To be eligible for SBI Personal Loan, you will have to meet the personal loan eligibility criteria of the bank. For salaried applicants, they must be an Indian resident, aged between 21 to 58 years, earning at least Rs. 15,000 per month, and must have a work experience of minimum 1 year. The eligibility criteria may vary for self-employed and salaried applicants. You can use Eligibility Calculator to know your eligibility.
Below are the SBI personal loan eligibility criteria in detail based on the age, income, and credit score of the borrower.
To be eligible for SBI Xpress Credit and SBI Quick Personal Loan, you must be aged at least 21 years when applying for the loan and below 58 years when the loan matures.
For SBI personal loan to pensioners, you should be below 76 years of age when applying for the loan and up to 78 years when the loan matures.
For SBI Xpress Credit, individuals must have a salary account with SBI. The minimum monthly income should be Rs. 15,000 and the EMI/NMI Ratio should be less than 50%.
For SBI Quick Personal Loan, individuals should have a salary account with any other bank. The minimum monthly income should be Rs. 15,000 and the EMI/NMI Ratio should be less than 50%.
For SBI Pension Loan, EMI/NMP ratio should not exceed 33% for Family Pensioners 50% for other types of Pensioners.
For SBI personal loans, your minimum CIBIL score should be 750 or above. If you have a score of 750 or above, your chances for personal loan approval at SBI will be higher.
Additional Info: Also check SBI Personal Loan Statement.
You can use SBI EMI Calculator to check your SBI personal loan eligibility. Using this calculator can help you know your repayment capacity and manage your budget wisely. You can also use the SBI Personal Loan EMI Calculator available on our website. All you need to do is enter the loan amount, rate of interest and tenure of repayment to know the result instantly.
SBI offers personal loans only to salaried employees. However, if you are a self-employed professional with a regular income source, you can apply for SBI personal loan. The SBI personal loan eligibility criteria for self-employed are:
Additional Info: Also check SBI Balance Check Number
Here's are few points to be eligible for SBI Pension Loan for retired people.
Also Check: SBI Overdraft Facility in detail.
There are many factors that affect the SBI Personal Loan eligibility:
Also Check: SBI Mini Statement Online.
|Personal Loan Eligibility by Banks|
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SBI offers a Personal Loan at an attractive interest rate and low processing fee, making it affordable and convenient for you to repay your Personal Loan timely.
Generally, SBI takes anywhere between 2-7 days to decide on your request from the time of loan application.
Generally interest rate on Personal Loans from SBI is between 9.60% - 15.65%, depending on the profile of the applicant.
Personal Loan amounts offered by SBI vary from Rs. 25,000 to Rs. 20 Lakhs depending on the eligibility of the applicant.
Yes, SBI charges up to 3% prepayment charges on Personal Loans.
The minimum tenure for an SBI Personal Loan is 6 months while the maximum tenure for a Personal Loan from SBI is 60 months.
Yes, you can add the income of the spouse with your income while applying for a Personal Loan. This will make you eligible for a higher loan amount.
1.50% of the loan amount, minimum Rs. 1,000 + GST & maximum Rs. 15,000 + GST
Age is an important criterion for the Personal Loan. A Personal Loan applicant at SBI should be between the age of 21 and 58 years.