From SBI's housing loan to car loan to education loan, the country's largest bank offers a variety of loans under its personal finance portfolio. SBI or State Bank of India offers loan schemes such as housing loan, education loan and auto loan, among others, based on its MCLR or marginal cost of funds-based interest rate. Its interest rates applicable to different loans vary, depending upon the class of loan and term, among other factors. On its housing loans up to Rs 30 lakh, for example, SBI charges an effective interest rate of 8.35-8.50 per cent, according to its website - sbi.co.in. For car loans, SBI charges a rate of interest ranging of 8.90 per cent to 9.40 per cent, according to the SBI website.
SBI's current rates of interest on loans are based on a one-year marginal cost of funds-based lending rate (MCLR) of 8.15 per cent, according to the bank's website. MCLR or marginal cost of funds-based lending rate is the minimum interest rate below which a bank cannot lend. (Also read: SBI hikes lending rate (MCLR) for first time since April 2016)
Here are different interest rates charged by SBI on its housing loans, auto loans and education loans:
SBI housing loan
SBI's home loan portfolio includes regular home loan, balance transfer home loan and NRI home loan. The minimum interest rate charged by SBI on its home loans is 8.35 per cent. This rate, 20 basis points above the MCLR, is applicable on loans up to Rs 30 lakh to salaried women borrowers, according to the SBI website. For other salaried borrowers, SBI charges a rate of interest of 8.4 per cent for loans up to Rs 30 lakh - 25 basis points above the one-year MCLR and 5 basis points above the rate offered to salaried women.
For the non-salaried individuals, SBI charges a rate of interest of 8.45-8.50 per cent on loans up to Rs 30 lakh, according to the bank's website. For non-salaried women borrowers, the interest rate is 8.45 per cent and for other non-salaried individuals, it is 8.5 per cent, according to the SBI website.
SBI auto loan
With effect from March 1, 2018, SBI charges a rate of interest of 8.9 per cent to 9.4 per cent on auto loans. These loans include car loans, NRI car loan and SME retail car loans (excluding taxi, transport operators and fleet segments), according to the SBI website.
Among the offerings under its auto loan products, SBI charges a rate of interest of 17.40 per cent on two-wheelers loans (Plz check the rate). This rate is 9.25 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website. SBI charges a rate of interest of 11.8 per cent on loan to own a super bike. This rate is 3.65 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website.
SBI education loan
SBI charges different types of loans for education, including student loan, scholar loan and loan to study abroad. For its student loan scheme, under which SBI offers up to Rs 10 lakh for study in India and Rs 20 lakh for studies abroad, the bank charges an effective rate of interest of 10.15 per cent for loans up 10 Rs 7.5 lakh, with effect from March 1, 2018, according to its website. For loans above Rs 7.5 lakh, the rate is 10.90 per cent, according to the SBI website. SBI offers a concession of 0.50 per cent on interest rates for female students. "One per cent concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including the course duration," SBI mentions.