SBI PERSONAL LOAN ELIGIBILITY CRITERIA

State Bank of India is one of the largest and most trusted public sector banks and offers a wide range of financial products including personal loans. SBI personal loans are designed to provide financial assistance during times of need, whether to cover medical expenses, consolidate debt, or any other personal expenses. However, to avail of a personal loan from SBI, one needs to understand the eligibility criteria put forth by the bank. This article aims to provide a comprehensive guide to SBI personal loan eligibility by shredding light on the key factors considered by the bank when evaluating loan applications.

SBI Personal Loan Eligibility Criteria for different Personal loans.

SBI enables you to get personal loans at the lowest interest rates. Currently, the interest rate ranges from 11.05% to 14.05%. Apart from this, SBI has a vast diversity in the personal loan products that it offers, and each of them has different eligibility criteria. Let us have an outline of each personal loan product offered by SBI.

Types of Personal Loans Offered by SBI

SBI Xpress Credit (Term Loans)

Income Criteria	Minimum income of Rs 15000 per month
Age Criteria	21-58 years of age (for salaried individuals) 21-65 years of age (for self-employed individuals)
Loan Amount	Ranges from Rs 25000 – Rs 20 lakhs/24 times Net Monthly Income (NMI)
Repayment Tenure	6 months to 6 years
Other	Prepayment charges of 3% on prepaid amount

SBI Xpress Credit ( Overdraft facility)

Income Criteria	Minimum income of Rs 15000 per month
Age Criteria	21-58 years of age ( for salaried individuals) 21-65 years of age (for self-employed individuals)
Loan Amount	Ranges from Rs 5 lakhs – Rs 20 lakhs/24 times Net Monthly Income (NMI)
Repayment Tenure	6 months to 6 years
Other	Employees should be working for any of the following enterprises: State and Central Government Quasi-Government Enterprises Central Public Sector Units(PSUs) Education Institutions having National Repute Selected corporates with/without a relationship with SBI.

SBI Quick Personal Loan

Income Criteria	Minimum income of Rs 15000 per month
Age Criteria	21-58 years of age (for salaried individuals) 21-65 years of age (for self-employed individuals)
Loan Amount	Ranges from Rs 24000 – Rs 20 lakhs/24 times Net Monthly Income (NMI)
Repayment Tenure	6 months to 6 years
Other	1.50% of the loan amount is charged as a processing fee. ( Rs 1000 – Rs 15000) + GST

SBI Pension Loan

Income Criteria	Minimum income of Rs 15000 per month
Age Criteria	Maximum Age should not exceed more than 76 years
Loan Amount	Defense pensioners – up to Rs 14 lakhs Family pensions- up to Rs 5 laks Central and State government pensioners- up to Rs 14 lakhs
Repayment Tenure	Defense pensioners- 84 months Family pensioners- 60 months Central and State government pensioners- 60 months
Other	The interest rate is about 11.20% depending on your credit history and other finances

Documents required: SBI Personal Loan

General documents are required to avail of a personal loan from SBI, these are:

Duly filled application form
KYC Documents: Identity and Address proof
2 passport-size photographs
Bank account statement for the last 6 months, ITR -Form16, Latest salary slip

How to increase your chances of getting an SBI Personal Loan

Credit score

Your credit score is a crucial factor that determines your creditworthiness. SBI and other lenders use your credit score to access your repayment history and credit behavior. A higher credit score typically indicates a good credit history and increases your chances of loan approval.

Income

Your Income level is also a prime indicator of your repayment capacity. SBI assesses your income to determine whether you can comfortably manage your loan repayments. Therefore, if your income graph is high, your chances of getting the loan also increase.

Age

The age of the borrower plays a significant role during the personal loan application process. Younger applicants have the flexibility to opt for a longer tenure, resulting in lower monthly installments. On the other hand, older applicants may be offered shorter tenures as the bank prefers that the loan is repaid before the applicant reaches retirement age.

Nature of employment

A stable credit history preferably with a regular and steady income adds to your credibility as a borrower. If you are working in a respectable firm then chances are that you grab a good deal with better interest rates. Salaried individuals and self-employed individuals have different income document requirements, so you must provide the necessary proof according to your employment type.

Existing Relationship with Bank

Customer loyalty also matters during the loan approval process. If you are an existing customer then it is easier for the bank to access and verify your credit history and other general financial status. Therefore, if you are an existing customer then it will positively impact your loan application process.

Debt and Liabilities

The existing liabilities do play a significant role in the approval or disapproval of personal loans. Ongoing debts may lead to delay or rejection in the personal loan application. The lender perceives existing debts as the major reason for low repayment capacity and therefore considers providing loans to such customers a riskier option.

FAQs

Q.1 Do we require security to get a SBI personal loan?

No security is required to secure a personal loan in SBI.

Q.2 Is it mandatory to be an existing customer to avail of a personal loan from SBI?

No, it is not at all mandatory to be an existing customer to get a personal loan from SBI.

Q.3 How many days does SBI take to process a personal loan?

After filling out the loan application forms and providing the requisite documents, SBI usually takes 2-7 business days to process your personal loan.

Q.4 What is the minimum credit score required for SBI Personal loan?

A credit score of 750 or above is required to secure an SBI Personal loan.

Q.5 What is the income eligibility criteria to get a personal loan from SBI?

The minimum income of the borrower must be Rs 15000 to get a personal loan from SBI.