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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.
Mint
09-07-2025
- Business
- Mint
SBI personal loan interest rate July 2025: Check updated rates and processing fees
The State Bank of India (SBI) provides personal loans under multiple different schemes for salaried individuals and pensioners. With competitive interest rates and wide eligibility coverage, the SBI's personal loans are one among the most sought after options in July 2025. Parameter Value 2-Year MCLR (effective 14 Mar 2025) 9.05% Interest rate spread over MCLR 1.25% - 6.25% Effective interest rate range 10.30% - 15.30% per annum Note: Actual interest rate depends on the borrower's credit profile, income level, employer category, and SBI relationship. Charge type Details Processing fee Up to 1.5% of loan amount ( ₹ 1,000– ₹ 15,000) + GST Prepayment/ Foreclosure 3% of prepaid principal (for fixed-rate loans) Penal charges 2% per month on overdue EMI Note: Actual interest rate depends on the borrower's credit profile, income level, employer category, and SBI relationship. Scheme Eligible borrowers Interest spread over MCLR Effective rate (approximately) Xpress Elite (Govt/PSU/Defence) Salary A/c with SBI 2.40% – 2.90% 11.45% – 11.95% Xpress Elite (Private) Salary A/c (Non-govt.) 2.55% – 5.05% 11.60% – 14.10% Xpress Credit (General Corporates) Salaried 3.55% – 5.55% 12.60% – 14.60% Xpress Lite Entry-level salaried ~1.25% – 3.05% 10.30% – 12.10% Note: Interest rates depend on loan amount, employer category, and credit score. Scheme Eligible pensioners Interest rate (per annum) Pension Loan (Treasury/PSU) Government pensioners 11.15%-11.65% Jai Jawan Pension Loan Defence pensioners 11.15% Pre-approved Pension Loans Existing customers 11.15% Note: Processing fees are generally lower for pension loans; check scheme terms. SBI personal loan interest rates are linked to the 2-year Marginal Cost of Funds based Lending Rate (MCLR), which stands at 9.05% as of 14 March 2025. The final interest rate is calculated by adding a spread ranging from 1.25% to 6.25% over this base rate. Consequently, the effective personal loan interest rate offered by SBI falls between 10.30% and 15.30%, depending on factors such as the borrower's credit score, the type of employer, and the specific loan scheme chosen. Do keep in mind that your SBI personal loan EMI depends on a host of factors such as loan amount, interest rate, repayment tenure. That is why a higher loan or rate means a higher EMI. You can use SBI's official EMI calculator available on the SBI website to get quick estimates. Credit score: A credit score of over 750 can help you secure lower interest rates. Employment type: Government and defence employees may receive better rates. Monthly income: Higher consistent income can improve your eligibility criteria. Employer category: Working in PSU or Category 'A' firms can help with better offers. Loan amount & tenure: Larger loans or longer terms can influence the final rate. Disclaimer: The interest rates, fees, and terms mentioned are indicative and subject to change at the bank's discretion. Always verify the latest details with SBI before applying for a loan.
