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    SBI Personal Loan Eligibility Calculator

    We found 1 SBI Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.90% - 14.90% Fixed
    1% One time fee
    24K - 15L
    5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria

    SBI Personal Loan Eligibility Calculator is Rated as "Excellent!" by 340 Users

    Personal Loan BYTES FROM OUR KITCHEN
    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
      "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? 0
      , 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? 2
      , 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? 0
      , 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? 2
      , shillong
      Reviewed on Apr 21, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I got the personal loan from SBI within 16 months of time. They took around 7 days of time to disburse the loan. Documentation process was completed within couple of days. It would be great if they decrease the rate of interest in future, the processing charged levied was around 2k which is pretty nominal. In a nutshell, it was a very good service provided by SBI.
      Was this review helpful? 0
      , midnapore
      Reviewed on Apr 21, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      This is about my SBI personal loan which I had taken against my credit card. The loan amount is 1.35 lakhs, service taxes were amounting to rs 4400. Rate of interest was 0.99% .EMI is 4400 this is for 3 years. Within 2 months my loan process would get completed . I had applied for this personal loan online and in the next 2 to 3 days of time my loan was sanctioned successfully.
      Was this review helpful? 2
      , chennai
      Reviewed on Apr 19, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      They have processed my personal loan amount with in 2 days of time. The verification part and the paper work is good SBI The interest rate is 13.85% The processing fee and charges was nil for me. They have just charged for stamp duty that is 200 rupees Iam totally fine with the service. Overall good
      Was this review helpful? 5
      , vadodara
      Reviewed on Apr 12, 2017
    • SBI Personal Loan
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      In 2013 I availed a personal loan from State bank of India. At that time the interest rate was 13.% which is very normal when compared with other banks. Also they had not taken too much of time to disburse the loan amount rather they had completed the loan process within few days. Overall services of SBI is satisfactory.
      Was this review helpful? 5
      , jamshedpur
      Reviewed on Apr 12, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      STATE BANK OF INDIA had offered me a personal loan. They took a very minimumal time to process my loan application. I had taken the loan amount of 5.5 lakhs , it is given for five to seven years not sure EMI is 14k they had charged some processing fee and charges but I don't remember, another 2 to 3 years to go to close this loan.
      Was this review helpful? 3
      , salem
      Reviewed on Apr 04, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from SBI and they were super fast in the process. They offered me the loan as needed the rate of interest they have offered me is 14% they have not charged any processing fee nor any charges on the loan amount is for 1 lakh EMI is 2200/- verification and document collection was done on time.
      Was this review helpful? 5
      , kolkata
      Reviewed on Mar 29, 2017
    • SBI Personal Loan
      "Its Better"
      0.5 3.0/5 "Satisfactory"
      SBI disbursed my personal loan within two or three days but now -a- days SBI is taking two to three months to disburse the amount. Recently I had taken a top up on my SBI personal loan with the same interest rate which they had provided on the old loan, but I am not completely aware of SBI loan process they should give clear information to the customers.
      Was this review helpful? 1
      , tirupati
      Reviewed on Mar 09, 2017
    • SBI Personal Loan
      "Very good services"
      0.5 3.0/5 "Satisfactory"
      Earlier I had taken a personal loan from State Bank of India and the process for this loan was pretty long. It took a month for the disbursement. They also have too much of paper work. The rate of interest and processing charges was the same as other banks. The can be more swift.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Mar 06, 2017
    • SBI Personal Loan
      "Customer Service has to be Improved"
      0.5 2.0/5 "Expected more"
      I am a bit disappointed with SBI service, They did not give proper response to me for my personal loan application. I had taken a loan amount of Rs. 3 Lakhs with an interest rate of 17% and with the processing fee of Rs.13,000 for the tenure of 3 years. Everything is good with SBI, it would be great if they provide satisfactory service to its customers.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 15, 2017
    • SBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I had opted to take a personal loan from HDFC Bank, actually I got a call from HDFC Bank regarding the personal loan .However I received a message post which I had placed a request for the same. Later they had approved my loan., Document verification happened, but later I had visited the branch to submit some of the documents which was pending. The rate of interest what they had offered is 11.69% which is much better when compared with other banks. Additionally, they had deducted processing fee along with insurance for an amount of 3000. My EMI will start from the month of March which is approx 11k,
      Was this review helpful? 3
      , pune
      Reviewed on Feb 14, 2017
    • SBI Personal Loan
      "REcommandable for Rural Area"
      0.5 5.0/5 "Blown Away!"
      One year before I have taken personal loan with SBI Bank, the loan amount of rs 3 lacs with the tenure of 5 years. The bankers offered me EMI as 7000. I was directly visited the bank and submitted my documents. They had required simple documents. Interest rate was little bit high, they has taken around 10 days for loan disbursement.
      Was this review helpful? 4
      , eluru
      Reviewed on Feb 06, 2017
    • SBI Personal Loan
      "Very Good"
      0.5 3.0/5 "Satisfactory"
      Iam holding a salaried account in STATE BANK OF INDIA and the facilities are good.. We can transfer the money to any bank there is no charges. No charges for the debit card.Net banking facility is customer friendly and adding all services in one account
      Was this review helpful? 0
      , lucknow
      Reviewed on Feb 04, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have the salaried account and savings account with SBI bank . I submitted document for the personal loan . Every thing went on smooth Customer service and the responsiveness are good with the bank.Rate of Interest is 13% Iam satisfied. Its been 2 years now for my PL.
      Was this review helpful? 1
      , jhunjhunu
      Reviewed on Feb 04, 2017
    • SBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The loan processing is very fast and quick with STATE BANK OF INDIA. As I had taken loan before 15 years. Its over All is good with Central bank be it service or processing and everything is absolutely fine with them.It was good before now it is not.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 02, 2017
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