SBI Personal Loan Interest Rate Calculator - Oct 2016

SBI Personal Loan Interest Rates

Last Updated 28th Oct 16
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Salaried Self Employed
SBI Personal Loan 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. 1,000,000 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
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 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 SBI

    SBI personal loan interest rate is the rate which you pay over the loan amount that you have borrowed from the bank. Personal loan interest rates offered by SBI are fixed as well as floating
    • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in SBI benchmark rate and should be chosen only if you believe that the rates will not hike in future
    • In contrast to this are floating rates which changes with a single change in SBI benchmark rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
    SBI Personal Loan Interest Rate depends upon
    • SBI personal loan amount: Personal loan rate in SBI depends upon the loan 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

    SBI Personal Loan Charges

    SBI Personal Loan 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 1 prepayment charges
    SBI Personal Loan processing fee- SBI asks for a processing fee of 2.02% to 3.03% of loan amount with applicable service tax

    SBI Personal Loan EMI Calculator

    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. 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. SBI Personal Loan EMI will be high if you apply for a high loan amount
    What are the benefits of calculating Personal Loan EMI?
    • EMI calculator of SBI Personal Loan helps you to calculate your monthly EMI at different rate of interest
    • SBI Personal Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
    • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
    Estimated EMI online by using SBI Personal Loan EMI Calculator.

    SBI Personal Loan Eligibility Calculator

    Personal Loan eligibility criteria SBI
    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 and self employed individuals at the age of 21 to 58 years
    • Income: SBI Personal 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 15,000.
    • Job stability and Profession: Job stability is important to improve your 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
    • 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. 1,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
    Estimated eligibility online by using SBI Personal Loan Eligibility Calculator.
    CIBIL Score for SBI Personal Loan
    • 700 and above; SBI salary account mandatory
    Popular SBI Personal Loan Products:
    • State Bank of India Xpress Credit Loan
    • SBI Saral Personal Loan
    • SBI Pension Loan
    • State Bank Festival Loan
    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.

    SBI Personal Loan Top up, Transfer

    Transfer of personal loan from another bank to SBI?
    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

    Personal Loan SBI documents required

    Personal loan for Salaried employee SBI documents required

    • 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 for Self-Employed SBI documents required

    • 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

    Compare SBI Personal Loan

    Comparison of SBI Personal Loan with other banks

    SBI Personal Loan in India

    SBI Personal Loan Customer Care Number, Email, Application Status

    Contact Details of SBI Personal Loan Branches
    City Customer Care Number
    Agra 979-350-2211
    Ahmedabad 972-434-2211
    Ambala 999-637-2211
    Anand 972-434-2211
    Aurangabad 973-001-2211
    Bangalore 973-193-2211
    Bhilai 989-328-2211
    Bhilwara 979-933-2211
    Bhiwadi 973-001-2211
    Bhopal 989-328-2211
    Bhubaneswar Cuttack 977-745-2211
    Bikaner 979-933-2211
    Chandigarh 977-916-2211
    Chennai 979-094-2211
    Cochin 999-539-2211
    Coimbatore 979-191-2211
    Dehradun 976-020-2211
    Delhi 995-880-2211
    Durg 989-328-2211
    Faridabad 995-880-2211
    Gandhinagar 972-434-2211
    Ghaziabad 995-880-2211
    Goa 973-001-2211
    Greater Noida 995-880-2211
    Gurgaon 995-880-2211
    Guwahati 995-705-2211
    Gwalior 989-328-2211
    Hyderabad 995-919-2211
    Indore 989-328-2211
    Jabalpur 989-328-2211
    Jaipur 979-933-2211
    Jalandhar 977-916-2211
    Jodhpur 979-933-2211
    Kanpur 979-350-2211
    Karnal 999-637-2211
    Kolhapur 973-001-2211
    Kolkata 974-842-2211
    Kota 979-933-2211
    Kozhikode 999-539-2211
    Lucknow 979-350-2211
    Ludhiana 977-916-2211
    Madurai 979-191-2211
    Meerut 976-020-2211
    Mehsana 972-434-2211
    Mohali Sas Nagar 977-916-2211
    Mumbai 998-755-2211
    Mussoorie 976-020-2211
    Nagpur 973-001-2211
    Nashik 973-001-2211
    Noida 995-880-2211
    Noida Extn. 995-880-2211
    Panipat 999-637-2211
    Patna 995-595-2211
    Pondicherry 979-191-2211
    Pune 973-001-2211
    Raipur 989-328-2211
    Rajkot 972-434-2211
    Ranchi 995-595-2211
    Rohtak 999-637-2211
    Roorkee 976-020-2211
    Salem 979-191-2211
    Shimla 980-509-2211
    Sonepat 999-637-2211
    Surat 972-434-2211
    Trichy 979-191-2211
    Udaipur 979-933-2211
    Vadodara 972-434-2211
    Varanasi 979-350-2211
    Vijaywada 995-919-2211
    Vizag 995-919-2211
    *My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.
SBI Personal Loan News - Oct 2016
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.