What’s The Current Status Of Interest On SBI Personal Loans?

Both salaried and self-employed customers can apply for personal loans from SBI to address unforeseen financial needs. SBI Personal loan can be utilised to meet a variety of financial needs. Wedding-related expenses, international travel, international schooling, medical bills, and any other necessities are examples. They have appealing interest rates. Your interest rate is determined by your credit history and the sort of work you have. Other lenders only offer personal loans for a maximum of 5 years, however SBI Personal loans offers 6 years, one year longer than the competition.

Interest Rates and Fees for SBI Personal Loans

Personal loans from SBI are unsecured loans. This means there is no need for collateral or security that can be used in an emergency. The interest rate on SBI personal loans ranges from 9.6 percent to 13.6 percent. Applicants can apply for a personal loan of up to Rs 15 lakh with a 60-month repayment period. A processing fee of up to 1%, excluding GST, must be paid by applicants. There are also prepayment fees ranging from 0% to 3%.

On personal loans, the State Bank of India does not charge prepayment or foreclosure fees. If the loan is returned within six months of the loan approval date, the bank will charge 1% of the outstanding loan amount. Because there is no requirement for collateral, the approval of a personal loan from SBI bank is quicker and easier.

Types of SBI personal loans and their Interest Rates

SBI Kavach Personal loan8.50%
SBI Xpress Credit10.60% onwards
SBI Pension loan 9.75%-10.25%
SBI Pre Approved Loans12.60%
SBI Quick Personal loan10.85% – 12.85%

SBI Pre approved loans and SBI Quick personal loans are the facilities available especially to the existing customers of the bank. 

SBI KAVACH Personal Loan

COVID therapy is possible with this form of personal loan from SBI. It can be used by the borrower or any family member who becomes ill as a result of the infection after April 1, 2021. You can apply for this type of loan at a nearby bank. It is provided to employees, self-employed individuals, and retirees. The borrower can acquire a loan for as little as INR 25000 and as much as INR 5 lacs.

SBI Xpress Credit Personal Loan

For any type of financing a borrower requires. With the help of SBI’s Xpress Credit Personal Loan, you can achieve speedy approval and disbursement. With minimal documentation, a borrower can apply for a loan of at least INR 25000 and up to INR 20 lakhs. The SBI personal loan interest rate ranges from 9.6 percent to 13.1 percent per year for this type of borrowing. Individuals with an SBI salary account are eligible for this form of loan. The required minimum income is INR 15000.

SBI Pension loan

Pensioners and elderly citizens of India can apply for an SBI pension loan. SBI personal loans have cheap processing fees. There are no hidden fees, and the loan approval process is faster than any other bank. Borrowers can repay their loans in convenient EMIs. It also comes with very little documentation. You can submit an application at any SBI branch. A borrower can apply for a maximum loan of 14 lacs. For an 84-month term. SBI personal loan interest rates range from 11.1 percent to 13.1 percent for this loan.

The Bottom Line

SBI Personal loans are easily accessible and come with competitive interest rates. The best part about SBI Personal loan is they are running a special offer in which they are providing zero processing fees till 31st January, 2022. SBI Personal loan interest rate of all the different types of SBI Personal loans are very affordable and suitable for each customer.