SBI Bank Personal Loan Interest Rates
The State Bank of India (SBI) provides personal loans with competitive interest rates (starting at 11.45% per annum) of up to ₹30 lakh and a flexible repayment tenure of up to six years. SBI also has special loans for senior citizens of up to ₹14 lakh, whose repayment can be extended to seven years. Other loans provided include personal loans that are pre-approved for customers, which ensure speedy and hassle-free disbursal. However, in the case of SBI personal loans, only those with current pay accounts have some benefit to enjoy.
SBI Personal loan characteristics
State Bank of India is the largest lender of India. Personal loan offered by the bank has following characteristics:
1. Interest is charged on daily reducing balance
2. The bank charges low processing charges.
3. There is minimal documentation.
4. There are no hidden costs.
5. There is a provision for a second loan.
6. There is no security, and no guarantor.
SBI personal loan Eligibility:
State Bank of India offers these different types of personal loans to its customers:
I. SBI Express Elite: These are special loan for salaried customers with monthly income of ₹one lakh and above. The loan amount can range between ₹3 to 35 lakh.
The EMI/NMI ratio can be up to 65 percent.
II. Xpress Flexi: This includes an overdraft facility for salaried customers. Net monthly salary should be ₹50,000 and overdraft facility is given for an amount up to ₹25 lakh.
III. SBI Xpress Credit: This includes loans to salaried employees having salary accounts with SBI. The minimum salary should be ₹25,000 and maximum loan can be ₹30 lakh/ 24 times of net monthly income.
IV. Pre-approved personal loans: SBI also offers pre-approved personal loans in four easy clicks. The loan processing happens without any physical documentation and the loan is processed instantly in just 4 clicks.
V. SBI Quick Personal Loan: Loans to salaried customers not maintaining a salary account with the bank. One can avail loan upto ₹20 lakh. Depositors should have a minimum net monthly income of ₹15,000 and EMI/NMI ratio should be less than ₹50 percent.
VI. Real time Xpress Credit: End to end digital loan for salaried customers.
SBI personal loan interest rates:
1. Applicants of defence/ Central Armed Police/ Indian Coast Guard: 11.35 - 12.85 percent.
2. Central government/ State govt/ Police/ Railway/ Central Public Sector Enterprises (CPSEs). Effective interest 11.50 to 14 percent.
3. Applicants of other corporates: Effective interest: 12.50 to 14.50 percent.
4. Pre-approved personal loan to non-CSP customers: Effective interest rate: 14 to 14.50 percent.
Interest rate offered by other banks
| Banks | Interest rates |
| HDFC Bank | 10.85% onwards |
| Axis Bank | 11.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Bandhan Bank | 9.47% onwards |
| ICICI Bank | 10.85% onwards |
| IDFC Bank | 10.99% onwards |
| Canara Bank | 10.95% onwards |
| Federal Bank | 12% onwards |
| Punjab National Bank | 10.40% onwards |
| Union Bank of India | 11.35% onwards |
| Indian Bank | 10% onwards |
| Yes Bank | 11.25% onwards |
SBI Personal Loan Interest Rate Fees & Charges
| Scheme Name | Processing Fees |
| I. Clean Overdraft | NIL |
| II. SBI Pension Loan | 1 per cent of the loan amount with a minimum of ₹1000 +GST and Maximum of ₹10000 +GST |
| III. Jai Jawan Pension Loan | NIL |
| IV. Xpress Credit | 1.50% of the loan amount with a minimum of ₹1000 +GST and Maximum of ₹15000 +GST |
SBI Personal Loan EMI Calculator
With the help of an EMI calculator, one can calculate how much monthly instalment one has to pay in order to retire the debt. For this one is supposed to enter these three details: rate of interest, principal amount and loan tenure.
One can access SBI loan calculator here:
SBI Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Factors Affecting SBI Bank Personal Loan Interest Rate
There are several factors which influence the SBI bank personal loan interest rate, some of which are explained below:
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Employer's Profile: While deciding personal loan interest rates, lenders mainly consider the employer's profile. As compared to others, salaried people, more so government employees or PSU are usually paid more meager salaries due to increased job security.
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Credit Score: Most of the lenders have a preference for applicants who possess credit scores 750 or more, although SBI does not specify the variations in interest rates based on the credit ratings. The greater the credit score, the better is the opportunity to acquire personal loans at the lowest possible interest rates.
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Monthly Income: SBI requires a minimum of Rs. 15,000 as monthly income to sanction a personal loan. More income earners have a better chance of getting better rates from the lenders due to better repayment ability and lesser credit risk, although SBI hasn't disclosed income-based rate variations.