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SBI Personal Loan Apply Online Steps and Other Details

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With the option of internet, anything can be done nowadays. So is the case with loans, You can apply for it anytime since there is an option to go visit the official website of State Bank of India (SBI) and fill up the form. This form is a kind of eligibility calculator then there are two more steps. To read more about SBI personal loan and how can you apply for it online, read this article.

SBI Personal Loan Interest Rate-

For personal loans, SBI offers one of the lowest personal loan interest rates in the market India. Having said that, SBI personal loan interest rates are calculated on the basis of the MCLR of the banks that presently stands at 8.35% for 2 Years. The interest rates range from 10.65% to 15.05% per annum.

SBI Personal Loan Eligibility-

Here are the eligibility criteria for salaried and self-employed individuals as per the schemes:

SBI Xpress Credit Personal Loan Eligibility-

If a person wants to take Xpress Credit Personal Loan from SBI, he/she must meet the below-given eligibility:

  • Net Monthly Income of the borrower must be at least ₹7,500 per month
  • The applicants EMI/NMI (Equated Monthly Instalments / Net Monthly Income) ratio must not exceed 50

SBI Pension Loan / Jai Jawan Pension Loan Eligibility-

The people who can enjoy the benefits of SBI Pension Loan are as follows:

  • The maximum age of the applicant is 76 years
  • The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
  • If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age

How to Apply for SBI Personal Loan Online-

State Bank of India facilitates the option of online loan submission wherein a person can apply for the personal loan online and submit it as well or go the nearest bank branch and do the formalities. Hence, the process to apply for SBI Personal loan depends on the choice and convenience of the loan applicant.

SBI Personal Loan EMI Calculator-

SBI Personal Loan EMI calculator is the tool that is used to calculate the monthly installments of a personal loan. If a person wants to take a personal loan, he/she would be concerned about the monthly installments they will have to pay to the bank. To know the monthly installments of the personal loan, the required details are:

  1. Loan Amount
  2. Interest Rate
  3. Tenure

For e.g., if a borrower wants to take a personal loan with the below details:

  • Loan Amount- ₹15 lakhs
  • Tenure- 5 Years
  • Rate of Interest- 11.90% – 14.90% per annum

EMI-₹1,33,203-₹1,35,317
Total Interest- ₹98,436-₹1,23,800
Total Amount- ₹15,98,436-₹16,23,800

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