What is SBI Personal Loan Interest Rate in 2024 on 3 Lakh Rupees?

A SBI Personal Loan (What is SBI Personal Loan Interest Rate) serves as a financial solution offered by the State Bank of India to address personal needs such as medical emergencies, weddings, travel, and other personal reasons. The loan amount, tenure, and interest rate are determined based on the applicant’s income, credit score, and the bank’s policies.

What is SBI Personal Loan Interest Rate in 2024 on 3 Lakh Rupees?

Loan DetailsValues
Loan AmountUp to ₹3,00,000
Interest Rate11.15%
Tenure60 months
Processing Time4-5 days
EMI Option₹6,545
Total Repayment Amount₹3,92,711
Online FacilityApplication and Tracking Available
Collateral or GuaranteeNot Required

Benefits of SBI Personal Loan

  • Minimal Paperwork: SBI offers personal loans with minimal documentation requirements.
  • Reliability: As a reputable government bank, SBI is a preferred choice for personal loans.
  • Quick Processing: Loan processing and disbursement occur within 4-5 days.
  • Competitive Interest Rates: Interest rates start from 10.75% per annum.
  • Flexible Repayment Tenure: Enjoy flexible repayment tenure ranging from 12 to 60 months.
  • Higher Loan Amount: Loan amounts range from ₹25,000 to ₹20,00,000.
  • Online Facility: Avail the convenience of online application and tracking.
  • No Collateral or Guarantee Required: The loan does not necessitate any collateral or guarantee.

SBI Personal Loan EMI Calculation

The Equated Monthly Installment (EMI) for an SBI personal loan depends on the loan amount, tenure, and interest rate. For example, if Ramesh takes a personal loan of ₹3,00,000 from SBI at an annual interest rate of 11.15% for a 5-year tenure:

  • EMI: ₹6,545 per month
  • Total Interest: ₹92,711 over 5 years
  • Total Repayment Amount: ₹3,92,711 (Principal of ₹3,00,000 + ₹92,711 interest)

Additional Information

  • For more details about SBI Personal Loan, visit your nearest SBI branch.
  • Ensure all documents and information are provided accurately for expedited processing.
  • Online applications can also be submitted at sbi.co.in.

Fulfill your dreams with an SBI Personal Loan!

Written by Jay Verma

Jay Verma, also known as Jimmy, graduated in 2021. He now works as a content writer. In his free time, he enjoys reading books and watching TV shows. He has been self blogging in the entertainment niche since 2019 and has a strong skill set in creating engaging content related to celebrity news (Net worth), shows, and series. Jay is a proficient content creator in this niche.

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