SBI Personal Loan of 50000

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Written By
Amrita Sinha
Amrita Sinha
Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal 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.

The State Bank of India (SBI) stands out as a stalwart financial institution, known for its commitment to providing tailored solutions that cater to a diverse spectrum of financial needs. Among its array of financial products, the SBI Personal Loan emerges as a versatile and strategic choice, empowering individuals with the means to promptly address immediate financial obligations. Purposefully designed to bridge the gap between aspirations and reality, this streamlined borrowing option ensures swift access to funds, facilitating the effective management of unforeseen expenses and the pursuit of personal objectives without unnecessary delays. In the following discussion, we will delve into the specifics of the SBI Personal Loan of ₹50,000.

SBI Personal Loan 50,000 – Highlights 

Here are the highlights for SBI personal loan amounting 50,000. 

Loan Amount  50,000
Maximum Loan Tenure Up to 6 years
Rate of Interest (p.a.) 10.55% p.a.
Overdraft Facility  Available
Pre-Approved Facility  Available

50,000 Personal Loan EMI Up to 6 Years

Take a quick look to learn more about 50,000 personal loan EMIs. 

Loan Tenure Loan Amount Interest Rate (p.a.) EMI
1 Year 50,000 10.55% ₹4,409
2 Years  50,000 10.55% ₹2,320
3 Years 50,000 10.55% ₹1,626
4 Years 50,000 10.55% ₹1,281
5 Years 50,000 10.55% ₹1,076
6 Years 50,000 10.55% ₹940

Comparing SBI Personal Loan 50,000 With Other Banks and NBFCs 

Here’s a quick comparison of SBI personal loans with other leading banking institutions. 

Bank Name Interest Rate (p.a.) Maximum Loan Tenure
SBI 10.55% onwards 6 Years
ICICI Bank 10.50% onwards 7 years
TATA Capital  10.99% onwards 6 years
Kotak Mahindra Bank  10.99% onwards  6 years
Standard Chartered Bank 11.49% onwards 5 years
L&T Finance  12% onwards 4 years

SBI Personal Loan 50,000 – Fees and Charges 

The applicant will need to pay the following as fees and charges for SBI Personal Loan. 

  • The applicant is obligated to submit a processing fee equivalent to 1.50% of the loan amount, along with the applicable Goods and Services Tax (GST).
  • An 18% GST is levied on the loan amount.
  • Additional charges, inclusive of document verification fees and stamp duty charges, may be applicable.

SBI Personal Loan 50,000 Documents Required 

To commence the application procedure for a ₹50,000 SBI personal loan, it is imperative to provide the following documents:

  • A completely filled-out loan application form.
  • Utility bills, driver’s licences, voter IDs, Aadhar cards, and other officially recognised identification documents are among the required paperwork. 
  • Documents such as balance sheet and profit and loss account statements, pay stubs, bank statements, income tax returns, and other relevant financial records must be submitted by applicants in order to verify their income.

50,000 Personal Loan Eligibility Criteria SBI

Eligibility Criteria for the ₹50,000 Personal Loan from SBI:

  • Qualified Applicants: This category encompasses self-employed individuals, salaried professionals, pensioners, and government employees.
  • Age Criteria: Prospective applicants should fall within the age range of 21 to 76 years at the time of submitting their loan application.
  • Minimum Income: The bank will establish a specified minimum income threshold that applicants are required to meet.
  • EMI/NMI Ratio: To ensure financial prudence, the EMI/NMI ratio should not exceed 50%.
  • Citizenship Requirement: All applicants must possess Indian citizenship to be deemed eligible for the loan.

Personal Loan By Banks

Frequently Asked Question (FAQs)

What is the monthly interest rate applicable to a ₹50,000 personal loan from SBI?

The SBI loan for ₹50,000 carries an interest rate commencing at 10.55%.

Is it possible to obtain a ₹50,000 personal loan from SBI?

Certainly, eligibility permitting, applicants can avail of a ₹50,000 personal loan from SBI.

How can one secure a ₹50,000 personal loan from SBI without a salary slip?

In the absence of a salary slip, it is recommended to engage with the bank’s personnel. However, possessing a favourable CIBIL score and meeting eligibility criteria should streamline the process of obtaining a personal loan.

What is the recommended CIBIL score for ₹50,000 personal loans from SBI?

A CIBIL score ranging from 700-750 or higher is considered a robust indicator for securing a ₹50,000 personal loan from SBI.

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