SBI Personal Loan of 3 Lakh

An SBI personal loan of 3 lakh is available online as well as offline. A wide range of financial obligations, like vehicle purchases, debt consolidation and others, can be easily settled using this loan. Borrowers of the loan can comfortably repay it in Equated Monthly Instalments (EMIs).

Interest rate and loan tenure play a significant role in determining monthly personal loan of 3 lakh EMIs. As the loan tenure increases, the monthly EMIs decrease. Currently, SBI’s 3 lakh loan interest rate stands at 10.55% p.a. Take a look at the changing monthly repayments over the loan over a period of up to 10 years. 

SBI 3 Lakh Personal Loan – Highlights 

Before moving on to the EMI schedule, here is a quick overview of the SBI personal loan of 3 lakh. 

Loan Amount	3 lakh
Loan Tenure	Up to 6 years
Rate of Interest (p.a.)	10.55% p.a.
Overdraft Facility	Available
Pre-Approved Facility	Available

3 Lakh Personal Loan EMI for Up to 10 Years

The table below highlights the monthly EMIs on a personal loan of 3 lakh at an interest rate of 10.55% p.a. from SBI. 

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	3 lakh	10.55%	₹26,452
2 Years	3 lakh	10.55%	₹13,920
3 Years	3 lakh	10.55%	₹9.758
4 Years	3 lakh	10.55%	₹7,688
5 Years	3 lakh	10.55%	₹6,456
6 Years	3 lakh	10.55%	₹5,641
10 Years	3 lakh	10.55%	₹4,056

SBI 3 Lakh Personal Loan: Comparison With Other Lenders

Take a look at some of the other popular personal loan offerings available in the market. 

Bank Name	Interest Rate (p.a.)	Maximum Loan Tenure
Bank of India	10.25% onwards	7 years
L&T Finance	12% onwards	4 years
Axis Bank	10.49% onwards	7 years
HDFC Bank	10.50% onwards	6 years
KreditBee	16% onwards	2 years

SBI 3 Lakh Personal Loan – Fees and Charges

Apart from the 3 lakh loan interest rate, borrowers are required to pay the following additional fees and charges:

1. Processing Fee: SBI charges a processing fee of 1.50% p.a. plus GST over personal loans.
2. GST: An 18% Goods and Services Tax (GST) is levied on SBI personal loans.
3. Other Charges: Verification charges, stamp duty charges and several other additional charges may also be applicable. 

SBI 3 Lakh Personal Loan – Documents Required 

The borrowers of the instant 3 lakh loan from SBI are required to submit the following documents while applying for the loan. 

• Duly filled loan application form with 2 passport size photographs
• KYC Documents: Aadhar Card, Voter’s ID, Driver’s License, etc.
• Income Proofs: Salary slips, Balance Sheet and P&L account, IT returns, Bank Statements etc. 

SBI 3 Lakh Personal Loan – Eligibility Criteria

SBI personal loan 3 lakh’s eligibility criteria are as follows:

1. Eligible Borrowers: Self-employed/ Salaried/ Pensioners/ Govt. Employees
2. Age Limit: 21-76 years
3. Minimum Income: ₹15,000 per month
4. EMI/NMI ratio: Less than 50%
5. Citizenship: Indian citizen