SBI Personal Loan of 5 Lakh

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Co-Founder, Square Yards & Chief Business Officer, Urban Money

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The SBI Personal Loan of ₹5 Lakh offers instant financing for nearly any financial need. Whether for debt consolidation, home renovation, medical emergencies, or other financial needs, the bank stands ready to disburse funds on time. Thus, you can typically expect the fund to hit your bank account within 48 hours. Additionally, being a collateral-free option, you can secure the necessary funds without pledging any assets, making it a more borrower-friendly loan. Herein, we will provide details such as the ₹5 lakh loan interest rate, eligibility criteria, required documents, applicable fees, and more. Scroll down to learn more.

₹5 Lakh Personal Loan SBI – Highlights

Following are the key parameters of an SBI personal loan of ₹5 lakh:

Highlights
Interest Rates	10.55% p.a. onwards
Processing Fees	1% of the loan amount + applicable taxes
Loan Tenure	Up to 6 years
Eligibility	Either salaried or self-employed individuals are eligible.

₹5 Lakh Personal Loan EMI for 1- 6 Years

Flowing is the estimated ₹5 lakh personal loan EMI with SBI for varying tenures:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Interest Payable	Total Amount Payable
₹5 Lakh	10.55% p.a.	1 year	Rs 44,086	Rs 29,032	Rs 5,29,032
₹5 Lakh	10.55% p.a.	2 years	Rs 23,200	Rs 56,800	Rs 5,56,800
₹5 Lakh	10.55% p.a.	3 years	Rs 16,263	Rs 85,468	Rs 5,85,468
₹5 Lakh	10.55% p.a.	4 years	Rs 12,814	Rs 1,15,072	Rs 6,15,072
₹5 Lakh	10.55% p.a.	5 years	Rs 10,759	Rs 1,45,540	Rs 6,45,540
₹5 Lakh	10.55% p.a.	6 years	Rs 9,402	Rs 1,76,944	Rs 6,76,944

Compare ₹5 Lakh Personal Loan From Other Banks & NBFCs

Following is the comparison of an SBI personal loan of ₹5 lakh with other leading banks and NBFCs in India:

Lender	Interest Rate (p.a.)	Processing Fee	Tenure
State Bank of India	10.55% onwards	1% of the loan amount	1 to 6 years
IDFC First Bank	10.49% onwards	Up to 3.49% of the loan amount	1 to 5 years
Axis Bank	10.49% onwards	Up to 2% of the loan amount	1 to 5 years
IndusInd Bank	10.49% onwards	Up to 2.5% of the loan amount	1 to 5 years
Federal Bank	10.49% onwards	Up to 3% of the loan amount	1 to 5 years
HDFC Bank	10.50% onwards	Up to Rs 4999	1 to 5 years
ICICI Bank	10.50% onwards	Up to 2.50% of the loan amount	1 to 6 years
Kotak Mahindra Bank	10.99% onwards	Up to 3% of the loan amount	1 to 5 years
Bajaj Finserv	11.00% onwards	Up to 3.93% of the loan amount	1 to 8 years
Punjab National Bank	11.75% onwards	1% of the loan amount	1 to 6 years

₹5 Lakh SBI Home Loan – Fees and Charges

Following are the applicable fees and charges for an SBI personal loan of ₹5 lakh :

Fee/Charge	Amount
Processing Fee	1% of the loan amount plus applicable taxes
Prepayment Charges	3% on your prepaid amount
Late Payment Charges	2% per annum, above the applicable interest rate.
Cheque/ECS/NACH dishonour Charges	Rs 250
Professional charges (Advocate Charges/Retainer ship Charges)	At Actuals

₹5 Lakh SBI Home Loan – Documents Required

The following are the ₹5 lakh personal loan documents in SBI:

Proof of Identity: PAN Card, Passport, Voter ID or Driving License.

Proof of Address: Aadhaar Card, Passport, Driving License, or Utility Bills.

Proof of Income: Bank statement showing the credit of your salary/income.

Proof of Employee: Latest salary slips.

₹5 Lakh SBI Home Loan – Eligibility Criteria

The following are the ₹5 lakh personal loan eligibility in SBI:

Age: You should be between 21 and 58 years old.
Income: A regular source of income, with a minimum of Rs 15,000, is required.
Creditworthiness: A good credit score and a positive repayment history are essential.
Nationality: You must be a citizen of India.

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