Does The SBI Personal Loan Interest Rate Save On Your Repayment?

Yes, you can get a loan from State Bank of India, and meet your requirements for funds in just a few hours. Now, no more waiting to approve a loan. SBI personal loans make your needs fulfilled at an affordable EMI. And to get a loan at your terms of EMI, you need to have a suitable eligibility for the loan. Because only the eligible customers can negotiate with the bank for a low rate of interest. And as you know that SBI personal loan interest rates are depending on the marginal cost of fund based lending rate of SBI that is 7.95%. It could be easy for you to get the best rate of interest on your borrowed amount. 

A loan can help you in many ways to manage your financial expenses like medical needs such as medicines, tests, operation cost, etc. There are a lot of fund requirements in the time of crisis and SBI personal loan caters all your needs. Read and find out what are the benefits of SBI personal loan interest rate on borrowers EMI.

List of SBI personal loan advantages

• Term loan and overdraft facility makes your loan payments easier and affordable
• Borrow the desired loan up to INR 20 lakh
• Eligible income is INR 15,000 to apply for the SBI personal loan
• Good payment record helps you get the lowest interest rate
• Co-applicant to your SBI personal loan increase your loan eligibility
• Flexible tenure makes EMI manageable 

Calculate EMI using an online tool!

Visit the SBI official website and log in to your account, find the EMI calculator on the personal loan page. Click on the personal loan calculator, after that, enter your loan details to generate the EMI. Suppose, your loan is of INR 5 lakh and the SBI personal loan interest rate is 12.33% per annum, then your approximate EMI is INR 13,248 for 4 years. It is just a mere calculation of your borrowed amount. The actual EMI may be different, but using it you can set a suitable tenure for the payment.

And with the help of the tool, you can set a suitable method of payment. There are various ways to pay the SBI personal loan that are as follows.

• Electronic Clearing Service helps the customer to auto-pay the EMI from their savings or salary account. To use ECS, you don’t have to be an SBI customer. You can make payment of your SBI personal loan from any bank account rather than SBI.
• Using the post-dated cheque, you are going to pay the loan in the same ECS manner with the offline payment process. You need to submit the cheques to your SBI branch.

How does Yono offer the best SBI personal loan interest rate?

If you apply for a personal loan from the SBI mobile banking app Yono, you can get the loan at an attractive rate of 10.50% per annum. The reason you get a low rate of interest is due to your relationship with the bank. Existing SBI customers have this benefit of a pre-approved loan offer using which they can get the lowest rate. So, apply for a loan from Yono if you are an SBI user otherwise, opt for the internet banking service for quick and faster loan processing.