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    We found 1 SBI Personal Loan Eligibility Calculator
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    Interest Rate Range
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    Tenure Range
    12.75% - 14.75% Floating
    1% + applicable tax One time fee
    25K - 15L
    5 Years
    Response Time : Within 30 minutes
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    SBI Personal Loan Eligibility Calculator is Rated as "Excellent!" by 557 Users

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    SBI Personal Loan Eligibility Calculator

    Personal loans from State Bank of India are great financial tools and can be obtained easily if the eligibility criteria set by the SBI bank is met. This criteria differs for different types of personal loans offered by SBI.

    Personal Loan Type Age Limit Job Type Maximum Loan Amount Minimum Loan Amount
    Xpress Credit Personal Loan 21-58 years of age Salaried individual in reputed corporate, self-employed
    engineer,
    doctor,
    architect,
    chartered accountant,
    MBA,
    govt. and PSU
    employee
    Rs.15 lacs Rs.24,000
    Pensioner Loan 60-76 years of age Pensioners Max. 10 months of pension; up to 14 lacs Rs.25,000
    Festival Loans 21-58 years of age Salaried individual in reputed corporate,
    self-employed
    engineer,
    doctor,
    architect,
    chartered accountant,
    MBA,
    govt. and PSU employee
    Rs.50,000 Rs.5000
    SBI Saral 21-58 years of age Salaried individual in reputed corporate,
    self-employed
    engineer,
    doctor,
    architect,
    chartered accountant,
    MBA
    Rs.10 lacs Rs.24,000 in metro cities
    Rs.10,000 everywhere else

    State Bank of India is the largest public sector bank of India. The bank has deep roots both in the urban as well as rural parts of the country. State Bank of India is a preferred bank for both personal banking as well as corporate banking. The bank offers several flexible and unique financial products and services to both its domestic and international customers.

    Personal loans from SBI are one of the most sought-after loan schemes. These schemes are offered in a variety of forms and ensure that all your financial needs are met with ease. The rates of interest charged by the SBI bank on these loan schemes is extremely competitive and the assurance of public sector is a great differentiating factor.

    Factors affecting State Bank of India Personal Loan Eligibility

    SBI processes personal loan applications quickly subject to the eligibility of the loan applicant. Some of the main factors on which loan eligibility depends are mentioned below.

    • Job of the applicant
    • State Bank of India places huge importance on the job type of personal loan applicants. Any applicant who earns a regular income and is either from a reputed organization or from a government sector enterprises is given preference over customers who do not work for known organizations. Known organizations offer stable jobs and as such the repayment capacity of customers is better.

    • Age of the applicant
    • Banks want customers to be in the earning age group so that chances of repayment on time are increased and those of defaulting are decreased. Hence, age of the applicant for SBI personal loans is generally above 21 years and below 58 years; except for pensioner loan which is aimed at providing finance to senior citizens.

    • Credit history
    • Credit history is a record of you as a borrower. Obtaining credit depends a lot on your past credit history. This lets banks know how regular you are in paying your loan installments and how have you have handled your previous credit lines. Your credit history gives banks ample data to evaluate you as a worth customer.

    • Relationship with the bank
    • Banks already know all KYC parameters for existing customers and as such are more open to providing credit to their existing customers rather than outsiders. This is also because they know about your financial assets and your general financial health which makes decision-making easier for them while sanctioning loans.

    • Monthly income of the loan applicant
    • Monthly income of a loan applicant determines his/her repayment power. Higher the monthly income easier it is for borrowers to pay loan installments. Generally, banks lend only when the total amount of your loan liabilities for a month is equal to or less than 40% of the monthly income.

    • Existing debt liabilities
    • Lower the number of credit channels like loans etc. on your name, higher is your SBI personal loan eligibility. This is because, too many debt liabilities can hamper regular payment of installments and as such customer might default. Hence, banks look at how many existing loans you have on your name before sanctioning personal finance.

    How credit score affects your State Bank of India Personal Loan Eligibility?

    Credit score is a number assigned to each individual based on his/her credit history. CIBIL in India has the authority to collect and furnish credit history and score of customers. Banks while lending to individuals as well as companies look first and foremost at the credit score of the entity. Poor scores are generally unable to get loans from banks or even if they get, the amount is either very low or the rates charged are considerably higher.

    This why credit score is an extremely important parameter to watch out for before you apply for credit. Best and the advisable course of action is to first check your credit score and then apply for loans. In case, the score is poor, efforts should first be made to improve it before applying with any bank. This is essential in order to stop further lowering of credit score.

    How to increase State Bank of India Personal Loan Eligibility?

    Personal loan eligibility can be increased by taking a few steady steps that contribute to strengthening a customer’s credit history.

    • Maintain a good credit history:
    • Timely bill payments, installment payments and proper closure of loans affects your credit history. All these things when done rightly and on time help you in maintaining a good credit record which is essential for obtaining any form of credit.

    • Have a mix of both secured and unsecured loans:
    • A right mix of secured and unsecured loans paves the way for good credit history. Having just unsecured loans does not reflect too well on customer’s financial records and as such you should try availing both forms of credit to add credibility to your financial strength.

    • Don’t apply for finance in too many banks:
    • While you may be frantically looking for personal finance in case of any urgent financial need, applying at too many banks is not the best course of action. Too many loan applications with several credit providers may sound too desperate to banks and it also does reflect badly on your credit score.

    • Do not change your job frequently:
    • Banks prefer customers who have a stable job with a stable organization. This ensures banks that the borrower will be able to repay his/her loan dues on time. Banks are always on the look-out to reduce the number of their non-performing loans in order to reduce losses.

    FAQs on State Bank of India Personal Loan Eligibility

    What is the maximum personal loan amount offered by State Bank of India?

    The maximum personal loan amount offered by SBI is Rs.15 lacs. The quantum of loan also depends on income and job type of the applicant.

    What are the processing charge for personal loan from State Bank of India?

    Processing fee charged by State Bank of India on its personal loan products is usually 1% of the loan amount availed. However, senior citizens need to pay only 0.5% of their loan amount.

    Do I need to be an existing State Bank of India customer to avail personal loan?

    Yes. Existing customers of State Bank of India are offered personal finance. New customers can first obtain an account with the bank and then apply for personal loan.

    Can self-employed individuals apply for personal finance from State Bank of India?

    Yes. State Bank of India offers personal finance to self-employed individuals as well.

    Does State Bank of India offer special personal loan scheme for women applicants?

    No. Currently no special personal loan scheme is being offered by the bank to women customers.

    Does the bank require a collateral as security for personal loan?

    No. SBI does not ask for collateral as security for personal loans.

    Personal Loan Reviews

    • SBI Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It has been a good experience i had with this loan and they had provided me with a loan amount of 40,000 and the interest rate with them was around 14% with no additional charges other than the processing fee of 1000. Overall it had been a good experience with them.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 06, 2018
    • SBI Personal Loan
      "Processing should be simple"
      0.5 3.0/5 "Satisfactory"
      I want to know whether I am eligible for loan products based on my cibile score. Hence I took loan from SBI, they processed very well but they collected too many documents like pay slip, company id, kyc papers. They didn't ask for guarantor to avail loan, however the interest and charges are high.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 05, 2018
    • SBI Personal Loan
      "Disappointed Expereince"
      0.5 1.0/5 "Really Bad"
      The process experience is dis satisfactory, they taken eight days to complete. They collects lots of paper and I keep visiting to the branch often for this loan purpose. I had disappointed experience hence though interest rate is better but still service needs to be improved.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 05, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with SBI, the loan amount was for Rs 3 lacs with nominal interest rate in the market. Customer service was good with this bank and they followed up on time. Tenure period for this loan is 5 years and there are no preclosure charges.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 03, 2018
    • SBI Personal Loan
      "Good personal loan experience"
      0.5 4.0/5 "Great!"
      I have bought the personal loan with SBI. I have got the loan amount of RS. 10 lakhs. I don't remember about the interest and some processing was there. I'm paying the premium amount of Rs. 21000 and I'm making the payment through ECS. I have received the loan on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2018
    • SBI Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Earlier I was taken personal loan with SBI, now I cleared that loan, the process was good they have disbursed the amount on time. Within 1.5 days I got the loan amount to my account, because I am holding salary account with the same bank. I am working as a recovery person so they have approved my loan.
      Was this review helpful? 5
      , bangalore
      Reviewed on Nov 30, 2018
    • SBI Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the STATE BANK OF INDIA where the process is easy to get the loan. The process of getting the loan is simple. The rate of interest is nominal with this bank and the duration is for 2 years to repay the loan.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 30, 2018
    • SBI Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with SBI and the experience was good, the loan amount was for Rs 5 lacs with nominal interest rate when compared to others in the market. Customer support was good and they responded on time. Tenure period for this loan is 5 years .
      Was this review helpful? 9
      , hyderabad
      Reviewed on Nov 29, 2018
    • SBI Personal Loan
      "Customer Response should be improved"
      0.5 4.0/5 "Great!"
      Two times I have taken personal loan from SBI, they gave me 12% of interest rate. The process was good but service wise they need lots of improvement. The documents process was easy within 2 days they disbursement the amount to my account its fine.
      Was this review helpful? 5
      , lucknow
      Reviewed on Nov 26, 2018
    • SBI Personal Loan
      "Looking for less interest rate"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan with SBI and my experience was not up to the mark, the loan amount was for Rs 6 lacs with rate of interest of 15% which is very high. Customer support was not good and the tenure period for this loan is 5 years out of which 3 years already completed.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 26, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with SBI and the experience was good, the loan amount was for Rs 4 lacs with 14% interest rate which is high in market. Customer support was good and they responded on time. Tenure period for this loan is 5 years but i prelcosed in 2 years with no additional charges.
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 20, 2018
    • SBI Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am running a personal loan with State Bank of India. The rate of interest was 12% which was nominal. I am satisfied with the customer service and response. The loan duration is 5 years and completed one year till now. There is no option for pre closure and part payment.
      Was this review helpful? 8
      , tiruchirapalli
      Reviewed on Nov 16, 2018
    • SBI Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      My home loan was taken with STATE BANK OF INDIA , they had been having the best interest rate, the charges which they had been making has been very nominal . The loan duration is 15 years. The branch response is absolutely fine. Overall service is good have good experience with SBI .
      Was this review helpful? 3
      , coimbatore
      Reviewed on Nov 15, 2018
    • SBI Personal Loan
      "Very Good at interest and charges"
      0.5 5.0/5 "Blown Away!"
      I'm very much satisfied with SBI. Even though its a Government bank, i got a better services than private banks. I'm happy with the interest rate, processing fee. They are offering very best interest rate compared to other banks. The processing fee is nominal which 1%. I got a interest rate 9.5% for a personal loan. They are having various types of personal loan.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 15, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my personal loan with state bank of India from past 1 year, the loan amount they have given me was up to 50,000 it is sufficient for me and the rate of interest they have charged me was nominal, and processing fee they have charged was also nominal , overall service was good.
      Was this review helpful? 2
      , dariba
      Reviewed on Nov 14, 2018
    • SBI Personal Loan
      "Good in Need"
      0.5 5.0/5 "Blown Away!"
      I had applied for a Personal loan with Sbi and it processed on time. The interest rate given to me was very reasonable. It was 10.5 % at that time.Now i have closed that particular loan and i am in a plan of going for one more personal loan. You get reasonable rate of interest here.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 14, 2018
    • SBI Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      It has not been a great experience i had with this loan, the loan amount which they had provided has been okay. The interest rate with them has been around 14% which has been okay and there has not been any sort of charges which they had made. Their customer support has been helpful at times.
      Was this review helpful? 0
      , erode
      Reviewed on Nov 14, 2018
    • SBI Personal Loan
      "Loan process should be improvement"
      0.5 2.0/5 "Expected more"
      I have personal loan with SBI, they have taken three months to approve my loan and the documentation process was inconvenient. Though I have my salary with them, they taken long time to disburse the amount. I am not happy with interms of process but interest rate is good.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Nov 12, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had in getting this loan and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been nominal and was around 11% and there has not been any sort of extra charges whcih has been made by them so far.
      Was this review helpful? 2
      , new delhi
      Reviewed on Nov 09, 2018
    • SBI Personal Loan
      "Happy Service Provider"
      0.5 5.0/5 "Blown Away!"
      SBI is good they processed my personal loan very faster, they gave me better interest rate than other banks in the market. I took personal loan for the total term of five years. But if in case I want to close my loan, they gave me part and pre closure option.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 01, 2018
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