Do SBI Personal Loan Interest Rates Low For Military Applicants?

Are you in a need of urgent funds and don’t know who will help you? Then worry not SBI brings personal loans for the customers. The one who serves the nation at the time of need SBI gives them the desired loan without a collateral mortgage. SBI personal loan interest rates range from 11.35% per annum which is 11.50% for the other customers. Read the given article and know about the benefits of a low rate of interest.

Best EMI offers with low SBI personal loan interest rates!

The borrower gets the lowest EMI for his borrowed amount and can pay it in easily with the help of payment methods like ECS and PDCs. SBI provides a payment duration of 5 years to pay the charged interest rate and the loan amount. You can compute the equated monthly installments using the online SBI tools and calculators. The user just needs to enter the loan, interest and tenure for generating the approximate EMI.

SBI personal loan interest rates charged to your loan based on your borrowed amount, income and eligibility for loan. If you are obligated to a loan currently and unable to pay SBI loan then your application gets rejected. Whereas a good credit history with no current loan and any other burden, you can borrow up to INR 20 lakh and get a suitable rate of interest.

What if I get a high SBI interest rate?

SBI personal loan interest rates are based on the Marginal Cost of Fund based lending rate that is 7.95% for 2 years. And if you have a high rate of interest then you can opt for a longer repayment duration because then the EMI is balanced out. SBI charges the interest rate on daily reducing balance. So with the help of a prepayment calculator, you can prepay the loan whenever it is possible for you. To make pre-payment or early closure of an SBI personal loan, you need to pay 3% of your outstanding amount.

Apply for SBI personal loan Online!

To get the loan in your account instantly apply online. With the help of SBI online banking service or the mobile app YONO. You can apply for a personal loan through the banking services easily without any trouble. Military and defence applicants get the special advantage of lower rate of interest if their salary is disbursed in SBI. Age of the borrower shouldn’t exceed more than 60 years. 

You can apply for the SBI personal loan even with a monthly income of INR 15,000. So, if you face any financial problems then don’t think, and apply for a SBI personal loan. The loan would be disbursed to your account in a few hours of the approval. You can use the amount to pay your debts, manage wedding expenses or an unexpected medical emergency. 

With the timely payment of your SBI personal loan you could build a strong credit history and borrow more loans from the bank. Otherwise, the non payment leads to vice-versa and you are under a huge debt. So to avoid this, you can pay the loan timely without making any due or delay to it otherwise you need to pay a 2% penalty charge. To get your loan you need to pay a 1.50% of your borrowed amount as a processing fee to SBI.