SBI Loan: Know the Cheapest Loan Available in SBI
Sometimes we need money due to bad financial situation and at this time personal loan is the best option. But getting personal loan is not easy due to low income source. But now you can easily get a loan from the State Bank of India in such a situation and you will have to repay the loan through monthly EMIs.
Good CIBIL Score to Get a Loan at Lower Interest Rate
Suppose a person takes a personal loan of Rs 20 lakh for 10 years from State Bank of India, see how much EMI do you have to pay every month:
The EMI amount depends on the interest. The interest rate is determined based on your CIBIL score. A good CIBIL score or credit score means you can get a loan at a lower interest rate. Generally CIBIL score is calculated between 300 and 900 points. According to experts, if a customer’s CIBIL score is at least above 750. Then he can get loan easily and banks also provide loans at low interest rates.
In order to improve the CIBIL score, the bank should facilitate the financial transactions of the customers. A bad CIBIL score means less chance of getting a loan and if you do get a loan, it carries a higher interest rate.
Interest Rate of SBI with Different CIBIL Scores
According to SBI’s website, customers with a CIBIL score above 800 are eligible for a home loan at 11 percent. CIBIL score between 700 and 799 will get home loan in 12 percent. 700 to 749 CIBIL score is 13 percent and 650 to 699 will get home loan at 14.5 interest rate. While availing a personal loan from the bank, the customer has to pay some processing fee. SBI has a processing fee of 0.35 to 0.50 percent. GST is also levied on this. If you have a CIB score of 800, you can get a home loan at an interest rate of 11 to 15 percent.
According to SBI’s home loan calculator, if you take a personal loan of Rs 45 lakh for 20 years at this interest rate, you will have to pay Rs 172,1472 to the bank as interest. This means that including the principal and interest, you will have to pay Rs.37,21,472.
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