SBI Personal Loan Interest Rates

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SBI Personal Loan Interest Rate Highlights
SBI Xpress Credit Personal Loan	11.45%-14.60% p.a.
SBI Xpress Elite Scheme	11.45%-11.95% p.a.
SBI Xpress Flexi Scheme	11.70%-14.85% p.a.
Pre-approved Personal Loans (PAPL) to Non CSP Customers	14.10%-14.60% p.a.

Note: Rates as of 19th November 2024

SBI Personal Loan Interest Rates 2024

SBI Xpress Credit (including Pre-Approved Xpress Credit  (PAXC)/ RTXC/ RMP Xpress Credit)

For Defense/Para-military/Indian Coast Guard Salaried Applicants

Types	Interest Rates (p.a.)
Term Loan	11.45%-12.95%

Applicants of Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status

Types	Interest Rates (p.a.)
Term Loan	11.60%-14.10%

Applicants of Other Corporates

Types	Interest Rates (p.a.)
Term Loan	12.60%-14.60%

SBI Xpress Elite Scheme (inclusing RTXC Elite)

Types of Applicants	Interest Rates (p.a.)
Salary Account Holders with SBI	11.45%-11.95%

Note: No loan to be offered to applicants having salary accounts with other banks

SBI Xpress Flexi Scheme

Types	Interest Rates (p.a.)
For Diamond Salary package Customers	11.70%-14.85%
For Platinum Salary package Customers	11.70%-12.20%

Other Schemes

Products	Rate of Interest (p.a.)
Pre-approved Personal Loans (PAPL) to Non CSP Customers	14.10%-14.60%

Also know the best bank/NBFC for personal loan in India

Comparing Interest Rates Offered by Paisabazaar Partners

*Applicable for selected customers

Factors affecting SBI Personal Loan Interest Rates

Below-mentioned are the factors affecting SBI Personal Loan interest rates:

Employer’s Profile

Lenders usually consider the employer’s profile while setting their personal loan interest rates. Most banks and NBFCs usually offer preferential interest rates to salaried individuals as compared to self-employed. Due to higher job security of individuals employed with government or PSU entities, interest rates for personal loans for government employees are also usually lower than those offered to private employees. However, individuals employed with top private sector companies and MNCs are offered lower interest rates due to their ability to withstand adverse economic conditions better than other private sector employees.

For example, under the SBI Xpress Credit Personal Loans, the bank offers lower interest rates to defense/para-military/Indian Coast Guard personnel and salaried employees of Central Govt./ State Government/ Police / Railway/ Central Public Sector Enterprises as compared to employees of other corporates.

Credit Score

While SBI has not disclosed the interest rate differentiation based on credit score for availing SBI Personal Loans, many banks and NBFCs consider the credit score while setting their personal loan interest rates. Lenders usually consider applicants having credit scores of 750 and above for availing personal loans. Such applicants are usually offered personal loans at lower interest rates. Thus, having a higher credit score may help in availing personal loan from SBI or other bank at lower interest rates.

Monthly Income

SBI offers personal loans to applicants having minimum monthly income of Rs 15,000. It prefers lending to those applicants whose total EMIs, including the existing EMIs as well as the EMI of the proposed personal loan, is within 50% of their monthly income. Although SBI has not mentioned the interest rate differentiation based on the monthly income, many lenders offer preferential interest rates to applicants having higher monthly income due to the higher repayment capacity and low credit risk involved.

Existing Relationship with the Lender

Many lenders offer interest rate concessions to applicants having an existing lending/deposit account with them. Therefore, individuals planning to avail personal loans should prefer the lenders they already have an account with.

For example, the SBI Personal Loan interest rates offered to those maintaining salary account with SBI is lower than those not maintaining salary account with the bank.

Tips to avail SBI Personal Loan at Lower Interest Rates

Applicants can follow the tips given below to avail SBI Personal Loan at lower interest rates.

• Contact the banks and NBFCs with whom you already have a deposit/lending account
• Check different lenders for interest rate concessions during festive seasons
• Maintain a credit score of 750 and above
• Visit online fintech platforms to compare the personal loan interest rates offered by different lenders
• Enquire about the pre-approved personal loan offers from various banks and NBFCS

FAQs on SBI Personal Loan Interest Rate

What is the current interest rate of SBI Personal Loan?

SBI offers personal loan interest rate ranging from 11.45% to 14.85% p.a. depending on the credit profile of the applicants. The interest rates may vary depending on the personal loan schemes offered by the SBI and the work profile of the applicants.

How to get the lowest personal loan interest rate from SBI?

Ans. Lenders usually offer lowest interest rates to applicants having the best credit profile. As SBI personal loan interest rates are concerned, Central and state government employees, including defence and paramilitary personnel, employees of Central PSUs categorized as “Mini Ratnas’ and SBI salary account holders having monthly income of at least Rs 1 lakh are offered the lowest interest rates.

Are SBI Personal Loan interest rates offered at fixed or floating rates?

Ans. SBI offers personal loans to its applicants at fixed interest rates. The loan is linked to 2 year MCLR of the bank.

How does SBI set interest rates for its personal loan applicants?

Ans. SBI sets its personal loan interest rates based on the type of personal loan scheme, employment profile of applicants and its existing relationship with the applicant.

How to calculate SBI Personal Loan interest cost?

Ans. SBI Personal Loan interest cost can be calculated with the help of Personal Loan EMI calculator. Applicants can enter the loan amount, interest rate and loan tenure in the EMI Calculator and get the monthly EMIs and total interest cost payable throughout the loan tenure.

What are the SBI Personal Loan interest rates for government employees?

Ans. SBI offers personal loan interest rates ranging between 11.45% to 14.10% p.a. to government employees. Under the SBI Xpress Elite scheme, the bank offers personal loans at interest rates ranging between 11.45% to 11.95% p.a. to government employees having minimum monthly salary of Rs 1 lakh.

Does SBI offer special discounts or offers on its personal loan interest rate?

Ans. SBI currently does not offer special discounts or offers on its personal loan interest rate.

What are SBI Personal Loan interest rates for salaried applicants?

Ans. SBI offers personal loan interest rates to salaried applicants having minimum monthly income of Rs 1 lakh at interest rates ranging between 11.45% p.a. to 11.95% p.a. under SBI Xpress Elite scheme.

What are the SBI Personal Loan interest rates for soldiers or defence personnel?

Ans. SBI Personal Loan interest rates for soldiers and defence personnel range between 11.45% p.a. to 12.95% p.a.

What are the SBI Personal Loan interest rates for businessmen or self-employed applicants?

Ans. SBI has not specified the interest rates for businessmen or self-employed applicants. It has also not mentioned any personal loan scheme for self-employed applicants. However, self-employed applicants can click here to compare the personal loan interest rates available on their credit profile from various lenders.

What are the SBI Personal Loan interest rates for female applicants?

Ans. SBI has not disclosed differential/concessional interest rates for its female personal loan applicants. The SBI personal loan interest rates for women applicants are the same as other personal loan applicants, i.e. 11.45% to 14.85% p.a., depending on their credit profile.