State Bank of Mysore charges 17.25% on its personal loans. Currently, the applicable base rate of the bank is 10.00%. Your income level, loan repayment capacity and the amount of assets you have – these are some of the factors that may affect your SBM personal loan interest rates in 2015
SBM Personal Loan Interest Rates 2018
| Particulars | Salaried | Self-employed |
| Interest rate | 16.55% p.a. | 16.55% p.a. |
| Loan Amount | Up to Rs.1.5 lakhs | Up to Rs.1.5 lakhs |
| Loan Tenure | 1 to 3 years | 1 to 3 years |
| Lowest EMI | Rs.3,542.92 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate). | Rs.3,542.92 (for Rs.1 lakh loan amount with maximum loan tenure at the lowest interest rate). |
| Processing Fee | 1% of the total loan amount | 1% of the total loan amount |
| Age | 21 to 58 years | 21 to 58 years |
| Prepayment Charges | Nil | Nil |
How to calculate interest/ EMIs on State Bank of Mysore Personal Loan Interest Rate
There are many methods of calculating the EMIs of your personal loan. You can either use the mathematical formula or an excel. But, the quickest way and simplest way to do it is to use a Personal Loan EMI Calculator which is available online. Put the following details pertaining to your personal loan in the calculator – loan tenure, principal amount, interest rate and processing fees (if any). Then, the calculator will immediately reveal your monthly EMIs for SBM Personal Loan in 2015.
Factors affecting State Bank of Mysore Personal Loan Interest Rate
You need to know a few things about personal loan interest rates before you apply for a personal loan with State Bank of Mysore in 2015. The bank may consider the following factors before it finalizes its personal loan interest on your personal loan.
- Work related information: If you work in a reputed organization and your probation period is over, you may receive reduced rate of interest on your personal loan. Besides, if you possess a considerable amount of assets, you may be able enjoy privileged rate of interest. The bank may have different parameters of considering interest rates for salaried and self-employed individuals.
- Relationship with SBM: Having a good relationship with State Bank of Mysore may help you get lower rate of interest on your personal loan. SBM may offer special interest rate on your personal loan, if you are a trusted customer of the bank.
- Tenure of the loan: If you take a personal loan from State Bank of Mysore for a longer tenure, you may be charged cheaper rate of interest on your personal loan.
- Capacity for repayment: SBM may take into consideration your personal loan repayment capacity while determining its personal interest rates in 2015. Your SBM Personal Loan interest rate in 2015 may get affected by your capacity for repayment. If the bank thinks you can repay your loan without any delay, it may offer you preferential rate.
Key things you should know about State Bank of Mysore Personal Loan Interest Rates
There are certain things of which you can’t be ignorant when it comes to take a personal loan. You need to know the key things and terms related to personal loan interest rates. Listed below the major things you should be aware of:
- State Bank of Mysore may accept securities such as LIC policies, KVIP, NSC and Shares.
- When SBM’s repo rate goes up, your personal loan interest payment will also go up, if you opt for floating rate of interest.
- In fixed rate loans, you pay a fixed amount of interest for the whole tenure. But, in floating rate loan, your interest payment varies as per the changes in bank’s prime lending rate.
- A good credit history may help you receive preferential rates of interest on your personal loan taken from State Bank of Mysore in 2015.
- It is also important you know how to calculate your EMIs and interest rates on your SBM Personal Loan.
