SBI Personal Loan interest rate for 1 lakh When applying for a loan, the first thing that comes to mind is the interest rate. Knowing the applicable interest rate before taking a loan is essential to ensure you can manage the repayments comfortably.
The SBI Personal Loan Interest Rate ranges from 11.15% to 14.30% per annum, depending on factors like loan amount, credit score, and repayment tenure.
Key Benefits of SBI Personal Loan
- Collateral-Free Loan: No need to pledge property, assets, or valuables.]\
- Top-Up Loan Facility: You can increase your loan amount if needed.
- Fast Loan Processing: SBI processes loans quickly, ensuring you get funds within a few days.
- Direct Account Transfer: The approved loan amount is credited directly to your bank account.
- Minimal Documentation: Applying for an SBI Personal Loan requires only a few essential documents.
What is a Top-Up Loan?
A Top-Up Loan is an additional loan amount offered to existing loan borrowers. If you need extra funds after taking a personal loan, SBI allows you to increase your loan amount instead of applying for a separate loan. This saves time, reduces paperwork, and simplifies repayment.
Eligibility Criteria for SBI Personal Loan
- Bank Account: You must have an active account with State Bank of India (SBI).
- Salary Account: A salary account with SBI is required.
- EMI Capacity: Your monthly EMI should not exceed 50% of your income.
- Age Limit: Applicants should be between 21 to 58 years old.
- Minimum Income: You must have a minimum monthly salary of ₹15,000.
Documents Required for SBI Personal Loan
- Identity Proof: Aadhaar Card, PAN Card
- Address Proof: Residence Certificate
- Income Proof: Latest Salary Slip, Six-Month Bank Statement
- Bank Details: Bank Passbook
- Contact Information: Mobile Number, Email ID
- Photographs: Passport-size photos
How to Apply Online for an SBI Personal Loan
- Visit the Official Website: State Bank of India’s official website.
- Click “Apply Now”: On the homepage, click on the “Apply Now – Instant Personal Loan” option.
- Fill Out the Application Form: Enter required details like:
- Are you an existing SBI customer?
- Name, mobile number, state, city
- Loan type and salary type
- Monthly income and loan amount required
- Enter the captcha code and check the terms & conditions box.
- Submit the Application: After verifying the details, submit the form.