|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|
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.
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.
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.
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.
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 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.
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 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.
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.
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.
Personal loan eligibility can be increased by taking a few steady steps that contribute to strengthening a customer’s 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.
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.
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.
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.
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.
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.
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.
Yes. State Bank of India offers personal finance to self-employed individuals as well.
No. Currently no special personal loan scheme is being offered by the bank to women customers.
No. SBI does not ask for collateral as security for personal loans.
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