sbi personal loan

SBI Personal Loan Interest Rate for Salary Account Explained

Salaried are the ones who often have to approach banks for loans to fulfill their wishes and needs. As they find it hard to create a pool of savings amidst inflation and other reasons, a personal loan invariably becomes a messiah by giving them the instant finance.

However, it’s the lenders on which they sweat over to find out the one whose interest rate offers are worth servicing the debt at. And so, the first name that comes across is State Bank of India (SBI), which runs around 25,000 branches across the country.

The largest public lender has different interest rate offers for salaried. Let’s check out SBI Personal Loan Interest Rate for Salary Account Holders in this article.

SBI Personal Loan Interest Rates for Salaried

SBI personal loan for salaried is offered under different schemes. These are Xpress Elite, Xpress IT Employees, Xpress Bandhan, etc. The rates can vary across these schemes. And so, there’s a need to read out the schemes separately.

Xpress Elite Scheme

Those having a salary account with SBI can get the loan under Xpress Elite Scheme wherein the interest rate would be 10.75%-12.25% per annum. The maximum loan offered can be equivalent to 24 times the net monthly income (NMI), up to 15 lakhs. As much as 5 years are given to repay the debt. The processing fee equals 0.50% of the loan amount plus GST. On the other hand, the prepayment charges can be up to 3% of the principal outstanding plus GST.

Xpress Bandhan Scheme

The scheme is open to those employees who do not have a salary account with SBI. SBI Personal Loan Interest Rates to be charged equal to 12.25%-15.25% per annum. To process the loan, which can be given for a maximum of 5 years, a fee equivalent to 1% of the loan amount would be applicable.

Xpress Credit IT Employees Scheme

The IT employees are likely to get the sanction at interest rates of 13.15%-15.15% p.a. The loan amount to be offered would depend on the income, credit score and repayment potential of an applicant. A maximum of 5 years can be given to these employees to pay off the loan.

SBI Personal Loan Interest Rate for Non-permanent Employees

Non-permanent employees working with central government, state government, defence establishments, PSUs, quasi-government bodies, reputed educational institutions and top-rated corporate can apply for a loan under the scheme. The rate of interest applicable is 12.65%-15% per annum.

SBI Personal Loan EMI Calculator

The EMI calculator takes into account the rate of interest, tenure and the loan amount to compute the installments, which combine a portion of both interest and principal amount payable towards a loan.

As it’s there online, you won’t take much of a time to trace the calculator. Just put the variables shown above at their prescribed space to find out the indicative EMI as well as the interest outgo over the tenure you choose. Do experiment with figures to know your feasibility before applying for a loan.

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