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SBI offers a wide range of loan products to you. And its personal loan is the most popular product. The reason is that in this, you won’t have to pledge any asset of yours. So, in case of non-payment, SBI can’t seize your assets. Read this page to know more about the SBI Personal Loan and its benefits.
SBI Personal Loan offers the following benefits to the borrower –
Borrow up to INR 20 Lakhs
You can borrow a maximum of INR 20,00,000 from SBI as a personal loan. And this much of an amount will be provided to you based on your income. The minimum income to borrow an SBI Personal Loan is INR 15,000 per month. So, if you want to borrow the maximum loan amount, you need to ensure your income is more than the required amount. Because the EMI or income ratio should be less than 50%.
Attractive Interest Rates
SBI levies an interest rate of 9.60% per annum on your loan amount. This is the minimum SBI Personal Loan Interest Rate for salary account holders. If you don’t have a salary account with SBI, the rate of interest will commence from 9.85% per annum.
Interest Rate Applicable On the Daily Reducing Balance
The applicable interest rate will be charged on a daily reducing balance by which your interest payout reduces. In this, the interest will be calculated on your SBI Personal Loan on a daily basis.
Less Processing Fee
A processing fee of 1.50% of your loan amount is charged by SBI on your personal loan. This is a non-refundable charge and will be reduced from your loan amount. It will be a minimum of INR 1,000 or a maximum of INR 15,000 based on your loan amount.
Not many documents will be required for personal loan processing. Just keep the following –
No Hidden Costs
No extra charges will apply to your personal loan. Take a look at the SBI Personal Loan fees on the official website or visit the bank branch to know the same.
Provision for a Second Loan
You’re eligible for a second loan after the first loan disbursement. However, it will be based on the EMI to income ratio. The ratio should be below 50%. A second loan is offered to you if you’re paying the EMIs on time.
You get access to the SBI Personal Loan EMI Calculator by which you can find your EMI amount. The EMI is calculated using the below values –
Check out the example below and see how this calculator works.
Kanish is a salaried employee who earns a monthly salary of INR 25,000. And due to a medical emergency, he needs a lump sum of INR 5 Lakh. His savings are already exhausted in the treatment and the only option left is a loan. After searching loan offers, he came across SBI Personal Loan where he gets the desired amount at an personal loan lowest interest rate of 11.00% per annum.
To calculate the EMI, he uses the SBI Personal Loan Calculator and enters the following –
The EMI is INR 16,369 and the total interest is INR 89,297, according to the calculator.
Apply for an SBI Personal Loan if you need lump sum money to meet financial obligations. To get the loan, visit the bank’s website or the nearest branch office.