Personal loan interest rate from SBI bank
Hello friends, I welcome you all. Friends, in today’s article, you will get to know how much is the interest rate on SBI personal loan. Friends, in today’s fast-paced world, taking a loan from a bank has become a common thing but all the banks charge the same interest rates and do not offer any kind of terms. To help you make a more informed decision, let us take a look at the SBI personal loan interest rate and its various benefits. In today’s article you will also get to know about all the available SBI personal loan schemes and which one is most suitable for you.
SBI Personal Loan
SBI Bank offers personal loans at interest rates starting from 9.60% per annum. SBI bank provides loan amount ranging from Rs 25,000 to Rs 20 lakh depending on your eligibility. SBI bank gives you a period of up to 6 years to repay this loan amount. To offset the processing fee, SBI Bank charges a processing fee of up to 1.5% of the loan amount.
SBI personal loan interest rate
Friends, the personal loan given by SBI bank is also offered to self-employed persons and people involved in business along with pensioners and hence the individual needs to fulfill the requirements who are not covered under the traditional loan scheme. In simple language, the personal loan taken from every bank can be used for those expenses which have not actually been planned in advance. SBI bank personal loan can be taken without any security/guarantee and with minimum documents.
SBI eksapres credit loan
Friends, if you are a retired person then you can avail the benefit of SBI express credit loan for your various needs like marriage, children’s education, medical treatment, foreign travel etc.
- Income: The monthly income of the loan applicant should be at least Rs 15,000 and the maximum income ratio should not be more than 50%.
- Repayment period: Under this scheme you are given a period of 6 years to repay the loan.
- Loan amount: Under this scheme you can get the loan amount by parking.
- term loan
- Minimum amount: 25,000 rupees.
- Maximum amount: You can take a loan up to Rs 20 lakh.
2. overdraft loan
- Minimum amount: You can take a loan of at least Rs 5 lakh.
- Maximum amount: You can take a loan up to a maximum of Rs 20 lakh.
- Processing Fee: A processing fee of 1.5% of the loan amount taken by you will be charged.
- Penal Interest: If you do not repay the loan amount within the stipulated period, a penal interest of 2% part per year will be charged on the available interest rate.
SBI xpress bandhan loan
SBI xpress bandhan loan is available to salaried employees. The interest paid in this scheme will depend on factors like loan amount taken by you, repayment period, credit score etc.
- Loan amount: You can avail the benefit of parking the loan amount under SBI express bandhan loan.
-
- Term Loan: In this scheme you can avail the loan amount of minimum up to Rs 25,000 and maximum up to Rs 15 lakh.
- Overdraft Loan: In this scheme you can get a loan amount of at least Rs 5 lakh and up to Rs 15 lakh.
- Processing Fee: 1% of the loan amount taken by you + GST.
- Repayment period: This scheme provides loan repayment period of up to 5 years.
Factors affecting SBI Personal Loan interest rates
1. Loan amount: The applicant can change the interest rate higher than the advertised rate for some special customers depending on the applicant’s initial loan amount.
2. Loan tenure: The interest rate can be reduced or increased in the longer repayment tenure of SBI Personal Loan. It depends on the discretion of the bank.
3. Repayment Schedule: SBI Bank checks the repayment schedule of its customer and then depending on the amount of cash deposited by the customer and the loan amount, the bank may offer some discount in the personal loan interest rates.
4. CIBIL score: SBI bank personal loan approval takes into account the credit history of the applicant, so CIBIL score can also work in favor of getting better interest rates from the bank.
5. Relationship with the bank: If your relationship with the SBI bank is good then the bank can consider offering better interest rate to the applicant.
6. Current situation: Current situation changes with time and is affected by overall economic conditions on a daily basis. If the interest rate increases then you can expect your SBI Personal Loan rate to also increase.
7. Your income and employment history: Your income and employment history will also be taken into consideration while determining your SBI personal loan interest rate. If you have a stable income and a good work history you will likely qualify for a low interest rate.