Multiple banks. Different interest rates. Call it a "conflict of interest".
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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
    0.5% + applicable tax One time fee
    25K - 15L
    5 Years
    Response Time : Within 30 minutes
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    Eligibility Criteria
    SBI Personal Loan Eligibility Calculator is Rated as "Excellent!" by 394 Users

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    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
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I am a customer of State Bank of India, so they have approved my personal loan within 3days of time. The required loan amount has been disbursed by State Bank. The rate of interest is nominal with SBI . I am happy with the SBI personal loan services.
      Was this review helpful? 0
      , imphal
      Reviewed on Sep 20, 2017
    • SBI Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The experience was good with SBI while taking my personal loan as they disbursed the loan within 1 week after submitting the documents. Interest rate offered was 11.9% . I visited the bank directly and completed the process . And it is for 5 years tenured i have taken this 2 years before.
      Was this review helpful? 0
      , madurai
      Reviewed on Sep 19, 2017
    • SBI Personal Loan
      "Best bank for rates"
      0.5 5.0/5 "Blown Away!"
      SBI is the best bank for the rates. However customer service is not good when it comes to SBI. The bank has offered an amount of 2.5 lakhs also the processing fee charged by them was very good. Even foreclosure and part payment options were good at SBI. Its an ongoing loan also foreclosure charges were very minimal it was amounting to rs 1200 to rs 1300.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 19, 2017
    • SBI Personal Loan
      "Good account to use"
      0.5 4.0/5 "Great!"
      I am using the salaried account with State bank of India for more than 3years. The customer service is good with SBI. I don't use SBI net banking or their mobile application. The rate of interest and the processing fee is very low in SBI loan concerns.
      Was this review helpful? 0
      , guntur
      Reviewed on Sep 18, 2017
    • SBI Personal Loan
      "Very high rate"
      0.5 4.0/5 "Great!"
      SBI rate of interest is relatively high when it comes to personal loan. Rate of interest charged was 14.25% on the other side processing fee charged by them was nil also there was no hidden cost. To top it off, SBI is transparent almost we can find everything in paper nothing hidden. I would like to rate them 4.5 , my only suggestion for them would be they should provide a good interest for the personal loan.
      Was this review helpful? 0
      , pathankot
      Reviewed on Sep 15, 2017
    • SBI Personal Loan
      "Very good service"
      0.5 4.5/5 "Excellent!"
      In 4 days of time the state bank of India has disbursed my personal loan. The customer service was good with State bank. The Sbi executives came to my place to collect the documents on assigned date and time. The rate of interest was 12% which was very good with SBI.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Sep 13, 2017
    • SBI Personal Loan
      "Good offer in the market"
      0.5 5.0/5 "Blown Away!"
      SBI offered me top up loan when I was applied for home loan, I have submitted separate documents for home loan and personal loan. Finally SBI done the personal loan balance transfer from Bajaj Finserv, SBI gave me 8.7% of interest it is lowest.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 13, 2017
    • SBI Personal Loan
      "Quick Process"
      0.5 5.0/5 "Blown Away!"
      I have the personal loan with State bank of India and I had taken this loan about eighteen months ago. At that time the interest rate was around 14.5% per annual. SBI processed the loan within just five hours. As I have my salary account with SBI, also my organization is tied up with for more than thirty years, I got such a fast service from them.
      Was this review helpful? 0
      , dindigul
      Reviewed on Sep 06, 2017
    • SBI Personal Loan
      "Excellent Customer Service"
      0.5 3.0/5 "Satisfactory"
      About a year ago, I approached State bank of India and got the personal loan. Since it had been a year, I could not remember the interest rate but of course the customer service was excellent. But SBI took enough number of days to process the loan. They had not disbursed the amount on time.
      Was this review helpful? 0
      , mancherial
      Reviewed on Sep 05, 2017
    • SBI Personal Loan
      "Customer satisfactory"
      0.5 5.0/5 "Blown Away!"
      I approached SBI personal loan through online channel, then SBI gave me hassle free service. They have processed my loan within seven days of time. I took the personal loan of 2.5 lakhs, still my loan is live. SBI gave me the interest rate of 11.4% for the tenure of five years. I am glad about SBI service is good.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 01, 2017
    • SBI Personal Loan
      "Customer Friendly"
      0.5 5.0/5 "Blown Away!"
      My SBI branch located in my office, hence they only have limited customer. Therefore they are taking care of customers in a good way and also response is great. SBI disbursed the amount within 3 to 4 days from their end but rate of interest was higher side at that time.
      Was this review helpful? 0
      , delhi
      Reviewed on Sep 01, 2017
    • SBI Personal Loan
      "High on ROI"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from State bank of India and the process was good in getting the loan through. The interest rate was higher that the private banks, it was around 15% and the processing charges was average. The after loan services is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 31, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      About few years ago I had taken the personal loan from State bank of India. That was my first and last loan at SBI because after that the bank stopped giving the loans to the particular employers. The personal loan process went good and no challenges.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 30, 2017
    • SBI Personal Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      When it comes to loan services, I am not at all happy with State bank of India. Because they are not considering their long time customers when they are approving the loan. They could have reviewed my payment history and everything but they had rejected my personal loan application, even though I am a customer of SBI for twenty years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 30, 2017
    • SBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I only use the online services of SBI. I have never spoken with any customer service executives of sbi till now i have never got any chance to talk with them, but the online application of SBI is really good it is really fine and it is an user friendly application which makes my transactions easy also I dont have any issue with the services offered by SBI till date.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has offered me personal loan with the interest rate of 9%. They have disbursed the loan within 4 days of time. The customer service was very good with Sbi and they gave good response from SBI,. I got the best interest in the market,. The additional charges also very low when compared with others.
      Was this review helpful? 0
      , hubli
      Reviewed on Aug 21, 2017
    • SBI Personal Loan
      "Not Fair service"
      0.5 4.0/5 "Great!"
      SBI have sanctioned my personal loan within one week because I am holding salary account with the same bank. At the time they gave 11% of interest. They also taken 0.5% of processing fee, I paid full amount then my loan got closed, But SBI have lot of paper works for the loan process.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 19, 2017
    • SBI Personal Loan
      "Can be better when it comes to process"
      0.5 5.0/5 "Blown Away!"
      SBI is doing good when it comes to personal loan however I am unhappy with their process as it is very lengthy , as I had to visit the branch for anything and everything which is very tedious. Another challange would be, they were in need of guranetor or surety from my company which I felt uncomfortable as I was new to the company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2017
    • SBI Personal Loan
      "Looking for better service"
      0.5 1.0/5 "Really Bad"
      SBI response was not good, when I approached them for the personal loan, they didn't give proper response to me. Finally they completed the process in three days. I have submitted lot of documents for loan process after loan got approved, everything became smooth. SBI is good in interest rate and other charges are lower side.
      Was this review helpful? 0
      , machilipatnam
      Reviewed on Aug 12, 2017
    • SBI Personal Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with State Bank of India and the process to get the loan was easy. The customer services was nice and the documentation was simple. The rate of interest was of 12% with a nominal processing charge. The loan disbursed was also to my satisfaction.
      Was this review helpful? 0
      , agartala
      Reviewed on Aug 12, 2017
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