SBI Personal Loan of 8 Lakh

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Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

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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 ₹8 lakh is a versatile financing option. You can ideally avail of the loan amount for any need at your discretion. The bank would be completely indifferent to your loan purpose. Moreover, as this loan falls under the collateral-free financing option, you can obtain the funds without pledging any asset as security. The bank also offers competitive interest rates, flexible repayment options, moderate eligibility criteria, and minimal documentation. Moreover, you can easily check your eligibility, upload the required documents, and submit the loan application via the Urban Money online platform. This allows you to eliminate the tedious bank visits and hassles of submitting physical documents. However, the bank ensures the eligible candidate can anticipate fund disbursement within a day or two. Continue to scroll down, and let your someday happen today.

₹8 Lakh Personal Loan SBI – Highlights

The key parameters of an SBI personal loan of ₹8 lakh are as follows:

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.

₹8 Lakh Personal Loan EMI for 1- 6 Years

The estimated ₹8 lakh personal loan EMI with SBI for varying tenures are as follows:

Loan Amount	Interest Rate	Loan Tenure	EMI Amount	Interest Payable	Total Amount Payable
₹8 Lakh	10.55% p.a.	1 year	Rs 70,538	Rs 46,456	Rs 8,46,456
₹8 Lakh	10.55% p.a.	2 years	Rs 37,119	Rs 90,856	Rs 8,90,856
₹8 Lakh	10.55% p.a.	3 years	Rs 26,021	Rs 1,36,756	Rs 9,36,756
₹8 Lakh	10.55% p.a.	4 years	Rs 20,502	Rs 1,84,096	Rs 9,84,096
₹8 Lakh	10.55% p.a.	5 years	Rs 17,215	Rs 2,32,900	Rs 10,32,900
₹8 Lakh	10.55% p.a.	6 years	Rs 15,044	Rs 2,83,168	Rs 10,83,168

Compare ₹8 Lakh Personal Loan From Other Banks & NBFCs

The comparison of an SBI personal loan of ₹8 lakh with other leading banks and NBFCs in India are as follows:

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

₹8 Lakh SBI Home Loan – Fees and Charges

Following are the applicable fees and charges for an SBI personal loan of ₹8 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

₹8 Lakh SBI Home Loan – Documents Required

₹8 lakh personal loan documents in SBI are as follows:

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.

₹8 Lakh SBI Home Loan – Eligibility Criteria

₹8 lakh personal loan eligibility in SBI are as follows:

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.