SBI Personal Loan Interest Rate

When it comes to personal loans, finding the right lender and interest rates can make all the difference in achieving your financial goals. Among the myriad options available, is the State Bank of India (SBI). SBI stands out as a premier financial institution, offering competitive interest rates on personal loans. SBI personal loan interest rate starts from 11.05% p.a and goes up to 14.05% p.a.

Personal Loan – Explained

A personal loan is a type of unsecured loan offered by banks or lenders to individuals for various personal expenses like medical expenses, weddings, or funding a vacation. Like any other loan, you are bound to repay the loan in accordance with the agreed terms and conditions. As said above, it is an unsecured loan, thus no collateral is pledged. They are usually offered for a short repayment tenure of 6 months – 84 months hence interest rate charged is comparatively higher.

Interest Rate, Fees & other charges – SBI Personal Loan

SBI offers a variety of personal loan products. Each of them has different interest rates and a one-time chargeable fee called the processing fee. The interest rate, processing fees, and other charges for all types of personal loans offered by SBI are given below:

SBI Xpress Credit

Interest Rate	10.6% p.a – 13.10% p.a
Processing fee	1% of loan amount+ tax
Prepayment Charges	3% on prepaid amount
Penal Interest	2% per month

Xpress Bandhan

Interest Rate	At the choice of bank
Processing fee	1% of loan amount+ tax
Prepayment Charges	Nil
Penal Interest	Nil

SBI Pension Loan

Interest Rate	9.60% p.a – 12.60% p.a
Processing fee	0.5% of loan amount+ tax ( minimum Rs 250 is charged)
Prepayment Charges	Nil
Penal Interest	Nil

SBI Pre-approval Personal Loan

Interest Rate	12.60% p.a
Processing fee	At the choice of bank
Prepayment Charges	Nil
Penal Interest	Nil

SBI Kavach Personal Loan

Interest Rate	8.50% p.a
Processing fee	Nil
Prepayment Charges	Nil
Penal Interest	Nil

SBI Quick Personal Loan

Interest Rate	10.85% p.a – 12.85% p.a
Processing fee	1.5% of loan amount+ tax
Prepayment Charges	3% on prepaid amount
Penal Interest	2% per month

Factors responsible for SBI Personal Loan Interest Rate

Interest rates for a personal loan depend on various factors. Some factors that influence SBI personal loan interest rate are:

Credit score
Age of the Applicant
Repayment tenure
Employment stability
Loan amount
Relationship with the Bank
Existing debt & liabilities

How is the interest rate assessed on SBI Personal Loan?

As per the norms of the State Bank of India, the interest rates on personal loan starts from 11.05% and goes up to 14.05%. Its maximum personal loan amount is 20 Lakhs, for a loan tenure of about 6 years. Existing customers have an advantage in the loan approval process as it is easier to verify their accounts to check their financial history.

Also, your credit score is a crucial factor that determines your creditworthiness. A credit score of 750+ is usually considered a good credit score and increases your chances of loan approval.

How to apply for Personal Loan in SBI?

Visit the nearest SBI branch or check the lender’s official website
Existing customers can apply for personal loans using the SBI YONO app.
Do check the eligibility criteria before submitting the loan application
Pay special attention to the credit score and history
If everything goes right, fill out the form, submit the documents asked, and wait for disbursal.

Features & Benefits – SBI Personal Loan

The key benefits of acquiring a personal loan from SBI are listed below:

No prepayment charges
Excellent customer service
Special schemes & discounts for existing customers
Fast & easy approvals
Transparent cost
Minimal Documentation
Low EMI
Flexible eligibility
High loan amounts
Wide age group coverage
Low processing fee

Documentation Required – SBI Personal Loan

Standard documents are required to avail of a personal loan from SBI, these are:

Duly filled application form
KYC Documents: Identity and Address proof
2 passport-size photographs
Bank account statement for the last 6 months, ITR -Form16, Latest salary slip

Frequently Asked Questions- SBI Personal Loan Interest Rate

Q.1 What is the minimum credit score required for SBI Personal loan?

A credit score of 750 or above is required to secure an SBI Personal loan.

Q.2 How can I track my SBI personal loan application status?

You can check your personal loan application status using the application reference number via net banking, visiting the nearest SBI branch, or calling the customer care service center of SBI.

Q.3 Is 620 considered a good score?

Any score below 750 makes the lender doubt your creditworthiness and is not considered a good score.

Q.4 Is it mandatory to be an existing customer to avail of a personal loan from SBI?

No, it is not at all mandatory to be an existing customer to get a personal loan from SBI.