SBI Personal Loan at a glance
SBI's Xpress Credit personal loan is one of the cheapest unsecured products in the market for salaried borrowers, usually a few points below what private banks quote. It is restricted to salary-account customers in most cases.
Tenure caps at seven years, so the EMI is driven mostly by the amount borrowed. Against a private bank at 15%, the saving on a ₹5 lakh loan is roughly ₹1,000 a month — worth the extra paperwork.
Monthly EMI at 13.35%
What the instalment looks like at the indicative rate, across the amounts people most often borrow and the tenures most often chosen.
| Loan amount | 2 yr | 3 yr | 5 yr |
|---|---|---|---|
| ₹2,00,000 | ₹9,541 | ₹6,773 | ₹4,587 |
| ₹5,00,000 | ₹23,853 | ₹16,931 | ₹11,466 |
| ₹10,00,000 | ₹47,706 | ₹33,863 | ₹22,933 |
How SBI compares
Same product, same amount (₹5,00,000) and tenure (60 months). The EMI column uses the midpoint of each bank's published range, so it is a like-for-like comparison rather than a best-case quote.
| Bank | Indicative rate | Monthly EMI |
|---|---|---|
| Kerala Gramin Bank | 11.00% – 14.50% | ₹11,313 |
| South Indian Bank | 11.50% – 15.50% | ₹11,505 |
| Canara Bank | 11.25% – 16.00% | ₹11,536 |
| Federal Bank | 11.25% – 16.50% | ₹11,603 |
| HDFC Bank | 10.50% – 21.00% | ₹12,093 |
Rates compiled 28 October 2026 and indicative only. Your offer depends on credit score, income and loan-to-value ratio.
What an extra ₹2,000 a month would do
Same loan, same rate, one extra payment every month. This is the cheapest way to cut the total cost of any loan.
| Scenario | Monthly payment | Loan closes in | Total interest |
|---|
Floating-rate home loans to individuals carry no prepayment penalty in India. Personal and car loans often charge 2–5% of the outstanding amount — check before you prepay.
Frequently asked questions
What credit score does SBI want for a personal loan?
750 or above gets the best pricing. Between 700 and 750 you may still be approved at a higher rate, and below 700 approval is difficult without an existing banking relationship or collateral.
Can I prepay my SBI personal loan?
Usually after 6 to 12 EMIs, with a foreclosure charge of 2–4% of the outstanding principal. Check the sanction letter before you plan an early exit.
How much can I borrow on my salary?
Commonly up to 24 times your net monthly salary, capped by the product limit and by keeping the EMI under about 50% of income after other obligations.
What is the EMI on a ₹5 lakh SBI personal loan?
At the indicative rate of 13.35% over 5 years the EMI is about ₹11,466. Over 60 months that totals ₹6,87,979, of which roughly ₹1,87,979 is interest.