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SBI Personal Loan Interest Rates [April 2025]
SBI personal loans interest rates range from 10.30% to 15.30% p.a. However, the bank has not explicitly disclosed how factors such as credit score, employer’s profile, monthly income, and loan amount impact the interest rates for its personal loan schemes. Nevertheless, most lenders usually consider these factors when determining the interest rates for personal loans.
Factors Affecting SBI Personal Loan Interest Rates:
Employer’s Profile:
- Most banks and NBFCs usually offer preferential interest rates to salaried individuals as compared to the self-employed.
- Government and PSU employees usually get personal loan at lower interest rates as compared to private employees, due to job security.
- Employees of top private sector companies and MNCs may also get lower rates due to better financial stability.
Credit Score:
- While SBI does not explicitly disclose interest rate differentiation based on credit score, applicants with higher credit scores (750 and above) generally get personal loans at lower interest rates.
Monthly Income:
- Income Criteria: SBI requires a minimum monthly income of Rs 25,000 to be eligible for a personal loan.
- EMI/NMI Ratio: The bank prefers that the total EMIs (including existing and proposed) do not exceed 65% of the applicant’s monthly income.
- Although SBI has not mentioned the interest rate differentiation based on the monthly income, many lenders offer preferential interest rates to applicants having higher monthly income due to the higher repayment capacity and low credit risk involved.
Is SBI Personal Loan on Fixed or Floating Interest Rates
SBI offers personal loans at fixed interest rates to its applicants. The loan is linked to 2 year MCLR of the bank. The current 2 year MCLR stands at 9.05% p.a.
How to Unlock Lower Interest Rates on Your SBI Personal Loan
Applicants can follow the tips given below to avail SBI Personal Loan at lower interest rates:-
- Maintain a Good Credit Score: Maintain a credit score of 750 or above, as it is preferred by most lenders to get a personal loan at lower interest rates. Making timely repayments and managing credit responsibly can help improve your credit score.
- Compare SBI Personal Loan Rates Online: Use financial marketplaces to compare SBI’s personal loan interest rates with other lenders, ensuring you get the best deal.
- Check for Pre-approved Loan Offers: SBI provides pre-approved personal loan offers to its eligible customers. Reach out to the bank or SMS “PAPL<space><last 4 digits of your SBI Savings Bank Account No.>” to 567676 to find out if you’re eligible for any pre-approved offers at preferential rates.
- Watch for SBI’s Festive Offers: Most lenders offer special interest rate concessions during festive seasons. SBI currently does not offer special discounts or offers on its personal loan interest rate. Keep an eye on such offers to get the lowest rates on personal loans.