Multiple banks. Different interest rates. Call it a "conflict of interest".
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
    12.75% - 14.75% Floating
    1% + applicable tax 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 465 Users
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    SBI Personal Loan Eligibility Calculator

    Apply for Personal Loan

    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.

    Personal Loan Reviews

    • SBI Personal Loan
      "Need improvement "
      0.5 1.0/5 "Really Bad"
      State bank of India need to give proper response to the customers who has applied for any kind of product. It is not possible to reach the State bank customer support service and their toll free number. The banking service need to be improved with the SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has disbursed my personal loan within 15days of time. They have approved and disbursed the required loan amount. The rate of interest and the charges are very low with the State bank of India personal loan services. The customer support service was good with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2018
    • SBI Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with SBI for about 1 year.The loan amount was 2 lakhs and The Interest rate was 9-10% which was very high . The customer service and responses was up to the mark. The loan process was good and the processing fee was high . My overall experience was good.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jan 12, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan from State bank of India around a year ago. I got the loan amount within a 5 days of time. The customer support is prompt with the State bank and they gave me immediate response in regards to my personal loan application. The rate of interest and the charges are nominal with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 10, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken person loan with State bank of India.The loan amount is six lakhs.The rate of interest is nominal as compared to others.I have taken it for ten years.They had taken a minimum processing fees from the loan amount.They had processed the loan after submitting documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • SBI Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have my personal loan with SBI. The loan amount was 2 lakhs and the interest rate was 10-11% bit high than other bank in the market.They have provided door step service for collecting documents. My overall experience was good so I would like to recommend to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 02, 2018
    • SBI Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan based on my credit card with SBI and it was a good loan experience. The loan amount was for Rs 1.5 lakhs with the rate of interest of 0.8% which is very less when compared to other banks. The process was very quick and i received my loan amount within 24 hours. Customer service is good and they followed up correctly. I pay an EMI of close to Rs 13000 and tenure of the loan is 1 year.
      Was this review helpful? 8
      , rajkot
      Reviewed on Dec 28, 2017
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI and it was overall a good loan experience. The loan amount was for Rs 1 lakh with less rate of interest when compared to all other banks. The process was very smooth and i received my loan amount within 1 week. Customer service was good and they provided door step service to collect the documents. The tenure of the loan is 1.5 years and i pay and EMI for Rs 4800 for this loan.
      Was this review helpful? 9
      , bangalore
      Reviewed on Dec 26, 2017
    • SBI Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The personal service is not up to the mark with the State Bank of India. The customer support is good with state bank but the response need to be improved because they dont give the response on time. The required loan amount has not been approved.
      Was this review helpful? 3
      , vijayawada
      Reviewed on Dec 26, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The banking service is average with the state bank of India. I have got the loan amount within 15days of time. I have got the personal loan around 2 years. The customer support and the response is good with the SBI. They have offered me the required loan amount based on my salary.,
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 26, 2017
    • SBI Personal Loan
      "Process was Long"
      0.5 2.0/5 "Expected more"
      I got a Personal Loan of Rs. 5 Lakhs from them. The whole process almost took 2 weeks to get completed. Their Interest rate was pretty good. I have finished 4 years of the Loan, and until now there has not been any issue at all with them.
      Was this review helpful? 9
      , hyderabad
      Reviewed on Dec 21, 2017
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      State bank of India has offered me a personal loan around 10 years ago. It is easy to get the loan from the state bank of India and within 4 to 5days of time I have got the loan amount from the state bank of India. The rate of interest and the charges are very average with the state bank of India.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Dec 18, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The customer support was good with the state bank of India. The banking service is good with the State bank of India, they have approved and disbursed the personal loan amount within 7 days time. The rate of interest and the charges are nominal with the state bank of India. I got the requested loan amount.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 18, 2017
    • SBI Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with State Bank of India.the loan amount is 2 lakhs,rate if inert is 2.5% high compared to other banks.Processing fees is .5% deducted from my loan amount.I do have part payment option in this bank and no preclosure charges is applicable.
      Was this review helpful? 7
      , chennai
      Reviewed on Dec 12, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from SBI and it was a good loan experience with this bank. The loan amount was for Rs 1 lakh with the less interest rate when compared to all other banks. No much documents were required as i already have a salary account with this bank. Customer service was good and they followed up correctly.
      Was this review helpful? 5
      , ghaziabad
      Reviewed on Dec 09, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The response was not up to the mark with State bank of India in regards to my personal loan application. The State bank of India has rejected my personal loan application saying that my salary haven't met their eligibility criteria. The response part need to be improved with Sbi.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 07, 2017
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a great personal loan experience with SBI. The loan amount was for Rs 50000 with the nominal rate of interest and the tenure of the loan was 1 year. The process was very smooth and the loan amount was approved within the given time. Customer service was first class and they followed up correctly.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 02, 2017
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      Around 5 years ago I got the personal loan from state bank of India. The personal loan service was good with SBI, they have approved my required loan amount and I am satisfied with it. The rate of interest and the charges are nominal with State bank of India.
      Was this review helpful? 3
      , kolkata
      Reviewed on Dec 02, 2017
    • SBI Personal Loan
      "Below Average service"
      0.5 3.0/5 "Satisfactory"
      After I have applied for the personal loan from state bank of India, I have submitted the documents directly but they haven't gave any response but after a month time they have rejected my personal loan application saying that my credit score is low .
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 29, 2017
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with SBI is very good. I have taken loan for Rs 50000 with the less rate of interest when compared to other banks. The process was smooth and easy, the loan amount was approved within the given time. Documents were collected door step. Customer service was good and they responded on time.
      Was this review helpful? 5
      , kolkata
      Reviewed on Nov 29, 2017
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