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  • SBI Personal Loan Eligibility

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  • SBI offers three types of personal loans, each with its own eligibility criteria:

    • The SBI Xpress Credit personal loan can be taken by employees of state and Central government, PSUs, and educational institutions who have a salary account with SBI.
    • SBI Pension loan can be availed by individuals who receive pension through any of the SBI branches. The applicant should be below 76 years of age as well.
    • The Xpress Power loan can be taken by salaried employees who do not have SBI salary accounts.

    SBI Personal Loan Eligibility Criteria

    1. SBI Xpress Credit Personal Loan

    Criteria Salaried
    Minimum Net Monthly Income (NMI) Rs.5,000
    EMI/NMI Ratio Not above 50%
    Residential Status Indian residents
    Employment Type Employees of state and Central government, PSUs, educational institutions, selected corporates
    Salary Account with SBI Mandatory

    2. SBI Pension Loan

    Criteria Salaried
    Age Below 76 years
    Minimum Gross Monthly Income Rs.50,000
    EMI/NMI Ratio Not above 50%
    Residential Status Indian residents
    Type of Pensioner Normal pensioners* and Family pensioners**
    Pension Drawn through SBI Mandatory

    * This includes Central and state government pensioners and defence pensioners

    ** A family pensioner is a spouse (below 76 years of age) who receives pension after the death of the pensioner

    3. SBI Xpress Power Loan

    Criteria Salaried
    Minimum Gross Monthly Income Rs.50,000
    EMI/NMI Ratio Not above 50%
    CIBIL Score Above 750
    Residential Status Indian residents
    Employment Type Employees of state and Central government, PSUs, educational institutions, selected corporates
    Salary Account with SBI Not Mandatory

    SBI NRI Personal Loan Eligibility Criteria

    SBI offers loans to NRI customers against the security of their NRE/NRO/FCNR (B) deposits. The key highlights of the eligibility for this loan are:

    • The loan is provided only to the depositor.
    • The loan can be availed for business activities, acquisition of a house or a flat in India, or for any other financial emergency.
    • The loan cannot be granted for agricultural activities or for real-estate investments.
    • The loan is also not granted for re-lending.
    • The amount borrowed cannot be repatriated abroad.
    • Premature withdrawal of the NRE/FCNR deposit associated with the loan is not allowed.
    • Premature withdrawal of the NRO deposit is allowed as long as the outstanding principal and interest are settled.

    Factors Affecting SBI Personal Loan Eligibility

    • Age – SBI offers personal loans to borrowers in different age groups. Pensioners can avail funds easily through the SBI Pension Loan. The SBI Xpress Credit Loan and Xpress Power loan are only available to salaried employees, indicating that they have to be above a certain age limit.
    • Monthly Income – An applicant with a steady income has higher chances of qualifying for an SBI personal loan. The monthly income of the borrower plays a huge role here, as it determines the EMI repayment capacity of the borrower. Applicants with a higher net monthly income may also be eligible for a higher loan amount.
    • Work Experience – Lenders give credit to an applicant’s loyalty to an employer. This is an indication of his/her experience in the organisation. The chances of the applicant staying in the company are also higher. This provides an assurance to the lender that the individual will be able to honour EMIs in the future.
    • CIBIL Score – An applicant with a high CIBIL score is considered to be of less risk to the lender. The credit score essentially indicates the discipline of the individual in making previous loan repayments. Generally, a score of 750 and above is taken to be a good score.
    • Residential Status – Individuals who stay in their own houses have higher chances of getting a loan approved. There are two reasons for the same – If a person owns a house, he/she is likely to have a higher net monthly income, as there will be no payments made towards renting a house. Secondly, there are lesser chances of this individual absconding after dishonouring a loan EMI.
    • Employment Type – As indicated above, salaried or self-employed individuals having a decent monthly income have better chances of getting personal loan approval from SBI.
    • EMI/NMI Ratio - EMI/NMI is a ratio that projects equated monthly installments as a percentage of the applicant’s post-tax net monthly income. This ratio is multiplied by 100 to get the individual’s loan eligibility. If an applicant has a high EMI/NMI ratio, he/she will have higher eligibility as well.
    • Salary Account with the Bank – One of the personal loan offerings from SBI is targeted at customers of the bank who hold salary accounts. Individuals drawing pension from the bank are eligible to apply for the SBI Pension Loan as well.

    How to Improve Your Chances of Getting an SBI Personal Loan

    • Work on improving your credit score – It is wise to assess your credit score well before loan application and find avenues for improving it. It is advisable to utilise your credit limit effectively; i.e., under-utilisation of your credit card is not good for your credit score. You should also be disciplined to make your EMI payments on time. Another great way to boost your credit score is to have a healthy mix of secured and unsecured loans in your portfolio.
    • Consider adding a co-signer – If your credit score is not very high, you can add a co-applicant with a stronger credit and income while applying for the loan. Since the co-applicant is equally responsible for repaying the loan, the lender will be more inclined to approve your application.
    • Apply after you start earning well – People who apply for loans in their 30s or late 20s are more likely to get approval at a faster pace, when compared to younger borrowers. This is the time when you start becoming financially stable; hence the lender considers you to be a borrower of lesser risk.

    SBI Personal Loan Details

    SBI Xpress Credit Personal Loan
    Interest Rate 11.95% - 12.45% p.a.
    Loan Amount Rs.25,000 to 24 times the NMI
    Loan Tenure Up to 72 months
    Processing Fees 1% of the loan amount + GST

    SBI Pension Loan
    Interest Rate 11.90% - 12.40% p.a.
    Loan Amount Rs.25,000 onwards
    Loan Tenure 24 months – 84 months
    Processing Fees 0 – 0.5% of the loan amount + GST

    SBI Xpress Power Loan
    Interest Rate 12.05% - 13.70% p.a.
    Loan Amount Rs.25,000 to 24 times the NMI
    Loan Tenure Up to 60 months or till the end of the service (whichever is lower)
    Processing Fees 1% of the loan amount + GST

    FAQs

    1. For the SBI Xpress Credit personal loan, is there an overdraft facility? If so, what are the eligibility conditions for the same?
    2. Yes, the Xpress Credit loan has overdraft facility. The income requirement for the same is a minimum of Rs.5 lakh and a maximum of 24 times the NMI (subject to a maximum amount of Rs.15 lakh).

    3. What are the eligibility conditions for the SBI Xpress Power personal loan overdraft facility?
    4. The SBI Xpress Power overdraft facility requires the applicant to have a minimum salary of Rs.5 lakh and a maximum salary of 24 times the NMI, subject to a maximum overdraft amount of Rs.15 lakh.

    5. What is the EMI/NMP ratio for defence pensioners under the SBI Pension Loan?
    6. The SBI Pension loan has a requirement that the EMI/NMP ratio should not exceed 50% for all pensioners. This is effectively, the equated monthly installments depicted as a percentage of the borrower’s net monthly pension (NMP).

    7. What is the EMI/NMP ratio for family pensioners under the SBI Pension Loan?
    8. The SBI Pension loan has a requirement that the EMI/NMP ratio should not exceed 33% for all family pensioners.

    9. Is there a need for a guarantor under the SBI Pension Loan scheme?
    10. Yes, it is required. Third party guarantee (TPG) of a spouse who is eligible for family pension is mandatory. In case the spouse is not alive, it is mandatory to have the TPG of any other family member or a third party worth the loan amount.

    11. Under the Xpress Credit loan scheme, can a second loan be taken? If so, what are the terms and conditions for the same?
    12. Yes, it is possible to take a second loan under the Xpress Credit loan scheme. The second loan can be taken after the first loan has been repaid satisfactorily. There should also be a gap of 1 year from the date of disbursement of the first loan. It should be noted that there should not be more than two Xpress Credit loans in the name of the same borrower. This is also subject to the EMI/NMI ratio being 50%.

        

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