SBI Personal Loan of 4 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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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.

An SBI personal loan of 4 lakh can be used for various purposes. Home renovations, medical expenses, vehicle purchases and several other financial needs can be easily met using this loan. What makes the loan special is that it can be comfortably repaid in Equated Monthly Instalments (EMIs). Today, we take a detailed look at SBI’s personal loan EMIs.

Personal loan 4 lakh EMIs decrease with an increase in the loan tenure. SBI’s personal loans start at 10.55% p.a. Find the full EMI schedule for the loan for up to 10 years in this article.

4 Lakh Personal Loan SBI – Highlights

SBI personal loan of 4 lakh is available at the following terms:

Loan Amount	4 lakh
Maximum Loan Tenure	Up to 6 years
Rate of Interest (p.a.)	10.55% p.a.
Overdraft Facility	Available
Pre-Approved Facility	Available

4 Lakh Personal Loan EMI for 10 Years

Here is the personal loan 4 lakh EMI schedule for up to 10 years at an interest rate of 10.55% p.a.

Loan Tenure	Loan Amount	Interest Rate (p.a.)	EMI
1 Year	4 lakh	10.55%	₹35,249
2 Years	4 lakh	10.55%	₹18,550
3 Years	4 lakh	10.55%	₹13,001
4 Years	4 lakh	10.55%	₹10,241
5 Years	4 lakh	10.55%	₹8,598
6 Years	4 lakh	10.55%	₹7,512
10 Years	4 lakh	10.55%	₹5,397

Comparing SBI’s 4 Lakh Personal Loan With Other Lenders

Take a look at how SBI personal loan of 4 lakh compares with other banks and NBFCs.

Bank Name	Maximum Loan Tenure	Interest Rate (p.a.)
KreditBee	2 years	16% onwards
L&T Finance	4 years	12% onwards
Citibank	5 years	10.75% onwards
Kotak Mahindra Bank	6 years	10.99% onwards
Axis Bank	7 years	10.49% onwards

4 Lakh SBI Personal Loan – Fees and Charges

The bank charges additional fees over and above the 4 lakh loan interest rate.

Processing Fee: A processing fee of 1.50% plus GST applies to SBI personal loans.
GST: An 18% Goods and Services Tax (GST) applies to personal loans.
Other Fees: Several other charges, like document verification charges and stamp duty charges, are also applicable.

SBI 4 Lakh Personal Loan- Documents Required

Borrowers are required to submit the following documents while applying for an instant 4 lakh loan at SBI.

Duly filled loan application form
ID Proof: Aadhar card, Driver’s License, Voter ID, Other documents
Proof of Residence: Utility Bills, Aadhar Card, Voter’s ID, etc.
Income Proofs: Salary slips, Balance Sheet and P&L account, Bank Statements and other documents

SBI 4 Lakh Personal Loan – Eligibility Criteria

Applicants satisfying the following criteria are eligible for an SBI personal loan of 4 lakh.

Eligible Candidates: Self-employed/ Salaried/ Government Employees/ Pensioners
Age Limit: 21-76 years
Minimum Income: ₹15,000 per month
EMI/NMI ratio: Less than 50%
Citizenship: Indian citizen