SBI Personal Loan: An emergency can come in life at any time. Many times people suddenly need money for important things like medical emergencies or marriage. In such a situation, many people are not able to save money for difficult times. In such a situation, many people fulfill their needs by taking a loan from the bank.
The bank gives personal loans to meet the personal needs of the people. If you are also planning to take a personal loan from the bank to meet your personal needs, then you can take a personal loan from SBI, the largest bank in the country.
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SBI provides personal loans to its customers at a very good interest rate. Keep in mind, that the interest rates of personal loans are higher than other loans. Therefore, take personal loans from the bank only for important work.
Who will get a cheap personal loan from SBI
Talking about the interest rates of SBI’s loan, SBI provides personal loan to its customers at an initial interest rate of 12.60 percent, but SBI provides personal loan to some people at a lower interest rate. These people are employees of the state and central government. This includes employees of sectors like police, railways. SBI offers loans to such people at an initial interest rate of 11.60 percent. This special rate is a big relief for government employees.
EMI on ₹5 lahks personal loan
If a government employee takes a personal loan of ₹5 lakh from SBI for 5 years, he will have to pay an EMI of ₹11,021 every month. In this case, ₹1,61,285 will have to be paid as interest only. This calculation is important to understand before taking a loan.
Taking a personal loan from SBI can be a good option in emergencies, especially for government employees. Low interest rates and easy EMI options make it attractive. Before taking a loan, assess your financial situation and understand the loan terms carefully.