Personal Loan Rates 2018 802 views
Have you ever thought of the stuff that can fulfill all your wishes? As far as wishes are concerned, they have no boundaries as the imagination power is infinite. You could dream of flying all the way to exotic locations around the world or riding on a jaw-dropping car or studying in top universities. All that can be fulfilled via a personal loan from State Bank of Mysore (SBM), a Bangalore-headquartered public lender with close to 1,000 branches across the country to serve you. At SBM, a personal loan is available to get wishes, like a wedding, medical emergency, debt consolidation or traveling to some foreign location, fulfilled. Even though you have to repay it, the attractive interest rates do not pinch your pocket much. So, the stage is set to embark on a wonderful phase of your life with SBM Personal Loan.
For your reference, the details of personal loan are mentioned below.
Table of Contents
SBM Personal Loan Details
|Interest Rate||13.30%-13.80% p.a.|
|Loan Amount||Up to ₹1.50 Lakhs|
|Processing Fee||1% of the loan amount|
Eligibility Criteria for SBM Personal Loan
To get a personal loan from SBM, you must comply with the below eligibility criteria
- Age at least 21 years and less than 58 years
- Income criteria (Net salary-₹6000 or more) subject to at least 2 years of employment for Self-employed professionals
- Salaried individuals under state/central governments, public or private companies, and multinational companies
State Bank of Mysore Personal Loan Eligibility Calculator
Other than the general eligibility criteria, banks and NBFCs offer personal loans to customers who have a good source of income and have a healthy CIBIL score. The amount of loan to be disbursed depends upon the algorithm of personal loan eligibility calculator, which will first derive per lakh EMI on the basis of interest rate and the maximum tenure of a loan.
Calculation of Per Lakh EMI
Amount-₹ 1 Lakh
Loan Tenure-3 Years
Rate of Interest-13.80% p.a.
Per Lakh EMI-₹3,408
Now the calculator is ready to bring you the indicative loan amount based on your income, savings, expenses, repayment capacity and others.
For example- Your take home salary is ₹90,000 monthly. You are able to save ₹45,000 out of your income after the money spent on the expenses. All of a sudden, your family members are telling you to plan a European tour with them. In view of the request, you want to apply for a personal loan at State Bank of Mysore and check your eligibility for the same. The bank will put the values of savings and per lakh EMI in the calculator to compute the expected loan amount.
Personal Loan Eligibility– ₹1,00,000 x Savings/Per Lakh EMI
– ₹1,00,000 x45,000/3,408=₹13.20 Lakhs
So, you can pick an approximate amount of ₹13.20 lakhs as a loan from SBM to travel Europe.
Calculate the Personal Loan Eligibility for ICICI Bank
State Bank of Mysore Personal Loan EMI Calculator
An EMI is a sum of interest and principal which is payable each month on personal loan. So, now you must be wondering how State Bank of Mysore calculates your EMI. Well, your EMI gets calculated very easily by the EMI Calculator that takes into consideration the loan amount, interest rate and tenure. The interest portion of the EMI is calculated before the principal part.
For example, your marriage date is announced and the expenditure for that mega event of your life is estimated to be ₹2 lakhs. You want to apply for a personal loan of ₹1.50 lakhs at SBM for a repayment period of 3 years. So, if you are unsure of the EMIs and you have not got a clear idea regarding the same from the lender, then you should use the EMI calculator. At an existing interest rate of 13.80% per annum, you have to pay EMI, total interest and overall liability of ₹5,112, ₹34,035, ₹1,84,035, respectively, over the repayment tenure. To give you more clarity, there is a table below.
Table showing EMI, interest outgo and total amount payable on your personal loan
|Loan Amount |
|Loan Tenure |
|Interest Rate (p.a.)||EMI |
|Total Interest Outgo |
|Total Amount (EMI+Interest) |
|Year||Principal Payment |
|Interest Outgo |
|Balance Amount |
Documentation Required for SBM Personal Loan
|Signed application form with photograph||Signed application form with photograph|
|Copy of Passport/Voter ID Card/Driving License||Copy of Passport/Voter ID Card/Driving License|
|Processing Fee Cheque||Processing Fee Cheque|
|Last 3 Months Bank Statement/6 Months Bank Passbook||Last 3 Months Bank Statement/6 Months Bank Passbook|
|Latest Salary Slip||Latest Bank Statement|
|Current Dated Salary Certificate with Latest Form 16||Latest ITR or Form 16|
Features & Benefits of SBM Personal Loan
- Greater Loan Amount
- Convenient Loan Repayment Options
- Minimal Documentation
- Smooth Loan Approvals
- Low-Interest Rates