SBI provides you with a personal loan so that you can meet your financial needs without putting any collateral. Because, unlike secured loans, SBI doesn’t require your asset for the loan. It means SBI can’t possess your property or valuables in case of non-payment. As for the interest rate, it may be higher than that of secured loans. But SBI Personal Loan Interest Rate is the lowest in the market when compared to its competing products. For more information on the SBI Personal Loan Interest Payment, read this page further.
Factors Determining SBI Personal Loan Interest
Your loan interest rate will be determined using the below factors –
Your income helps the lender check your repayment capacity. Because as you know an applicant with an income of INR 30,000 isn’t able to repay the EMI for a loan of INR 10 or 12 Lakh. So, with the help of the SBI Personal Loan eligibility calculator, check your loan limit. And after that, apply for the loan. This way, you can get an affordable rate of interest on your borrowed amount.
Are you paying credit card bills or EMIs? If yes, that can be considered while approving your SBI personal loan amount. And due to ongoing obligations, you could spare comparatively less for repayment. So, the bank may increase the rate of interest in such a case. But if your income is such that you can afford a new EMI, you can get a lower interest rate.
Your previous credit card bills or loan EMIs record let the lender know how good you’re with the repayment. Using such information, your SBI Personal Loan Interest is shaped up. So, do check the CIBIL score before visiting the SBI official website to apply for the loan. You can check your CIBIL for free one-time only. And to do the same, you just need to visit the official website of the online credit bureau Transunion CIBIL.
A co-borrower is the one who is liable for the repayment of the loan, the same as you. When you borrow an SBI Personal loan jointly, the co-borrower agrees to repay the loan on your behalf if you’re unable to do so. For this, you can choose your parents, spouse, brother, sister, etc. But ensure that the co-borrower is a person on which you can rely with the repayment.
Because even if the co-borrower doesn’t pay off the loan, it will impact both of your credit records.
How to Manage the SBI Personal Loan Interest Payments?
You get access to the SBI online tools using which you can reduce the interest payout. One such tool is the EMI calculator. With this, you can find out the total payable interest. Well, the result may slightly vary from the actual payout as the interest may differ at the time of loan booking.
To use this calculator, you can visit the SBI official website on your smartphone or laptop. If you’re an existing customer, log in to your account using your username and password and go to the ‘EMI Calculator’ page. Otherwise, go to the ‘SBI Personal Loan’ section and click on the ‘Tools’ button.
There you’ll see a wide range of tools, from them, select ‘EMI Calculator’ and insert your loan amount, interest rate and tenure. Now, check out the result. If the interest payout seems more than what you can afford, change the values in the calculator.
You can easily do the same by sliding the bars. And when you get the desired SBI Personal Loan Interest Payout, apply for the same online.
Upon getting the loan approved, you’ll get a notification on your registered mobile or email. Note – Check the due date of EMIs on the documents and select a payment mode.
Also Read: Know about HDFC Personal Loan Interest Rate