SBI Personal Loan Interest Rate

SBI Personal Loan Interest Rates Feb 2017

Read Reviews 3.4/5.0 from 4 users
Last Updated 27th Feb 2017
Salaried Self Employed
Interest Rate 12.50% - 16.60% Check Special Offer 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 @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry
X
MyLoanCare

Factors affecting SBI Personal Loan Interest Rates

SBI Personal loan is dependent on various factors and varies from person to person. These factors are
Loan Tenure - SBI Personal loans are of shorter tenure ranges from 6 years to 48 years and carry high rate of interest compared to longer term loans.
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 all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Borrower Class - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. SBI has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - SBI 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 benefit from the bank.
SBI Personal Loan
SBI Personal Loan Interest Rates
MyLoanCare SBI Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However SBI offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. SBI interest rate varies with your net monthly income.
Employer Category - SBI classifies various organisations into different categories. SBI rates varies based on the company your work for.
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.
  • 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 month must be with your current company. 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
  • 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 2.02% to 3.03%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2 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. -97,904 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 charges 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 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 News - Feb 2017
06th Feb 17 Aadhaar based payments to be a trend changer in digital world
Managing Director of SBI has opined that Aadhaar based payments can be a game changer in the digital world due to its increased customer acceptance post demonetisation. The bank has installed 78,000 point of sales machines in the last 60 days. Aadhaar based payments enable the customers to make payments by using their aadhaar number.
03rd Feb 17 SBI launches combo Metro Cards
State Bank of India has launched combo Metro Card for the commuters of metro rails in Chennai. Combo Metro Card carries dual benefit to the consumers. The metro card can be used for the access on metro stations and also as a shopping cum ATM debit card. The bank will also issue a credit card variant of the combo metro card to the consumers.
01st Feb 17 SBI to increase its stake in two credit card joint ventures
State Bank of India is expected to increase its share holding in two of its credit card joint ventures with diversified American conglomerate GE. The bank expects to increase its stake to 51 percent from the existing share of 40 percent in back office and technology arm of GE and to 74 percent from 60 percent in SBI cards and payments.
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.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in 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 info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.