SBI Personal Loan of 6 Lakh

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A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
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.
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