Description: A SBI personal loan is a type of unsecured loan where the borrower does not put collateral (such as home equity) down. In return for the money borrowed, borrowers agree to pay interest on their loans.
Lenders offer personal loans for many reasons; however, they may only make loans if borrowers have good credit history and provide proof of employment. Borrowers who cannot afford to repay their debts may be charged fees and interest rates that vary depending on the lender.
Banks and lenders may charge higher interest rates than alternative lenders. Interest rates for personal loans range from 8% to 40%.
Interest Rates:
8% – 15% APR
15% – 25% APR
25% – 35% APR
35% – 45% APR
45% – 55% APR
55% – 65% APR
65% – 75% APR
75% + APR
Income Requirements:
Low income borrowers often qualify for low-interest loans. However, these types of loans require a minimum monthly payment based on the amount of the loan. Borrowers should check with their lender to find out what their minimum payment would be.

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