Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

If you need a personal loan instantly, you can always avail a personal loan SBFC through Bajaj MARKETS. You can avail these loans at an interest rate starting from just 14% per annum. But, you must remember that the interest rate applicable to you will depend on things such as your repayment tenor, your principal amount and your creditworthiness.

SBFC Personal Loan Interest Rate

Interest Rate

14% per annum onwards

Maximum available loan amount

₹10 lakh

Maximum repayment tenor

5 years

SBFC Bank Personal Loan Interest Rates Comparison

SBFC

14% p.a. onwards

Muthoot Finance

13.75% p.a. onwards

PaySense

14% p.a. onwards

CASHe

33% p.a. onwards

Axis Bank

10.49% p.a. onwards

Bajaj Finance Limited

14% p.a. onwards

KreditBee

14% p.a. onwards

Prefr Partners

21% p.a. onwards

EarlySalary

24% p.a. onwards

Fullerton

12% p.a. onwards

Yes Bank

10.70% p.a. onwards

Factors Affecting SBFC Personal Loan Interest Rates

Some of the things that directly affect your SBFC personal loan interest rates are:

Your income: If your monthly pay is on the lower end of the specified income criteria, you will probably get a SBFC personal loan at a higher interest rate. On the other hand, if you are making more money, the SBFC will think of you as a creditworthy applicant and thus may grant you the personal loan at a lower interest rate.

Your CIBIL score: Your CIBIL score is an indicator of your creditworthiness. If your CIBIL score is 750 or above, it will say that you can repay your SBFC personal loan as per the agreed-upon terms, and as a result, you may get the loan at a favourable interest rate. If your credit score is lower than that, you may still get a SBFC personal loan, but at a higher interest rate.

Repayment tenor: If you are going for a longer loan repayment tenor, your personal loan will attract a higher lending rate as it will raise questions on your overall repayment capability. But, if you choose to go for a shorter repayment tenor, SBFC may give you a personal loan at a lower rate of borrowing.

Principal amount: If you take up a large sum of money as a SBFC personal loan, you may have to pay a higher interest rate as almost any lending institution will think that lending a high amount as a loan comes with a high amount of risk. But, small loan amounts would translate to a lower amount of risk for the lender, hence you may get a small personal loan at a lower rate of borrowing.

Important Things to Know About SBFC Personal Loan Interest Rates

Two very important things you should know about SBFC personal loan interest rates are:

  • Know the type of interest rate your SBFC personal loan attracts: There are two types of interest rates that loans attract, namely floating and fixed rates. Under the fixed interest rate system, your interest payable will remain constant throughout your tenor. But, under the floating interest rate system, your interest rate can change due to factors either external to SBFC or internal. You choose between the two kinds of interest rate systems and go with the one you would be most comfortable with.

  • Interest rate is not the only kind of charge that is levied: Other than the interest rate, your SBFC personal loan attracts a late payment fee, a processing fee and you may even have to pay charges associated with repaying the loan before the end of the repayment tenor too. You must ask the lender about each and every such cost associated with your personal loan and accordingly make a borrowing decision.

Frequently Asked Questions

  • ✔️What is SBFC Personal Loan interest rate?

    The SBFC gives Personal Loans at a very reasonable interest rate. These interest rates are generally deducted depending on several factors which determine the borrower's profile. The actual SBFC Personal Loan interest rate decreed to a borrower fluctuates depending on his profile, amount of loan, tenure, terms of reimbursement, location, etc. However, the SBFC Personal Loan interest usually remains 14.0% to 19.5% per annum.

  • ✔️Who can avail a Personal Loan from SBFC?

    Any salaried individual who is an employee or self employee can avail of a Personal Loan from SBFC. Although there are several criteria to be eligible to avail of a Personal Loan. Some of them are his credit score, CIBIL score, age, minimum salary, work experience, work reputation or work type etc. However, there might be several other criteria put on by a lender and this is based on case to case.

  • ✔️What is the minimum and maximum loan amount that I can avail of as a Personal Loan from SBFC?

    The minimum loan amount that you can avail as a Personal Loan from SBFC is ₹50,000 and the maximum loan amount that you can avail as a Personal Loan from SBFC is ₹10 lakh.

  • ✔️Which method does SBFC use to calculate the interest payable on its Personal Loans?

    SBFC uses an EMI calculator to evaluate the interest payable on its Personal Loans in a very simple and easy way. This entire process is very simple and time-saving. All you have to do is provide the required data and get the result in no time. The given below is the formula by which SBFC calculate the interest payable on its Personal Loans:

    EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

    Here,

    EMI, P, R and N are the Equated Monthly Installment, the Principal Loan Amount, the Monthly Interest Rate and is the Number of Monthly Installments respectively.

  • ✔️How can I repay my SBFC Personal Loan?

    You will get an utmost of 5 years’ period that is 60 months to reimburse your Personal Loan amount. You can reimburse it within this period through EMIs without facing any hassle.