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SBI Personal Loan

Wide Range of Personal Loans | Simple Documentation | Attractive Interest Rates

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SBI Personal Loan


Interest Rates & Charges

To borrow smartly, one must be able to take out a Personal Loan with reasonable terms. We are aware of this requirement and have designed our loan to be as affordable as possible. With some of the lowest costs available, SBI Personal Loan is provided at a competitive rate of interest.


Applicable Fees


Interest rate


Our loan interest rate starting at 10.10% would help you control costs and keep your EMIs manageable. Fund all types of personal or professional costs while assuring the best possible return.


Processing charges


A processing fee is charged when an SBI Personal is processed. The application fee is a one-time charge imposed during the submission process. Our fee is 1.5% of the approved loan value and 0.75% (if RTXC), along with the applicable taxes.


Penal Interest charges


The penal interest charge is 2% per month


Pre-payment charges


The pre-payment charge is 3% of the loan amount.

SBI Personal Loan

Types of SBI Personal Loan Interest Rate

There are two kinds of SBI Personal Loan interest rates: fixed and floating.

Fixed Interest Rate

Here, the rate of interest charged on the SBI Personal Loan amount will remain constant throughout the loan repayment period. You know your SBI Personal Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.

SBI Personal Loan
SBI Personal Loan

Floating Interest Rate

Here, SBI Personal Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating SBI Personal Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.

SBI Personal Loan Interest Calculation Method

There are two methods to calculate interest: flat rate method and the reducing balance method.

In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the SBI Personal Loan will be considered and calculated on the basis of the outstanding loan amount.

Flat Interest Rate Calculation

EMI = (principal + total interest payable) / loan tenure in months i.e. total interest payable = P x r x n/100

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Floating Interest Rate Calculation

EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

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