • State Bank of India Xpress Credit Loan
    • SBI Saral Personal Loan
    • SBI Pension Loan
    • State Bank Festival Loan

    SBI Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. SBI offers personal loan to salaried individuals who are atleast 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity. Self employed individuals with age of atleast 21 years and maximum 65 years at the time of loan maturity can apply for personal loan from SBI
    • Income: SBI Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. SBI asks for net monthly income of minimum Rs. 15,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from SBI. In case you are salaried, you must be in a full time job for at least 24 months of which not less 24 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your SBI eligibility. If you are working with a reputed company, probability of getting personal loan from SBI increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: SBI gives you personal loan depending upon your income. SBI gives you an amount ranging from Rs. 10,000 to Rs. 1,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    SBI Personal Loan EMI

    Personal Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by SBI is Rs. 2,658 per lakh loan amount at lowest personal loan interest rate of 12.50%. Personal Loan EMI of SBI depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for SBI Personal Loan

    Personal loan SBI documents for Salaried employees

    • Filled up loan application form
    • 2 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit

    Personal loan SBI documents for Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan SBI

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows prepayment of personal loan after paying 1 EMI’s with Nil prepayment charges
    Processing Fee- SBI asks for a processing fee of 2.02% to 3.03% of loan amount with applicable service tax

    SBI Personal Loan Top up, Transfer

    • SBI offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of SBI
    • You can avail additional top-up personal loan from SBI, subject to your eligibility
    CIBIL Score for SBI Personal Loan
    • 700 and above; SBI salary account mandatory
    Illustration on Personal Loan SBI
    Maximum Annual Percentage Rate (APR) 13% to 17.1%
    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. 100,000
    • 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 2.02% to 3.03%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,658 for a 48 months Rs. 100,000 loan at 12.50% (lowest rate, longest time period) to Rs. 17,483 for a 6 months Rs. 100,000 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: 13% to 17.1%
    • 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 interest is charged by SBI on personal loan?

    SBI offers an interest of 12.50% to 16.60% on personal loan.

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

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

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

    You can repay your personal loan from SBI 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 personal loan if you need a minimum amount of Rs. 10,000 to a maximum amount of Rs. 1,500,000.

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

    SBI charge a processing fee of 2.02% to 3.03% with applicable service tax.

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

    Yes, age is an important eligibility factor to get SBI 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 SBI personal loan?

    You can take personal loan from SBI with Nil prepayment 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 - Jan 2017
17th Jan 17 State Bank of India likely to increase its stake in its credit card joint venture SBI cards
SBI is likely to increase its stake in its credit card joint venture named as SBI cards and payments services (SBICPSL). SBI expects to complete the deal by March, 2017. Currently, SBI with 47.6 lakh credit cards has the second largest number of credit cards in circulation in the country.
17th May 16 Govt can park surplus funds with banks, says SBI chief
SBI has sounded the alarm after deposit growth slowed to 9.9% in FY16, with chairman calling for the government to park surplus funds with banks instead of the RBI to make up for fund shortage. SBI has also raised concerns over slow growth in loans to industry, which grew by only 2.7% in FY16 as compared to 5.6% in FY15. The government ends up with a short term surplus because of the gap between its revenue mobilization and actual expenditure. Unlike corporate money, which even if unutilized is available with the banking system, unspent government money remains idle with the RBI.
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