SBI Personal Loan Interest Rates 2021: Start From 9.60%

SBI provides lower interest rates on a personal loan from 8.50% to 15.65% per annum. You can get Rs. 25,000 to Rs. 20 lakh loan from SBI.

Interest Rate8.50% – 15.65% per annum
Loan TenureUp to 84 months
Processing Fee1.5%  of loan amount + GST
Loan AmountRs. 25,000 to 20 Lakh
Minimum IncomeRs. 15,000
Age of  Loan Eligible21 to 58 years
Cibil Score Minimum Cibil Score Need 700
Extra Features No hidden cost, Overdraft Loan, Higher loan amount

SBI Personal Loan Details Features

SBI provides a different type of personal loan in 2021. They are:

SBI Kavach Personal Loan

SBI offering Kavach a loan for the covid positive patient. If you or your family member are covid positive, you will get the loan.

Loan AmountFrom Rs. 25,000 to Rs. 5 Lakhs
Interest Rate8.50%  at present
Tenure60 months  (57 EMI to be paid)
Processing FeeNIL
Minimum IncomeNot mentioned
AgeNot required
FeaturesTarget Customer: Customers of the bank include salaried, non-salaried, and pensioners.
Loan facility: Term Loan
Disbursement: Credit to the customer’s salary/pension/current/ savings account.
Processing feeNIL
Security: NIL
Pre-payment PenaltyNIL
Foreclosure ChargesNIL       
A positive COVID report is necessary (Not older than 30 days)

SBI Pension Loan

SBI offering a retired loan for a retired person. Full fill your dreams through SBI retired pension loan.

Loan AmountUp to 14 lakh
Interest Rate9.75%-10.25% per annum
TenureUp to 84 month
Processing FeeLow Processing Fee
Minimum IncomeRs. 25,000
AgeThe pensioner must be younger than 76 years old.
FeaturesLow Processing Fees No hidden costs Quick loan processing Easy EMI System Minimum Documents required Apply from all SBI branches.

SBI Xpress Credit Loan

Fulfill your basic needs like weddings, travels, emergencies through SBI Xpress credit personal loan.

Loan AmountUp to 20 lakh
Interest RateFor Central and State Government, Quasi-Government, Central Public Sector Undertakings, State Public Sector Undertakings, Defense Personnel, and Nationally Recognized Educational Institutions- 11.50% to 13.60% per annum.

Co-operatives/Institutions that are not covered by the normal Xpress Credit-lending scheme, as well as Unrated Corporate: 12.25% to 13.85% per annum.
TenureFrom 6 months to 6 years.
Processing FeeLow Processing Fee
Minimum IncomeRs. 15,000
Age21 to 58 years
FeaturesInterest in daily reducing balance.
Low processing charges.
Minimal documentation.
No hidden cost.
Reserve for a second loan.
No security or no guarantor need.

Also Read: Personal loan up to 4 lakh

SBI Pre-approved Personal Loan

You can get a pre-approved personal loan from SBI. You can apply for the pre-approved loan from the YONO app.

Loan AmountUp to 20 lakh
Interest RateFor Central and State Government, Quasi-Government, Central Public Sector Undertakings, State Public Sector Undertakings, Defense Personnel, and Nationally Recognized Educational Institutions- 11.50% to 13.60% per annum.

Co-operatives/Institutions that are not covered by the normal Xpress Credit-lending scheme, as well as Unrated Corporate: 12.25% to 13.85% per annum.
TenureFrom 6 months to 6 years.
Processing FeeLow Processing Fee
Minimum IncomeRs. 15,000
Age21 to 58 years
FeaturesInterest in daily reducing balance.
Low processing charges.
Minimal documentation.
No hidden cost.
Reserve for a second loan.
No security or no guarantor need.

SBI Quick Personal Loan

Get a quick personal loan that fulfills your basic needs. SBI offering emergency loans for wedding, travel, etc.

Loan AmountUp to 20 lakh
Interest Rate10.85% – 12.85% Per annum
TenureFrom 6 months to 72 months
Processing Fee1.50% of Loan amount +GST
Minimum IncomeRs. 15,000
Eligibility Age21 to 58 years
FeaturesInterest on daily reducing balance Low processing charges Low-Interest Rate Minimal documentation No hidden cost. Reserve for a second loan No security or no guarantor need.

How to Decrease Interest Rate on SBI personal loan

Yes, it is possible. You can get a lower interest rate on SBI personal loan. Follow these tips:

  • Maintain your previous credit history & cibil score. If you have a good cibil score, you can get a low-interest rate offer from SBI.
  • A pre-approved loan is the best option to get a lower interest rate. Check your YONO app to know the pre-approved loan offer.
  • If you are an old SBI customer, you can get a lower interest rate on a personal loan. It depends on your relation with SBI that is maintain through Savings or currents accounts.
  • The FOIR is the ratio of your existing loan and credit card EMIs to your overall income. A lower FOIR indicates higher repayment capabilities, which can have a major impact on the SBI personal loan interest rate being given.
  • If you are an employee of a reputed company or you have long employment history, you can get a lower interest rate loan.
  • Fulfill every document before applying for a personal loan. If you have all the documents, you can get the chance of a lower interest rate loan offer.

SBI Interest rate comparison with other bank

Bank NameInterest Rate
State Bank of India9.60% per annum
HDFC Bank12.50% per annum
Yes Bank10.00% per annum
IndusInd Bank10.49% per annum
Axis Bank10.49% per annum
ICICI Bank 12.44% per annum

FAQs of SBI Personal Loan Interest Rate

How to get a lower interest rate personal loan from SBI?

If you are a reputed company employee with, good credit history or good relations with the bank, you can get a lower interest rate. 

Is it possible to get a personal loan from SBI Bank if you are not an SBI customer?

Yes, you can apply for SBI personal loan without previous relation to SBI. 

How much GST will apply to my loan amount?

As per government regulation, 18% GST will apply to the total loan amount. 

How much time was taken from SBI to get the loan?

It’s taking up to 7 days to get the loan from SBI. 

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