SBI Personal Loan Interest Rate

State Bank of India
4.5

State Bank of India offers personal loans at competitive interest rates that start from 11% per annum. SBI personal loan interest rate depends on the applicant's eligibility, income, credit score, loan amount, and tenure. SBI provides attractive personal loan interest rates to customers with high credit scores and stable incomes. State Bank of India regularly revises its personal loan interest rates based on the RBI's repo rate and market conditions. Customers can get lower interest rates by opting for longer loan tenures. Overall, SBI's personal loan interest rates are among the most affordable in India.

  • State Bank of India Home loan Interest Rate

    Personal Loan offer for You

  • 11%

    Interest Rate (p.a.)
  • -

    Tenure(1 - 30 Years)
  • ₹2,174

    EMI Per Lakh

Latest Personal Loan Interest Rate of SBI 2024

Key Highlights:
  • Loan amount up to ₹20 lakh
  • Interest rates 11.05% p.a. onwards based on profile
  • Maximum tenure Up to 6 years
  • Processing fee up to 1.50% plus GST
  • Foreclosure charges 3% plus GST
  • Late payment penal charges 2% per month plus GST
  • State Bank of India Home loan Interest RatePersonal Loan offer for You
  • 11%

    Interest Rate (p.a.)
  • -

    Tenure(1 - 30 Years)
  • NIL

    Processing Fee

Compare State Bank of India Personal Loan Interest Rates with Other Lenders

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • Axis Bank Personal Loan Interest Rate

    Axis Bank PL Interest Rate

  • 10.49% - 22%

  • up to 2% of the loan amount + GST as applicable

  • 4.5

  • ₹50K - ₹40L

    Tenure(1 - 7 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Interest on SBI Personal Loans begins at 11% per annum. The bank provides personal loan interest rates based on the type of SBI Personal Loan schemes, the applicant's employment history, the loan amount, and the lender's pre existing relationship with the application for salary accounts. Although the bank has not stated the credit score at which it grants personal loans to applicants, SBI may take applicants' credit ratings into account when determining interest rates for personal loans, just like many lenders.

SBI Personal Loan Interest Rate by Schemes

State Bank of India offers four schemes to its customers. Listed below are the six schemes to use to avail of a housing loan according to your needs:

Scheme Loan Type Interest Rate Applicable For
SBI Xpress Credit Term Loan 11%-12.50% Defense, Coast Guard, Para-Military
SBI Xpress Credit Term Loan 11%-13.50% State Govt., Central Govt., Police, CPSEs, Railway
SBI Xpress Credit Term Loan 12%-14.00% Corporates
SBI Xpress Elite Term Loan 11%-11.50% SBI Salary Account Holders
SBI Xpress Elite Term Loan 11.25%-11.75% Other Bank Salary Account Holders
SBI Xpress Flexi Overdraft 11.25%-14.25% Diamond Package Customers
SBI Xpress Flexi Overdraft 11.25%-12.00% Platinum Package Customers
SBI Xpress Lite Term Loan 10.35%-12.10% Any Salary Account Holder
SBI Xpress Credit Top Up Term Loan 12.10% -

SBI Interest Rate for Pension Loan Schemes 

Scheme Loan Type Interest Rate
SBI Pension Loan Term Loan 11.15%
Jai Jawan Pension Loan Term Loan 11.15%
Pre-approved PAPNL Term Loan 11.15%
Pension Loan for Treasury & PSU Term Loan 11.15%-11.65%
Pre-approved Top Up Term Loan 11.15%

Fees and Charges

Loan Scheme Processing Fee Prepayment Charge Penal Interest
Xpress Credit 1.50% of the loan amount with a minimum of Rs 1000 +GST and Maximum of Rs 15000 +GST 3% on prepaid amount 2% p.a.
SBI Pension NIL - -
Pre-approved Personal Loan At bank's Offer - -
SBI Quick Personal Loan 1.5% of loan amount 3% on prepaid amount 2% p.m.
SBI Xpress Flexi 1.5% of loan amount - 2% p.m.
SBI Xpress Elite 1.5% of loan amount 3% on prepaid amount 2% p.m.

SBI Personal Loan Interest Rates for Salaried and Self-Employed

The State Bank of India offers personal loans to professionals who are salaried employees as well as self-employed people, with starting interest rates as low as 11.15%. Depending on the applicant's credit history, history of repayment, and other important factors, including their income, age, and payback history, among others.

State Bank of India personal loan interest rate for salary account

Customers who have an account with the State Bank of India for a personal loan are qualified for a number of advantages. Interested parties can check their eligibility for a personal loan that has already been pre-approved by going to the bank's official website and entering specific information. Like other lenders, the State Bank of India offers pre-approved personal loans to borrowers with strong credit histories and a track record of on-time payments. The State Bank of India offers interest on salary accounts starting at 11.15% per year.

SBI pre-approved personal loan interest rate

If a person has a decent credit score and all the required paperwork, they may be eligible for a personal loan with pre-approval and a lower interest rate. Customers can easily obtain a personal loan interest rate that has already been pre-approved by the State Bank of India.

State Bank of India Personal Loan Balance Transfer Interest Rates

Before applying for a personal loan with the State Bank of India, you should carefully compare interest rates with those offered by other banks and lenders. How the loan compares to other products will be determined by comparing personal loan interest rates.

Factors Affecting State Bank of India Personal Loan Interest Rates

When processing your loan, the bank takes a number of factors into account to determine the loan amount you qualify for and the interest rate that is offered to you. It should be mentioned that you can negotiate the loan amount and interest rate with the banker by carrying out specific actions that will increase your credibility with them. Consider the following before filing an application for a personal loan:

  • If you are eligible for an SBI personal loan depends heavily on your credit score. A decent credit score indicates a positive payment history. A good loan amount and a cheaper interest rate are assured. A good credit score is viewed by banks as a sign of your capability to pay back. 
  • Increased income guarantees early debt payback. Better loan terms are provided by banks to borrowers with higher salaries. Banks typically prefer salaried employees to since remuneration suggests that the account will have daily cash flow.
  • An important consideration when making a personal loan application is the age of the borrower. The borrower would have more time to repay the debt the younger he was. One can apply for a personal loan if they are older than 21. Younger applicants get loans and interest rates that are more permissive than older ones.
  • Working for a good company will help you get lower interest rates on your SBI Bank Personal Loan. Before granting a loan, many banks check a list of respectable businesses and approved employers. Jobs in these businesses offer job security and lessen the risk that bankers are exposed to.
  • Long-term banking customers usually receive precedence because it is simple to get to know their credit histories. The bank will examine the history of your account, any recent credit or credit card transactions, and your overall financial situation if you are an existing SBI Bank customer. Reputable clients thus receive personal loan interest rates that are lower.
  • Include them as a co-applicant if they are a member of your family so that their income will be considered when evaluating your application for a personal loan. When both applicants' incomes are taken into account, a higher repayment capacity and a lower interest rate result.
  • Your current duties and responsibilities will have a big impact on whether you can get a personal loan and what interest rates you can get. Your chances of repaying any outstanding debts, including loans, will decline. This is considered a high-risk programme by the lender. Additionally, there would be increased strain on the cash flow. Any bank would favour hiring an individual with little or no outstanding debt.

How to Calculate State Bank of India Personal Loan Interest/EMI?

The monthly EMIs for personal loans can be calculated using one of the various online EMI calculators available to applicants. These calculators calculate the user's findings correctly by taking the principle amount, interest rate, and tenure into account. You may find the formula for that below. 

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here, 

‘P’ stands for the Principal amount,

‘R’ stands for the interest rate, 

And 

‘N’ stands for tenure.

How to Get Low Interest Rates on State Bank of India Personal Loan?

There are a few ways to get lower interest rates assigned on personal loan disbursements. These ways are explored below.\

  • Maintain a high CIBIL rating. The optimal CIBIL score for a personal loan from State Bank of India is 800 or higher. 
  • Assess the ideal loan tenure for repayment with the EMI Calculator. Long-term interest costs increase with the length of loan repayment. 
  • Apply for the appropriate loan amount after determining the financial capacity. 
  • Clear up your loan payment history. Repay debts promptly to increase creditworthiness. 
  • Maintain cordial communication with the bankers. Low interest rates can also be attained through effective networking.
  • Watch out during periods when interest rates are discounted.

Frequently Asked Questions (FAQs)

What is the current interest rate of State Bank of India personal loan?

The current rate of interest of the State Bank of India’s personal loan ranges from 11% to 14%

How can I reduce my interest in State Bank of India personal loan?

To reduce interest on a State Bank of India personal loan, try making part-prepayments during the initial repayment tenure when the interest component is high.

Is State Bank of India personal loan a floating rate loan or a fixed-rate loan?

The State Bank of India offers personal loans at both floating and fixed rates.

Do State Bank of India demand collateral or security for personal loans?

No, the State Bank of India doesn’t demand any collateral or security for personal loans.

Can individuals pay off their State Bank of India loans EMI early?

Yes, one can pay their State Bank of India loan EMI early, and depending on the nature of the loan, the charges can either be NIL or 3% of the outstanding principal amount.

What is the EMI for 1 lakhs personal loan?

The EMI for a personal loan of Rs 1 lakh varies from one applicant to another, based on their credit profile. For instance, if you secure a State Bank of India personal loan of INR 1 lakh for five years at an interest rate of 11%, your monthly EMI will equate to INR 2,174.

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