Personal loans from SBI are unsecured loans with rates ranging from 9.6% to 13.6 percent. Applicants can apply for a personal loan of up to Rs 15 lakhs with a 60-month repayment period. A processing fee of up to 1%, excluding GST, is applied to applicants. In addition, there is a 3 percent prepayment penalty. There is no need for providing a collateral or security.
To get a personal loan from the SBI bank, you must meet certain requirements. If you meet the requirements, the bank will only require the bare minimum of documentation. After a minor processing charge is deducted, the SBI personal loan amount will be credited to your savings account.
Rates and Features of SBI Personal Loans
| Interest Rate on Personal loans | 9.60% onwards |
| Minimum monthly salary needed | 15000 INR per month |
| Loan Tenure | Upto 6 years |
| Loan Amount | Rs 25,000 to 20 Lakhs |
| Prepayment charges | 3% on prepaid amount |
| Processing charges | 1.50% of loan amount |
| Required Age | 21-58 years |
Terms & Conditions of an SBI Personal Loan
The terms and conditions that apply to your use of an SBI personal loan are listed below.
In addition to the applicable interest rate, penalty interest of 2% per month would be applied on the late amount for the time of default.
A 3% prepayment penalty will be applied to the amount prepaid. There are no prepayment or foreclosure charges if the account is closed with the funds of a new loan account under the same scheme.
Six months is the minimum repayment period, and six years or the remaining service period, whichever comes first, is the maximum repayment period (whichever is lower).
SBI personal loans
The different types of SBI Personal loans and their interest rates are as follows-
| SBI Kavach Personal loan | 8.50% |
| SBI Xpress Credit | 10.60% onwards |
| SBI Pension loan | 9.75%-10.25% |
| SBI Pre Approved Loans | 12.60% |
| SBI Quick Personal loan | 10.85% – 12.85% |
Points to remember while applying for an SBI personal loan
- It is not difficult to obtain a personal loan from SBI. An application form must be completed either online or at an SBI branch near you.
- Make sure you’re eligible for an SBI personal loan before applying. Use the SBI personal loan eligibility calculator to see if you qualify for a personal loan. This calculator determines whether you are eligible for a personal loan based on your financial situation. This tool can also assist you in determining how much you are eligible to borrow for a personal loan. Furthermore, by using this tool, the chances of your personal loan application being denied are reduced, and you will be informed about your eligibility ahead of time.
- You must also provide a few documents to the bank, which will examine your credit score and verify the information you’ve submitted. The paperwork is usually clear and simple.
- The SBI personal loan interest rate will be appropriate if the bank deems that you have a good credit history.
- The loan is repaid in monthly installments, or EMIs, throughout the term you set when you applied for the loan, at the bank’s annual interest rate.
- The SBI personal loan EMI calculator can help you not only figure out how much you’ll have to pay in EMIs to the bank, but also organise your monthly budget and financial obligations.
Read More: What is the full form of CIBIL?
Last Thoughts
You can apply for an SBI personal loan if your CIBIL score is greater than 650. You can get the best and cheapest SBI personal loans interest rates if your CIBIL score is high and you meet all of the bank’s qualifying standards. To avoid any repayment difficulties, you can use the SBI personal loan calculator to calculate and know your EMIs ahead of time.
