SBI personal loan latest interest rate: Personal loans could be a one-stop solution to various financial needs from weddings, medical emergencies, home renovation, travel, or any other personal expense. It is an unsecured loan provided by financial institutions, including banks and non-banking financial companies (NBFCs), that helps individuals meet their personal financial needs. Unlike secured loans, personal loans do not require any collateral or security, making them accessible to a broader range of applicants. 

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State Bank of India (SBI) provides personal loans with competitive interest rates, minimal documentation, and quick processing. As per Paisa Bazaar, the bank charges an interest rate of 11.25 per cent to 15.4 per cent per annum on different types of personal loans and charges 1.5 per cent (minimum Rs 1,000 to maximum Rs 15,000). 

Under its personal loan umbrella, SBI provides various personal loan schemes: 

>> Xpress Flexi

>> SBI Xpress Credit

>> Pre-Approved Personal Loans 

>> SBI QUICK Personal Loan

>> SBI Xpress Elite

>> Real-Time Xpress Credit

Let's take a closer look at the calculations: 

EMI calculation on Rs 5 lakh loan:

If a person borrows a personal loan of Rs 5 lakh for five years, they will have to pay EMI of Rs 10,934 to Rs 12,000. 

EMI calculation on Rs 10 lakh loan:

If a person borrows a personal loan of Rs 10 lakh for five years, they will have to pay EMI of Rs 21,867 to Rs 24,000.

EMI calculation on Rs 20 lakh loan:

If a person borrows a personal loan of Rs 20 lakh for five years, they will have to pay EMI of Rs 43,735 to Rs 48,001.

Note the above calculations exclude a processing fee of 1.5 per cent. 

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