SBI Personal Loan of 20,000

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:

1. Loan Application Form with 2 passport-size photographs
2. KYC Documents: Aadhar Card, Voter’s ID, Driver’s License, Utility Bills, Other documents.
3. 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:

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