State Bank of India has decreased its personal loan interest rates by 0.05%, or 05 basis points with effect from Monday, February 10, 2020. This interest rate cut will reduce the cost of funds for those people who want to avail SBI personal loans.
New Delhi (Delhi, India), February 07, 2020
The State Bank of India (SBI) has decreased its personal loan interest rates by 0.05 percent, or 05 basis points with effect from Monday, February 10, 2020.
State Bank of India has revised its minimum personal loan interest rate from 10.50 percent to 10.45 percent per annum (MCLR-2Year + 2.40%) for SBI Xpress Elite Loan Scheme (SBI Salary Package A/C Holders) applicants.
State Bank of India’s current interest rate cut will reduce the cost of funds for those people who want to avail SBI personal loans.
State Bank of India’s personal loan interest rate is based on fixed rate of interest with reset period of 2 years and the interest amount is computed on a monthly reducing method.
The personal loans interest rate of State Bank of India is benchmarked or linked to its Two-Year MCLR (Marginal Cost of Funds based Lending Rate). State Bank of India’s current Two-Year MCLR, which is called MCLR-2Y, is 8.05 percent per annum with effect from Monday, February 10, 2020.
The minimum loan tenure for State Bank of India’s personal loan is 1 year (12 months), while maximum loan period for State Bank of India’s personal loan is 4 years (48 months).
The minimum borrowing amount for State Bank of India’s personal loan is ₹24,000 in Urban Areas and ₹10,000 in Rural Areas and maximum personal loan amount is ₹3,000,000.
State Bank of India’s personal loan processing fee is 1.50% of the personal loan amount approved plus applicable GST (subject to minimum amount of ₹1,000 and maximum ₹15,000 plus GST).
State Bank of India’s documentation charges personal loan is ₹500 exclusive of GST.
For getting State Bank of India’s personal loans, minimum income eligibility criteria for salaried individuals is (1) minimum net annual salary of ₹144,000 based on latest Salary Slip and Form 16, and (2) minimum of 1 year of continuous employment.
For availing State Bank of India’s personal loans, minimum income eligibility criteria for self-employed individuals is (1) minimum net annual business income of ₹150,000 based on latest 2 years’ Income Tax Returns, Audited Financials and Computation of Income, and (2) minimum 3 years’ of employment in the Same Line of Business.
The minimum age limit for getting State Bank of India’s personal loan sanctioned is 21 years for salaried and self-employed applicants at the time of personal loan commencement.
The maximum age limit for receiving State Bank of India’s personal loan approval is 60 years for salaried and 65 years for self-employed applicants at the time of personal loan maturity.
A foreclosure or pre closure charge for State Bank of India’s personal loan is 4% of the principal outstanding plus GST amount. State Bank of India allows pre closure or foreclosure of the personal loan only after one year from the date of loan disbursement.
State Bank of India’s part payment or prepayment penalty for personal loan is 2% of the part payment amount plus applicable GST. The minimum amount should be equal to one EMI and maximum amount should not be more than 25% of the balance principal in one year.
EMI late payment charge for State Bank of India’s personal loan is minimum 2% penal interest per year over and above the applicable interest rate on the EMI outstanding amount for the period of default.
There are three options for making State Bank of India’s personal loan EMI payments: (1) Standing Instruction (SI), (2) Electronic Clearing Service (ECS), or (3) Post-Dated Cheques (PDCs).
The bounce charges for State Bank of India’s personal loan EMI cheque, SI, or ECS default is Rs. 500 plus applicable GST per instance.
For availing State Bank of India’s personal loan, no guarantor is required.
SBI Personal Loan Interest Rate for Xpress Elite Scheme (SBI Salary Package A/C Holders): 10.45% to 11.95% Per Annum (MCLR-2Year + 2.40% to MCLR-2Year + 3.90%)
SBI Personal Loan Interest Rate for Xpress Elite Scheme (Other than SBI Salary Package A/C Holders): 10.70% to 12.20% Per Annum (MCLR-2Year + 2.65% to MCLR-2Year + 4.15%)
SBI Personal Loan Interest Rate for Xpress Credit Category I (Check-off): 10.95% to 12.95% Per Annum (MCLR-2Year + 2.90% to MCLR-2Year + 4.90%)
SBI Personal Loan Interest Rate for Xpress Credit Category II (No Check-off): 11.45% to 13.45% Per Annum (MCLR-2Year + 3.40% to MCLR-2Year + 5.40%)
SBI Personal Loan Interest Rate for SBI Pension Loans: 11.40% to 11.90% Per Annum (MCLR-2Year + 3.35% to MCLR-2Year + 3.85%)
SBI Personal Loan Interest Rate for Jai Jawan Pension Loan: 11.45% to 11.95% Per Annum (MCLR-2Year + 3.40% to MCLR-2Year + 3.90%)
SBI Personal Loan Interest Rate for SBI Xpress Credit (Non-Permanent Employees): 12.35% to 14.45% Per Annum (MCLR-2Year + 4.30% to MCLR-2Year + 6.40%)
SBI Personal Loan Interest Rate for SBI Xpress Credit (IT Employees): 12.85% to 14.85% Per Annum (MCLR-2Year + 4.80% to MCLR-2Year + 6.80%)
SBI Personal Loan Interest Rate for Xpress Elite Scheme (Term Loan Facility): 11.55% to 13.20% Per Annum (MCLR-2Year + 3.50% to MCLR-2Year + 5.15%)
SBI Personal Loan Interest Rate for Xpress Elite Scheme (Overdraft Facility): 12.05% to 13.70% Per Annum (MCLR-2Year + 4.00% to MCLR-2Year + 5.65%)
SBI Personal Loan Interest Rate for Clean Overdraft: 16.50% Per Annum (MCLR-2Year + 8.45%)