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SBI Personal Loan Interest Rate

Last Updated 23rd Oct 2017

SBI Personal Loan Interest Rates Oct 2017

Salaried Self Employed
Interest Rate 12.50% - 16.60%
Check Best Offers
11.20% - 16.30%
Processing Fee 2% to 3% 2-3% of Loan Amount
Loan Tenure From 6 months to 48 months From 12 months to 48 months
Lowest EMI Rs. 2,658 per lakh Rs. 2,594 per lakh
Loan Amount Min Rs. 10,000 and Max Rs. 1,500,000 Min Rs. 500,000 and Max Rs. 1,000,000,000
Age Min 21 years and Max 58 years Min 21 years and Max 65 years
Prepayment Charges Allowed after 0 EMI's, 3% of prepaid amount Allowed after 0 EMI's, Nil Prepayment Charges
Foreclosure Charges Allowed after 1 EMI's, 3% of prepaid amount Allowed after 6 EMI's, Nil Prepayment Charges
Apply Personal Loan @ 10.99%*
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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
  • 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 Calculator

The amount of loan you are eligible from the bank means your personal loan eligibility. Personal loan eligibility can be worked based on the following inputs:

  • 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 1,500,000.
  • 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 capture 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 Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for personal loans. Some of the key criteria are:

SBI Eligibility Criteria
Age: 21 to 58 years
Minimum Income: Rs. 24,000
Current Job Stability (in months) 12 months
Total Work Experience (in months) 24 months
Minimum Credit Score 750 and above
Loan Amount Rs. 10,000 to Rs. 1,500,000
Loan Tenure 48 months
FOIR (Fixed Obligations to Income Ratio) 0.45

SBI Personal Loan for Salaried

Eligibility of personal loan 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 of the borrower: Age plays an important role to know your eligibility and repayment capacity. SBI offers loan to salaried individuals who are at least 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Income of the borrower: SBI asks for a minimum net monthly income of Rs. 24,000 to be eligible for personal loans. Salaried employees in government job, defence or working with a reputed private company and getting regular salary in bank account with salary slip, form 16 can get personal loans easily.
  • 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 12 months of which not less 24 month must be with your current company.
  • 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 find it difficult to get a personal loan. A regular repayment track record increases your loan eligibility.
  • Loan Amount: Based on the loan amount eligibility, bank gives you loan 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.
  • Fixed Obligations to Income Ratio (FOIR): Bank will also calculate the proportion of your fixed obligations (including EMIs paid on other existing loans) to your income to calculate the FOIR (Fixed Obligation to Income Ratio). In summary, fixed obligations include running EMIs, if any, on existing loans and estimated average monthly expenses. Minimum FOIR to be eligible for personal loan from the bank is 0.45

SBI Personal Loan for Self Employed

SBI offers personal loans for self-employed borrowers between the age of 21 to 65 years. Personal loans offered to self-employed and businessmen are known as business loans. Some of the key features are:

  • Self- employed and Businessmen running businesses with existence of at least 36 months can take a personal loan from SBI
  • Such borrowers need to submit ITRs of 24 months also required to get eligible for the loan.
  • Loan amount that you can apply for is Rs. 500,000 to Rs. 1,000,000,000.
  • Your loan amount eligibility is calculated on the basis of your of calculation of net monthly income as per Income Tax Returns and of your fixed expenses such as rent, other personal expenses and EMIs on existing loans that you have to service from your net monthly income. The ratio of total fixed obligations to you monthly income ratio is popularly known as FOIR. Minimum FOIR for self employed to take loan from the bank is 0.45. To know more about loans for self employed, click on the link below.

SBI Loan Eligibility Calculator and EMI Calculator

Personal Loan Eligibility is the amount of loan you can avail based on an evaluation of your repayment capacity as well as your income. It is important to calculate eligibility for loan from the bank. You can use eligibility calculator to get a fairly accurate estimate of your loan eligibility subject to the details provided by you.

Further, you can also use Personal Loan EMI Calculator online to calculate your loan EMI. Personal Loan EMI is a fixed amount that you pay each month towards the repayment of your 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 depends on factors like:

  • 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

What are the benefits of calculating EMI?

  • EMI calculator of personal loan helps you to calculate your monthly EMI at different interest rates
  • Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • It gives you a rough idea about the monthly EMI which will help you to plan your monthly expenses accordingly
Other Charges

In addition to interest rates, home loan also carry some other charges which include:

  • Part Payment Charges - These charges are to be paid in case you want to repay some part of the loan during the tenure period. SBI allows part payment of loan after 0 EMI's at 3% of prepaid amount.
  • 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 loan after 1 EMI's at 3% of prepaid amount.
  • Processing Fee - SBI charges a processing fee of 2% to 3% of loan amount with applicable tax.

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:

State Bank of India Xpress Credit Loan

  • SBI Xpress Credit loan is useful for those who want urgent cash in case of medical emergency or a family vacation.
Description:
  • Xpress loan is available in two forms from SBI as term loan and as overdraft facility on existing account.
  • No collateral and security required.
Who is Eligible?
  • Employees of Central and state government, Quasi Government, Central PSUs, Profit making State PSUs, Educational National Institute and few selected companies
  • These loans are sanctioned to the employees of central and state government maintaining salary account with SBI at zero margin.
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 only granted for any legitimate purpose like expenses for domestic or foreign travel, medical treatment of self or any family member, for marriage of son/daughter and many more.
Description:
  • The limit for the loan amount depends on the borrowers income and his repayment capacity.
  • No collateral and additional security required.
Who is Eligible?
  • The salaried and working individuals in any leading corporate house, self employed (engineer, doctor, architect, chartered accountant, MBA) with minimum 2 years experience
  • Salaried individuals working in reputed corporates are eligible for Saral 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

  • This loan can be granted for any urgent or unexpected need of funds or a family obligation to be fulfilled.
Description:
  • Any Government pensioner drawing pension from any SBI branch can avail Pension loan easily to meet personal expenses.
  • Nil processing fee for Defense pensioners.
Who is Eligible?
  • The pensioners should not be more than 76 years of age and whose pensions are disbursed by government treasuries through cheques in the favor of bank.
  • Central/ State Government/ Defense pensioner withdrawing pension from SBI can easily 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 60 months
  • Minimum income to get this loan should be Rs. 5,000

State Bank Festival Loan

  • To meet any kind of festival related expenses.
Description:
  • The loan limit will be determined by your income and repayment capacity.
  • Minimum income of Rs. 3,000 is required to get this loan.
Who is Eligible?
  • Any employee of Govt, PSUs, profit making public/private limited companies/self employed persons with minimum experience of 2 3 years / person having source of income like pension, and interest from TDRs/NSCs/Govt. Securities
  • Any salaried or self employed individual with minimum experience of 2 to 3 years can avail 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

Jai Jawan Pension Loan

  • To meet their personal expenses.
Description:
  • The loan is given in all the pension paying branches of SBI to all the young defence and para military forces pensioners.?
  • No security up to Rs. 25,000 loan amount
Who is Eligible?
  • All young defense and para military force pensioners not more than 50 years of age are eligible for this loan.
  • All young defense and para military force pensioners can avail 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

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) 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% to 3%
  • 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 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 ?

Bank 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%. If you are an existing customer with a salary account in the bank, then you are eligible to get low interest rates on loan.

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 1,500,000.

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

SBI charges a processing fee 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 vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

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

*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.