SBI Personal Loan of 20,000

Personal Loan By Other
Personal Loan By Profession
Personal Loan By Scheme
Personal Loan By Amount

Get in Touch for Personal Loan Expert Advice

Connect with our Personal Loan Advisor Now!

Personalized Personal Loan solutions
Expert guidance
Application assistance
Credit score discussion
Personal Loan Interest rate comparison

Full Name

+91Mobile No.

Choose City

I agree to the Terms and Conditions of TUCIBIL and hereby provide explicit consent to share my Credit Information with Urban Money Private Limited.

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

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 20,000 can be used to finance a range of personal expenses. Apart from providing a solid financial cushion, the loan enjoys wide popularity because of its easy modes of settlement. A 20,000 personal loan from SBI can be comfortably settled using Equated Monthly Instalments (EMIs). These EMIs are heavily influenced by the loan tenure and the 20,000 loan interest rate.

In this article, we look at the changing EMIs over SBI’s 20,000 personal loans over a period of 5 years. With this complete EMI guide, sit back and leave the calculation hassle to us.

SBI 20,000 Personal Loan – Highlights

At present, the SBI personal loan of 20,000 is available at the following terms.

Loan Amount	20,000
Maximum Loan Tenure	Up to 6 years
Rate of Interest (p.a.)	10.55% p.a.
Overdraft Facility	Available
Pre-Approved Facility	Available

20,000 Personal Loan EMI for Up to 5 Years

The personal loan 20,000 EMI schedule given below goes up to 5 years. The EMIs are calculated at the starting 20,000 loan interest rate of 10.55% p.a.

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	20,000	10.55%	₹1,736
2 Years	20,000	10.55%	₹928
3 Years	20,000	10.55%	₹651
4 Years	20,000	10.55%	₹513
5 Years	20,000	10.55%	₹430

Comparing 20,000 SBI Personal Loan with Other Lenders

Here is a quick comparison of the instant 20,000 loan of SBI with other offers available in the market.

Bank Name	Interest Rate (p.a.)	Maximum Loan Tenure
ICICI Bank	10.50% onwards	7 years
TATA Capital	10.99% onwards	6 years
Kotak Mahindra Bank	10.99% onwards	6 years
Standard Chartered Bank	11.49% onwards	5 years
L&T Finance	12% onwards	4 years

20,000 SBI Personal Loan – Fees and Charges

Other than a 20,000 loan interest rate, the following fees and charges apply to the loan.

A Processing Fee of 1.50% of the loan plus GST
An 18% Goods and Services Tax (GST) on all banking services
Other charges like document verification charges and stamp duty charges may also apply

20,000 SBI Personal Loan – Documents Required

The complete list of 20,000 personal loan documents for SBI customers is given below:

Loan Application Form with 2 passport-size photographs
KYC Documents: Aadhar Card, Voter’s ID, Driver’s License, Utility Bills, Other documents.
Income Proofs: Balance Sheet and P&L account, Salary receipts, Bank statements, IT returns, and other documents

20,000 SBI Personal Loan – Eligibility Criteria

The 20,000 personal loan eligibility for SBI borrowers is as follows:

Eligible Candidates: Self-employed/ Salaried/ Pensioners/ Govt. Employees
Age Limit: 21-76 years at the time of application
Minimum Income: As specified by the bank
EMI/NMI ratio: Less than 50%
Citizenship: Indian citizen