SBI Interest Rate – Factors Affecting it

A lot of people ask us how an SBI interest rate calculator works. The simplest way to explain it is that when you enter in the data required by the SBI calculator such as the loan amount, the amount of interest to be paid, and the repayment term, you will get back the resulting figure, which we call the interest rate. Sometimes, other factors such as loan amount, repayment term, and lender’s parameters are also taken into consideration.

In most cases, the results shown by the SBI interest rate calculator are reliable as long as they are done on a yearly average basis. However, one can also get a more accurate result by calculating using the past 3 years instead of the annual average.

sbi interest rate state bank of india

Most loan companies these days have their own websites where you can easily calculate the interest rate on their loans. You can just log into the site and use the easy to understand, but very useful SBI interest rate calculator.

If you are not very comfortable with the calculations, you can simply call or consult with a member of the staff in the customer service department. But remember that the interest rates shown here are only indicative only. The actual interest rate may vary from company to company and if you are refinancing your loan, the current interest rate cannot be used.

SBI savings account interest rate:

SBI provides various kinds of SBI savings account interest rates, which is very useful for the common man.

Savings Bank deposit slabsExisting Rate of InterestRevised Rate of Interest w.e.f. 31.05.2020
SB Deposit accounts with balances up to Rs. 1 lakh2.75% p.a2.70% p.a. 
SB Deposit accounts with balances above Rs. 1 lakhi) 2.75% p.a. for balance upto Rs. 1 lakh, ii) 2.75% p.a. for balance above Rs. 1 lakh.i) 2.70% p.a. for balance upto Rs. 1 lakh, ii) 2.70% p.a. for balance above Rs. 1 lakh

They offer various interest rate packages depending upon the type of loan you want to take. So whether it is a home loan or a car loan or an interest rate swap, SBI has everything for you! In fact, the SBI even offers the facility of a saving account along with various kinds of personal loans.

SBI home loan interest rate:

SBI home loan interest rate fluctuates every time. Normally the Home loan interest rate is 6.80% to 7.15%

Saving accounts from SBI attract a number of customers who can make good savings through this option. The saving account allows the borrowers to deposit money regularly without having to worry about their interest rate.

Moreover, since the amount deposited into the savings account is tax-free, the amount can be used for any purpose. The more amount deposited, the better as far as the interest rate is concerned.

LOAN AMOUNTSALARIED
TERM LOANMAXGAIN
Up to Rs 30 LacsEBLR+ 15 bps ER: 6.80% (ER: Effective Rate)EBLR+ 50 bps ER: 7.15%
Above Rs 30 Lacs to Rs 75 LacsEBLR+ 40 bps ER: 7.05% EBLR+ 75bps ER: 7.40% 
Above Rs 75 LacsEBLR+ 50bps ER: 7.15% EBLR + 85bps ER: 7.5% 
You can directly calculate home loan interest click here

One important benefit offered by the saving account from SBI is the option of having the loan directly deposited in your savings account. This way, the borrowers do not have to worry about the interest rate. The saving account helps the customers to get the loan without much hassle. There are no obligations involved.

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State Bank Of India – SBI gold loan interest rate:

SBI offer gold loan interest rate of 7.30%.

Interest Rate 7.30% p.a. onwards 
Loan Amount Up to Rs.50 lakh 
Loan Tenure Up to 3 years 
Processing Fee 0.25% of the loan amount + GST 

The SBI has different kinds of home and car loans available. While the car loan is usually of low interest rate, you can also look out for home loans. However, the repayment term may be a little long. You can check out the different rates offered by SBI. Compare them and choose the one that best suits you.

SBI car loan interest rate

It is important to remember that the interest rate that is fixed by the state bank of India will stay the same for the next few years. However, there are very low rates available at present. Hence, it is advisable to shift to these rates in the future to reduce the monthly installment amount. This way you can pay off your loan easily without much stress.

SBI FD interest rate

SBI FD interest rate is pretty attractive for Indian customers. State Bank of India offers 2.90% to up to 6.20% interest rate on Fixed deposit

The SBI offers an online banking facility so that you can manage your finances more easily. You can get all the information regarding the interest rates and terms and conditions related to SBI on the web. If you are looking for making an online deposit, it is recommended that you check out the terms and conditions offered by various banks before you make the decision. Some of the banks do offer better interest rates than the other banks. Hence, it is advisable to choose the bank that gives you a reasonable interest rate.

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