The State Bank of India (SBI) offers personal loans that are inclusive for all individuals coming from various financial backgrounds. These personal loans come with competitive interest rates which makes SBI a popular choice for borrowers. Whether you're a salaried employee, self-employed professional, or pensioner, SBI's interest rates are designed to be attractive and accessible.
The SBI personal loan interest rates range from 11.30% to 15% p.a. varying based on different personal loan schemes and the credibility of the borrower. Borrowers with a strong credit score will get lower interest rates while those with a lower score will get higher interest rates.
Table of Content
- ⇾ SBI Personal Loan Schemes and Interest Rates
- ⇾ SBI Personal Loan Fees and Charges
- ⇾ Loan Calculator for SBI Personal Loan
- ⇾ Comparison of Personal Loan Interest Rate by Banks & NBFCs
- ⇾ Personal Loan Interest Rates by Banks
- ⇾ Personal Loan Interest Rates by Buddy Loan Partners
- ⇾ Frequently Asked Questions
SBI Personal Loan Schemes & Interest Rates
SBI offers many personal loan schemes that you can choose from, helping you find the right personal loan that fits your loan requirements and financial capabilities. Each scheme offers different interest rates which are determined by factors such as the borrower's profession, relationship with the bank, and creditworthiness. Given below are the SBI personal loan interest rates of the various schemes:
| Personal loan schemes | Interest rates |
|---|---|
| Xpress Credit Scheme for Defence, Coast Guard, and Armed Forces applicants | 11.35% - 12.85% p.a. |
| Xpress Credit Scheme for Central or State Govt, Police, Railway, and Central Public Sector applicants under RATNA status. | 11.50% - 14.00% p.a. |
| Xpress Credit Scheme for Corporate Employees | 12.50% - 14.50% p.a. |
| Xpress Elite Scheme for Borrowers having a salary account with SBI | 11.35% - 11.85% p.a. |
| Xpress Lite Scheme | 12.35% - 15.00% p.a. |
| Pre-approved personal loans to non-CSP customers. | 14.00% - 14.50% p.a. |
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SBI Personal Loan Fees & Charges
SBI offers competitive personal loan fees and charges, these are given below:
| Processing fee | 1.00% - 1.50% of the loan amount ( minimum of ₹1000 + GST and Maximum of ₹15,000 + GST) |
| Penal interest on late payment fee | 2% p.a. |
| Prepayment charges | 1% + GST |
| Foreclosure charges | 3% + GST |
SBI Personal Loan Scheme Interest Rates
State Bank of India offers different loan schemes at varying interest rates. Let's go through the scheme wise personal loan interest rates from below:
SBI Xpress Credit Scheme Interest Rate
The SBI personal loan interest rates for SBI Xpress Credit Scheme, for different applicants are as follow:
Applicants of Defence/ Central Armed Police/ Indian Coast Guard
| Loan Type | Effective Interest Rate |
|---|---|
| Term Loan | 11.35% to 12.85% |
Applicants of Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status
| Loan Type | Effective Interest Rate |
|---|---|
| Term Loan | 11.5% to 14% |
Applicants of Other Corporates
| Loan Type | Effective Interest Rate |
|---|---|
| Term Loan | 12.5% to 14.5% |
SBI Xpress Elite Scheme
SBI offers personal loans to high value salaried individuals having a salary account with SBI at comparatively lower interest rates. Let’s check the interest rates from below:
| Loan Type | Effective Interest Rate |
|---|---|
| Loan for Salaried | 11.35% to 11.85% |
SBI Xpress Flexi Scheme
This scheme is an overdraft facility offered by SBI for salaried employees.
| Loan Type | Effective Interest Rate |
|---|---|
| For Diamond Salary Package | 11.6% - 14.75% |
| For Platinum Salary Package | 11.6% to 12.1% |
SBI Xpress Elite Scheme
| Loan Type | Effective Interest Rate |
|---|---|
| Salaried Loan | 12.35% to 15.5% |
SBI Pre-approved Personal Loans
| Loan Type | Effective Interest Rate |
|---|---|
| Salaried Loan | 14% to 14.5% |
Loan Calculator for SBI Personal Loan
The SBI personal loan EMI calculator is a valuable tool that you can use if you are looking to get a personal loan. This Equated Monthly Instalment calculator helps you estimate the monthly repayment amount based on your loan amount, interest rate and tenure. Understanding the amount you need to pay every month will help you plan your monthly budget effectively.
Moreover, it also helps you understand your loan repayment capabilities and check if a lower loan amount or a longer tenure can decrease your monthly EMIs. To use the loan calculator for SBI personal loan, simply input your loan amount, interest rate and tenure, and your estimated monthly EMI will be available on the screen.
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Comparison of Personal Loan Interest Rate by Banks & NBFCs
When considering a personal loan, comparing interest rates offered by various banks and Non-Banking Financial Companies (NBFCs) is essential to secure the best possible loan terms. Interest rates can significantly impact the total cost of your loan, thereby, influencing both your monthly EMIs and the overall repayment amount.
SBI Personal Loan Interest Rates vs. Other Banks
Let’s compare SBI personal loan interest rate with other bank personal loan interest rates from the table below:
| Banks | Interest Rate |
|---|---|
| State Bank of India | 11.35% p.a onwards |
| HDFC Bank | 10.75% - 24.00% p.a. onwards |
| IDFC First Bank | 10.99% p.a. onwards |
| IndusInd Bank | 10.49% p.a onwards |
| Bank of Baroda | 11.15% - 18.75% p.a onwards |
| Bandhan Bank | 9.40% p.a onwards |
| Punjab National Bank | 10.40% p.a onwards |
| Yes Bank | 10.99% - 20.00% p.a. |
| Union Bank of India | 13.35% p.a onwards |
| Central Bank of India | 12.75% p.a onwards |
| Canara Bank | 10.95% p.a onwards |
| Indian Overseas Bank | 10.85% p.a onwards |
| Citi Bank | 11.49% p.a onwards |
| Bank of India | 10.85% p.a onwards |
| Federal Bank | 10.99% p.a. onwards |
| Indian Bank | 11.00% p.a. onwards |
| RBL Bank | 18.00% p.a. onwards |
| UCO Bank | 12.45% p.a. onwards |
| Ujjivan Small Finance Bank | 11.49% p.a onwards |
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SBI Personal Loan Interest Rates vs. Other NBFCs
SBI offers personal loans at interest rates starting from 11.35% p.a onwards. Let’s compare them with personal loan interest rates offered by various NBFCs.
| NBFC | Interest rate |
|---|---|
| Aditya Birla Capital | 10.00% p.a. onwards |
| Money Tap | 13.00% p.a onwards |
| Poonawalla Fincorp | 9.99% p.a onwards |
| Bajaj Finserv | 11.00% p.a onwards |
| Tata Capital | 10.99% - 29.0% p.a |
| Fullerton | 11.99% p.a onwards |
| moneyview | 10.00% p.a. onwards |
| IIFL | 12.75% p.a. onwards |
| Dhani | 13.99% p.a. onwards |
| Faircent | 9.99% p.a. onwards |
| Mcapital | 24.00% p.a. onwards |
| Mpokket | 24.00% p.a. onwards |
| Phocket Loan | 30.40% p.a. onwards |
| Pocketly Loan | 24.00% p.a. onwards |
| Ambit Finvest | As per requirement |
| HDB Personal loan | 10.00% - 35.00% p.a. onwards |
| LoanTap | 12% p.a. onwards |
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Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.Do you need an Emergency loan?
You can also check other loan schemes offered by SBI using the links provided below:
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Frequently Asked Questions
The current interest rate for SBI personal loans range from 11.35% to 15.00% p.a.
SBI personal loan interest rates are calculated based on the loan amount, tenure, borrower’s credit profile, and prevailing market rates.
SBI personal loan interest rates can be both variable and fixed depending on your choice of repayment.
The factors that affect the interest rate for SBI personal loans are credit score, income level, loan amount, tenure, and RBI policy changes.
You can get a lower interest rate on your SBI Personal loan if you have a good credit score.
The minimum interest rate offered by SBI for personal loans is 11.35% p.a.
SBI personal loan interest rates typically change periodically based on market conditions, economic factors, and RBI guidelines.
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