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    We found 0 State Bank of Mysore (SBM) Personal Loan Eligibility Calculator
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    State Bank of Mysore (SBM) Personal Loan Eligibility Calculator is Rated as "Great!" by 17 Users

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    State Bank of Mysore (SBM) Personal Loan Eligibility Calculator

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    About State Bank Of Mysore Personal Loan

    State Bank of mysore is a nationalised bank in India that offers a wide range of financial services and products. It is one of the five associates of State Bank of India. The bank offers personal loans to meet personal expenses like marriage, vacation, medical expense, travel expense, etc. The personal loans offered by State Bank of Mysore are best suited for individual who seek for quick loans with minimal documentation.The bank offers flexible loan tenures along with attractive rate of interest.

    State Bank of Mysore Personal Loan eligibility criteria

    Every loan offered by a bank or financial institution has its own eligibility criteria. State Bank of Mysore also has a eligibility criteria that an individual needs to fulfill in order to avail the personal loan granted by the bank. Listed below is the eligibility criteria for State Bank of Mysore personal loan.

    Eligibility criteria for salaried individuals

    • Minimum age-21
    • Maximum age-58
    • Minimum income required-Rs.6,000 per month
    • Minimum job experience-2 years

    Eligibility criteria for self employed individuals

    • Minimum age-21
    • Maximum age-58
    • Minimum earning-Rs.6,000 per month

    Factors affecting State Bank of Mysore personal loan eligibility

    Listed below are some of the factors that affect your State Bank of Mysore personal loan eligibility.

    • Age- Age is one of the main factors that affect your eligibility when it comes to availing State Bank of Mysore personal loans. If you aren’t of the right age, you can be denied of the loan.
    • Income-State Bank of Mysore requires the candidate to have a steady income in order to avail the personal loan. If the applicant doesn’t earn the minimum income stated by the bank the applicant has no chances of getting a personal loan.
    • Job stability-It is very important that the applicant not be a job hopper. If you switch jobs frequently it creates a bad impression and the lender might be hesitant to grant a loan. It is required that you should have stayed at your current job for at least 2 years.
    • Residence-You have higher chances of availing a loan if you stay in a metro city and own a house.Owning a house helps since it can be used as a collateral for a secured personal loan if required.
    • Credit history-Your credit history also plays a crucial role in deciding if you are eligible for a State Bank of Mysore personal loan. Banks won’t even consider your application for the loan if you have a bad credit history.

    How CIBIL score affects your State Bank of Mysore personal loan eligibility?

    CIBIL score plays a very crucial role when it comes to your State Bank of Mysore personal loan eligibility. The applicant should have a minimum of 700 CIBIL score in order to be eligible for the loan. CIBIL score is the first aspect of your application form that the banks check in order to determine if you are eligible for the loan. There are a lot of things that can bring your CIBIL score such as late payments on credit cards, not making payments, defaulting on a loan etc.

    Hence it is very important to have a good CIBIL score and ensure that your credit history is clean. A good CIBIL score enables the bank to trust you more and grant you the loan.

    How to increase State Bank of Mysore personal loan eligibility?

    You can increase your State Bank of Mysore personal loan eligibility by following a few steps. Listed below are the steps that will help you increase your personal loan eligibility.

    • Good CIBIL score- A solid CIBIL score can do wonders when it comes to availing a personal loan. If you have a good CIBIL score banks will grant you the loan with no hassles. Whereas a bad CIBIL score will land you in trouble.
    • Having a stable job- The banks don’t trust a job hopper. Switching jobs frequently will not work out in your favour when it comes to availing loans.Being in a stable and permanent job will paint a picture of a responsible candidate thus increasing your eligibility.
    • Maintain accounts with the bank- If you have an existing account with the bank not only will it increase your eligibility when it come sto availing personal loans but you might also stand a chance to get offers on the loan.
    • Pay off existing loans- It is advised to pay off existing loans before you opt for a new loan. An existing loan might lower your eligibility and also affects your CIBIL score. Paying off existing loans before opting for a new loan will increase your eligibility.

    FAQs on State Bank of Mysore personal loan eligibility

    • What kind of loan is State Bank of Mysore personal loan?

      State Bank of Mysore personal loan is a demand loan.

    • What is the maximum loan amount granted?

      Rs.1.50 lakh is the minimum loan amount granted.

    • Is there a restriction on what the loan money can be used for?

      No. The loan amount can be used for any kind of personal expenses.

    • How much of a role does CIBIL score play in State Bank of Mysore personal loan eligibility?

      CIBIL score plays a very crucial role in State Bank of Mysore personal loan eligibility.

    Personal Loan Reviews

    • State Bank of Mysore Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Before ten years I had taken a personal loan from State Bank of Mysore. At that time, they offered me 11% of interest on my loan. Systematically SBM is good, they have approved the loan immediately. I took the amount of Rs. 1 lakh for the period two years. It got closed and I got my NOC from the bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 08, 2017
    • State Bank of Mysore Personal Loan
      "Need to change Manager - personal Loan"
      0.5 1.0/5 "Really Bad"
      We are not getting any loan from this branch from past 2 months. always the Manager says Bank has been switched to State Bank of India, So we could not able to provide loan. Please change the manager. Worst service which i have ever seen. please don't go to this branch until the manager will not change.
      Was this review helpful? 0
      , dandeli
      Reviewed on May 24, 2017
    • State Bank of Mysore Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      State Bank of Mysore it was excellent interms of everything, I had taken two loans before ten years from them. It was great experience, So I would give best rating for the customer support who gave me satisfactory service. SBM offered the interest rate of 14% for my personal loan.
      Was this review helpful? 1
      , bellary
      Reviewed on Feb 16, 2017
    • State Bank of Mysore Personal Loan
      "Nice experience "
      0.5 5.0/5 "Blown Away!"
      The length of the SBM personal loan process is too long. The reason being, the form filling process requires too much of signature to complete the procedure of taking a personal loan from State Bank of Mysore.The loan process was completely good when it comes to personal loan application.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 13, 2016
    • State Bank of Mysore Personal Loan
      "They ask more number of documents "
      0.5 3.5/5 "Pretty good"
      Hi I had taken personal loan of Rs.250000 from State bank of Mysore near Bellary ,it was a very big challenge for me to collect all those ,but they sanctioned very fast and in time .Re-payment facility is good , Officers were very nice and they are very much co opeartive.
      Was this review helpful? 1
      , bellary
      Reviewed on Jul 02, 2016
    • State Bank of Mysore Personal Loan
      "Lengthy document Process"
      0.5 1.0/5 "Really Bad"
      It was not a easy process when I applied for a personal loan with SBM bank. The services and response was not very satisfactory. I did not go ahead because the documents was a lot to produce. And they were also not offering the loan amount I was needing. The rate of interest was of 13.5%. And the processing charges was waived off.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 30, 2016
    • State Bank of Mysore Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the State Bank of Mysore and the interest rate is an excellent one with them and the loan amount got disbursed within two days of time. Processing charges were good one with them and there are no issues with them.
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 01, 2016
    • State Bank of Mysore Personal Loan
      "Very user friendly"
      0.5 3.0/5 "Satisfactory"
      The interest rate applied was around 13.20% for the personal loan with state bank of mysore .They have offered a lesser eligible amount so that I have not taken the loan.They don't require a surety to process the loan for government employees.I have been consulting the manager regarding the loan process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2016
    • State Bank of Mysore Personal Loan
      "Great loans!"
      0.5 5.0/5 "Blown Away!"
      Though I have my salary account with State Bank of Mysore, they processed the personal loan in a short time by collecting minimal documents for the loan process. I took this loan from them before 3 years and I never faced any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 19, 2016
    • State Bank of Mysore Personal Loan
      "A long time and lots of formalities.."
      0.5 3.0/5 "Satisfactory"
      State Bank of Mysore asks for so many documents and they asks for guarantor. The person of guarantor should have an account of same bank. Not so easy to avail personal loan from this bank. In public banks we can not take loan in short time as need to wait for a long time. I prefer private banks for loans.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 14, 2015
    • State Bank of Mysore Personal Loan
      "Got best loan offers "
      0.5 5.0/5 "Blown Away!"
      I have taken three laksh loan amount from SBM for my home renovation. Since I got the best loan offers I choose SBM BANK for the personal loan. They have offered me 15% rate of interest. Processing wise also they are very good.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 16, 2015
    • State Bank of Mysore Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken this personal loan with SBM recently. The rates offered by them was reasonless they took around monthâ??s time to process the loan. Service provided by them was not up to the market. Its a nationalized banks they were too many procedure I have been asked to visit the Branch every now and then. Even for getting the sign on the stamp duty I have to visit the Branch.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 10, 2015
    • State Bank of Mysore Personal Loan
      "Awesome"
      0.5 4.5/5 "Excellent!"
      STATE BANK OF MYSORE has offered me 11.50% for my personal loan. They took one week time to process my loan application. My friend has recommended me about this bank. I have submitted the correct documents to them. Based on my profile they were offering seven lakhs loan amount to me.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 09, 2015
    • State Bank of Mysore Personal Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      It was really easy to get this loan from State Bank of Mysore.The interest rate applied for the loan was around 15% and they do apply charges around 1.7% for the loan.They have processed the application within two days of time.I will recommend about State Bank of Mysore.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 03, 2015
    • State Bank of Mysore Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The manager helped me a lot for my personal loan at State bank of Mysore. Still the process took around 25 days. The rate of interest was of 15% and it was not a flat rate. They charged total of 11K for the charges inclusive of a accidental insurance. If anything is to happen to me they would take the loan amount from the insurance. It is valid for five years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 25, 2015
    • State Bank of Mysore Personal Loan
      "Lacking in customer service..."
      0.5 4.0/5 "Great!"
      Rate of interest is very good in State Bank of Mysore but they are lacking in customer service and they had not sanctioned the loan amount on time. They were expecting for many records to get process the personal loan and otherwise the process was fine. Charge are less and nominal.
      Was this review helpful? 0
      , mysore
      Reviewed on Aug 06, 2015
    • State Bank of Mysore Personal Loan
      "Happy service"
      0.5 5.0/5 "Blown Away!"
      When compared to other banks the rate of interest is low in State Bank of Mysore. The customer service and response is good. Since I opted for a large amount for personal loan , they gave me a grace time of around 12 months. The tenure is 36 months. They also gave me a half settlement option which was very helpful to me at that time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 03, 2015
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