Highlights
- Avail SBI Personal Loan at an Attractive Interest Rate
- With lowest interest rates minimize your loan repayment burden
Imagine availing of a personal loan from the country’s largest lender, i.e. SBI that has an attractive interest rate starting from 11.35% p.a. onwards and a loan amount of up to 30 lakhs. Sounds appealing, right? Well, of course, it is! The bank offers attractive personal loan interest rates. Read the page further to know the same.
SBI Personal Loan Interest Rate Details 2024
State Bank of India, country’s largest bank with an asset size of ₹37 Lakh Crore along with a happy customer base of 500 million. The bank offers attractive personal loan interest rates. Read the page further to know the same.
Loan Amount |
Up to Rs. 30 lakhs (having a salary account with SBI) Up to Rs. 20 lakhs (not having a salary account with SBI) |
Interest rate |
11.35% p.a. to 15.50% p.a. |
Tenure |
Up to 6 years |
Processing Fee |
1.50% (Minimum: Rs. 1,000 to Maximum: Rs. 15,000) |
Minimum Monthly Salary |
Rs. 15,000 |
SBI Personal Loan Rates for New Customers
The bank is worldwide known for offering the best financial products to meet the diverse needs of one and all. An SBI Personal Loan is one such credit facility that is offered by the bank to those who are in urgent need of funds to fulfill their personal needs. At the moment, the bank offers a personal loan at an interest rate of 11.35% to 15.50% p.a. to all new borrowers or customers. The new customers can avail of the loan at competitive rates offered by SBI and enjoy their personal loan journey.
To know more about the SBI Personal Loan Interest Rates, check the tables below.
XPRESS CREDIT SCHEME
Category | Spread 2-Years (MCLR) | Effective Interest Rate |
---|---|---|
Defence/Central Armed Police/Indian Coast Guard | 2.40% - 3.90% | 11.35% - 12.85% |
Central Govt./State Govt./Police/Railway/CPSE (RATNA) | 2.55% - 5.05% | 11.50% - 14.00% |
Other Corporates | 4.55% - 5.55% | 12.50% - 14.50% |
XPRESS ELITE SCHEME
Salary Account | Spread 2-Years (MCLR) | Effective Interest Rate |
---|---|---|
SBI | 2.40% - 2.90% | 11.35% - 11.85% |
No loan will be offered if the customer's salary account is not maintained or has not been transferred to SBI bank.
XPRESS FLEXI SCHEME
0.25% higher than the rates for I. Xpress Credit scheme for Diamond Salary Package customers and II. Xpress Elite scheme for Platinum Salary Package customers
XPRESS LITE SCHEME
1% higher than the corresponding Xpress Credit scheme
SBI QUICK PERSONAL LOAN SCHEME
No loan will be offered if the customer’s salary account is not maintained or has not been transferred to the SBI bank.
PRE-APPROVED PERSONAL LOANS (PAPL) TO NON-CSP
Spread 2-Years (MCLR) | Effective Interest Rate |
---|---|
5.05% - 5.55% | 14.00% - 14.50% |
Tenor-wise MCLR effective from 15th August 2024 will be as under:
Tenure | MCLR (in %) |
---|---|
Over night | 8.20 |
One Month | 8.45 |
Three Month | 8.50 |
Six Month | 8.85 |
One Year | 8.95 |
Two Years | 9.05 |
Three Years | 9.10 |
Advantages of SBI Personal Loan
These are the advantages that can be very beneficial for you while applying for a personal loan in SBI Bank -
- No Hidden Cost - SBI personal loans come with clear and transparent terms. There are no concealed fees or charges, meaning all costs related to the loan (processing fees, prepayment charges, etc.) are disclosed upfront. This transparency helps borrowers avoid unexpected financial surprises during their loan tenure.
- Minimal Documentation - SBI ensures that the loan application process is hassle-free, requiring only essential documents such as ID proof, income proof, and address proof. This minimizes the paperwork burden on the borrower, speeding up the loan approval process and making it more convenient for customers to access funds.
- Instant Loan Approval - SBI's digital platforms and efficient processes enable personal loan approvals to happen quickly and fast. For those in need of emergency financial support, this speedy response is advantageous as it provides them with peace of mind under stressful circumstances.
- Interest on Daily Reducing Balance - SBI personal loans use the daily reducing balance method, which means interest is calculated on the outstanding principal balance after each payment. This reduces the total interest you pay over the loan period, as the interest decreases with each installment, it benefits the borrower by lowering overall costs.
- High Loan Amounts - SBI offers high loan amounts based on the borrower's eligibility, which is beneficial for those requiring significant funds. Whether it’s for medical emergencies, weddings, home renovations, or debt consolidation, SBI's high loan limits ensure that borrowers have access to the funds they need without having to apply for multiple loans.
Factors affecting SBI Personal Loan Interest Rates
The following are the variables that impact interest rates on SBI Personal Loans:
- Employee’s Profile - Lenders often take the employer's profile into account when determining personal loan interest rates. Typically, banks and NBFCs offer lower interest rates to salaried individuals compared to self-employed individuals. Government and PSU employees generally enjoy even lower interest rates, as their jobs are seen as more secure, compared to those working in the private sector.
- Credit Score - Applicants with credit scores of 750 and above are considered more favorable by lenders for personal loan approval and may be offered more competitive rates.
- Monthly Earnings - SBI offers personal loans to applicants with a minimum monthly income of ₹15,000. The bank prefers lending to applicants whose total EMIs, including both existing and proposed personal loan EMIs, do not exceed 50% of their monthly income.
- Existing Relationship with the Bank - Many lenders offer interest rate concessions to applicants who hold an existing lending or deposit account with them. Therefore, individuals seeking personal loans should consider applying with the lenders they already have a relationship with.
For instance, those who maintain a salary account with SBI are eligible for a reduced interest rate on SBI Personal Loans than those who do not.
- Debt-to-Income Ratio - The debt-to-income ratio is calculated by deducting your total income from your debt payments. A higher debt-to-income ratio indicates that you are paying off debt with a significant portion of your income. Lenders may therefore impose a higher interest rate on a personal loan in such circumstances or your application might get rejected.
Calculating EMIs on SBI Personal Loans at Different Interest Rates
It is also important that you know about your EMIs and about the amount you have to pay to your lender. Yes, the same question strikes the mind of the loan borrowers. And, to get the answer to the same, you just need to use an online personal loan EMI Calculator. You can use Wishfin’s online SBI Personal Loan EMI calculator to quickly and easily determine your EMIs for a Personal Loan
You can simply put the following details -
- Loan Amount
- Tenure
- Interest Rate
The equal monthly payments (EMIs) for a ₹7,00,000 personal loan with interest rates starting from 11.35% p.a. to 15.50% p.a. for terms of one to five years are shown in the table below. For better knowledge and understanding you can change or modify the amount of loan and other given information.
Tenure (In Years) |
EMI (at 11.35% Interest rate) |
EMI (at 15.50% Interest rate) |
---|---|---|
1 |
₹61,981.50 |
₹63,346.09 |
2 |
₹32,739.35 |
₹34,107.18 |
3 |
₹23,033.30 |
₹24,437.48 |
4 |
₹18,211.08 |
₹19,659.40 |
5 |
₹15,342.16 |
₹16,837.23 |
What Should You Do to Fetch the Lowest Interest Rate from the SBI?
Those who follow the guidelines below can obtain an SBI personal loan with a lower interest rate:-
- Contact your Bank - Reach out to the SBI Bank where you already hold a deposit or loan account. This could be beneficial for you because the bank already knows your capacity to repay and your creditworthiness.
- Maintain a Good Credit Score - Always aim to keep your credit score at 750 or above. By paying your payments on time and refraining from asking for several loans at once, you can raise your credit score and in return ask for a lower interest rate.
- Use your Salary Account - If you're a salaried employee, leverage your salary account to secure a better personal loan deal. The bank already has your income and transaction history, which makes it easier for you to get instant loans with minimal paperwork.
- Keep an Eye on Other Charges well - Keep in mind that, in addition to the principal and interest, the total cost of a personal loan usually includes a processing fee, GST, and other charges. Evaluate the total loan cost by considering all expenses involved. This includes the interest for the tenure, processing fees, and foreclosure charges to make an informed decision.
- Utilize Seasonal Offers - SBI often provides special offers during festive seasons or specific periods. These offers might include reduced interest rates, processing fee waivers, or other incentives. Taking advantage of these seasonal offers can help you save money on your loan.
Documents Required for SBI Personal Loan
The following documents must be submitted to apply for a personal loan from SBI:
- Identity Proof - Voter ID, PAN Card, Aadhaar Card, driver’s license or passport.
- Address Proof - Voter ID card; passport; phone and electricity bills; property tax receipt.
- ID Card issued by the employer.
- Last 6 months salary slips
- The application form was filled out properly.
- 2 photographs passport size.
- Irrevocable Letter of Authority addressed to the disbursing authority.
- Irrevocable Letter of Authority from the individual responsible for disbursing salaries and allowances.
SBI Personal Loan Balance Transfer Rates
If your existing personal loan rates are higher and you want to save more on your interest and EMIs. All you need to do is just switch to SBI Personal Loan. You can opt for Personal Loan Balance Transfer Facility. Wherein you can transfer your existing outstanding balance of PL to SBI at an attractive rate starting from 11.35% per annum. Isn’t it great? While availing the same, you can enjoy not only the lowest personal loan interest rates but affordable EMIs as well.
SBI Personal Loan Interest Rate for Defence Personnel
State Bank of India (SBI) under its Xpress Credit Scheme for Non-Permanent Employees offers a personal loan to defence personnel at an SBI Personal Loan Interest Rate ranging between 11.35% - 12.85% per annum. This renowned bank under its personal loan segment caters the diverse needs of one and all and ensures that defence personnel should also be covered so that they can fulfill their varied personal needs.
SBI Personal Loan Contact Number
For any complaint, query, concern or feedback, you simply need to get in touch with the customer care executives of the bank. Dial 1800 425 3800(toll-free) either from your landline or mobile and talk to the experts to get the best solutions in the least time frame. These experts are always there to listen to you and give you proper guidance 24×7 via this helpline number.
SBI Personal Loan Status
Now knowing the status of your SBI personal loan is no more a hassle. You can easily know the same with the help of an online facility. Yes, you can anytime check the real-time status of your personal loan by simply login to your account. You can know the status of your loan in just a few minutes, i.e. whether your application has been approved, pending or rejected and for what reason. The online facility allows you to know all this and much more so that you can have a hassle-free loan journey.
SBI Personal Loan Eligibility Calculator
In case you want to know how much loan amount you are eligible to get from a lender. All you need to do is just use SBI personal loan eligibility calculator. Yes, this online device after taking into account-Loan Amount, Income, Monthly Expenses and other credentials allows you to know the exact loan amount you are eligible to get from a lender. With the help of this device, you can take a calculative move and plan your loan accordingly.
SBI Personal Loan Interest Rate for Salary Account
Those who are maintaining the salary account with the bank would be glad to know that it is easy for them to get the attractive SBI personal loan interest rates. Yes, the bank, after taking into account the credit score of an applicant along with the 2 Year MCLR and spread over the same, decides the effective interest rate for all the salary package account holders. Talking about the rates, they are usually lowest, allowing an applicant to easily repay the loan without any hassle.
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
Frequently Asked Questions
1. What is the interest rate on an SBI personal loan right now?
The current rate of interest on the SBI personal loan is 11.35% p.a. to 15.50% per annum. When you apply for the SBI personal loan, you will be aware of the precise interest rate.
2. What is the rate of interest of 3 lakh, 5 lakh, 7 lakh, and 10 lakh in SBI?
If you are applying for an SBI Personal Loan of INR 3 lakh, 5 lakh, 7 lakh, and 10 lakh then the interest rate on such an amount will fall between 11.35% - 15.50% per annum..
3. What will be the interest rate of SBI personal loans for senior citizens?
The rate of interest for the senior citizen on the SBI Personal Loan is 11.45% per annum.
4. What will be the interest rate of SBI personal loans for women?
The rate of interest on the SBI Personal Loan for Women is the same as for men which is 11.35% to 15.50% p.aper annum. However, the exact interest rate will be decided by the bank based on your credit history and relationship with the bank.
5. What is the SBI Personal Loan Customer Care number?
You can contact any of the following five SBI Personal Loan Customer Care Numbers from a landline or mobile device:
- – 1800-1234
- – 1800-11-2211
- – 1800-425-3800
- – 1800-2100
- – 080-26599990.
6. How can I negotiate with SBI on the personal loan interest rate?
Yes, you can negotiate with the management of the lending branch regarding the interest rate on the SBI Personal Loan. You can negotiate based on your credit score, income, and relationship with the bank.
7. Can a non-SBI customer take an SBI personal loan?
Yes, using the SBI Fast Personal Loan program, non-SBI customers can apply for a personal loan from SBI.