State Bank Of India Personal Loan Interest Rates

State Bank of India is a public sector financial institution that offers the customers with attractive personal loan products. Currently, the bank is offering four types of personal loans to the customers that include Personal Loans to pensioners, Xpress Credit Personal Loan, SBI Festival Loan and SBI Saral Loan.

Personal Loan Interest Rates by SBI:

Rate of Interest	12.9% - 14.9% per annum
Processing charges	Applied GST + 0.5% of the Loan Amount
Loan term	60 Months
Pre-closure fees	On prepaid amount, it is charged with 3%
Guarantor	No guarantor required

Eligibility Criteria for SBI Personal Loan:

Minimum age: 21 years; Maximum age: 58 years
Only self-employed or salaried individuals with regular income can avail it.
If your gross monthly income is more than the minimum income required.

Amount eligibility for SBI Personal Loan:

5000/- is the minimum income required.
Maximum loan amount availed: Rs.15 lakhs.
Other loan EMIs lowers your possibility of availing the personal loan from SBI.

How to increase the eligibility of SBI Personal Loan amount?

The bank will review your CIBIL score. Thus, maintain a healthy credit score.
Prefer longer loan terms, say up to 4 years.

You can use SBI Personal Loan in various aspects like:

Miscellaneous expenses (buying home products, etc.)
Personal expenses
Travelling
Education fees
Marriage expenses
Hospitalization charges and more

The personal loan offered by SBI can be availed at low returns along with seasonal offers. SBI Personal Loans doesn’t come with any hidden charges, and prepayment penalties and the processing charges are lower than expected.

The salaried individuals can avail up to 12 times their monthly salary as personal loan whereas; the pensioners with the maximum tenure of four years can avail up to Rs.10 lakhs as the personal loan.

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