SBI Personal Loan Interest Rates

SBI Personal Loan Interest Rates

Jun 22, 2024

15 Mins

SBI offers personal loans with interest rates starting at 11.05% p.a. and tenures up to 7 years. The loan amount ranges from Rs.25,000 to Rs.20 lakh based on eligibility, with a processing fee of up to 1.5% of the loan amount.

ParticularsSalaried/Self EmployedPensionersInterest Rate11.05% p.a. - 14.05% p.a.11.20% p.a. - 11.70% p.a.Loan AmountMin: Rs.25,000 Max: Rs.20 lakhAt the discretion of the bankLoan TenureUp to 72 monthsUp to 84 monthsProcessing Fee1.5% of loan amount + taxAt the discretion of the bankAge21 - 58 YearsUp to 78 yearsSalary/IncomeRs.15,000 onwardsAt the discretion of the bankCredit Score750 and aboveAt the discretion of the bankPrepayment Charges3% on prepaid amount3% on prepaid amount

SBI personal loans cater to self-employed individuals, salaried employees, and business professionals, providing financial assistance for various needs not covered by traditional loan schemes. These loans are available with minimal documentation, no security/guarantor requirements, and no prepayment charges.

SBI Personal Loan Schemes

Personal Loan SchemesInterest Rates (p.a.)

SBI XPRESS CREDIT (including PAXC-Pre-Approved Xpress Credit)Contact the BankDefence/Para-Military/Indian Coast Guard Salary Package Applicants11.05% - 12.55%Central Govt./State Govt./Police/Railway/Central Public Sector Enterprises (CPSEs)11.05% - 13.55%Other Applicants12.05% - 14.05%SBI XPRESS Elite Scheme11.05% - 11.80%XPRESS FLEXI SCHEME11.30% - 12.80%SBI Salary Package Account Holder11.05% - 11.55%Salary Account with another bank11.30% - 11.80%XPRESS LITE SCHEME12.05% - 15.05%SBI QUICK PERSONAL LOAN SCHEME THROUGH CLP PORTAL7.2% - 27%OTHER UNSECURED PERSONAL LOANSPension Loan11.20%-11.70%Xpress Credit Insta Top-Up12.15%Pre-Approved Personal Loan to NON-CSP Customers13.55% - 14.05%

SBI Xpress Credit Loan

This loan is available for salaried individuals to meet various needs such as education, medical expenses, vacations, etc.

Features and Benefits:

  1. Income: Minimum: Rs.15,000; Maximum: EMI/NMI ratio should not exceed 50%

  2. Repayment Tenure: 6 years

  3. Loan Amount:

    • Term Loan: Min: Rs.25,000; Max: 24 times NMI up to Rs.20 lakh

    • Overdraft Loan: Min: Rs.5 lakh; Max: 24 times NMI up to Rs.20 lakh

  4. Processing Fee: 1.5% of the loan amount

  5. Penal Interest: 2% p.a. on delayed payments

SBI Pension Loan

Available for retired employees to meet financial needs such as home repairs or vacations.

Features and Benefits:

  1. Beneficiaries: Central and State Government pensioners, Defence pensioners, and family pensioners

  2. Loan Amount:

    • Central and State Pensioners: Min: Rs.25,000; Max: 18 months pension (Rs.7.5 lakh to Rs.14 lakh based on age)

    • Defence Pensioners: Min: Rs.25,000; Max: 36 months pension (up to Rs.14 lakh based on age)

    • Family Pensioners: Min: Rs.25,000; Max: 18 months pension (Rs.2.5 lakh to Rs.5 lakh based on age)

  3. Repayment Tenure:

    • Central and State Govt. Pensioners: 24 to 60 months

    • Defence Pensioners: 24 to 84 months

    • Family Pensioners: 24 to 60 months

SBI Xpress Flexi

Designed for salaried clients with monthly salaries of Rs.50,000 and above, offering an overdraft facility.

Features:

  1. Overdraft capacity up to Rs.25 lakh

  2. Auto liquidation on loan term expiry

  3. Low interest rates and minimal processing fees

  4. No annual maintenance or prepayment fees

  5. No guarantee or security required

Eligibility:

  1. Diamond and Platinum category Salary Package Account with SBI

  2. Minimum Net Monthly Salary: Rs.50,000

  3. Minimum loan amount: Rs.1 lakh; Maximum loan amount: Rs.25 lakh (subject to 24 times NMI; EMI/NMI Ratio up to 65%)

Factors Affecting SBI Personal Loan Interest Rates

  1. Loan Amount: Interest rate may vary based on the loan amount.

  2. Loan Tenure: Longer tenures may attract different interest rates.

  3. Repayment Capacity: Higher cash inflows may result in favorable interest rates.

  4. Income: Higher income levels may lead to better rates.

  5. Assets: Owning financial assets can improve loan terms.

  6. Relationship with Bank: Existing SBI customers may receive preferential rates.

  7. Credit Score: Higher credit scores can influence interest rates positively.

How to Calculate SBI Personal Loan Interest/EMI

Use an EMI calculator like the one available on BankBazaar. Enter your loan details and hit ‘Calculate’ to determine your monthly payments.

Illustration

  1. For Salary of Rs.25,000 Per Month

DetailsValuesLoan amountRs.3 lakhLoan tenure1 yearInterest rate11.05% p.a.EMIRs.26,521

MonthPrincipal Paid (Rs.)Interest Paid (Rs.)EMI (Rs.)Outstanding Loan Balance (Rs.)123,7592,76326,5222,76,241223,9782,54426,5222,52,263324,1992,32326,5222,28,065424,4212,10026,5212,03,643524,6461,87526,5211,78,997624,8731,64826,5211,54,124725,1021,41926,5211,29,021825,3331,18826,5211,03,688925,56795526,52278,1211025,80271926,52152,3191126,04048226,52226,2801226,28024226,5220

  1. For Salary of Rs.50,000 Per Month

DetailsValuesLoan amountRs.3 lakhLoan tenure1 yearInterest rate11.80% p.a.EMIRs.26,627

MonthPrincipal Paid (Rs.)Interest Paid (Rs.)EMI (Rs.)Outstanding Loan Balance (Rs.)123,6772,95026,6272,76,323223,9092,71726,6262,52,414324,1452,48226,6272,28,270424,3822,24526,6272,03,888524,6222,00526,6271,79,266624,8641,76326,6271,54,402725,1081,51826,6261,29,294825,3551,27126,6261,03,939925,6051,02226,62778,3341025,85677026,62652,4781126,11151626,62726,3671226,36725926,6260

Key Points regarding SBI Personal Loan Interest Rates

  • Repo Rate Dependency: Interest rates are subject to the RBI's repo rate.

  • Floating Rates: Interest rates are floating, not fixed.

  • No Security Required: No guarantor needed, but having financial assets can help.

  • Credit Score Impact: A good credit score may influence the interest rate.

Using these guidelines, individuals can better understand and navigate the options available for SBI personal loans.

SBI offers personal loans with interest rates starting at 11.05% p.a. and tenures up to 7 years. The loan amount ranges from Rs.25,000 to Rs.20 lakh based on eligibility, with a processing fee of up to 1.5% of the loan amount.

ParticularsSalaried/Self EmployedPensionersInterest Rate11.05% p.a. - 14.05% p.a.11.20% p.a. - 11.70% p.a.Loan AmountMin: Rs.25,000 Max: Rs.20 lakhAt the discretion of the bankLoan TenureUp to 72 monthsUp to 84 monthsProcessing Fee1.5% of loan amount + taxAt the discretion of the bankAge21 - 58 YearsUp to 78 yearsSalary/IncomeRs.15,000 onwardsAt the discretion of the bankCredit Score750 and aboveAt the discretion of the bankPrepayment Charges3% on prepaid amount3% on prepaid amount

SBI personal loans cater to self-employed individuals, salaried employees, and business professionals, providing financial assistance for various needs not covered by traditional loan schemes. These loans are available with minimal documentation, no security/guarantor requirements, and no prepayment charges.

SBI Personal Loan Schemes

Personal Loan SchemesInterest Rates (p.a.)

SBI XPRESS CREDIT (including PAXC-Pre-Approved Xpress Credit)Contact the BankDefence/Para-Military/Indian Coast Guard Salary Package Applicants11.05% - 12.55%Central Govt./State Govt./Police/Railway/Central Public Sector Enterprises (CPSEs)11.05% - 13.55%Other Applicants12.05% - 14.05%SBI XPRESS Elite Scheme11.05% - 11.80%XPRESS FLEXI SCHEME11.30% - 12.80%SBI Salary Package Account Holder11.05% - 11.55%Salary Account with another bank11.30% - 11.80%XPRESS LITE SCHEME12.05% - 15.05%SBI QUICK PERSONAL LOAN SCHEME THROUGH CLP PORTAL7.2% - 27%OTHER UNSECURED PERSONAL LOANSPension Loan11.20%-11.70%Xpress Credit Insta Top-Up12.15%Pre-Approved Personal Loan to NON-CSP Customers13.55% - 14.05%

SBI Xpress Credit Loan

This loan is available for salaried individuals to meet various needs such as education, medical expenses, vacations, etc.

Features and Benefits:

  1. Income: Minimum: Rs.15,000; Maximum: EMI/NMI ratio should not exceed 50%

  2. Repayment Tenure: 6 years

  3. Loan Amount:

    • Term Loan: Min: Rs.25,000; Max: 24 times NMI up to Rs.20 lakh

    • Overdraft Loan: Min: Rs.5 lakh; Max: 24 times NMI up to Rs.20 lakh

  4. Processing Fee: 1.5% of the loan amount

  5. Penal Interest: 2% p.a. on delayed payments

SBI Pension Loan

Available for retired employees to meet financial needs such as home repairs or vacations.

Features and Benefits:

  1. Beneficiaries: Central and State Government pensioners, Defence pensioners, and family pensioners

  2. Loan Amount:

    • Central and State Pensioners: Min: Rs.25,000; Max: 18 months pension (Rs.7.5 lakh to Rs.14 lakh based on age)

    • Defence Pensioners: Min: Rs.25,000; Max: 36 months pension (up to Rs.14 lakh based on age)

    • Family Pensioners: Min: Rs.25,000; Max: 18 months pension (Rs.2.5 lakh to Rs.5 lakh based on age)

  3. Repayment Tenure:

    • Central and State Govt. Pensioners: 24 to 60 months

    • Defence Pensioners: 24 to 84 months

    • Family Pensioners: 24 to 60 months

SBI Xpress Flexi

Designed for salaried clients with monthly salaries of Rs.50,000 and above, offering an overdraft facility.

Features:

  1. Overdraft capacity up to Rs.25 lakh

  2. Auto liquidation on loan term expiry

  3. Low interest rates and minimal processing fees

  4. No annual maintenance or prepayment fees

  5. No guarantee or security required

Eligibility:

  1. Diamond and Platinum category Salary Package Account with SBI

  2. Minimum Net Monthly Salary: Rs.50,000

  3. Minimum loan amount: Rs.1 lakh; Maximum loan amount: Rs.25 lakh (subject to 24 times NMI; EMI/NMI Ratio up to 65%)

Factors Affecting SBI Personal Loan Interest Rates

  1. Loan Amount: Interest rate may vary based on the loan amount.

  2. Loan Tenure: Longer tenures may attract different interest rates.

  3. Repayment Capacity: Higher cash inflows may result in favorable interest rates.

  4. Income: Higher income levels may lead to better rates.

  5. Assets: Owning financial assets can improve loan terms.

  6. Relationship with Bank: Existing SBI customers may receive preferential rates.

  7. Credit Score: Higher credit scores can influence interest rates positively.

How to Calculate SBI Personal Loan Interest/EMI

Use an EMI calculator like the one available on BankBazaar. Enter your loan details and hit ‘Calculate’ to determine your monthly payments.

Illustration

  1. For Salary of Rs.25,000 Per Month

DetailsValuesLoan amountRs.3 lakhLoan tenure1 yearInterest rate11.05% p.a.EMIRs.26,521

MonthPrincipal Paid (Rs.)Interest Paid (Rs.)EMI (Rs.)Outstanding Loan Balance (Rs.)123,7592,76326,5222,76,241223,9782,54426,5222,52,263324,1992,32326,5222,28,065424,4212,10026,5212,03,643524,6461,87526,5211,78,997624,8731,64826,5211,54,124725,1021,41926,5211,29,021825,3331,18826,5211,03,688925,56795526,52278,1211025,80271926,52152,3191126,04048226,52226,2801226,28024226,5220

  1. For Salary of Rs.50,000 Per Month

DetailsValuesLoan amountRs.3 lakhLoan tenure1 yearInterest rate11.80% p.a.EMIRs.26,627

MonthPrincipal Paid (Rs.)Interest Paid (Rs.)EMI (Rs.)Outstanding Loan Balance (Rs.)123,6772,95026,6272,76,323223,9092,71726,6262,52,414324,1452,48226,6272,28,270424,3822,24526,6272,03,888524,6222,00526,6271,79,266624,8641,76326,6271,54,402725,1081,51826,6261,29,294825,3551,27126,6261,03,939925,6051,02226,62778,3341025,85677026,62652,4781126,11151626,62726,3671226,36725926,6260

Key Points regarding SBI Personal Loan Interest Rates

  • Repo Rate Dependency: Interest rates are subject to the RBI's repo rate.

  • Floating Rates: Interest rates are floating, not fixed.

  • No Security Required: No guarantor needed, but having financial assets can help.

  • Credit Score Impact: A good credit score may influence the interest rate.

Using these guidelines, individuals can better understand and navigate the options available for SBI personal loans.

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