Are you thinking of taking a personal loan? It is a good decision, especially if you are in an urgent need of money. There are times when you may run out of savings and you don’t have enough funds to overcome the financial requirements. It can for any reason like education or daughter’s wedding that’s approaching in 2 months, applying for a personal loan will help you get the cash on time. There are various personal loan lenders in the financial market.

State Bank of India which popularly known as SBI is among the bests. SBI offers personal loans at a competitive interest rate. It helps individuals to meet their requirements. There are many other benefits of SBI Personal loan, some of them are given below:

• Transparent loan application procedure
• Flexible loan repayment tenure
• Minimum processing fee
• 24*7 dedicated customer care team

SBI offers three types of SBI personal loan namely Xpress Credit Personal Loan, SBI Pension Loan, and Xpress Power Loan. Let know them in brief:

Xpress Credit Loan

SBI Xpress credit loan is a scheme that comes with a low-interest rate that makes it one of the most competent personal loans in the financial market. This loan can be used for any purpose as per the borrower’s requirements. SBI's loan interest rate is low and comes with zero hidden costs and minimal processing fee. Basic and minimum documents requirements make it among the easiest and simple personal loans for the borrowers. A maximum loan amount of Rs. 20 lakhs can be availed under this type of loan.

SBI Pension Loan

SBI Pension Loan is specially designed for the pensioners who are getting their pensions from the government. It is a way that helps pensioners to meet their urgent or unexpected monetary situations. SBI offers minimum processing and prepayment fee on personal loans in comparison with other loans.

Xpress Power Loan

This type of SBI loan can be availed by those who do not maintain their salary accounts with SBI. The Xpress Power Loan scheme, offer the minimum loan amount of Rs. 25,000 up to Rs. 15 lakhs/ 24 times NMI (Net Monthly Income) to a borrower based on the eligibility.

There are a few factors that determine personal loan interest rates:

Credit score

We all know how important a role credit score plays when it comes to credit. The credit score is a crucial factor in deciding the personal loan interest rate. A good credit score shows a good financial standing of an applicant. Any score above 750 can give you the power to negotiate on the loan terms.

Employer

Every lender wants to know the credibility of an applicant. An applicant working with a reputed organization has a great chance of getting good personal loan deals.

Monthly Income

A stable income is another crucial factor in deciding the personal loan interest rates. If an applicant has a constant and steady source of income, his/her credibility is better in the eyes of the personal loan lender. The monthly income also helps the lender to determine the applicant’s repayment capacity.

Credit Payment Records

The credit repayment history of the applicant is among the important ways to determine the personal loan interest rate. The credit history gives an idea to the lender about the credibility of the applicant. Therefore, an applicant can get a personal loan at low-interest easily if his/her credit payment track records are clear.

Negotiation Power

The negotiation power has a major impact on the personal loan interest rate. If the applicant can convince his/her creditworthiness to the lender, he might get personal loans at low-interest rates.

Relationship with the lender

An existing and good relationship with the lender can help in getting a better interest rate on personal loans. This is because the lender knows the integrity of the applicant and will have no doubt in offering a low-interest rate. For example, an individual having an existing relationship with the bank will have a better chance of getting a personal loan at a low-interest rate when compared to someone new.

Personal Loan Eligibility Criteria

Another important factor when you apply for personal loans online is the eligibility criteria. The generic personal loan eligibility criteria focus on the following:

• Age
• Income
• Documentation
• Credit Utilisation Ratio.

Advantages of Personal Loan EMI Calculator

The online EMI calculators benefit a user in many ways. Following are the key benefits of a personal loan EMI calculator:

• Personal loan EMI calculator makes EMI calculation hassle-free:

The personal loan EMI calculator facilitates the user to get the accurate and correct amount of EMI which he/she needs to be paid each month, by just filling a few basic details of the loan.

• It simplifies the EMI calculation:

With the use of an online personal loan EMI calculator, an applicant can easily determine EMIs accurately with a matter of a few minutes.

• This EMI calculator helps to plan loan well

Personal loan EMI calculator plays a crucial role in deciding the loan amount and the correct lending institution for borrowing the personal loan. When the user fills-in the EMI calculator form, it displays the monthly EMI and interest rate; which helps in predicting and planning the finance for a longer period.

• Personal loan EMI calculator can also be used for comparison

Users can fill the details in the EMI calculator form as per different options and can compare& find out which lender is suiting and offering the best offers to them.

• SBI Personal Loan Customer Care Number

SBI offer round the clock customer care services. In case of any query or complain a customer call at the toll-free helpline number i.e. 1800 11 2211, 1800 425 3800 or 080-26599990.