576 total views
SBI personal loans have interest rates ranging from 9.60 percent to 15.65 percent. The bank provides a variety of personal loans to meet the needs of different borrowers. SBI personal loans are classified as Xpress Credit Loan, SBI Pension Loan, Xpress Elite, and Pre-approved Personal Loans. Personal loans from SBI can be used for a variety of purposes, including business expansion, foreign travel expenses, marriage, home renovation, debt consolidation, medical emergencies, and many more. You can go for an SBI personal loan apply online directly on the bank’s website or by logging into the YONO app.
The State Bank of India (SBI) has announced various incentives and offers on its personal loan schemes as part of the festive season. In addition, the lender has improved the features of its personal loan programmes. Borrowers can apply for a SBI personal loan by visiting the bank’s official website.
A customer can obtain a personal loan from SBI for as low as Rs.1,832 per lakh. The borrower can also apply for a loan through the SBI YONO app. The processing fee for SBI Personal loan is upto 1%-1.5%. If you calculate the EMI as per the lowest rate of interest, i.e, 9.60% and for the longest tenure offered, i.e, 72 months, the lowest EMI can be Rs. 1832. But, to avail SBI personal loan apply online, you need to fulfill the eligibility criteria of the bank.
Eligibility required for availing a SBI Personal loan
- Individuals with an SBI Salary Account can avail SBI personal loan.
- Minimum monthly income of Rs. 15000/ is essential.
- EMI/NMI Ratio of less than 50% is required.
- Amount of Term Loans are as follows
- Rs. 25,000 is the minimum loan amount.
- Loan Maximum is Rs. 20 lakhs / 24 times NMI
Documents Required to avail a SBI Personal loan
The documents required to avail a SBI personal loan may differ depending upon the SBI personal loan type selected. However, in general the following are the essential documents:
- Identity Proof: Passport, PAN card, Voter Identity Card, Driving License, Aadhaar Card
- Address Proof: Ration Card, Bank Account Statement, Passport, Driving License, Sale Deed/Property Purchase Agreement (for owned properties), Aadhaar Card, Telephone Bill, Electricity Bill
- Income Proof: Bank Account Statement, Salary Slips, ITR, Form 16
Types of SBI personal loans and their Interest Rates
| 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% |
Rates and Features of SBI Personal Loans
| Interest Rate of SBI personal loan | 9.60% onwards |
| Minimum salary | 15000 INR per month |
| Loan Period | Upto 6 years |
| Loan Amount (min & max) | 25000 to 20 Lakhs |
| Prepayment charges | 3% on prepaid amount |
| Processing charges | 1.50% of loan amount |
| Eligible age | 21-58 years |
How to calculate your SBI personal loan EMI?
If you have an SBI personal loan, the equated monthly instalment (EMI) is calculated using the following formula:
EMI = [P x R x (1+R)N] / [(1+R)(N-1)]
You can calculate your EMIs using the SBI personal loan calculator.
The Bottom Line
The lowest rate of interest depends on your eligibility criteria and your CIBIL score. You can calculate your EMI using the SBI personal loan EMI calculator online on a prior basis. This helps to plan your expenses and your other monthly financial obligations efficiently.