SBI Personal Loan of 7 Lakh

The SBI Personal Loan of ₹7 lahks is an appealing financing option for your financial needs. Be it debt consolidation, home renovation, medical emergency, or even purchasing gadgets, the bank is ready to disburse the necessary money. The bank guarantees that eligible applicants will receive the funds within 48 hours, making it ideal for those needing instant fund disbursement. Furthermore, the bank offers competitive interest rates, flexible repayment plans, and moderate eligibility criteria. To learn more about this bank product, continue reading. We present a brief overview of the SBI Personal Loan of ₹7 lakhs to avoid any unpleasant surprises and hindrances.

₹7 Lakh Personal Loan SBI – Highlights

Here are the key parameters of an SBI personal loan of ₹7 lakhs:

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

₹7 Lakh Personal Loan EMI for 1- 6 Years 

Let’s take a look at the estimated ₹7 lakh personal loan EMI with SBI for varying tenures:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Interest Payable	Total Amount Payable
₹7 Lakh	10.55% p.a.	1 year	Rs 61,720	Rs 40,640	Rs 7,40,640
₹7 Lakh	10.55% p.a.	2 years	Rs 32,479	Rs 79,496	Rs 7,79,496
₹7 Lakh	10.55% p.a.	3 years	Rs 22,768	Rs 1,19,648	Rs 8,19,648
₹7 Lakh	10.55% p.a.	4 years	Rs 17,939	Rs 1,61,072	Rs 8,61,072
₹7 Lakh	10.55% p.a.	5 years	Rs 15,063	Rs 2,03,780	Rs 9,03,780
₹7 Lakh	10.55% p.a.	6 years	Rs 13,163	Rs 2,47,736	Rs 9,47,736

Compare ₹7 Lakh Personal Loan From Other Banks & NBFCs

Let’s take a look at the comparison of an SBI personal loan of ₹7 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

₹7 Lakh SBI Home Loan – Fees and Charges

Let’s take a look at the applicable fees and charges for an SBI personal loan of ₹7 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

₹7 Lakh SBI Home Loan – Documents Required

The following are the ₹7 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.

₹7 Lakh SBI Home Loan – Eligibility Criteria

The following are the ₹7 lakhs 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.