SBI Personal Loan of 5 Lakh

Get in Touch for Personal Loan Expert Advice
Connect with our Personal Loan Advisor Now!
  • Personalized Personal Loan solutions
  • Expert guidance
  • Application assistance
  • Credit score discussion
  • Personal Loan Interest rate comparison
+91
Choose City

Written By
Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

The SBI Personal Loan of ₹5 Lakh offers instant financing for nearly any financial need. Whether for debt consolidation, home renovation, medical emergencies, or other financial needs, the bank stands ready to disburse funds on time. Thus, you can typically expect the fund to hit your bank account within 48 hours. Additionally, being a collateral-free option, you can secure the necessary funds without pledging any assets, making it a more borrower-friendly loan. Herein, we will provide details such as the ₹5 lakh loan interest rate, eligibility criteria, required documents, applicable fees, and more. Scroll down to learn more.

₹5 Lakh Personal Loan SBI – Highlights

Following are the key parameters of an SBI personal loan of ₹5 lakh:

                                                                      Highlights
Interest Rates 10.55% p.a. onwards 
Processing Fees 1% of the loan amount + applicable taxes
Loan Tenure Up to 6 years
Eligibility Either salaried or self-employed individuals are eligible.

₹5 Lakh Personal Loan EMI for 1- 6 Years

Flowing is the estimated ₹5 lakh personal loan EMI with SBI for varying tenures:

Loan Amount Interest Rate Loan Tenure EMI Amount Interest Payable Total Amount Payable
₹5 Lakh 10.55% p.a. 1 year Rs 44,086 Rs 29,032 Rs 5,29,032
₹5 Lakh 10.55% p.a. 2 years Rs 23,200 Rs 56,800 Rs 5,56,800
₹5 Lakh 10.55% p.a. 3 years Rs 16,263 Rs 85,468 Rs 5,85,468
₹5 Lakh 10.55% p.a. 4 years Rs 12,814 Rs 1,15,072 Rs 6,15,072
₹5 Lakh 10.55% p.a. 5 years Rs 10,759 Rs 1,45,540 Rs 6,45,540
₹5 Lakh 10.55% p.a. 6 years Rs 9,402 Rs 1,76,944 Rs 6,76,944

Compare ₹5 Lakh Personal Loan From Other Banks & NBFCs 

Following is the comparison of an SBI personal loan of ₹5 lakh with other leading banks and NBFCs in India:

Lender Interest Rate (p.a.) Processing Fee Tenure
State Bank of India 10.55% onwards 1% of the loan amount 1 to 6 years
IDFC First Bank 10.49% onwards Up to 3.49% of the loan amount 1 to 5 years
Axis Bank 10.49% onwards Up to 2% of the loan amount 1 to 5 years
IndusInd Bank 10.49% onwards Up to 2.5% of the loan amount 1 to 5 years
Federal Bank 10.49% onwards Up to 3% of the loan amount 1 to 5 years
HDFC Bank 10.50% onwards  Up to Rs 4999 1 to 5 years
ICICI Bank 10.50% onwards  Up to 2.50% of the loan amount 1 to 6 years
Kotak Mahindra Bank 10.99% onwards Up to 3% of the loan amount 1 to 5 years
Bajaj Finserv 11.00% onwards Up to 3.93% of the loan amount 1 to 8 years
Punjab National Bank 11.75% onwards 1% of the loan amount 1 to 6 years

₹5 Lakh SBI Home Loan – Fees and Charges

Following are the applicable fees and charges for an SBI personal loan of ₹5 lakh :

Fee/Charge Amount
Processing Fee 1% of the loan amount plus applicable taxes
Prepayment Charges 3% on your prepaid amount
Late Payment Charges 2% per annum, above the applicable interest rate.
Cheque/ECS/NACH dishonour Charges Rs 250
Professional charges (Advocate Charges/Retainer ship Charges) At Actuals

₹5 Lakh SBI Home Loan – Documents Required

The following are the ₹5 lakh personal loan documents in SBI:

Proof of Identity: PAN Card, Passport, Voter ID or Driving License.

Proof of Address: Aadhaar Card, Passport, Driving License, or Utility Bills.

Proof of Income: Bank statement showing the credit of your salary/income.

Proof of Employee: Latest salary slips.

₹5 Lakh SBI Home Loan – Eligibility Criteria

The following are the ₹5 lakh personal loan eligibility in SBI:

  • Age: You should be between 21 and 58 years old.
  • Income: A regular source of income, with a minimum of Rs 15,000, is required.
  • Creditworthiness: A good credit score and a positive repayment history are essential.
  • Nationality: You must be a citizen of India.

Personal Loan By Banks

Urban Money