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Current personal loan interest rates start @10.25% Check Best Offers
Compare personal loan rates of different banks to get the best offer from HDFC Bank, Tata Capital, ICICI Bank, IDFC First Bank, Axis Bank
Get a personal loan based on your eligibility at the best rates using a personal loan eligibility calculator online.
SBI Personal Loan
At 9.60 percent per year, SBI offers personal loans of up to Rs 20 lakh for durations of up to five years. An additional benefit of the organisation is that it offers loans of up to Rs 14 lakh, with payback duration of up to seven years. SBI also offers a pre-approved personal loan with rapid loan payout that may be applied for over the internet.
Comparison of Personal Loan Interest Rates from SBI and other Lenders
| Banks | Interest Rates (per annum) |
|---|---|
| SBI | 9.60% â 13.85% |
| SBI | 9.60% â 13.85% |
| 9.60% â 13.85% | 10.25% â 21% |
| PNB | 7.90% â 14.50% |
| ICICI Bank | 10.50% â 19% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% â 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
Different Kinds of SBI Personal Loans
SBI Pension Loans and Xpress Elite Personal Loans are only two of the many types of personal loans that are offered from the SBI bank.
SBI COVID Personal Loan
Purpose: In order to get Covid therapy for oneself or one’s family members
Loan Amount: From Rs 25,000 toRs 5 lakh
Tenure: It is up to 5 years
Processing Fee: NIL
SBI Pension Loan
Purpose:Taking care of federal and state retirees as well as military personnel and their dependents’ pensions
Loan Amount:
- Up to 14 lakh rupees for central and state government employees
- Up to 14 lakh rupees for military pensioners
- Up to 5 lakh rupees for family pensioners
Tenure
- Employed by the federal or state governments for up to five years.
- Defence Pensioners are eligible for a maximum of seven years of disability compensation.
- To be eligible for a family pension, you must have been retired for at least five years.
SBI Xpress Credit Personal Loan
Purpose: With SBI salary accounts, customers may manage their money in whatever way they see fit.
Loan Amount: It is up to Rs 20 lakh
Tenure: From 6 months to 6 years
SBI Quick Personal Loan
Purpose: Employees without an SBI pay account may use this service to meet their personal expenses.
Loan Amount: It is up to Rs 20 lakh
Tenure: From 6 months to 6 years
Processing Fee: 1.50 percent of the loan amount (ranging from Rs 1,000 to Rs 15,000) plus GST
Why Choose SBI Bank Personal Loan?
There are personal loans available from State Bank of India, the country’s largest lender. if you’re looking to take out a loan in India. Most private banks, especially the biggest private banks, charge higher interest rates than HSBC. The processing fee charged by State Bank of India on personal loans is also relatively low at 1.50 percent, making it a more appealing alternative.
The State Bank of India limits prepayment fees to 3%, private sector banks, on the other hand, may charge up to 4% in certain circumstances. If the State Bank of India is involved, the application and final approval procedure might take longer than planned. A little difference in processing expenses and interest rates might save you money if you’re taking out a substantial amount of money in loans. As a consequence, having your personal loan handled through SBI will save you money on pre-payment penalties, processing costs, and interest rates, making the effort worthwhile.
Repayment of SBI Bank Personal Loan
In the event that you decide to pay off your personal loan early, you should be aware that your lender may charge you a fee for doing so in the first place. First, you’ll need to make sure this is the case with your lender before proceeding with prepayment. If you don’t take out a personal loan, the interest you would have paid on that loan would be more than the penalty. In these situations, it’s better not to make a lump-sum payment on your debt.
What makes RupiLoan right platform to apply for an Individual Loan?
Most trustworthy lenders
In order to present you with the best loan alternatives from various lenders in one place, Rupiloan has partnered with more than 30 banks, non-bank financial institutions, and fintech businesses.
Make comparisons
What’s the best option? Using a few mouse clicks, you can research and compare personal loan offers from India’s leading banks, non-banking financial institutions (NBFCs), all on one screen.
Personalised options available
With a high degree of acceptance assurance, we provide customised solutions RupiLoan ranks personal loan offers based on your credit score and other qualifying factors to determine which ones are most relevant to you. Your loan application will be accepted if you use this information to help you choose the best deal.
Can gain benefit from Pre-approved loans
These loans are those that have already been authorised. Once you’ve joined the Rupiloan community, you’ll get personalised pre-approval offers for personal loans based on your credit score and history. There is minimal to no verification required for these loans and the processing expenses are inexpensive.
Right advice
RupiLoan’s team of experts will assist you in every stage of the procedure, coordinate with lending banks/NBFCs, and help you get the best personal loan for your needs.
When it comes to applying for a personal loan, Rupiloan.com is a 100% digital-only company, which means that you can apply from the comfort of your own home with zero to little paperwork and an entirely digital experience.
End-to-end Assistance
After you complete your loan application, RupiLoan representatives will visit your home or place of business at a mutually agreed-upon time and day to pick up any physical papers that is needed. RupiLoan takes care of everything for you, so you don’t have to go to a lending institution in person to submit your documentation. Comprehensive Help from Start to Finish RupiLoan’s team is always by your side, working with the lenders to make sure you have an excellent experience from beginning to finish, from searching for a loan choice to getting the sanctioned money in your bank account.
