SBI Personal Loan Interest Rate for Salary Account Holders Revealed

Whenever the need for a personal loan arises, the first name that comes across is State Bank of India (SBI) as it reinforces confidence by having served a wide range of customers for many years. Plus, with 25,000 odd branches that are spread across the length and breadth of the country, the largest public lender only commands more loyalty.

Salary account holders be it of SBI or any other banks can get a loan from the lender. So often the queries of SBI personal loan interest rate for salary account holders firm up on search engines as well as social media channels. Let’s find the answers to such queries in this article.

Personal Loan Interest Rate for Those Maintaining Salary Accounts with SBI

Firstly, the loans offered by SBI are branded as XPRESS Credit. SBI salary account holders have interest rates of 10.65%-12.15% to service the debt at. Well, the rates vary further with respect to the credit score of an individual. Those having scores of 800 and above can get to service the debt at 10.65% per annum. While those with 700-799 and 600-699 must get ready to pay off at 11.15% and 12.15%, respectively.

What’s Applicable for Those Salary Accounts of Other Than SBI?

Salary account holders of other banks can get the loan at 10.90%-12.40% interest rate. If you are one of those and have a credit score of 800 and above, the lowest rate limit would be applicable. On having a score of 700-799, the rate would be 11.40% p.a. Those with 600-699 would have to pay at the top limit of 12.40% per annum.

SBI Personal Loan Interest Rate for Non-Permanent Employees

These employees of central & state government, quasi-government, central & state PSUs, defence personnel, reputed educational institutions are eligible for an interest rate offer of 12.65%-14.65% p.a. Co-operative institutions which are not covered under regular XPRESS Credit would have to pay at 13.30%-14.90% per annum.

How About the Rate for IT Employees?

The IT employees can get to service their SBI personal loans at 13.05%-15.05% p.a. Individuals with a score of 800 and above can pay the debt at 13.05% p.a, while those with 550-749 and below 550 would be offered 14.05% and 15.05% interest rates, respectively.

How Would EMI Calculator Help Salary Account Holders?

The calculator can be of a great help to salaried seeking a personal loan from SBI. What the calculator will do is to give you an estimation of the loan cost. Yes, you get a picture of EMI and the overall interest outgo with the calculator. It has smart algorithms that help calculate those payment variables in a matter of few seconds. Plus, the fact that it is available online makes it that much easier for you to access. As a salaried, you must have priorities such as education of kids, monthly expenses of rent and electricity bill and the day-to-day expenses to meet. So, checking the calculator in advance would only bolster your personal loan journey with SBI as you would be ready to make those adjustments in your spending routine for a smooth payment of the installments.

SBI Personal Loan Interest Rate for Salary Account Holders Revealed SBI Personal Loan Interest Rate for Salary Account Holders Revealed Reviewed by Sahil Arora on June 28, 2018 Rating: 5

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