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    We found 1 SBI Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.90% - 14.90% Floating
    1% + S.T. One time fee
    25K - 15L
    5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    SBI Personal Loan Eligibility Calculator is Rated as "Excellent!" by 354 Users

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    SBI Personal Loan Eligibility URL : https://www.bankbazaar.com/sbi-personal-loan-eligibility-calculator.html

    About SBI Personal Loan

    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.

    State Bank of India Personal Loan Eligibility Criteria

    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

    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.

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  • Personal Loan Reviews

    • SBI Personal Loan
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      State bank of India offered the personal loan for the amount of four lakhs. Interest rate was 14%. SBI processed the loan properly and they sanctioned the loan on time without any challenges. I am happy with the bank for the loan I received. They provide good customer service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • SBI Personal Loan
      "Best Service"
      0.5 3.0/5 "Satisfactory"
      The savings interest is average with state bank of India Infact they have decreased it at present. I am holding this SBI savings account for past 7 years. I use net banking with Sbi, which is easy to use and they need to make more customer friendly. I would say it is a good account to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • SBI Personal Loan
      "Good Bank for Loans"
      0.5 5.0/5 "Blown Away!"
      About five years back I had received personal loan from SBI in a form of preapproved loan. Interest rate was very low which is around 10% and the documentation part was very simple and I never struggled to produce the documents. And the interesting fact is, the bank credited the loan within seven days to my account.
      Was this review helpful? 0
      , madurai
      Reviewed on Jun 22, 2017
    • SBI Personal Loan
      "Always the best"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan on many occasions from State Bank of India. Every time I approached the bank they were very much responsive and they have processed my application quickly and the loan got disbursement on time and as needed. The deal on the interest rate and charges were very much normal too.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 22, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I am having a very good experience with SBI while I have just placed the inquiry for personal loan.The service provided was excellent and the loan amount is not yet disbursed but apart from that The interest rate offered was around 11.90% and I felt it was a average rate offered and the loan amount I have opted for 5 lakhs rupees
      Was this review helpful? 1
      , rohtak
      Reviewed on Jun 17, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had taken the personal loan from State bank of India with an interest rate of 14.1% with no processing fee. The loan process was good with SBI and they promptly done with the loan and disbursed it without any hassles. I do hold salary account with the same bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 16, 2017
    • SBI Personal Loan
      "Optimize the documentation process"
      0.5 3.0/5 "Satisfactory"
      I have opted for a personal loan with the State bank of India ,the interest rate offered by them was floating also the procedure was pretty lengthy, also like its a kind of tedious process. In addition to the above, the loan amount got disbursed to my account within two weeks of time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 16, 2017
    • SBI Personal Loan
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      I had taken the personal loan from Stat bank of India. Interest rate for the loan is around 14%. But the loan process is very long. Also the process took one week time. Because millions of customers are there with SBI but the staff is less so they are unable to manage the crowd. Also sometimes they get technical issues. If they increase the number of staff then it will be very good and they can provide a very good service. But the services are good with SBI.
      Was this review helpful? 1
      , vellore
      Reviewed on Jun 15, 2017
    • SBI Personal Loan
      "Best offer"
      0.5 4.0/5 "Great!"
      I am having saving account with SBI, based on that, I approached them for the personal loan, I went to branch and submitted the documents they totally taken 15 days to disburse the loan amount. I took the amount of Rs. 2 lakhs with the interest rate of 13% it is the floating one.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2017
    • SBI Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I had closed the personal loan with the State bank of India and the interest rate was around 13% to 14%, which was not okay for me. Customer service is not really good as they are not providing proper response for the queries. But as far as the deposits are concerned it works really good.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Jun 08, 2017
    • SBI Personal Loan
      "Hassles free service"
      0.5 5.0/5 "Blown Away!"
      State bank of India is the best plat form for the loans. They provide very good services for the car loan. The rate of interest for the loan will be the best one and it will be very nominal when compared with any other banks. Customer service is not much better.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jun 08, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      SBI offered me the personal loan for 1.50 lakhs. Since I hold salary account with them they provided the loan with no other charges like sur charges and processing fee. The interest rate for the personal loan is around 14%. I had done with the loan and planning to avail another loans from any banks.
      Was this review helpful? 1
      , jamnagar
      Reviewed on Jun 07, 2017
    • SBI Personal Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      It was a bad experience with SBI Bank related to the personal loan process I have taken this loan way back it will be alike ten to twelve years before and the loan amount was just 60000 rupees and it was for five years i had a very bad experience for the documentation process and I had placed a request for foreclosure too.
      Was this review helpful? 0
      , alwar
      Reviewed on Jun 03, 2017
    • SBI Personal Loan
      "Loan processed as promised"
      0.5 5.0/5 "Blown Away!"
      Couple of years back I had taken a personal loan from State Bank of India and when I approached the bank for this loan, I was told that the process would take 11 days. There was not much of documents as well needed and as promised I got the loan on the 11th day.
      Was this review helpful? 1
      , guwahati
      Reviewed on May 31, 2017
    • SBI Personal Loan
      "Happy with the service"
      0.5 5.0/5 "Blown Away!"
      I am happy with State bank of India for the personal loan which I had taken recently. The entire loan process was good and I had no issues with them in getting the loan. Interest rate is quite satisfactory. Their response and customer service is good.
      Was this review helpful? 1
      , dimapur
      Reviewed on May 23, 2017
    • SBI Personal Loan
      "Quick & excellent deal"
      0.5 5.0/5 "Blown Away!"
      State bank of India has offered me a good deal on the rate of interest. I got a rate of around 14% and it is a floating rate. I have taken a personal loan and it was a express loan. I got the loan when I needed it. The processing charges was also normal.
      Was this review helpful? 3
      , dindigul
      Reviewed on May 18, 2017
    • SBI Personal Loan
      "Satifactory but Interest rate has to be reduced"
      0.5 4.0/5 "Great!"
      I am a privilege customer of SBI, they sent me the message stating pre approved loan got approved without documents. Hence I reached SBI for the personal loan within five working days they have disbursed the amount. They have mentioned interest rate would 9.5% but if we calculate its coming around rate 17% per annum, SBI has to reduce the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • SBI Personal Loan
      "Bitter experience"
      0.5 1.0/5 "Really Bad"
      Its been 2 years I had a personal loan with State bank of India. I had very bitter experience with SBI, because they purposely charged extra charges and late fee in my personal loan . The Rate of interest is very high , which is very equalized with private banks. I don't refer SBI at any cost. Overall it is good not choosing SBI for any products.
      Was this review helpful? 0
      , chennai
      Reviewed on May 15, 2017
    • SBI Personal Loan
      "Average service needs to be improved"
      0.5 5.0/5 "Blown Away!"
      Thrice I had taken personal loan from State bank of India. They normally take around 2 weeks of time to disburse my loan. I am happy with loan amount. Sbi need to be more little more flexible in their interest rates with the salaried employees as I got the normal interest rates. The documentation process should be over looked for the one who already has an existing loan with the same bank. Need to be improve with their Data base too.
      Was this review helpful? 1
      , faridabad
      Reviewed on May 03, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having salaried account with State Bank of India. Based on that, my personal loan got approved with state bank of India. They just took 3 days of time to disburse my personal loan. The rate of interest and the processing fee was nominal with State Bank of India.
      Was this review helpful? 3
      , shillong
      Reviewed on Apr 21, 2017
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