Why SBI Personal Loan is Best For Your Personal Needs?

To meet the financial needs you can get a personal loan from SBI. The loan amount is dependent on the income of the borrower and his previous credit records which the SBI bank finds out using the credit score. You can borrow a loan up to INR 20 lakh at an attractive rate of interest 10.60%-12.60% per annum. Read this article below to know more about SBI personal loan and its details. 

Eligibility for SBI Personal Loan

You can borrow money from SBI if your age is between 21 to 50 year and have a regular source of income. An employee working in Central state or quasi government, PSUs, Educational institute, or Selected corporates. A minimum salary of INR 15,000 is necessary to apply for an SBI personal loan.

And if you want to borrow the loan jointly then you can add a co-borrower which can be your spouse or co-worker with good repayment history and income flow. The higher the income of the applicant the easier it will be to borrow a SBI personal loan. 

SBI Personal Loan Repayment

For the loan payment SBI provides you a tenure from 6 to 72 month which you can choose as per your repayment plan. And to plan the repayment, there is an effective tool which helps you during the process which is the SBI personal loan EMI calculator. See the example below to know how the tool will work. 

For example, Rita has worked in corporate for minimum 2 years and now, she is in need of money due to a medical emergency to treat her father’s heart operation. There are no savings left for it, so there is an only one option available for her which is SBI personal loan. Rita applies for the loan and is eligible for INR 15 lakh. SBI charges an interest rate of 11.25% on her borrowed amount for which she chooses a duration of 5 years. See the table below and know what her repayment schedule is according to the EMI tool.

Tenure Interest rate EMI Principal Amount Interest outgo Balance 
1 11.25% 32,801 2,36,826 1,56,785 12,63,173
2 11.25% 32,801 2,64,886 1,28,725 9,98,287
3 11.25% 32,801 2,96,271 97,340 7,02,015
4 11.25% 32,801 3,31,376 62,236 3,70,639
5 11.25% 32,801 3,70,944 22,972 0

In this same way, you can use the SBI personal loan EMI calculator and find your EMI.

Prepayment of the SBI Personal Loan

If you have met with a good financial year or earn a bonus because of your good performance then utilize it in the right way to pay your loan balance amount which reduces the interest burden. SBI charges a prepayment fee of 3% of the prepaid amount which you can pay via cheque or ECS.

So, after knowing about the SBI personal loan, do you think it is your best loan to have for financial needs? If yes, then go visit the branch and apply for it. And if you are an SBI customer then download the YONO app to do the same.