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Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
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:
Income: Minimum: Rs.15,000; Maximum: EMI/NMI ratio should not exceed 50%
Repayment Tenure: 6 years
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
Processing Fee: 1.5% of the loan amount
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:
Beneficiaries: Central and State Government pensioners, Defence pensioners, and family pensioners
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)
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:
Overdraft capacity up to Rs.25 lakh
Auto liquidation on loan term expiry
Low interest rates and minimal processing fees
No annual maintenance or prepayment fees
No guarantee or security required
Eligibility:
Diamond and Platinum category Salary Package Account with SBI
Minimum Net Monthly Salary: Rs.50,000
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
Loan Amount: Interest rate may vary based on the loan amount.
Loan Tenure: Longer tenures may attract different interest rates.
Repayment Capacity: Higher cash inflows may result in favorable interest rates.
Income: Higher income levels may lead to better rates.
Assets: Owning financial assets can improve loan terms.
Relationship with Bank: Existing SBI customers may receive preferential rates.
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
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
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:
Income: Minimum: Rs.15,000; Maximum: EMI/NMI ratio should not exceed 50%
Repayment Tenure: 6 years
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
Processing Fee: 1.5% of the loan amount
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:
Beneficiaries: Central and State Government pensioners, Defence pensioners, and family pensioners
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)
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:
Overdraft capacity up to Rs.25 lakh
Auto liquidation on loan term expiry
Low interest rates and minimal processing fees
No annual maintenance or prepayment fees
No guarantee or security required
Eligibility:
Diamond and Platinum category Salary Package Account with SBI
Minimum Net Monthly Salary: Rs.50,000
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
Loan Amount: Interest rate may vary based on the loan amount.
Loan Tenure: Longer tenures may attract different interest rates.
Repayment Capacity: Higher cash inflows may result in favorable interest rates.
Income: Higher income levels may lead to better rates.
Assets: Owning financial assets can improve loan terms.
Relationship with Bank: Existing SBI customers may receive preferential rates.
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
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
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.
Author
Pluto Team
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