Big expenses don’t wait for the “right time.” In 2026, with rising education costs, medical bills, travel plans, and home upgrades, many Indians are exploring ₹10 lakh personal loans from trusted public sector banks. State Bank of India and Punjab National Bank have introduced updated interest rates, digital approval systems, and flexible EMI options this year. If you’re considering a ₹10 lakh loan, here’s a clear and practical breakdown of what SBI and PNB are offering right now.
SBI Personal Loan Rates Revealed
State Bank of India continues to attract borrowers with competitive personal loan interest rates in 2026. The final rate depends on your credit score, income stability, and employment type. Salaried individuals with strong repayment history often receive better rates. SBI usually offers repayment tenures ranging from one to six years for a ₹10 lakh loan. Processing charges apply as per bank policy. Existing SBI salary account holders may get faster approvals and preferential interest benefits.
PNB Loan Offers Getting Attention
Punjab National Bank has also refreshed its personal loan structure this year. Interest rates vary based on credit profile and banking relationship. PNB focuses on flexible EMI options, making repayment easier for middle-income borrowers. Government employees and pensioners may receive special consideration under select schemes. The bank’s digital loan application system has improved significantly in 2026, allowing customers to apply, upload documents, and track approval status without frequent branch visits.
EMI Calculation Matters Most
A ₹10 lakh loan EMI depends mainly on interest rate and tenure chosen. A longer tenure reduces monthly EMI but increases overall interest paid. A shorter tenure saves interest but raises monthly repayment burden. Most borrowers choose a three to five year repayment plan to balance affordability and total cost. Using official EMI calculators available on SBI and PNB websites can help you plan better and avoid financial pressure during the repayment period.
Eligibility Criteria Made Simple
Both SBI and PNB follow standard eligibility norms for personal loans. Applicants generally need to meet minimum and maximum age limits. Salaried individuals must show steady monthly income and job stability. Self-employed applicants need to provide income tax returns and proof of business continuity. A healthy credit score improves approval chances and may help secure lower interest rates. Banks also assess existing loan obligations before approving a fresh ₹10 lakh loan.
Documents Required For Approval
Applying for a ₹10 lakh personal loan requires basic documentation. KYC documents such as Aadhaar card, PAN card, and address proof are mandatory. Salaried applicants must submit salary slips and recent bank statements. Self-employed individuals need financial statements and tax returns. Digital submission options have reduced paperwork hassles in 2026. Accurate documentation speeds up verification and reduces the risk of rejection or delay during the approval process.
Fast Processing In Digital Era
Loan processing time has improved significantly due to digital banking upgrades. SBI and PNB both offer online loan applications with quicker internal verification systems. Pre-approved customers may receive funds within a short period after acceptance. However, final disbursal depends on document verification and eligibility confirmation. Keeping your financial records updated and credit score healthy can ensure smooth approval without unnecessary follow-ups from the bank.
Hidden Charges You Should Know
Before finalizing your ₹10 lakh loan, it is important to understand additional costs. Processing fees, prepayment charges, late payment penalties, and foreclosure rules differ from bank to bank. Always check the effective annual interest rate instead of focusing only on the headline rate. Reading the loan agreement carefully helps avoid surprises later. Transparent comparison between SBI and PNB ensures that you choose the most cost-effective borrowing option.
Final Verdict For 2026 Borrowers
SBI and PNB remain reliable choices for a ₹10 lakh personal loan in 2026. Both banks offer competitive interest rates, flexible repayment options, and improved digital services. The best option depends on your income stability, credit score, and repayment comfort. Compare EMIs, review terms carefully, and borrow responsibly. A well-planned loan can help you achieve financial goals without disturbing long-term stability, making smart borrowing the key to financial confidence this year.
