SBI personal loans are unsecured loans with interest rates ranging from 9.6% to 13.6 percent. A personal loan of up to Rs 15 lakhs with a 60-month repayment duration is available to applicants. Applicants are charged a processing fee of up to 1%, excluding GST. In addition, there are prepayment penalties of 3%. There is no need for any form of security or collateral.
You must meet certain standards in order to acquire a personal loan from the SBI bank. If you meet the qualifications, the bank will merely ask for the bare minimum of paperwork. The SBI personal loan amount will then be credited to your savings account after a small processing fee is deducted. You can apply for an SBI personal loan on the bank’s website or by downloading the SBI YONO application.
Table of Contents
Rates and Features of SBI Personal Loans
| Interest Rate | 9.60% onwards |
| Minimum monthly salary requirement | 15000 INR per month |
| Loan Term | 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 |
SBI Personal loan Terms and Conditions
The following are the terms and conditions that apply to your SBI personal loan use.
- On the late amount for the period of default, penalty interest of 2% per month would be imposed in addition to the relevant interest rate.
- Prepayment penalty of 3% on the amount prepaid If the account is closed with the proceeds of a new loan account under the same scheme, there are no prepayment or foreclosure penalties.
- The minimum repayment time is six months, and the maximum repayment duration is six years or the remaining service period, whichever comes first (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 keep in mind to apply for a personal loan from SBI
- Getting a personal loan from SBI is not difficult. You must complete an application form either online or at an SBI branch near you.
- Before applying for an SBI personal loan, be sure you’re eligible. To see if you qualify for a personal loan, utilise the SBI personal loan eligibility calculator. Based on your financial position, this calculator assesses whether you are eligible for a personal loan. This tool can also help you sort out how much you can borrow for a personal loan. Additionally, using this tool minimises the likelihood of your personal loan application being refused, and you will be notified about your eligibility ahead of time.
- You must also furnish the bank with a few documents, and the bank will check your credit score and verify the paperwork you’ve provided. The paperwork is usually simple and straightforward.
- If the bank determines that you have a strong credit history, the SBI personal loan interest rate will be acceptable.
- The loan is paid back in monthly installments, or EMIs, for the term you specified when you took out the loan, at the bank’s yearly interest rate.
- The SBI personal loan EMI calculator can not only help you calculate how much you will have to pay in EMIs to the bank, but it will also help you organise your monthly budget and financial responsibilities.
Final Thoughts
If your CIBIL score is better than 650, you can apply for an SBI personal loan. If your CIBIL score is high and you meet all of the bank’s eligibility requirements, you can acquire the best and cheap SBI personal loans interest rates. You could then use the SBI personal loan calculator to calculate and know your EMIs advance of time to avoid any repayment failures.
