SBI Personal Loan of 3 Lakh

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Written By
Utsah Sharma
Utsah Sharma
Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.
Reviewed By
Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

An SBI personal loan of 3 lakh is available online as well as offline. A wide range of financial obligations, like vehicle purchases, debt consolidation and others, can be easily settled using this loan. Borrowers of the loan can comfortably repay it in Equated Monthly Instalments (EMIs).

Interest rate and loan tenure play a significant role in determining monthly personal loan of 3 lakh EMIs. As the loan tenure increases, the monthly EMIs decrease. Currently, SBI’s 3 lakh loan interest rate stands at 10.55% p.a. Take a look at the changing monthly repayments over the loan over a period of up to 10 years. 

SBI 3 Lakh Personal Loan – Highlights 

Before moving on to the EMI schedule, here is a quick overview of the SBI personal loan of 3 lakh. 

Loan Amount  3 lakh
Loan Tenure Up to 6 years
Rate of Interest (p.a.) 10.55% p.a.
Overdraft Facility  Available
Pre-Approved Facility  Available

3 Lakh Personal Loan EMI for Up to 10 Years

The table below highlights the monthly EMIs on a personal loan of 3 lakh at an interest rate of 10.55% p.a. from SBI. 

Loan Tenure Loan Amount Interest Rate (p.a.) EMI
1 Year 3 lakh 10.55% ₹26,452
2 Years  3 lakh 10.55% ₹13,920
3 Years 3 lakh 10.55% ₹9.758
4 Years 3 lakh 10.55% ₹7,688
5 Years 3 lakh 10.55% ₹6,456
6 Years 3 lakh 10.55% ₹5,641
10 Years 3 lakh 10.55% ₹4,056

SBI 3 Lakh Personal Loan: Comparison With Other Lenders

Take a look at some of the other popular personal loan offerings available in the market. 

Bank Name Interest Rate (p.a.) Maximum Loan Tenure
Bank of India 10.25% onwards 7 years
L&T Finance  12% onwards 4 years
Axis Bank 10.49% onwards 7 years
HDFC Bank 10.50% onwards 6 years
KreditBee 16% onwards 2 years

SBI 3 Lakh Personal Loan – Fees and Charges

Apart from the 3 lakh loan interest rate, borrowers are required to pay the following additional fees and charges:

  1. Processing Fee: SBI charges a processing fee of 1.50% p.a. plus GST over personal loans.
  2. GST: An 18% Goods and Services Tax (GST) is levied on SBI personal loans.
  3. Other Charges: Verification charges, stamp duty charges and several other additional charges may also be applicable. 

SBI 3 Lakh Personal Loan – Documents Required 

The borrowers of the instant 3 lakh loan from SBI are required to submit the following documents while applying for the loan. 

  • Duly filled loan application form with 2 passport size photographs
  • KYC Documents: Aadhar Card, Voter’s ID, Driver’s License, etc.
  • Income Proofs: Salary slips, Balance Sheet and P&L account, IT returns, Bank Statements etc. 

SBI 3 Lakh Personal Loan – Eligibility Criteria

SBI personal loan 3 lakh’s eligibility criteria are as follows:

  1. Eligible Borrowers: Self-employed/ Salaried/ Pensioners/ Govt. Employees
  2. Age Limit: 21-76 years
  3. Minimum Income: ₹15,000 per month
  4. EMI/NMI ratio: Less than 50%
  5. Citizenship: Indian citizen

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