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    State Bank of Mysore (SBM) Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    16.85% Fixed
    1% One time fee
    1.5L Max
    1-3 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    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.

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