SBI Personal Loan of 6 Lakh

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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.

The SBI personal loan of ₹6 Lakh is a collateral-free financing option. Namely, you can use this loan for any financial needs without pledging any assets as collateral or security. The bank also ensures eligible candidates can anticipate disbursement within 2 days, making it an appealing personal loan. However, before initiating your loan application, it is prudent to clearly understand this bank product. It may include factors such as the ₹6 lakh loan interest rate, eligibility criteria, documentation, applicable fees, expected EMIs, etc. Thus, you can ultimately eliminate any unpleasant surprises or unwanted hindrances along your financial journey.

₹6 Lakh Personal Loan SBI – Highlights

Here are the key parameters of an SBI personal loan of ₹6 lakh:

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

₹6 Lakh Personal Loan EMI for 1- 6 Years

Here is the estimated ₹6 lakh personal loan EMI with SBI for varying tenures:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Interest Payable	Total Amount Payable
₹6 Lakh	10.55% p.a.	1 year	Rs 52,903	Rs 34,836	Rs 6,34,836
₹6 Lakh	10.55% p.a.	2 years	Rs 27,840	Rs 68,160	Rs 6,68,160
₹6 Lakh	10.55% p.a.	3 years	Rs 19,516	Rs 1,02,576	Rs 7,02,576
₹6 Lakh	10.55% p.a.	4 years	Rs 15,377	Rs 1,38,096	Rs 7,38,096
₹6 Lakh	10.55% p.a.	5 years	Rs 12,911	Rs 1,74,660	Rs 7,74,660
₹6 Lakh	10.55% p.a.	6 years	Rs 11,283	Rs 2,12,376	Rs 8,12,376

Compare ₹6 Lakh Personal Loan From Other Banks & NBFCs

Here 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

₹6 Lakh SBI Home Loan – Fees and Charges

Here are the applicable fees and charges for an SBI personal loan of ₹6 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

₹6 Lakh SBI Home Loan – Documents Required

The following are the ₹6 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.

₹6 Lakh SBI Home Loan – Eligibility Criteria

The following are the ₹6 lakh personal loan eligibility in SBI:

Age Requirement: 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.