SBI Personal Loan of 1 Lakh

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Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

SBI’s personal loan of 1 lakh is a multi-purpose loan which can be used for a wide range of purposes. From vehicle purchases to family functions and education to medical expenses, the loan provides ready assistance to borrowers. Borrowers can comfortably repay a personal loan from SBI via Equated Monthly Instalments (EMIs).

The 1 lakh loan interest rate and loan tenure play a major role in determining personal loan EMIs. Increasing interest rates increase the EMI, while increasing loan tenure decreases the EMI. Find the monthly instalments for an SBI personal loan of 1 lakh for a loan tenure ranging from 1-10 years.

1 Lakh Personal Loan SBI – Highlights

Loan Amount	1,00,000
Loan Tenure	Up to 6 years
Rate of Interest (p.a.)	10.55% p.a.
Overdraft Facility	Available
Pre-Approved Facility	Available

1 Lakh Personal Loan EMI for 1-10 Years

Take a look at different EMIs payable over an SBI personal loan of 1 lakh over changing loan periods.

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	1 lakh	10.55%	₹8,817
2 Years	1 lakh	10.55%	₹4,640
3 Years	1 lakh	10.55%	₹3,253
4 Years	1 lakh	10.55%	₹2,563
5 Years	1 lakh	10.55%	₹2152
6 Years	1 lakh	10.55%	1,880
10 Years	1 lakh	10.55%	₹1,352

SBI 1 Lakh Personal Loan Comparison with Other Banks & NBFCs

Here is a comparison of the SBI personal loan of 1 lakh with other banks and lenders.

Bank Name	Interest Rate (p.a.)	Maximum Loan Tenure
HDFC Bank	10.50% onwards	6 years
Axis Bank	10.49% onwards	7 years
Bank of India	10.25% onwards	7 years
Bajaj Finserv	11% onwards	8 years
TATA Capital	10.99% onwards	6 years

1 Lakh SBI Personal Loan – Fees and Charges

SBI charges certain additional fees over and above the applicable rate of interest. Here are some of the many additional fees and charges.

Processing Fee: Upto 1.50% of the loan amount plus GST.
GST: 18% as mandated by the government
Other Fees: Several other charges, like document verification fees and stamp duty, are also applicable to personal loans.

1 Lakh SBI Personal Loan – Documents Required

Borrowers are required to submit certain documents while applying for the loan. Take a look at the 1 lakh personal loan documents for SBI customers:

Loan application form with passport-size photograph
KYC Documents: Aadhar Card, Voter’s ID, Driver’s License, Utilities Bill and other proofs.
Income Proof: Salary slips, Balance sheet and P&L account, IT Returns and other proofs.

1 Lakh SBI Personal Loan – Eligibility Criteria

Here are the 1 lakh personal loan eligibility for SBI customers:

Eligible Applicants: Salaried/ Self-Employed/ Pensioners/ Government Employees
Age Limit: 21-76 years
Minimum Monthly Income: ₹15,000
EMI/NMI Ratio: Below 50%
Citizenship: Indian citizen