State Bank of India (SBI) is undoubtedly the largest bank of India that provides a range of loan options to individuals that are in dire need of funds for various purposes. A personal loan is one of those amazing loan products that individuals trust in emergent times. SBI personal loan interest rate is the factor behind its vast popularity and trust among common people. It can be afforded by anyone and fits with the repayment capability criteria of them. So when they look for a personal loan with the lowest interest rate, SBI personal loan tops their list all the time.
State Bank of India gives a special kind of loan facility to those individuals who have a salary account in SBI with some special privileges. This personal loan facility is known as SBI express credit. In this article, we will be telling you about all the features of the SBI personal loan facility and also about the process by which you can get a clear picture of your EMI. So if you want to learn all about this, then this article would be a must-read for you.
Why Interest rate holds such an important place while choosing the loan?
Everyone says, that it’s the first priority for any individual to look for the interest rate before choosing the loan facility. But have you ever wondered why? Well, because of the direct connection SBI personal loan interest rate has with the monthly installment amount that you will pay for the repayment of your loan. This EMI amount is made up of the principal and interest amounts. The higher the interest rate will be, the more will be your EMI amount. That’s the reason for putting the interest rate as the first priority. Also, check what kind of interest rate you are opting for.
What are the features of SBI Personal Loan?
You can have a look at some of the amazing features mentioned below.
- You don’t need to worry about the hectic documentation process, because SBI lets you opt for bare minimum documents to submit.
- You can take up to a maximum of INR 20 lakhs as the loan amount and can easily repay it back in easy installments.
- The interest on your amount will be on the daily reducing balance.
- You don’t need any kind of security or guarantor to get an SBI personal loan.
- You can get this loan for a maximum period of 5 years.
- SBI personal loan interest rate ranges from 11.60% to 13.25% per annum. It also depends on your CIBIL score. On having a good credit score, you can get a lower rate of interest.
- You will have to pay a low processing fee for your loan scheme.
How can you use SBI Personal Loan EMI Calculator?
Did I tell you about the importance of having an early estimate about the EMI amount? Well, it’s quite helpful in guessing that monthly amount which you have to set aside every month for your repayment. You can do it by the SBI personal loan EMI Calculator. For using it, you just need a few details – Required loan amount, SBI personal loan Interest rate, and required number of months. Feed all these details into the calculator and within a second, you will get the EMI amount. After having an estimate of the EMI amount, you can easily manage your finances.