SBI Personal Loan of 10 Lakh

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Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

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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 10 Lakh Personal Loan delivers financial empowerment with a seamless application process and competitive interest rates. It is designed for diverse needs such as education, medical expenses, and home improvements, and it ensures swift access to substantial funds. SBI stands out for its transparent terms and flexible repayment options, making it an optimal choice for individuals searching for a reliable and convenient personal loan solution. Whether you’re bridging financial gaps or seizing opportunities, a 10 Lakh SBI Personal Loan provides the support needed to navigate various life scenarios easily.

10 Lakh Personal Loan SBI – Highlights

The key parameters of a 10 lakh SBI personal loan are as follows.

Highlights
Interest Rates	10.55% p.a. onwards
Processing Fees	1% of the loan amount plus GST
Loan Tenure	1 to 6 years
Eligibility	Either salaried or self-employed individuals are eligible.

10 Lakh Personal Loan EMI for 1- 6 Years

The estimated SBI 10 lakh personal loan EMI with SBI for varying tenures are as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Interest Payable
₹10 Lakh	10.55% p.a.	One year	Rs 88,172	Rs 58,063
₹10 Lakh	10.55% p.a.	Two years	Rs 46,399	Rs 1,13,581
₹10 Lakh	10.55% p.a.	Three years	Rs 32,526	Rs 1,70,937
₹10 Lakh	10.55% p.a.	Four years	Rs 25,628	Rs 2,30,122
₹10 Lakh	10.55% p.a.	Five years	Rs 21,519	Rs 2,91,121
₹10 Lakh	10.55% p.a.	Six years	Rs 18,804	Rs 3,53,916

Compare 10 Lakh Personal Loan From Other Banks & NBFCs

The comparison of an SBI personal loan of 10 lakh with other leading banks and NBFCs in India are as follows:

Lender	Interest Rate (p.a.)	Processing Fee	Tenure
State Bank of India	10.55% onwards	1% of the loan amount	1 to 6 years
IDFC First Bank	10.49% onwards	Up to 3.49% of the loan amount	1 to 5 years
Axis Bank	10.49% onwards	Up to 2% of the loan amount	1 to 5 years
IndusInd Bank	10.49% onwards	Up to 2.5% of the loan amount	1 to 5 years
Federal Bank	10.49% onwards	Up to 3% of the loan amount	1 to 5 years
HDFC Bank	10.50% onwards	Up to Rs 4999	1 to 5 years
ICICI Bank	10.50% onwards	Up to 2.50% of the loan amount	1 to 6 years
Kotak Mahindra Bank	10.99% onwards	Up to 3% of the loan amount	1 to 5 years
Bajaj Finserv	11.00% onwards	Up to 3.93% of the loan amount	1 to 8 years
Punjab National Bank	11.75% onwards	1% of the loan amount	1 to 6 years

10 Lakh SBI Personal Loan – Fees and Charges

Following are the applicable fees and charges for an SBI personal loan of ₹10 lakh :

Fee/Charge	Amount
Processing Fee	1% of the loan amount plus applicable taxes
Prepayment Charges	3% on your prepaid amount
Late Payment Charges	2% per annum, above the applicable interest rate.
Cheque/ECS/NACH dishonour Charges	Rs 250

10 Lakh SBI Personal Loan – Documents Required

The essential documents required to avail of a 10 lakh SBI personal loan are listed below:-

Proof of Identity: PAN Card, Passport, Voter ID or Driving License.

Proof of Address: Aadhaar Card, Passport, Driving License, or Utility Bills.

Proof of Income: Bank statement showing your salary/income credit.

Proof of Employee: Latest salary slips.

10 Lakh SBI Personal Loan – Eligibility Criteria

To apply for a 10 lakh SBI personal loan, applicants must fulfil the following eligibility criteria are as follows:

Age Requirement: You should be between 21 and 58 years old.
Income: A regular source of income, with a minimum of Rs 15,000, is required.
Creditworthiness: A good credit score and a positive repayment history are essential.
Nationality: You must be a citizen of India.