Apply for Personal Loan

Preliminary Information
Personal Details ( Please enter your name as per PAN card )
Permanent Address (Same as above)
Employment Details

State Bank of Patiala Personal Loan Interest Rates -

The personal loan offered by State Bank of Patiala comes with floating interest rates followed by two benchmarks for determining the applicable interest rates. Moreover, those who availed loan after 1st April 2016 will be charged with MCLR benchmark and the rest can go for either MCLR or their existing base rate benchmark.

Marginal Cost of Funds Based Lending Rate (MCLR) by State Bank of Patiala (for new applicants):

The MCLR based benchmark was introduced by State Bank of Patiala following the directives of RBI due to numerous financial aspects such as CRR, operating costs, repo rates and more. 9.5% annually is the existing benchmark rate at State Bank of Patiala for one year.

Interest Rates on Personal Loan (MCLR):

Depending on the check-off facility prevailed by the applicant from the bank, the payable interest will be determined.

Parameter Interest Rate
With Check-off facility 12.50% (MCLR + 3% = 9.50 + 3­) 
Without check-off facility 14.50% (MCLR + 5% = 9.50 + 5)
Prime and Base Lending rates from SBP (existing customers):
Prime Lending Rate 15% yearly
Base Lending Rate 9.65% yearly
Personal Loan Interest Rates by State Bank of Patiala (Base Rate):

The individuals can continue with their existing payment options if they availed the personal loan before the introduction of MCLR benchmarks or else, they can opt for a new platform. In addition, they will have to pay the rate of interest as per the base rate, where certain percentage points are added above the base rate by the State Bank of Patiala. On the other hand, there are numerous factors that will determine the final payable interest where it can be modified or changed by the bank whenever required.

Kindly Note: The above-mentioned interest rates are liable to change, and the borrower might not get informed about it.