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    Home»Business»Financial Services»Let’s Just Know SBI Personal Loan Interest Rate Better
    Financial Services

    Let’s Just Know SBI Personal Loan Interest Rate Better

    AngelineBy Angeline3 Mins Read
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    So finally after deciding to avail a personal loan online, next thing you need to pay attention to is the interest rate. Now you must be wondering why so? Well, rates are no doubt one such crucial factor that plays a vital role in your overall loan journey. After all, they are the deciding factor that can either make or break the situation for you.

    So, if you are someone who is willing to apply for SBI personal loan, all you need to know about the rates. Let’s just take a look at the article below to know more..

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    Talking about SBI personal loan interest rate currently, the lender is offering the two schemes under which different rates have been offered by the bank. So, without wasting any time further, let’s get started and talk about the rates in the article below…

    Xpress Credit: Talking about this scheme, it is basically for the salaried individuals from different domains. No matter what needs you have, this credit facility comes handy to meet all your requirements in the best way. Depending on the creditworthiness and cibil score of a borrower, the lender has classified the rates into different categories:

    Facility Type: Term Loan, CIBIL TU Score: No Check Off,  2 Year MCLR:8.25%, Spread Over 2 Year MCLR:3.40%-6.40%, Effective Interest Rate with No Reset Period: 11.65% -14.65%

    Facility Type: Term Loan, CIBIL TU Score:Check Off,  2 Year MCLR:8.25%, Spread Over 2 Year MCLR:2.90% -5.90%, Effective Interest Rate with No Reset Period: 11.15% -14.15%

    IT Employees Scheme: This scheme is especially for the employees of IT companies. Those who work in a reputed IT firm or MNC can apply for this unsecured credit facility hence can fulfill their needs in the best way. However, one thing that needs to be mentioned here is the fact that the differentiation of the rates is based on the credit score. Let’s just know more about the same in the article below:

    Credit Info Bureau Score: 750 or above, 2 Year MCLR: 8.25%, Spread Over 2 Year MCLR: 4.80%, Effective Interest Rate with No Reset Period:13.05%

    Credit Info Bureau Score: 550-749, 2 Year MCLR: 8.25%, Spread Over 2 Year MCLR: 5.80%, Effective Interest Rate with No Reset Period:14.05%

    Credit Info Bureau Score: Less than 550 / No Score, 2 Year MCLR: 8.25%, Spread Over 2 Year MCLR: 6.80%, Effective Interest Rate with No Reset Period:15.05%

    Non Permanent Employees

    This scheme is for Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute. Let’s just take a look at the personal loan interest rate online below.

    Check-off Category-I * :430 bps above 2 yr MCLR i.e. 12.55%, Check-off Category-II * :

    640 bps above 2 yr MCLR i.e. 14.65%

    The scheme also covers Co-operatives/ Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates

    Check-off Category-I * :505 bps above 2 yr MCLR i.e. 13.30%, Check-off Category-II * : 665 bps above 2 yr MCLR i.e. 14.90%

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    I’m Angeline (P.S. my friends call me Angie), a DIY and home interior obsessed US girl, and keen lover of travel, fashion, love and Italian food.I love travelling, enjoying amazing food and wine and style of all kinds. This is my happy place and really a creative corner of the world to share my simple, complex, entertaining and inexpensive projects, colourful lifestyle, budget travels ideas.

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