About State Bank of Hyderabad Personal Loan
State Bank of Hyderabad (SBH) is a major financial institution in the country, offering multiple financial products and solutions to its clients. The personal loan scheme of State Bank of Hyderabad offers multipurpose unsecured personal loans designed to meet any general financial requirement of a customer. A hassle free loan application process and competitive interest rates make the State Bank of Hyderabad personal loan one of the most sought after loans in the country.
State Bank of Hyderabad Personal Loan Eligibility
Applicants who wish to apply for a State Bank of Hyderabad personal loan are expected to satisfy the following eligibility criteria.
Salaried Individuals (Government Sector)
Employed – Applicants should be employees of a government undertaking or profit making PSU.
Minimum Service – Applicants should have a minimum work experience of 3 years in the current organisation.
Minimum age – Applicants should be at least 21 years old.
Maximum age –Applicants should not be over 55 years or they should have at least 36 months of service left.
- Employed – Applicants should be employees of recognised private sector companies.
- SBH account – Applicants should have a State Bank of Hyderabad account.
- SBH rating – Applicants should have a SBH rating between 1 and 3.
- Minimum service – Applicants should have worked in their current organisation for a minimum of 3 years.
- Minimum age – Applicants should be at least 21 years old.
- Maximum age – Applicants should not be over 55 years or they should have at least 36 months of service left.
Factors affecting State Bank of Hyderabad Personal Loan Eligibility
The eligibility criteria for a State Bank of Hyderabad personal loan can be affected by multiple factors, some of which are mentioned below.
- Income – The loan repayment capacity of a borrower depends on his/her income and applicants with higher income stand a better chance of getting a loan approved.
- Age – Young applicants might find it hard to obtain a loan as banks view them as being experimental with their jobs. Applicants approaching their retirement age could also find it hard to get a loan as their repayment capacity might decrease post retirement.
- Employment history – Applicants with a stable job history and work experience would find it easier to obtain a SBH personal loan, as it increases their credibility.
- CIBIL score – SBH checks out the CIBIL score of an applicant before sanctioning or rejection their loan application.
- Relationship with SBH – A healthy banking relationship offers key insights into an applicant’s financial background, helping the bank gauge him/her.
- Existing debt – Any existing debt implies financial burden on the applicant till it is cleared, which could impact the repayment of a new personal loan.
- Type of employment – Loan applications from permanent employees would be favoured compared to those from temporary employees, as permanent employees have job security and a steady source of income.
How CIBIL score affects your State Bank of Hyderabad Personal Loan Eligibility
State Bank of Hyderabad relies on the CIBIL score of an applicant to gauge his/her financial credibility before sanctioning/rejecting a loan application. A high CIBIL score indicates a good financial history, improving the chances of getting the loan sanctioned. Applicants with scores over 900 are almost always looked upon favourably, with extremely low chances of rejection.
A CIBIL score also reflects the credit an applicant has built up, including details of previous loans, available credit, credit utilization and delays in loan repayment, if any. All these factors offer an understanding about the applicant, allowing State Bank of Hyderabad an opportunity to filter out any financially unstable applicants. Individuals with average CIBIL scores would rely on other factors like their relationship with the bank to improve their chances of getting a loan.
Applicants with a poor CIBIL score are likely to be rejected as such applicants can default on payments, putting the loan amount at risk, a risk which State Bank of Hyderabad would rather avoid.
How to increase State Bank of Hyderabad Personal Loan Eligibility
- Longer tenure – A Longer tenure ensures the EMI reduces, allowing an applicant more time to pay off the loan without putting extra strain on his/her income.
- Mix of secured and unsecured loans – A mix of both secured and unsecured loans indicates that an applicant is confident about attaching assets and has no intention to default on payments.
- Prepayment – Prepaying any existing loans will leave an applicant with more disposable income, increasing the chance of obtaining a loan.
- Timely payment – Timely payment of EMIs and credit card bills helps improve the credit rating of an applicant, in turn improving the CIBIL score.
- Limiting the loan amount – Getting a higher loan amount approved is harder, with banks exhibiting caution in such cases. It is easier to get a loan for smaller amounts, as there is less risk involved in approving such loans.
- Cutting down applications – A large number of loan applications would hamper the chances of getting a SBH personal loan approved as they make the applicant look desperate for money, lowering overall credibility.
FAQs on State Bank of Hyderabad Personal Loan Eligibility
Q. What is the maximum personal loan amount sanctioned by State Bank of Hyderabad?
A. The maximum loan amount is Rs. 7.5 lakhs. This loan amount is limited to Rs. 5 lakhs for first time borrowers.
Q. Are NRIs eligible for this loan?
A. No, only resident Indians are eligible for this loan.
Q. What is the tenure of a SBH personal loan?
A. The tenure of a SBH personal loan is 36 months.
Q. What is the security a borrower should provide?
A. Borrowers need to provide post-dated cheques as security.