State Bank of India (SBI) offers competitive interest rates on personal loans, making it a preferred choice for borrowers. Below are the latest SBI personal loan interest rates, factors affecting them, and how they compare with other banks.
1. SBI Personal Loan Interest Rates (2024)
| Loan Type | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Salaried Individuals | 11.00% – 15.50% | 1% – 1.5% + GST |
| Pensioners | 11.50% – 14.50% | 0.50% + GST |
| Pre-approved Customers | 11.00% – 14.00% | Waived/Negotiable |
Key Highlights:
✅ Floating interest rates (linked to SBI’s RLLR)
✅ Lowest rate starts at 11.00% p.a. (for eligible customers)
✅ No prepayment penalty after 12 EMIs
2. Factors Affecting SBI Personal Loan Interest Rate
| Factor | Impact on Interest Rate |
|---|---|
| Credit Score (CIBIL) | 750+ = Lower rate (Below 650 may get higher rates) |
| Income & Employment | Higher salary = Better rates |
| Loan Amount & Tenure | Longer tenure may increase interest |
| Existing Relationship | SBI account holders get discounts |
| Debt-to-Income Ratio | Lower DTI = Better rates |
3. Comparison with Other Banks (2024)
| Bank | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| SBI | 11.00% – 15.50% | 1% – 1.5% + GST |
| HDFC Bank | 10.50% – 21.00% | Up to 2.5% + GST |
| ICICI Bank | 10.75% – 19.00% | Up to 2.25% + GST |
| Axis Bank | 10.49% – 22.00% | Up to 2% + GST |
| PNB | 11.50% – 15.50% | 1% – 2% + GST |
✅ SBI offers lower rates than most private banks but may have stricter eligibility.
4. How to Get the Lowest Interest Rate from SBI?
✔ Maintain a CIBIL score of 750+
✔ Opt for shorter tenure (reduces total interest)
✔ Apply via YONO SBI (pre-approved offers)
✔ Negotiate with the bank (existing customers get better deals)
5. SBI Personal Loan EMI Calculation
Example:
- Loan Amount: ₹5 Lakhs
- Interest Rate: 12% p.a.
- Tenure: 5 Years (60 months)
EMI = ₹11,122 (Use SBI EMI Calculator)
6. Frequently Asked Questions (FAQs)
Q1. Can I get an SBI personal loan at 10% interest?
❌ No, the lowest rate is 11.00% p.a. (for highly eligible customers).
Q2. Does SBI charge foreclosure fees?
✅ No penalty after 12 EMIs (before that, 2-3% charges may apply).
Q3. How is SBI’s personal loan interest calculated?
📌 Reducing balance method (interest on remaining principal).
Q4. Is the interest rate fixed or floating?
📌 Mostly floating (linked to RLLR), but fixed-rate options may be available.
7. Conclusion
SBI offers one of the lowest personal loan interest rates (from 11.00% p.a.) compared to private banks. To get the best deal:
✔ Improve credit score
✔ Compare with pre-approved offers
✔ Apply online for faster processing
🔗 Apply Now: SBI Personal Loan
Would you like help checking pre-approved offers? Comment below! 💬