State Bank of India offers a personal loan with a minimum amount of S$5,000 and a maximum of S$100,000. SBI offers two different types of personal loan in Singapore:
What Are the Interest Rates for SBI Personal Loan?
The following table shows the interest rate applied with an overdraft:
|Tenure (Years)||Effective Interest Rates (p.a.)|
The following table shows the interest rate applied with a term loan:
|Tenure (Years)||Effective Interest Rates (p.a.)||Nominal Interest Rates (p.a.)|
Let us say that you opt for a term loan amount of S$30,000 for a tenure of 2 years. The Effective Interest Rate applied would be 8.00% p.a. When you input these numbers to calculate the monthly instalments, you will get the following results:
|Total Interest Cost||S$2563.65|
Note: The numbers taken here are only for the purpose of illustration and are approximates. Make sure you check with the particular bank for the actual numbers.
SBI Singapore also offers promotional interest rates quite frequently and you can check the promotional offers and interest rates on personal loans offered by other banks in Singapore here.