SBI Personal Loan of 2 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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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

An SBI personal loan of 2 lakh can help meet almost every financial obligation of a borrower. Be it wedding expenses, medical emergencies, children’s education or any other purpose, this unsecured loan provides ready financial assistance. SBI’s personal loans can be comfortably settled using monthly EMIs.

Personal loan 2 lakh EMIs are influenced by two major factors: loan tenure and interest rate. As the loan tenure increases, monthly EMIs decrease.The 2 lakh loan interest rate for SBI customers starts at 10.55% p.a.

Let us look at the applicable monthly EMIs on the loan for up to 10 years of tenure.

Highlights of the SBI 2 Lakh Personal Loan

An SBI personal loan of 2 lakh is available at the following terms:

Loan Amount	2 lakh
Maximum Loan Tenure	Up to 6 years
Rate of Interest (p.a.)	10.55% p.a.
Overdraft Facility	Available
Pre-Approved Facility	Available

2 Lakh Personal Loan EMIs For Upto 10 Years

A personal loan of 2 lakh from SBI at an interest rate of 10.55% p.a. will result in the following personal loan 2 lakh EMIs.

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	2 lakh	10.55%	₹17,634
2 Years	2 lakh	10.55%	₹9,280
3 Years	2 lakh	10.55%	₹6,505
4 Years	2 lakh	10.55%	₹5,126
5 Years	2 lakh	10.55%	₹4,304
6 Years	2 lakh	10.55%	₹3,761
10 Years	2 lakh	10.55%	₹2,704

2 Lakh Personal Loan Offerings from Other Banks & NBFCs

Compare the offerings of SBI personal loan of 2 lakh amount to others available in the market.

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

SBI’s 2 lakh Personal Loan – Fees and Charges

Apart from the SBI 2 lakh loan interest rate, a borrower will be required to pay the following charges:

A 1.50% Processing Fee plus GST
An 18% Goods and Services Tax (GST)
Other charges like document verification charges and stamp duty may also be applicable.

SBI’s 2 Lakh Personal Loan – Documentation

Here are the document requirements of an instant 2 lakh loan from SBI.

Loan Application with 2 passport-size photographs
ID Proof: Aadhar Card/ Voter ID/ Driver’s License/ Others
Residence Proof: Utility Bills/ Aadhar Card/ Others
Income Proof: Salary receipts/ Balance Sheet and P&L account/ IT Returns/ Others

SBI 2 Lakh Personal Loan – Eligibility Criteria

The following candidates are eligible for an SBI personal loan of 2 lakh.

Eligible Candidates: Self-Employed/ Salaried Individuals/ Govt. Employees/ Pensioners
Age Limit: 21- 76 years
Minimum Monthly Income: ₹15,000
EMI/NMI Ratio: Less than 50%
Nationality: Indian