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SBI Bank Personal Loan Interest Rate 2021

State Bank of India offers various types of personal loans such as Xpress Credit Loan, SBI Pension Loan, Xpress Elite, and Pre-approved Personal Loans. Personal loans may be used for different works like a start-up business, financial needs, travel expenses, weddings, home renovation, medical emergency, etc. SBI personal loan interest rate varies according to the requirement.<br>

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SBI Bank Personal Loan Interest Rate 2021

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  1. SBI Bank Personal Loan Interest Rate

  2. SBI Bank Personal Loan Interest Rate • In addition to the regular forms of personal loan categories, SBI also provides customized loans for privileged customers. Given below are the interest rates of different types of personal loans from SBI Product Interest Rate SBI Saral Loan 7.65% - 17.65% SBI Xpress Credit Loan 11.90% - 15.00% SBI Pension Loan 9.75%-10.25% SBI Festival Loan 12.50% - 16.60% SBI Jai Jawan Pension Loan 12.45% - 12.45%

  3. Personal Loan Charges Self Employed Salaried Lowest Interest Rate 12.50% 11.20% In the range of 2% to 3% In the range of 2% to 3% Processing Fee Bank levies certain charges on personal loan applications for salaried as well as self- employed individuals. Given below is the breakdown of personal loan charges 6 months to 48 months 12 months to 48 months Loan Tenure Rs. 50,000 to Rs. 15 Lakh Rs. 50,000 to Rs. 15 Lakh Loan Amount Part Prepayment Charges Allowed after 0 EMI's, Nil charges Allowed after 0 EMI's, Nil charges Preclosure Charges Allowed after 1 EMI's, Nil charges Allowed after 1 EMI's, Nil charges * There are no prepayment charges on personal loan from SBI

  4. Key Features of the SBI Bank Personal Loan Interest Rates • Both salaried, as well as self-employed individuals can avail the loan from SBI. • Persons falling within the age group of 21 to 58 years. • Personal Loan amount of minimum Rs. 50,000 to maximum Rs. 15 Lakh can be taken. • Loan Tenure for personal loans from SBI ranges from 6 to 48 months. • The interest rate for personal loan falls in the range of 12.50% to 16.60%. • The Lowest EMI on SBI personal loan is Rs. 2,174 per lakh, if we take the loan for 5 years.

  5. As with all other banks, SBI also has certain eligibility criteria for individuals applying for personal loans. The customer should fulfill the below-mentioned criteria for availing personal loans from SBI. People who can apply for the loan from SBI are: Eligibility Criteria of SBI Bank Personal Loan • Salaried personals such as doctors, CA, CS, architects, salaried employees working in MNC’s, Public Limited Companies and Government Sector Employees. SBI also offers personal loan to defense personals and armed forces. The interest rates on personal loans for government employees and defense personnel are different from private sector employees • The age range of the applicant should be between 21 and 65 years • The monthly income should not be less than Rs. 24,000 • Maximum loan amount eligibility is 15 times monthly income • Minimum work experience should be 24 months • Documents Required to Avail SBI Bank Personal Loa

  6. SBI personal loan EMI Calculator EMI (or equated monthly installment) is a fixed amount of money that you pay monthly to the bank against the personal loan taken. This is the repayment of your loan amount to the bank. The personal loans from SBI are quite affordable with easy and low monthly installments and the lowest interest rate at 11%. The personal loan calculator from SBI works on this simple formula: P*r* (1+r)^n/([(1+r)^n]-1) In the above formula, P is the Loan amount which ranges from Rs. 50,000 to Rs. 15 Lakh r is the Rate of interest per month. The current interest rate on a personal loan is 12.50% n is the tenure in the month which can be up to 48 months for SBI

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