sbi personal loan interest rates

What will help you get lowest SBI Personal Loan interest rates?

Finance

The interest rate is the first thing that comes to your mind when you think of loan. In the case of personal loans, people want to have the lowest rate possible because you want to repay it without any hurdle. State Bank of India (SBI) is one of the top banks in India which offers personal loans to salaried and pensioners. In this article, we have mentioned the criteria required both these according to the category you fall in.

Below is the eligibility criteria, interest rate, and an example showing how monthly installments are calculated. You can check it for other details as well depending on your requirement.

SBI Personal Loan Eligibility

Below is the eligibility for both Xpress credit loan (for salaried people) and Pension loan (for pensioners or government employees).

SBI Xpress Credit loan

This scheme is an ideal loan for the people who want instant money. If you are salaried or a self-employed professional, you can get up to the loan amount of ₹15 lakhs. To get this loan, you must cover the below eligibility criteria:

  • The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates
  • The minimum monthly income of the applicant should be ₹7,500/-
  • The EMI/NMI ratio should not exceed 50

SBI Personal loan for Government employees – Pension Loan

This scheme is dedicated to the Pensioners and Family Pensioners (including Defence Personnel) and the loan amount of ₹14 lakhs. To apply, you must cover the below criteria set by the bank:

  • The maximum age of the applicant should be 76 years
  • The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
  • If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.

SBI Personal Loan Interest Rate

For personal loans, SBI offers one of the lowest personal loan interest rates in the market India. Having said that, SBI personal loan interest rates are calculated on the basis of the MCLR of the banks that presently stands at 8.35% for 2 Years. The interest rates range from 10.65% to 15.50% per annum.

SBI Personal Loan EMI Calculator

To know the monthly installments of the personal loan, the required details are:

  1. Loan Amount
  2. Interest Rate
  3. Tenure

For e.g., if a borrower wants to take a personal loan with the below details:

  • Loan Amount- ₹15 lakhs
  • Tenure- 5 Years
  • Rate of Interest- 11.90% – 14.90% per annum

EMI-₹1,33,203-₹1,35,317

Total Interest- ₹98,436-₹1,23,800

Total Amount- ₹15,98,436-₹16,23,800

With the above details, you can see that SBI personal loan may prove to be a good option if you want money for emergency purposes or maybe for travelling.

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