State Bank of India (SBI) is one of the most trusted and convenient banks when it comes to personal loans. Be it an emergency, wedding, child education, or travel plans, SBI personal loan helps you meet every need. In this article, we will learn in detail about the terms, interest rates and benefits of SBI personal loan.
SBI offers loans to its customers with attractive interest rates, long tenure options and digital processing. You can avail a loan from ₹24,000 to ₹20 lakh and choose a time period of 6 months to 72 months to repay it. SBI’s interest rates range from 10.55% to 15.35% per annum, which is quite low compared to other banks.
Benefits of SBI Personal Loan
There are many reasons why SBI personal loan is considered the best. First of all, it does not require any guarantee and its process is very easy. It is given without any property or guarantor. Secondly, its digital application process saves your time and effort. You can choose the loan tenure and EMI according to your need and budget.
For example, if you take a personal loan of ₹ 5 lakh for 5 years at 11% interest rate, then your EMI every month will be around ₹ 10,870. To calculate the EMI correctly, you can use the EMI calculator given on the SBI website. This will help you choose the right plan according to your need.
Eligibility to take SBI Personal Loan
To take SBI Personal Loan, your age should be between 21 to 58 years. If you do a job, then your minimum monthly income should be ₹ 15,000, and if you do your own business, then your annual income should be ₹ 2 lakh or more. Apart from this, your credit score should be 700 or more.
Frequently Asked Questions (FAQs)
Does SBI Personal Loan require any guarantee?
No, it is an unsecured loan and does not require any guarantee or asset.
Can I apply for SBI Personal Loan online?
Yes, you can apply online through SBI website or mobile app. The process is very quick and secure.
Are SBI Personal Loan interest rates fixed?
The interest rates depend on the loan amount, tenure and your credit score.
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