Are you looking for low-cost personal loans with affordable interest rates and fees? It’s a win-win situation with SBI personal loans. Personal loans with interest rates as low as 9.60 percent are available from SBI, the country’s largest lender. SBI Personal loan offers cheap processing and prepayment fees, which makes them attractive and unique. The bank offers a variety of personal loans to suit the demands of different borrowers. The Xpress Credit Loan, SBI Pension Loan, Xpress Elite, and Pre-approved Personal Loans are the four types of loans available. Personal loans from SBI can be utilised for a variety of purposes, including debt consolidation, travel expenses, marriage, house improvement, medical emergency, business expenses, and so on. There are no restrictions on the usage of personal loans because of which, their demand is growing day by day.
Benefits of SBI personal loans
- Cheap interest rates starting from 9.60% to 15.65%.
- Different personal loans available for different types of borrowers such as a special SBI Pension loan for pensioners, Pre-approved loans for existing customers and so on.
- On a daily declining balance, interest is imposed, which is great and pocket-friendly.
- Processing fees are low. These charges are just 1.50% of the total loan amount.
- There is very little and basic documentation available. You just need basic KYC documents to avail the SBI personal loan such as Pan card, Aadhaar card, Driving license etc.
- There are zero additional fees or hidden costs.
- There is no guarantee or security needed to avail the loan.
- SBI offers a fixed-rate personal loan that is linked to the bank’s 2-year MCLR. SBI does not currently offer personal loans with floating interest rates.
Eligibility for availing SBI Personal loan
- Individuals with an SBI Salary Account are eligible. The interest rates are also lower for salaried applicants as compared to the self-employed individuals.
- Minimum monthly income of Rs. 15000 is required to avail the loan.
- EMI/NMI Ratio of less than 50% is compulsory.
- To be eligible for the loan, you need to be employees of the Central/State/Quasi-Government, Central PSUS and profit-making state PSUS, Nationally renowned educational institutions, and selected corporations with or without a relationship with the bank
- Rs. 25,000 is the minimum loan amount that can be availed whereas the maximum loan amount is Rs. 20 lakhs.
- Amount of Overdraft Loans are as below-
- 5 lakhs is the minimum loan amount to avail the loan.
- Loan Maximum Amount is Rs. 20 lakhs.
- The second loan is available at any time after the first loan has been disbursed, with respect to a 50 percent overall EMI/NMI ratio and it is only available if the first loan’s EMIs are paid on time.
How to reduce your interest on the SBI Personal Loan
Any of the following methods will help you save money on your SBI personal loan interest.
(i) By keeping a high CIBIL score.
(ii) By displaying all forms of proof of income.
(iii) By keeping a healthy debt-to-credit ratio.
(iv) By applying during the peak season, when SBI gives personal loan discounts.
The current lowest interest rate on an SBI Personal Loan is 9.60 percent, with rates ranging from 9.60 percent to 15.65 percent. Borrowers with a high CIBIL score and a high income qualify for the lowest interest rate. In addition, the interest rates for SBI personal loans for salary account holders are lower than those for other clients.
The Bottom Line
Online application for an SBI personal loan is simple. You can apply for a personal loan from the comfort of your own home to suit your immediate needs. If you are already a bank customer, you can apply for a personal loan and get disbursal in just a few hours because your information is already on file with the bank. Because personal loans are unsecured and thus, inherently risky, the CIBIL score of the borrower is the most crucial factor to evaluate. You might be able to secure a personal loan without any hassles if you have a good credit rating. Good CIBIL scores will also lead you towards the best and affordable SBI personal loan interest rate. Ensure to have a good credit score to crack the best deal on a personal loan.
Read Also: How Is The Personal Loan EMI To Be Paid