SBI Frequently Asked Questions(FAQ)
What are my personal loan limits??
Your personal loan limit would be determined purely by your income and repayment capacity. Personal loans from SBI can be availed by salaried individuals or self-employed professionals ranging from a minimum of 2 Lakhs to a maximum of 10 Lakhs.
Does SBI allow my wife’s income to be included in calculating the personal loan amount?
Yes, you can include your wife’s income provided she guarantees the personal loan amount you have applied.
Do I have to pledge some form of security for getting an SBI personal loan?
Getting an SBI personal loan doesn’t require any security.
Can I prepay my personal loan? Are there any penalties?
No prepayment penalty charges are applicable. You can prepay your personal loan partly or fully, at any stage.
What is the processing fee? Are there any hidden costs or other charges?
Processing charges are usually charged 1 percent of the loan amount. There are absolutely no hidden costs or other charges involved.
Does SBI provide me the option of choosing the interest rate?
Yes, you have the option to avail the SBI personal loan with either a fixed or a floating rate of interest.
What is the difference between a fixed and a floating rate of interest?
In the case of a fixed rated loan, the interest rate on the loan would remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could rise or fall in line with SBI’s Medium Term Lending Rate ( SBMTLR).
What are the advantages of availing an SBI personal loan compared to other banks?
- SBI personal loans are totally transparent with regard to the rate of interest and processing fee charged by other banks
- Cheap rate of interest and no collateral security required
- We offer personal loans for the longest tenure (48 months), with flexible prepayment options without any penalty.
- With SBI personal loan, you can choose between fixed rate of interest and floating rate of interest.
- Interest is calculated on a daily/ monthly reducing balance