SBI Personal Loan Eligibility

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.

SBI Bank Personal Loan Eligibility Criteria

Below are the SBI personal loan eligibility criteria in detail based on the age, income, and CIBIL score of the borrower.

Eligibility Based on Age

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.

Eligibility Based on Salary

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.

Eligibility based on CIBIL Score

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.

How can I Check my SBI Personal Loan Eligibility?

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 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 Personal Loan Eligibility for Self-Employed

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:

  • Age: 21 - 58 years
  • Minimum work experience: 1 year
  • Salary account: With SBI or any other bank.
  • Minimum net monthly income: Rs. 15,000.
  • EMI/NMI Ratio: Less than 50%

SBI Personal Loan Schemes Eligibility

Eligibility for SBI Xpress Credit 

  • Employees should be working for any of the following lists of enterprises:
  • State and Central Government
  • Quasi-Government Enterprises
  • Central Public Sector Units (PSUs)
  • Educational Institutions having National Repute
  • Selected corporates having or not having banking relationship with SBI.
  • Employees should have a salary account with SBI.
  • The minimum net monthly income of the applicant should be Rs. 15,000.
  • The ratio of Net Monthly Income (NMI) to Equated Monthly Instalments (EMI) should not exceed 50%.
  • The applicant should be between the age of 21 and 58 years.
  • The applicant should have a minimum service of 1 year.

Eligibility for SBI Quick Personal Loan

  • Employees should be working for any of the following lists of enterprises:
  • State and Central Government
  • Quasi-Government Enterprises
  • Central PSUs
  • State PSUs
  • Educational Institutions having National Repute
  • Selected private/ public corporates
  • Employees should have a salary account with any other bank.
  • The minimum net monthly income of the applicant should be Rs. 15,000.
  • The ratio of Net Monthly Income (NMI) to Equated Monthly Instalments (EMI) should not exceed 50%.
  • The applicant should be between the age of 21 and 58 years.
  • The applicant should have a minimum service of 1 year.

Eligibility for SBI Pension Loan 

  • The applicant must be Central and State government/ Defence pensioners/ family pensioners.
  • Pension Payment Order (PPO) of the applicant must be maintained with any SBI branch.
  • The minimum pension for getting this loan is Rs. 15,000 per month.
  • The maximum age of pensioners applying for this loan should not exceed 76 years.
  • The age of the applicant should not exceed 78 years at loan maturity.
  • It is mandatory that the pensioners receive loans to their bank account through cheques directly from the treasuries.
Personal Loan Interest Rates

Factors Affecting SBI Personal Loan Eligibility

There are many factors that affect the SBI Personal Loan eligibility:

  • The repayment history and the credit score
  • Income
  • The status of your employer
  • Debt to income ratio
  • Number of dependants
  • Relationship with the bank
  • Age

Tips to Improve SBI Personal Loan Eligibility

  • Improve and maintain credit score.
  • Limit your credit card usage.
  • Have a good combination of secured and unsecured loans.
  • Before applying for the Personal Loan, consolidate all your existing obligations and calculate the debt to income ratio.
  • If you need a higher loan amount with a lower EMI in order to comply with the debt to income ratio aspect, you will have to choose a longer tenure.
  • Do not make multiple applications simultaneously.
  • Exercise due diligence while choosing your lender.

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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SBI Personal Loan Eligibility FAQs

Why should I take a Personal Loan from SBI?

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.

How much time does it take for SBI to decide on my Personal Loan?

Generally, SBI takes anywhere between 2-7 days to decide on your request from the time of loan application.

What is the interest rate charged by SBI on a Personal Loan?

Generally interest rate on Personal Loans from SBI is between 9.60% - 15.65%, depending on the profile of the applicant.

What is the amount of Personal Loan that I can borrow from SBI?

Personal Loan amounts offered by SBI vary from Rs. 25,000 to Rs. 20 Lakhs depending on the eligibility of the applicant.

Does SBI charge any prepayment charges on a Personal Loan?

Yes, SBI charges up to 3% prepayment charges on Personal Loans.

What are the minimum and maximum tenure of Personal Loan in SBI?

The minimum tenure for an SBI Personal Loan is 6 months while the maximum tenure for a Personal Loan from SBI is 60 months.

Can I add my spouse's income while applying for a Personal Loan from SBI?

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.

How much processing fee does SBI charge on a Personal Loan?

1.50% of the loan amount, minimum Rs. 1,000 + GST & maximum Rs. 15,000 + GST

Does my age affect my eligibility to borrow a Personal Loan from Capital First?

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.