| 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 |
|
SBI Bank 5 Lakh Personal Loan
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How Can I Apply for a Personal Loan Online?
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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 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.
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.
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 |
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
What is the interest rate of SBI personal loan of Rs 5 lakh?
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.
Can I apply for SBI Personal Loan without a salary slip?
No you cannot apply for SBI personal loan without a salary slip because your personal loan eligibility also depends on your net monthly income.
What is the EMI of 5 lakh personal loan from SBI for tenure of 7 years?
The EMI of 5 lakh personal loan from SBI for tenure of 7 years would be Rs 8,314.
Can I prepay a 5 lakh personal loan availed from SBI?
Yes you can prepay a 5 lakh personal loan from SBI. The lender levies a prepayment charge of 2% on the prepaid amount.
What is the minimum CIBIL Score required to avail a personal loan of Rs 5 lakh from SBI?
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.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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