Check Out State Bank Of India Personal Loan Interest Rates Online

SBI Personal Loan

SBI offers personal loan interest rates up to Rs 20 lakh for a tenure of up to 6 years, starting at 10.10% p.a. Additionally, it provides pension loans with tenure up to 7 years and a maximum of Rs. 14 lakhs. Additionally, SBI provides pre-approved personal loans with immediate loan disbursement. personal loan interest rate depend upon several factors such as income, credit profile, employer company categorization, loan amount, CIBIL score, employer company categorization, employment stability, etc. 

SBI personal loans are available to self-employed, salaried, and business owners and are intended to meet personal and otherwise requirements that are not covered by conventional lending programmes. SBI personal loans can help with needs that were not even really planned. This bank offers personal loans that can be easily obtained with no documentation, prepayment fees, or security or guarantor.     

What are the types of SBI personal loans?

For particular consumer categories, the State Bank of India offers personal loans targeting these consumers. These financial solutions are created to satisfy the requirements of specific borrowers. One can avail of different SBI personal loan interest rate under these categories. 

1. SBI Saral Personal Loan 

  • Interest rate – 17.65% to 17.65%
  • Minimum monthly – Rs. 5,000.
  • The loan amount is between Rs. 24,000 and Rs. 15 lakhs.
  • Tenure is up to 48 months. 

2. SBI Xpress Credit Personal Loan

  • Interest rate – 11.50% to 13.50%
  • Minimum monthly income – Rs. 5,000.
  • Loan amount – Rs. 25,000 and Rs. 15 lakhs
  • Maximum tenure is 48 months.

3. State Bank Festival Loan

  • Interest rate – 11.45% to 11.95%
  • Minimum monthly income – Rs. 3,000.
  • Loan amount – Rs. 5,000 to Rs. 15 lakhs
  • The maximum tenure for repayment is 60 months

4. SBI Pension Loan

  • Interest rate – 12.50% to 16.60%
  • Loan amount – Rs. 15 lakhs.
  • The pension should come via cheques from the government treasuries.
  • No processing fee is applied for defence pensioners.
  • Tenure is maximum of 60 months.

5. Jai Jawan Pension Loan

  • Interest rate – 12.45% to 12.45%
  • Loan amount – Rs. 15 lakhs.
  • Maximum tenure is 60 months for repayment.

The personal loan interest rates offered by the State Bank of India depend on several factors, some of which are listed below. 

  • If you have a higher salary, it becomes easier for you to get loans at a lower personal loan interest rate than an individual whose salary is less. 
  • Personal loan interest rates are lower for higher loan amounts.
  • The personal loan from State Bank has a repayment duration of six to seventy-two months. Most loan programmes have a maximum term of 48 to 60 months. A lower rate might be applied with longer tenure and vice versa.
  • A greater credit score will benefit you from a lower personal loan interest rate
  • Existing account holders and borrowers who have made on-time payments on prior loans from the bank may receive special offers, fees, and rates from the bank.
  • Working for an employer in a higher-ranked category will increase your chances of receiving a better personal loan interest rate and discount.

What are the different SBI personal loan interest rates for different categories? 

SBI offers different SBI personal loan interest rate for different loan categories. Below is the differentiation of interest rates for Salaried/Self Employed and Pensioners. 

ParticularsSalaried/Self EmployedPensioners
Interest rate9.60% p.a.- 15.65% p.a.9.75% p.a. -10.25% p.a.
Loan AmountMinimum: Rs.25,000Maximum: Rs.20 lakhMinimum: Rs.25,000Maximum: Rs.14 lakh
Loan TenureUp to 72 monthsUp to 84 months
Processing Fee1.5% of loan amount + tax0.5% of loan amount + tax (Minimum of Rs.500)
Age21 – 58 YearsUp to 78 years
Salary/IncomeRs.15,000 onwardsAt the discretion of the bank
Credit Score750 and aboveAt the discretion of the bank
Prepayment Charges3% on prepaid amount3% on prepaid amount

Conclusion

SBI personal loans are available for different categories, giving customers loans at various interest loans. You can compare these interest rates online on the official page of SBI and avail of the loan that best suits your needs. 

By Hania

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