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SBI Personal Loan Interest Rate

Current SBI Personal Loan Interest Rate

Last Updated 07th Jul 2021

Interest Rate 9.60% - 15.65%
Tenure Upto 72 months
Processing Fee 1.00%
Loan Amount ₹ 50,000 to ₹ 15 Lakh
Minimum Income ₹ 24,000
Eligible Age 21 to 58 years
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after 6 months with charges ranging from, 3% of the outstanding loan amount.
  • Today’s SBI personal loan interest rate starts at 9.60%.
  • SBI offers the lowest personal loan rate of 9.60% to borrowers who are existing customers of the bank or are working with top corporations.
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SBI Personal Loan Rates and Charges

  • SBI offers personal loans to salaried individuals at a minimum rate of 9.60%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as SBI personal loan rates and charges. As listed below:
SBI Personal Loan Rates and Charges
Interest Rate 9.60% to 15.65%
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after paying 6 months with charges ranging from, 3% of the outstanding loan amount.
Processing Fees 1.00%
EMI Cheque Bounce Charges ₹ 500

Interest rates on SBI Personal Loans Schemes

As on today, SBIPersonal loan interest rates are in the range of 9.60% to 15.65%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on SBI personal loan remains unchanged at 9.60% as on 07 Jun, 2021. The last revision on SBI Personal Loan was announced on 07 Jun, 2021 when the rate was 9.60%. SBI also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

The table below gives the interest rates on various popular personal loan schemes of SBI.

Scheme Interest Rates Loan Amount Loan Tenure
SBI Pension Loan9.75% - 10.25% ₹ 2,50,000 - ₹ 14,00,000Upto 60 months
SBI Jai Jawan Pension Loan12.45% - 12.45% ₹ 25,000 - ₹ 2,00,000Upto 84 months
SBI Xpress Credit Loan10.60% - 12.10% ₹ 25,000 - ₹ 20,00,000Upto 72 months

SBI Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 9.60% 1.00% NIL
Self-Employed Professional Starting from 11.20% In the range of 2% to 3% Nil charges

SBI Personal Loan Rate Comparison with Other Banks

Here is a comparison of SBI Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars SBI ICICI Bank HDFC Bank
Rate of Interest Starting from 9.60% Starting from 10.50% Starting from 10.25%
Loan Tenure 6 - 72 months 12 - 60 months 12 - 60 months
Minimum Age 21 years 23 years 21 years
Processing Fee 1.00% Upto 2.25% of Loan Amount Upto 2.50% Min ₹ 999
Maximum Loan Amount ₹ 15 Lakh ₹ 30 Lakh ₹ 75 Lakh
Prepayment charges Not allowed Not allowed Allowed after 12 EMI's, 2-4%
Pre closure charges Allowed after 6 EMI's, 3% Allowed after 6 EMI's, 5% Allowed after 12 EMI's, 2 - 4%

SBI Personal Loan Balance Transfer Interest Rates

SBI personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with SBI at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently SBI offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on SBI Personal Loan?

You can get the lowest SBI personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the SBI personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from SBI as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, SBI may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. SBI offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is SBI personal Loan interest rate?

Today, the lowest interest rate on SBI Personal Loan is 9.60%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in SBI personal loan?

You can reduce the interest to be paid on SBI personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when SBI provides discounted personal loan offers

Is SBI personal a floating rate loan or fixed-rate loan?

SBIis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did SBI personal loan rate drop in 2021?

Presently, SBI offers personal loans at an interest rate starting at 9.60%. There has been no change in personal loan rates of SBI for a long time and continue to stand at 9.60%.

How do I check my eligibility to get a personal loan at a low rate from SBI?

The lowest rate on SBI is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at SBI official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in SBI?

The lowest personal rate offered by SBI on a personal loan is 9.60%.

What is the interest rate charged by SBI on personal loan?

Personal loan interest rates in SBI are 9.60% to 15.65%. SBI personal loan interest rate for salary account holders are comparatively lower than that for other customers.

Can I ask for a reduction in the SBI personal loan interest rate?

You can ask for a reduction in your SBI personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from SBI?

No, there is no need for any collateral or security while availing a personal loan from SBI. SBI personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from SBI early?

If you want to prepay your entire personal loan from SBI, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the SBI personal loan scheme availed by you, before making any decision.

How does SBI calculate the interest on a personal loan?

The interest for SBI personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, SBI personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of SBI personal loan interest calculation.
  • Reducing rate method:  As per the SBI personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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SBI Personal Loan News - Jul 2021
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
    The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
  • 2021-06-08 : Unsecured personal loan of upto Rs 5 lakh to be made available by the SBI
    Under the Emergency Credit Line Guarantee Scheme (ECLGS) SBI is offering a collateral-free loan up to ₹5 lakh, allowing an unsecured ‘covid personal loan’ for covid treatment.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
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