Check Your Monthly EMI if You Take a ₹2 Lakh Loan from SBI
SBI Personal Loan: Know the Monthly EMI and Interest Rates for ₹2 Lakh Loan – Get Clear on Repayments and How SBI Makes It Easy to Borrow with Competitive Rates
- SBI Personal Loan: ₹2 lakh loan with 11.35% interest rate.
- EMI Breakdown: Pay ₹9,355 monthly for 2 years.
- Eligibility: Easy loan approval for salaried individuals with required documents.
SBI Offers Personal Loan at 11.35% Interest, Know Your EMI
Getting a personal loan has become easier than ever, and the State Bank of India (SBI) is offering loans at competitive rates. If you are in urgent need of funds, an SBI personal loan could be a quick solution. However, before you apply, it’s crucial to understand the interest rates, EMI, and eligibility criteria.
How Much EMI for ₹2 Lakh Loan?
If you take a ₹2 lakh personal loan from SBI for a tenure of 2 years (24 months) at an interest rate of 11.35%, your total repayment will be ₹2,24,521. This includes ₹24,521 as interest, and your monthly EMI would be approximately ₹9,355.
SBI offers flexible repayment tenure ranging from 6 months to 72 months, depending on your loan amount and eligibility. Choosing a shorter tenure may help you save on interest, while a longer tenure reduces your monthly EMI burden.
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Who Can Apply & What Documents Are Needed?
Salaried individuals have a higher chance of loan approval as banks consider their stable income. If you are employed, you need to provide the following documents:
- Salary slip
- Bank account statement
- Aadhaar card
- Passport-size photograph
If your credit score is 750 or above, you are likely to get a better interest rate. A lower credit score might result in loan rejection or higher interest rates.
Should You Take a Personal Loan?
While a personal loan can be a lifesaver in emergencies, it’s essential to borrow wisely. Since personal loan interest rates are higher than other types of loans, it’s advisable to take only the amount you can comfortably repay.
If you need immediate funds, SBI’s personal loan could be a good option, but ensure you compare offers and check your financial stability before making a decision. 🚀
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