sbi personal loan

SBI Personal Loan Interest Rates Explained Here

Often you need some money to fulfill your instant requirements, which can be anything from a medical emergency to an exhilarating trip with your family. Even though the savings would be there, you may hesitate in utilizing the same. It’s because you want to bolster your future with higher savings. And you are right in your approach. Living for the future is right but at the same time, immediate needs must also get fulfilled. Don’t you think so?

One that most look up to fulfill their instant needs is State Bank of India (SBI), the largest lender with over 25000 branches to serve you a customized personal loan. SBI can disburse as much as 15 lakhs of personal loan for a tenure as long as 5 years. But what about the interest rates? After all, interest rates  greatly determine the shape of your loan repayment. So, you better be aware of them. This article has all such details you can look forward to. So, stay tuned.

SBI Personal Loan Interest Rates

SBI offers a personal loan to employees of both public and private sector firms, defence employees, etc. The interest rates vary from scheme to scheme. However, the interest rate range has been 11.85%-15.10% per annum across the schemes on offer. Broadly speaking, SBI offers a personal loan under two schemes-Xpress Credit and Pension Loan. Xpress Credit Scheme is broken further into different categories according to the profession of an individual. Also, salary and non-salary account holders are granted different rates of interest.

Does Your Credit Score Impact SBI Personal Loan Interest Rates?

Yes, it does. Stronger your credit history better are the chances of getting attractive interest rate offers. So if you have had an experience of servicing any debt, be it a loan or a credit card, in the past, you must have built a credit history which will be looked into while determining the interest rates on your SBI Personal Loan. If you have made your loan or card repayment on time, you could grab a lower rate deal with the banking behemoth. However, if the repayment pattern has defaults along the way, chances are that interest rates could be higher.

SBI Personal Loan EMI Calculator

Interest rates often lead to a discussion on the EMIs, which include a component of both principal and interest amount payable each month. So when you sit down to calculate the EMI, you would need the help of a calculator. The calculator not only computes the applicable EMI, which stands for equated monthly installment, but also the overall outflow of interest. The calculator, which you can find online, just needs loan amount, the rate of interest and the tenure to compute the installments.

Amortisation ScheduleInterest Rates

If you carefully check the results of an EMI Calculator, you can even see a break-up of the loan over the years. You can find the indicative principal and interest repayments over the years. Plus, the calculator will also show the outstanding loan balance at the end of each year. This will help plan your loan journey better. You can put different values of the loan amount, interest rate and tenure to come with different repayment scenarios and bat for a deal that enables a smooth repayment experience.

How Can You Apply for SBI Personal Loan?

Now with digitization in place, the loan application is a lot smoother than what was the case earlier. You can visit the official SBI website and apply for a personal loan. After you visit the website, you must get to ‘Personal Loan’ section and fill the necessary personal and professional details correctly. You may have to add details of any loan or credit card debt you are availing or have availed in the past. After filling all the details, you can submit your application. The bank, after receiving your application, will send the executives to pick up your documents and verify the details so submitted in the application form.

So, you must have gauged the impact of SBI Personal Loan Interest Rates correctly by reading this article. Before choosing a loan offer, do calculate the EMI and the overall interest you are going to pay to SBI.

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