Want to Apply for SBI Personal Loan? Read This First

When it comes to availing a personal loan, what do you think which are the best lenders available in the market to avail the same? Well, after thorough research and market analysis, it would not be wrong to say that State Bank of India is considered to be an ideal choice. And, why not, after all, being country’s largest lender, it makes an ideal choice of many.

Talking about an unsecured credit facility, it would not be wrong to say that this bank offers the same to fulfill the multiple needs of one and all. This is the reason that why people are always so curious to know about the same.

However, before you make up your mind to go for this credit facility, it is important for you to know the titbits of the same. So, let’s not waste any time further and come to the point straight.

SBI Personal Loan Interest Rates

Before going for any sort of credit facility, it is the interest rate that you need to go through first. After all, these rates can either make or break the deal for you. In the present scenario, the lender is offering the loan at an interest rate that ranges between 10.65%-15.05% per annum. Well, if we go deep down about the rates, it would not be wrong to say that one should always ensure that they should be lowest so that you can easily repay your loan in the future. Yes, with lowest personal loan interest rates, it would be easy for you to enjoy a hassle-free journey.

However, now that you are familiar with the basic interest rate details, it is important that you should further be aware about the different schemes being offered by SBI. Yes, the bank offers various schemes to meet the varied needs of the individuals. So, let’s just know more about each scheme in the article below:

SBI Xpress Credit

For all your urgent needs such as medical bills, sudden vacation, credit card debt and marriage expenses, this scheme comes handy. It is available with minimal documentation and comes with no-hidden and prepayment charges. Talking about the rates, they range between 11.15%-15.05% per annum, thus which means that with attractive personal loan interest rates you can also enjoy a hassle-free journey.

SBI Xpress ELITE

Individuals having a salary account in SBI or in any other bank can easily avail this scheme. The effective interest rate of this scheme is a combination of an applicant’s credit score along with 2-year MCLR +spread over 2-year MCLR. So, finally, the rates of this scheme lie between 10.65%-12.40% per annum, allowing you to enjoy the best personal loans deal.

SBI Xpress Bandhan

This scheme is specially designed for those salaried individuals who are not maintaining the salary account with SBI. This SBI personal loan online scheme is available at an interest rate of 12.15%-15.15% per annum. Not only this, individuals having gross monthly income of Rs.50,000 are eligible to apply for personal loan.