State Bank of Patiala Personal Loan Interest Rates

Personal Loan Rates EMI 2017 200 views

Founded in 1917, State Bank of Patiala with its wide range of products and services, is known for catering the needs of all. As far as personal loans are concerned, State Bank of Patiala has all that a  borrower needs. Yes, no matter what your desires are, the loan scheme of SBP bank never leaves you disappointed. Be it the renovation of your house, buying your dream car or travelling to your favourite destination, SBP is with you to fulfill all your personal wishes with a loan.

State Bank of Patiala (SBP) offers personal loans with attractive rate of interest and higher loan amount facility, making the lender as one of the best personal loan providers in India. To know more about State Bank of Patiala Personal Loan, kindly read this article below.

SBP Personal Loan Details

ParticularsDetails
Interest Rate11.95%-13.95% p.a.(Floating)
Loan Amount1 Lakh-10 Lakh
Tenure5 Years
Processing Fee1.01% of the loan amount
Foreclosure ChargesNil

Eligibility Criteria of State Bank of Patiala Personal Loan

  • Age between 21 years and 60 years
  • The individual applying for the loan should be an Indian resident
  • The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed
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Know Your Eligibility for SBP Personal Loan

Even though you fit into the eligibility criteria set by SBP to get the nod for a personal loan, there are chances that the actual loan offering could be much or a tad lower than expected. So, it is vital to know the amount of credit, which you can get from the bank in advance, to clear the doubts. If your loan amount falls shorter than what you expect, you can then arrange for the shortfall much more efficiently than otherwise. To help you calculate the loan amount, SBP Personal Loan Eligibility Calculator is ready with its set of algorithm. But before that, the calculator will figure out per lakh EMI.

Amount- ₹1 Lakh
Loan Tenure-5 years
Rate of Interest-11.95% to 13.95% p.a.
Per Lakh EMI- ₹2,222 -₹2,324

Suppose you are working in a leading company with a salary of ₹60,000 per month and after paying off all your financial bills, you are saving around say ₹30,000. To let your family explore the beautiful locales of London, you want to apply for a personal loan at SBP. Do you know what your eligibility would be? No, na! The bank will keep its eyes on the savings, which is ₹30,000 per month in your case. In the eyes of the bank, a portion of savings can go towards the repayment of your loan. Taking all that into account, the bank will put the values of savings, per lakh EMI in the calculator to decide the amount.

Personal Loan Amount Eligibility- ₹1,00,000 x savings/per lakh EMI
– ₹1,00,000 x 30,000/2,222= ₹13,50,135 lakhs
– ₹1,00,000 x 30,000/2,324= ₹12,90,877 lakhs

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So, take a loan of ₹12.90 lakhs to ₹13.50 lakhs (estimated) to explore London.

SBP Personal Loan EMI Calculator – Enjoy Hassle Free Loan Journey

Post-eligibility, it’s the monthly installments that should be your consideration. The EMI, whose extended form is Equated Monthly Installments, is a sum total of interest and principal amount payable from your pocket every month. The EMI calculation is simple via SBP Personal Loan EMI Calculator. Compute your EMI by putting the values of the loan amount, tenure and interest rate in the calculator. The algorithm of the calculator is such that the interest portion gets computed first, followed by the principal part.

For Instance- Ravi wants to take a personal loan of ₹5 lakhs from SBP for a period of 5 years. And with interest rates now being 11.95%-13.95% p.a., the outflow of EMI, total interest and total amount shall be ₹11,110-₹11,621, ₹1,66,576-₹1,97,270, and ₹6,66,576-₹6,97,270, respectively, over the tenure of the loan.

Table showing EMI, interest outgo and total amount payable on your personal loan

Loan Amount (in ₹)Loan Tenure
(in Years)
Interest Rate
(in p.a.)
EMI (in ₹)Total Interest Outgo (in ₹)Total Amount (EMI+Interest) (in ₹)
5,00,000111.95%-13.95%44,413-44,88232,952-38,5825,32,952-5,38,582
5,00,000211.95%-13.95%23,525-23,99564,602-75,8715,64,602-5,75,871
5,00,000311.95%-13.95%16,595-17,07797,428-1,14,7605,97,428-6,14,760
5,00,000411.95%-13.95%13,155-13,6511,31,423-1,55,2346,31,423-6,55,234
5,00,000511.95%-13.95%11,110-11,6211,66,576-1,97,2706,66,576-6,97,270

Amortization Table

YearPrincipal Payment
(in ₹)
Interest Outgo
(in ₹)
Balance Amount
(in ₹)
177,737-74,33555,583-65,117422,263-425,665
287,552-85,39545,768-54,057334,711-340,270
398,604-98,10034,716-41,352236,107-242,170
4111,057-112,69522,263-26,757125,050-129,475
5125,159-129,6098,239-9,992

Documentation Required for State Bank of Patiala Personal Loan

SalariedSelf-employed
Duly Signed Application Form with PhotographDuly Signed Application Form with Photograph
Copy of Passport/Voter ID/Driving LicenseCopy of Passport/Voter ID/Driving License
Processing Fee ChequeProcessing Fee Cheque
Last 3 Months Bank Statement/6 Months Bank PassbookLast 3 Months Bank Statement/6 Months Bank Passbook
Latest Salary SlipLatest Bank Statement
Current Dated Salary Certificate with Form16Latest ITR or Form16
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Features & Benefits of SBP Personal Loan

  • Higher Loan Amount
  • Easy Loan Repayment Options
  • Both Residential and Commercial Property Accepted as Collateral
  • Minimal Documentation
  • Faster Loan Approvals
  • Attractive Interest Rates