SBI offers Personal Loan @ 11% p.a. onwards for the loan amount of up to INR 20 lakhs and has a period of up to 6 years. It also offers pension loans of up to INR 14 lakhs and has a period of up to 7 years. Let us now see the key highlights of the SBI Personal Loan:
| State Bank of India Personal Loans – A Snapshot | |
| Interest rate | Starting from 9.60% per annum |
| Loan Amount | Up to INR 20 Lakhs |
| Income Eligibility | INR 15,000 per month |
| Age Eligibility | Minimum of 21 years and up to 58 years at the time of loan maturity |
| Repayment Tenure | Up to 72 months |
How to Apply for SBI Bank Personal Loan
Step 1: Evaluate the need to analyse the exact amount for which the loan is to be raised.
Step 2: Using the Personal Loan eligibility calculator, analyse how much amount is to be repaid during a month after taking into consideration the existing loan or credit card dues.
Step 3: Check the eligibility criteria so as to know whether the income and employment status meet the same or not.
Step 4: Check with the interest rates offered by the bank.
Step 5: In the case of an existing customer, a personal loan can be applied via a mobile app or Internet banking account. In case of a new customer, the application can be downloaded from the bank’s website or by visiting the branch.
Step 6: Provide KYC documents, address proof, and income proof, along with the application form and cheque for the processing fees.
Step 7: Post verification, the bank will sanction the loan and approve the loan amount on the basis of eligibility, followed by a signature.
Step 8: The loan amount will then be credited to the bank account within 30 days, and the account balance can be checked with the help of the SBI Mini Statement.
Interest Rates
Before pressing the SBI Personal Loan Apply button, an applicant must be aware of its interest rates, which are as mentioned below:
| Particulars | Details |
| Interest Rate | 11.00% – 14.00% |
| Loan Amount | For Term Loan:
● Minimum – INR 24,000 ● Maximum – 24 times NMI subject to a maximum of INR 15 lakhs For Overdraft: ● Minimum – INR 10 lakhs ● Maximum – 24 times NMI subject to a maximum of INR 15 lakhs |
| Loan Tenure | 5 years or 60 months |
| Processing Fees | Nil – 1% of the Loan Amount + GST |
| Prepayment Charges | Nil – 3% of the principal outstanding |
| Collateral | Not Required |
SBI Personal EMI Calculator
EMI stands for Equated Monthly Installments, which refers to a predetermined fixed amount of payment that borrowers make to lenders on a specific date each month. EMI includes both the principal amount and the interest amount that allows applicants to pay off their loans gradually over a period of time on a monthly basis.
Mathematically, EMI is calculated as under:
P x R x (1+R) ^ N / [(1+R) ^ N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments
SBI Personal Loan EMI Calculator is an online personal financial tool that can help customers plan their long-term and short-term financial needs in an easy and hassle-free manner. It is designed to make the process of EMI calculation easy and eliminate errors that occur during manual calculation.
The financial tools that take into account parameters like –
- Loan amount
- Tenure of the loan
- Rate of interest applied to the loan.
Using the SBI Personal Loan EMI calculator is easy and will involve you following a few simple steps, which are as follows:
- Firstly, you have to provide the principal amount of the personal loan that you have to borrow from SBI.
- Secondly, you have to provide the tenure of the loan.
- Thirdly, the rate that the bank is offering to you.
After entering all these details, you will get the EMI you have to pay and the interest amount for the personal loan.
Why use a Personal Loan EMI Calculator
Below mentioned are the reasons one should use a Personal Loan EMI Calculator:
- Prior knowledge of EMI values – By applying Personal loan EMI calculator, you will get to know the amount needed to be kept aside every month for loan repayment.
- Budget Management – By knowing EMI values from the beginning, you can manage your expenses accordingly.
- Better Tenure Selection – By knowing the principal amount and interest payable, you can choose the tenure properly in which you are comfortable.
- Quicker as well as more accurate results – Applying a calculator, which is an online tool, gives you an added advantage over manual calculation. It will be more accurate than calculations done manually.
- User Interface – The SBI calculator has a seamless user interface that is easy to use, whether on desktop or mobile.
- Instant Results – You can get accurate and instant results by using the SBI EMI loan calculator. You can get your accurate EMI, which will help you plan your repayment schedule.
How do you use the SBI Bank Personal Loan Calculator?
Below mentioned are the steps to use the SBI Personal Loan Calculator:
Step 1: Enter the amount of loan required.
Step 2: Provide a suitable tenure for repayment.
Step 3: Select the rate of interest that SBI will provide to its customers over a personal loan calculator.
Step 4: Now, the EMI and the interest amount will be displayed.
What is an Amortization Schedule?
An amortisation schedule determines how the loan amount will be applied to the principal and interest and how it will impact the total cost of the loan. The amortisation schedule in the case of SBI Personal Loan is as mentioned below:
- The first payment will be applied to the interest due on the loan.
- The remaining charges will be applied to the loan’s principal, with each payment decreasing the outstanding balance.
- The final fee will be applicable entirely to the principal, leaving you with a zero balance.