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News18
4 days ago
- Business
- News18
SBI Personal Loan Guide July 2025: Schemes, Rates And Charges Explained
Last Updated: In July, SBI offers personal loan interest rates between 10.30 per cent and 15.30 per cent per year. The State Bank of India (SBI) continues to be one of the top choices for personal loans in July this year. With various loan schemes designed for salaried individuals and pensioners, SBI offers competitive interest rates, flexible eligibility, and convenient repayment options. Whether you are a government employee, private-sector worker, or pensioner, there is likely an SBI loan plan that fits your needs. You can check the updated interest rates and processing fees for SBI personal loans in July below: Interest Rates on SBI Personal Loans As of July 2025, SBI's personal loan interest rates are linked to the 2-year Marginal Cost of Funds based Lending Rate (MCLR), which is currently 9.05 per cent (effective from March 14, this year). On top of this, the bank adds a spread ranging from 1.25 per cent to 6.25 per cent, depending on your credit score, income, employer category, and your relationship with the bank. This brings the effective interest rate to a range between 10.30 per cent and 15.30 per cent per annum. Processing fees As per Mint, SBI charges a processing fee of up to 1.5 per cent of the loan amount, which can vary from Rs 1,000 to Rs 15,000, plus GST. If you choose to repay your loan early (for fixed-rate loans), you will need to pay a foreclosure fee of 3 per cent of the prepaid amount. Meanwhile, missed EMIs attract a penal charge of 2 per cent per month on the overdue amount. In addition, actual charges can vary based on your profile. – Under the Xpress Elite scheme, government, PSU, and defence employees with SBI salary accounts get rates of about 11.45 per cent to 11.95 per cent. – For private sector employees, the rates range between 11.60 per cent and 14.10 per cent. – The Xpress Credit scheme targets salaried professionals in corporates, with rates from 12.60 per cent to 14.60 per cent. – New or entry-level employees can consider Xpress Lite, with lower rates starting at 10.30 per cent and going up to 12.10 per cent. Pension Loan Options SBI also caters to pensioners. Government retirees can avail of loans at rates between 11.15 per cent and 11.65 per cent, while defence pensioners under the Jai Jawan Pension Loan scheme are charged a flat 11.15 per cent. For pre-approved pension loans for existing customers, the rate also stands at 11.15 per cent. These loans often have reduced processing fees. How to Calculate Your EMI Your loan EMI will depend on the loan amount, interest rate, and tenure you choose. Higher loan amounts or longer tenures lead to higher EMIs. To plan better, you can use SBI's EMI calculator on their website to estimate your monthly repayment. view comments First Published: July 09, 2025, 13:02 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hans India
23-04-2025
- Business
- Hans India
Four held in Rs 8 cr bank fraud case
Bhubaneswar: The Economic Offences Wing (EOW) on Monday arrested four fraudsters in connection with Rs 8.1 crore bank fraud case here, officials said. The EOW revealed that accused persons -- Smruti Ranjan Sethy and M Dibyashree Jyoti Ranjan -- were arrested from Jagatsinghpur district while the police officers nabbed accused -- Niranjan Behera and Debasish Behera -- from Nayapalli area of Bhubaneswar. These arrests were made in connection with a case registered on the written report of Shiba Sundara Sahoo, Regional Manager, State Bank of India, Regional Business Office, Bhubaneswar, on April 7. Sahoo in his complaint alleged that the accused persons by entering into a conspiracy availed 234 Xpress credit loans amounting to Rs 8.1 crore from different branches of the State Bank of India during 2021 and 2023 using fake and fabricated documents. They produced forged employment records as employees of different organisations like Capital Trust Ltd., Corporate Infotech Pvt. Ltd., Falcon Marine Exports Ltd., G4S Secure Solutions Pvt. Ltd., Global Innovsource Solutions, Innovsource Services Pvt. Ltd., Muthoot Microfin Ltd., Narayana Hrudayalaya Ltd., Orion Security Services Solutions Pvt. Ltd. etc. 'The accused persons in connivance with the loanees and others managed to avail 234 Xpress Credit loans meant for the corporate sector in favour of 234 different ineligible individuals by producing fake/fabricated employment records like salary certificate, employment details, bank statements and KYC documents. After availing the loan by fraudulent means, the loanees stopped making payment of the EMI and the loan accounts became NPA leaving the outstanding amount of Rs 4,77,96,009,' the EOW said. During the investigation, the policemen also ascertained that Rs 19,08 lakh, Rs 2.42 lakh, Rs 94,000 and Rs 50,000 have been transferred to the accounts of Smruti Ranjan, Dibyashree, Niranjan and Debasish respectively, from the loan account of the loanees. The police also said that the accused persons were acting as middlemen in preparing the fake documents for financial gain. Police, during the arrest of the accused, have also seized many incriminating materials like one laptop and five mobile phones from their possession. The accused were on Monday produced before the Odisha Protection of Interests of Depositors court, Cuttack, which later sent them to 14-day judicial custody.
Hans India
21-04-2025
- Business
- Hans India
Four held in Rs 8.1 cr bank fraud case in Odisha
Bhubaneswar, April 21: The Economic Offences Wing (EOW) on Monday arrested four fraudsters in connection with a Rs 8.1 crore bank fraud case here, officials said. The EOW in a press statement revealed that accused persons -- Smruti Ranjan Sethy and M. Dibyashree Jyoti Ranjan -- were arrested from Jagatsinghpur district while the police officers nabbed accused -- Niranjan Behera and Debasish Behera -- from Nayapalli area of Bhubaneswar. These arrested were in connection with a case registered on the written report of Shiba Sundara Sahoo, Regional Manager, State Bank of India, Regional Business Office, Bhubaneswar, on April 7. Sahoo in his complaint alleged that the accused persons by entering into a conspiracy availed 234 Xpress credit loans amounting to Rs 8.1 crore from different branches of the State Bank of India during 2021 and 2023 using fake and fabricated documents. They produced forged employment records as employees of different organisations like Capital Trust Ltd., Corporate Infotech Pvt. Ltd., Falcon Marine Exports Ltd., G4S Secure Solutions Pvt. Ltd., Global Innovsource Solutions, Innovsource Services Pvt. Ltd., Muthoot Microfin Ltd., Narayana Hrudayalaya Ltd., Orion Security Services Solutions Pvt. Ltd. etc. "The accused persons in connivance with the loanees and others managed to avail 234 Xpress Credit loans meant for the corporate sector in favour of 234 different ineligible individuals by producing fake/fabricated employment records like salary certificate, employment details, bank statements and KYC documents. After availing the loan by fraudulent means, the loanees stopped making payment of the EMI and the loan accounts became NPA leaving the outstanding amount of Rs 4,77,96,009," the EOW said. During the investigation, the policemen also ascertained that Rs 19,08,385, Rs 2.42 lakh, Rs 94,000 and Rs 50,000 have been transferred to the accounts of Smruti Ranjan, Dibyashree, Niranjan and Debasish respectively, from the loan account of the loanees. The police also added that the accused persons were acting as middlemen in preparing the fake documents for financial gain. Police during the arrest of the accused have also seized many incriminating materials like one laptop and five mobile phones, etc. from their possession. The accused were on Monday produced before the Odisha Protection of Interests of Depositors court, Cuttack, that later sent them to 14-day judicial custody.
