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SBI Bank 5 Lakh Personal Loan

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

SBI Bank 5 Lakh Personal Loan- Highlights

Interest Rate 10.05%-15.05% p.a.
Loan Tenure Up to 7 years
Processing Fee Up to 1.50% (Rs 1000-Rs 15000)
Prepayment Charges 2% of prepaid amount
Net Monthly Income
  • For Government/Defence Employees- Rs 20000
  • For Corporate Employees- Rs 25000

Interest Rates of 5 lakh Personal Loan from SBI Bank

SBI offers personal loan interest rates ranging from 10.05% to 15.05% p.a. depending on the credit profile of the applicant. Lenders usually offer differential interest rates depending on the credit score, monthly income, employer’s profile, loan types, etc.

Fees and Charges of SBI Bank for Personal Loan of 5 Lakh

Processing Charges

Employee Type Charges
Defence Sector Employee Waived off
Platinum and Rhodium variant Salary Package Customer Waived off
Employees of Government Sector 0.75% of loan amount (Rs 1000-Rs 15000)
For customers having CIBIL Score 800 and above 0.75% of loan amount (Rs 1000-Rs 15000)
Others Up to 1.50% (Rs 1000-Rs 15000)

Other Charges

Particulars Charges
Prepayment Charges 2% of prepaid amount
Penal Charges 2.40% p.a.

Who Can Avail a 5 Lakh Personal Loan from SBI Bank

The personal loan eligibility criteria depends on the age, monthly income, credit score, EMI/NMI ratio and job profile of the applicants. SBI has set the below-mentioned eligibility criteria of its personal loan applicants.

  • The minimum age of the personal loan applicants should be 21 years at the time of loan and the maximum age should be 60 years at the time of loan maturity.
  • Employees working with government sector, defence sector and corporate sector are eligible for SBI Personal Loan of Rs 5 lakh.
  • Applicants should have their salary account with SBI.
  • The applicant should have been in the government or defence sector for atleast 6 months and in the corporate sector for atleast 1 year.
  • The minimum net monthly income of employees working with government or defence sector should be Rs 20000 and for corporate employees should be Rs 25000. The net monthly income of the applicant should be up to 65% of the EMIs including the existing EMIs and EMI of the proposed personal loan.
  • Pensioners having their pension accounts with SBI and are below 76 years of age are also eligible for 5 lakh personal loan from SBI.

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Documents Required for Availing SBI Personal Loan of Rs 5 lakh

SBI has not disclosed the documents required during personal loan application. However, prospective borrowers should have the following documents ready while applying for a personal loan of 5 lakh.

  • Duly filled application form with passport size photographs
  • ID proof and address proof
  • Salary slip for last 3 months
  • Bank statement for last 6 months
  • Latest ITR or Form 16

EMI Calculation of 5 lakh Personal Loan Availed from SBI

Below-mentioned is the EMI calculation of personal loan of Rs 5 lakh availed from SBI for tenure of up to 5 years. Individuals planning to avail a personal loan of Rs 5 lakh can use the personal loan EMI calculator available online to calculate the total EMI and interest cost payable throughout the loan tenure and plan their budget accordingly.

Loan Amount (Rs) Interest Rate (p.a.) Tenure EMI (Rs)
5,00,000 10.05% 1 year 43,970
5,00,000 10.05% 2 years 23,084
5,00,000 10.05% 3 years 16,145
5,00,000 10.05% 4 years 12,693
5,00,000 10.05% 5 years 10,636

Swipe to see more table data

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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FAQs

SBI offers an interest rate ranging from 10.05% to 15.05% p.a. to applicants availing a personal loan of Rs 5 lakh. The interest rates are offered depending on the credit profile of the applicant.

No you cannot apply for SBI personal loan without a salary slip because your personal loan eligibility also depends on your net monthly income.

The EMI of 5 lakh personal loan from SBI for tenure of 7 years would be Rs 8,314.

Yes you can prepay a 5 lakh personal loan from SBI. The lender levies a prepayment charge of 2% on the prepaid amount.

The minimum CIBIL Score considered ideal for availing personal loan of Rs 5 lakh from SBI is 650 for defence employees and 670 for corporate employees.

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