State Bank of Mysore Personal Loan Interest Rates

The individuals working for private sectors, government agencies, self-employed individuals and more can easily avail the facilities of personal loan offered by State Bank of Mysore. The loan can be used miscellaneous expenses (buying home appliances, etc.), personal finance requirement, traveling, education fees, marriage expenses and more.

17.25% is the interest charged by State Bank of Mysore on its personal loans. However, 10% is the current base rate of the bank. On the other hand, based on your credit history, your income, and your loan repayment capacity, the rate of interest on your personal loan will be decided by the bank.

For different tenures, different interest rates are charged by State Bank of Mysore and also depend on the requirement of the applicant.

Interest Rates on Personal Loan by State Bank of Mysore as per 2017:

Particulars

Salaried

Self-employed

Rate of Interest

16.55% on a yearly basis

16.55% on a yearly basis

Loan Amount

Maximum of Rs.1.5 lakhs

Maximum of Rs.1.5 lakhs

Loan term

Maximum loan term: 36 months

Minimum loan term: 12 months

Maximum loan term: 36 months

Minimum loan term: 12 months

EMI (Lowest)

Rs.3542.92/- per Rs.1 lakh loan amount (applicable for the maximum tenure of lowest loan amount)

Rs.3542.92/- per Rs.1 lakh loan amount (applicable for the maximum tenure of lowest loan amount)

Processing charges

From the total loan amount, 1% is charged

From the total loan amount, 1% is charged

Age

Minimum age of the applicant: 21 years

Maximum age of the applicant: 58 years

Minimum age of the applicant: 21 years

Maximum age of the applicant: 58 years

Prepayment fees

None

None

Key factors:
  • State Bank of Mysore will accept KVIP, NSC, LIC policies, etc. as securities.
  • For floating rates, the interest attached to personal loan will rise as soon as the repo rates go up.

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