SBI Personal Loan Interest Rate For Different Schemes

sbi personal loan

SBI offers a wide range of personal loans to customers. And if you want to borrow money from SBI, you have chosen the right lender. It offers you an exciting rate on the loan amount. Well, the rate of interest may vary based on the SBI Personal Loan Scheme. So, read this page and know more about the SBI Personal Loan Interest Rate.

Types of SBI Personal Loan Schemes

The bank gives you the option of the following personal loan schemes based on your requirements –

SBI KAVACH Personal Loan

This is designed to provide you with lump sum money of INR 25,000 to INR 5 Lakh. To get this loan, you need to submit a medical report confirming your COVID diagnosis. For this personal loan, SBI charges a fixed interest rate of 8.50% per annum.

SBI Xpress Credit

It is a personal loan for customers who maintain a salary account with SBI. Using this personal loan scheme you can borrow a maximum of INR 20 Lakh. Here, the interest rate is as follows –

For Defense, ParaMilitary and Indian Coast Guard – 10.60-11.10% per annum

For Others – 10.60-12.60% per annum

For Non-Permanent Employees  – 11.50-13.60% per annum (Central and State Government, Quasi-Government, Central PSUs, etc.) and 12.25-13.85% per annum (Cooperatives or institutions not covered under regular Xpress Credit loan scheme including unrated corporates)

The applicant will get a concession under this scheme if he/she belongs to the mentioned category. Loan amount greater than or equal to INR 10,00,000 will get 50 bps concession in SBI Personal Loan Interest Rate. Platinum Salary Package applicants get 50 bps and Central Public Sector Enterprises (CPSEs) who are considered under ‘RATNA’ Status will get 50 bps concessions.

Note – This is subject to a maximum concession of 100 bps over the card rate.


In this scheme, the applicants get an interest rate of 9.60-11.10% per annum. And this rate applies to the salary account holders. For others, the interest rate is 9.85-11.35% per annum. 

SBI QUICK Personal Loan

SBI offers up to INR 20 Lakh to the borrowers under this scheme. And for this, the rate of interest ranges from 10.85-12.85% per annum.

Note – SBI Personal Loan Interest Rate will remain fixed during the repayment period.

How is the SBI Personal Loan Interest Rate Determined?

SBI uses its 2-year marginal cost of funds-based lending rate (MCLR) to determine your rate of interest. The spread over the two-year MCLR decides the effective rate. Besides this, your loan eligibility helps the lender determine the interest. Using the below factors your SBI Personal Loan Interest Rate is decided. 

  • Age – An applicant who meets the age criteria of the SBI Personal Loan and is at least 10 to 12 years away from his/her retirement age will be considered for a low-interest rate. And the reason is that when you’re younger there are more job prospects for you. And this assures regular payment of the EMIs. The minimum age criterion for SBI Personal Loan is 21 years. 
  • Income – With a minimum income of INR 15,000, you can borrow SBI Personal Loan. But this won’t help you get a lower rate of interest. You can increase your eligibility for the loan by getting a co-borrower, he/she will co-sign your loan. So, this way, the risk attached to the loan decreases and so is the interest rate.
  • Employment At least one year of work experience in the current organization is required to get an SBI Personal Loan. And this is important because a stable job shows you’re capable of repaying the loan without any trouble. 
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