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SBI Personal Loan Interest Rate
Current SBI Personal Loan Interest Rates, Dec 2021
Last Updated 01st Dec 2021
|Interest Rate||9.60% - 15.65% Check Best Offers|
|Tenure||Upto 72 months|
|Loan Amount||₹ 50,000 to ₹ 15 Lakh|
|Minimum Income||₹ 24,000|
|Eligible Age||21 to 58 years|
|Part Prepayment Charges||Not allowed|
|Foreclosure Charges||Allowed after 6 months with charges ranging from 3% of the outstanding loan amount.|
- You can avail lowest rates on SBI Personal loan if you are an existing customer of the bank or working with top corporations.
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SBI Personal Loan Rates and Charges
- SBI offers personal loans to salaried individuals at a low rate in comparison to self employed.
- Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as SBI personal loan rates and charges. As listed below:
|SBI Personal Loan||Rates and Charges|
|Interest Rate||9.60% to 15.65%|
|Part Prepayment Charges||Not allowed|
|Foreclosure Charges||Allowed after paying 6 months with charges ranging from, 3% of the outstanding loan amount.|
|EMI Cheque Bounce Charges||₹ 500|
Interest Rates @9.60%
Lowest EMI Per Lakh ₹ 1,832 for 72 Months
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Bank HDFC Bank
Interest Rates @10.25%
Lowest EMI Per Lakh ₹ 2,137 for 60 Months
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Interest rates on SBI Personal Loans Schemes
SBI Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on SBI personal loan remains unchanged at 9.60% as on 26 Nov, 2021. SBI also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.
The table below gives the interest rates on various popular personal loan schemes of SBI.
|Scheme||Interest Rates||Loan Amount||Loan Tenure|
|SBI Pension Loan||9.75% - 10.25%||₹ 2,50,000 - ₹ 14,00,000||Up to 60 months|
|SBI Jai Jawan Pension Loan||12.45% - 12.45%||₹ 25,000 - ₹ 2,00,000||Up to 84 months|
|SBI Xpress Credit Loan||10.60% - 12.10%||₹ 25,000 - ₹ 20,00,000||Up to 72 months|
SBI Personal Loan Interest Rates for Salaried and Self-Employed-
|Employment Type||Lowest Rate||Processing Fees||Prepayment charges|
|Salaried||Starting from 9.60%||Nil||NIL|
|Self-Employed Professional||Starting from 11.20%||In the range of 2% to 3%||Nil charges|
SBI Personal Loan Rate Comparison with Other Banks
Here is a comparison of SBI Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.
|Particulars||SBI||ICICI Bank||HDFC Bank|
|Rate of Interest||Starting from 9.60%||Starting from 10.25%||Starting from 10.25%|
|Loan Tenure||6 - 72 months||12 - 60 months||12 - 60 months|
|Minimum Age||21 years||23 years||21 years|
|Processing Fee||Nil||Upto 2.25% of Loan Amount||Upto 2.50% Min ₹ 999|
|Maximum Loan Amount||₹ 15 Lakh||₹ 30 Lakh||₹ 75 Lakh|
|Prepayment charges||Not allowed||Not allowed||Allowed after 12 EMI's, 2-4%|
|Pre closure charges||Allowed after 6 EMI's, 3%||Allowed after 6 EMI's, 5%||Allowed after 12 EMI's, 2 - 4%|
SBI Personal Loan Balance Transfer Interest Rates
SBI personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with SBI at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently SBI offers the lowest personal loan balance transfer rate of Nil.
How to Get Low Interest Rates on SBI Personal Loan?
You can get the lowest SBI personal loan rate, by ensuring the below-mentioned things:
- Ensure that you are aware of the SBI personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
- Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
- Always check if you are eligible for a pre-approved offer from SBI as that allows you to get instant loans at the best rates.
- Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, SBI may offer lower interest rates in the festive season.
- If you are a high salary earning employee and work in a reputed firm, then leverage it. SBI offers lower rates to employees working in top firms drawing high salaries.
Check Other Banks Interest Rates
✅What is SBI personal Loan interest rate?
Today, the lowest interest rate on SBI Personal Loan is 9.60% and ranges up to 15.65%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, SBI personal loan interest rates for salary account holders are comparatively lower than that for other customers.
✅How can I reduce my interest in SBI personal loan?
You can reduce the interest to be paid on SBI personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when SBI provides discounted personal loan offers.
✅Is SBI personal a floating rate loan or fixed-rate loan?
SBI is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.
✅Did SBI personal loan rate drop in 2021?
Presently, SBI offers personal loans at an interest rate starting at 9.60%. There has been no change in personal loan rates of SBI since 26 Nov, 2021.
✅How do I check my eligibility to get a personal loan at a low rate from SBI?
The lowest rate on SBI is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at SBI official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.
✅Can I ask for a reduction in the SBI personal loan interest rate?
You can ask for a reduction in your SBI personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.
✅Is there any need for security or collateral while availing Personal loan from SBI?
No, there is no need for any collateral or security while availing a personal loan from SBI. SBI personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.
✅How can I close my Personal Loan from SBI early?
If you want to prepay your entire personal loan from SBI, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the SBI personal loan scheme availed by you, before making any decision.
✅How does SBI calculate the interest on a personal loan?
The interest for SBI personal loan is calculated based on the following methods:
Flat rate method: Under this method, SBI personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of SBI personal loan interest calculation.
Reducing rate method: As per the SBI personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.
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SBI Personal Loan News - Dec 2021
- 2021-11-26 : SBI Waivers Processing Fee on Personal Loans
State Bank of India has waivered the processing fees on personal loans. The bank is charging an interest rate of 9.60%.
- 2021-08-25 : FM Niramala Sitharaman Launches EASE 4.0
Finance Minister Nirmala Sitharaman launches Ease 4.0 (Enhanced Access and Service Excellence )to undertake the public sector banks (PSBs). It is a common reform agenda for PSBs aimed at institutionalising clean and smart banking.
- 2021-08-17 : State Bank of India Waives Processing Fees on Personal Loans
The largest public sector lender in the country has announced the waiver of processing fees on personal loans through the YONO app. The SBI personal loan rate stands at 9.60%.
- 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
- 2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them. Read MoreRead Less
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