SBI offers personal loan of upto Rs. 20 lakh to both salaried individuals and pensioners. SBI Personal loan is a vast category providing various personal loan schemes like Xpress Credit Loan, SBI Pension Loan and Xpress Power. These schemes are available to deal with diverse personal needs of various individuals and to offer them funds without any hassle.
How to Get Low Interest on SBI Personal Loan?
- Credit score: A credit score is a 3- digit numeric summary of your financial behavior and usually varies from 300 to 850. If you have a healthy credit score, you might get a lower interest rate on your personal loan
- Income: When your income increases your chances of repaying the loan on time also increases. Hence, the lenders offers lower interest rate to individuals with higher income
- Reputed employer: When you work with a reputed employer, the lenders get an impression that you have a stable job and have more chances of repaying the loan on time. Hence, offers you a lower interest rate
- Relationship with the bank: If you are already an existing customer of the bank and have a good repayment history, the bank might offer you a lower interest rate
SBI Personal Loan - Other Fees and Charges
|Processing Fee||0.50% to 1% of the Loan Amount + applicable Tax|
|Penal interest||@2% per month would be charged over and above the applicable interest rate on overdue amount for the period of default|
|Prepayment charges||3% on prepaid amount|
Frequently Asked Questions
What is the customer care number or email ID of SBI?
The customer care number is 1800-425-3800 or 1800-11-2211 and email ID is email@example.com.
How can I apply for SBI Personsal Loan offline?
You can visit the nearest branch
Is it possible to prepay the loan? Are there any penalties?
If you prepay the loan either in full or part, you will have to pay prepayment charges of 3% on prepaid amount.
What is the tenure to repay SBI Personal Loan?
The tenure varies from 6 months to 60 months.
Can I choose between a fixed or floating rate for the personal loan?
No, you cannot. The loan is provided on fixed rate of interest only, which starts from 11%.