{"id":3015,"date":"2018-04-16T18:17:19","date_gmt":"2018-04-16T12:47:19","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=3015"},"modified":"2018-06-25T12:54:58","modified_gmt":"2018-06-25T07:24:58","slug":"sbi-personal-loan-interest-rates","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/sbi-personal-loan-interest-rates\/","title":{"rendered":"SBI Personal Loan Interest Rates"},"content":{"rendered":"

SBI Personal Loan Interest Rates 2018<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n
Particulars<\/strong><\/td>\nSalaried<\/strong><\/td>\nSelf-employed<\/strong><\/td>\n<\/tr>\n
Interest rate<\/td>\n12.50% – 16.60% p.a.<\/td>\n11.20% – 16.30% p.a.<\/td>\n<\/tr>\n
Loan Amount<\/td>\nMinimum: Rs.10,000<\/p>\n

Maximum: Rs.15 lakh<\/td>\n

Minimum: Rs.5 lakh<\/p>\n

Maximum: Rs.1 crore<\/td>\n<\/tr>\n

Loan Tenure<\/td>\nMinimum: 6 months<\/p>\n

Maximum: 48 months<\/td>\n

Minimum: 12 months<\/p>\n

Maximum: 48 months<\/td>\n<\/tr>\n

Lowest EMI<\/td>\nRs. 2,658 per lakh<\/td>\nRs. 2,594 per lakh<\/td>\n<\/tr>\n
Processing Fee<\/td>\n2.02% to 3.03% of the loan amount<\/td>\n2-3% of the loan amount.<\/td>\n<\/tr>\n
Age<\/td>\nMinimum: 21 years<\/p>\n

Maximum: 58 years<\/td>\n

Minimum: 21 years<\/p>\n

Maximum: 65 years<\/td>\n<\/tr>\n

Prepayment Charges<\/td>\nAllowed after 0 EMI’s, Nil Prepayment Charges<\/td>\nAllowed after 6 EMI’s, Nil Prepayment Charges<\/td>\n<\/tr>\n
Foreclosure Charges<\/td>\nAllowed after 1 EMI’s, Nil prepayment charges<\/td>\nAllowed after 6 EMI’s, Nil prepayment Charges<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Calculating Interest on SBI Personal Loan<\/h2>\n

EMIs or Equated Monthly Installments are the way in which any personal loan from State Bank of India will need to be paid back. Each EMI consists of a portion of the principal amount as well as the interest. As the maturity year draws closer, the principal portion gradually increases and simultaneously the interest portion decreases.<\/p>\n

The method for\u00a0calculating the EMI on a personal loan<\/strong><\/a>\u00a0can be mentioned as follows –<\/p>\n

E = P*r*[(1+r)^n\/((1+r)^n-1)]<\/strong><\/p>\n

Here E – Monthly EMI, r – rate of interest per month, n – number of years.<\/p>\n

Factors affecting SBI Personal Loan Interest Rates<\/h2>\n

SBI personal loan interest rates<\/i>\u00a0can change for any individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as –<\/p>\n

    \n
  1. Personal loan amount – Based on the amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers<\/li>\n
  2. Tenure of the personal loan – Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest<\/li>\n
  3. Repayment capacity – State Bank of India will check repayment capability of a customer. Depending on the amount of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates<\/li>\n
  4. Income – Income is important for loan eligibility as well. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer<\/li>\n
  5. Assets – Presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one\u2019s life. Based on the same, State Bank of India might provide a preferential rate of interest for personal loans<\/li>\n
  6. Relationship with the bank – An existing customer of State Bank of India is bound to get preference when applying for a personal loan and the bank might consider providing a better rate of interest to the customer<\/li>\n
  7. CIBIL scores – Approval of a personal loan takes one\u2019s credit history into account. So, the CIBIL score might also work in favour of getting a better interest rate from the bank<\/li>\n<\/ol>\n

    In spite of the above factors, any change in the advertised interest rates is at the sole discretion of the bank.<\/p>\n

    \n

    Key Points regarding State Bank of India Personal Loan Interest Rates<\/h2>\n

    Availing a personal loan from State Bank of India is easy for individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind –<\/p>\n