SBI Personal Loan is a banking product that helps you get a lump sum amount at an affordable rate. There is no need to worry about asset security in this as the bank won’t need it for the loan. The amount will be lent to you solely on the basis of your income. So if your income is good and needs a lump sum amount, apply for an SBI Personal Loan. Get the details of this product on the page below.
Loan Limit Up to INR 20 Lakhs
SBI would lend you up to INR 20 Lakhs if you apply for a personal loan. But for this much amount you need to have an income that can afford its monthly installments. So if you have the income to afford the EMI of INR 20 Lakhs, apply for the loan. Otherwise, your loan request would be rejected due to low income.
For an SBI Personal Loan, you need to have a minimum income of INR 15,000 per month. If you satisfy this requirement of the SBI Bank, only your loan request will be considered. And as your loan needs increase your income must be able to afford its repayment. Because the EMI and NMI ratio should be less than 50%.
Rate of Interest Starting from 9.60% per annum
The rate of interest will apply to your borrowed amount, so ensure you get the lower rate. Because the less the rate of interest, the more it will be affordable for you to pay off the borrowed amount. Your rate will be decided on the basis of your creditworthiness and previous repayment history.
Your record of repayment lets the bank know how well you will handle the repayment of the SBI Personal Loan. to check your repayment history visit any online credit bureau and do a free CIBIL Check. A CIBIL score lets you know the current status of your credit record. If the score is near 700 or more, you could have a lower SBI Personal Loan Interest Rate.
When do you have a score of 700 and more? If you have repaid the card bills and loan EMIs without any late charge and in full, the record of your repayment will help you negotiate for a lower interest rate.
Pay the Loan in EMIs
The bank gives you up to six years for the loan repayment. And with the help of the SBI Personal Loan EMI Calculator, you can easily make a choice for your repayment period. This online calculator lets the borrower know their possible EMI amount. Well, the result may not be exactly the same as their real EMI. But it gives a fair idea about the repayment which will be enough to choose a tenure to have an affordable EMI and lesser interest payment. So if you want to avail of these advantages, do use the EMI calculator of the SBI at the time of applying for the loan. With its assistance, you can meet your needs at an affordable EMI. Check out the example below to know how it will work.
Sameer needs a lump sum amount of INR 6 Lakh for her sister’s wedding preparations. And while searching for loans, he came across the SBI Personal Loan offer. The rate of interest seems interesting to Sameer so he considered this. But before making a final decision on this he uses the EMI calculator of SBI. He chooses the interest rate of 10.995 per annum and tenure of 72 months for his INR 6 Lakh loan. As per the calculations of the calculator, the EMI is INR 11,417. But the interest payment is INR 2,22,051. So, because of the higher interest, Sameer changes the tenure to 48 months now which gives him an EMI of 15,504 and interest of INR 1,44,211.
