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    State Bank of Patiala (SBP) Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.50% - 14.50% Fixed
    1.01% One time fee
    1 L - 10L
    1-5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About State Bank of Patiala Personal Loan

    State Bank of Patiala personal loan, is a quick financial solution for the needs of your family or you. The personal loan offers floating interest rates, flexible payment tenures of up to 5 years and with a flexible loan amount of upto Rs 10 lakhs. The SBP's personal loan schemes are easy to apply for and worry-free with several benefits to make some of your life's small dreams come true such as buying that furniture that you need for renovating your living room or buying the new XBOX One for your son’s 10th birthday.

    State Bank of Patiala Personal Personal Loan Eligibility

    In order to get your loan sanctioned, there are some prerequisites. Here are the most basic prerequisites of a State Bank of Patiala personal loan:

    The individual should already be an existing customer of State Bank of Patiala

    Citizenship: The applicant should be an Indian resident.

    Minimum age: The individual should be at least 25 years of age.

    Maximum age:The individual has to 60 years or less.

    Minimum income:The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed.

    CIBIL Score: State Bank of Patiala would check your CIBIL score and credit history when considering your application A minimum of 700 CIBIL score is required to be considered for a State Bank of Patiala personal loan.

    Factors Affecting Eligibility of State Bank of Patiala Personal Loans

    State Bank of Patiala has to make sure that the applicant for the personal loan is indeed capable of repaying the loan, or can afford the loan with his current lifestyle in the first place. State Bank of Patiala, being a nationalised banis is very particular about ensuring the eligibility of the applicant for a personal loan. The most important factors that are important for eligibility of State Bank of Patiala personal loan include:

    • Age of Applicant: One of the most important criteria of an eligibility for the personal loan is that the individual should be in the age bracket where he can afford the loan. If the applicant is too young or a fresher in his career, the lack of stability is missing. On the other hand, if the individual is beyond 60 years of age, the chances are he is retired or on pension, hence making it questionable for loan repayment.
    • Employment Status: The applicant should not only be salaried but also stable in his career ensuring that job changes or a new job will not affect the loan repayments. the other scenario is that if he is self-employed, he must have proof of his income being stable. An individual who is a businessman or self-employed may not have a very stable source of income. Hence, the bank would want to check that too.
    • Incomes: There is an income bracket that is necessary for the applicant to have, to ensure that the individual can afford a personal loan EMI payment with the existing financial state. The income has a vital role to play as banks need to ensure that the individual has some sort of savings through which they can afford the loan repayments every month.
    • City of Residence: It is ideal for banks such as Barclays to have applicants belong to a metro city such as Chennai, Mumbai, Bangalore, Hyderabad or Delhi than being a resident of a second tier city.
    • Type of Residence and Duration: Generally, State Bank of Patiala would not have many issues about the residence of the individual as long as there is a bank branch in the town or city the person is a resident of because it is a nationalised bank. However, State Bank of India makes sure that you are an Indian resident to be eligible for the loan.

    How CIBIL score affects your State Bank of Patiala Personal Loan Eligibility?

    State Bank of Patiala will check your CIBIL credit report before they sanction your loan application because it gives an in-depth idea about your financial state and a good idea about your capacity to pay the monthly EMIs. A CIBIL score that is well above above 700 is most prescribed although the bare minimum is 700. If the applicant’s CIBIL score is 800 or even 900 makes you have a higher chance of getting your loan sanctioned.

    The credit report in terms of your monthly expenditure includes your savings in your bank account, your credit card payment reports, as well as repayments for other existing loans that you are paying for. However, if you are uncertain about the score you might want to consider enhancing your loan eligibility.

    How To Increase State Bank of Patiala Personal Loan Eligibility?

    If you wish to enhance your personal loan eligibility from State Bank of Patiala, here are few things that can be done easily:

    Check the number of loans that you are repaying in a month: The ideal number of loan that you should be repaying maximum, at a time is 2, however it can go up to 3, only if you can afford it. The more number of EMIs you pay every month, the more liabilities in your financial situation. So, finish of repaying a loan that is close to the end of its tenure, so that you have more room for State Bank of Patiala personal loan.

    Maintain your credit history: Pay off all your credit card bills and make sure that you do it for some time so that a visible stability in credit enables to enhance your CIBIL score through credit history.

    Ensure that you balance secured and unsecured loans: If you have higher number of secured loans over unsecured loans, the CIBIL score automatically enhances and the bank finds it a confident factor to sanction your loan.

    Reduce the EMI on existing loans by increasing the tenure: The other way to ensure that you have affordability of a new loan repayment is to decrease the EMI amount. This is possible by requesting an increase in the loan repayment tenure for your existing loan, allowing you with more room to afford another EMI without scrounging on your current lifestyle and increasing your eligibility.

    Prepayment: Prepayment of a loan, when it is nearing the end of its tenure is a good way as mentioned before to enhance your eligibility. however, it is essential to note that the bank may charge a prepayment fee.

    FAQs on State Bank of Patiala Personal Loan Eligibility

    1. What is the minimum age the individual should be, to avail a personal loan from State Bank of Patiala?

      Applicants must be at least 21 years of age to be eligible for a State Bank of Patiala personal loan.

    2. What is the minimum age the individual should be, to avail a personal loan from State Bank of Patiala?

      Applicants must be at least 60 years of age, or less to be eligible for a State Bank of Patiala personal loan.

    3. What is the minimum CIBIL score that an individual should have to be eligible for stae Bank of Patiala personal loan?

      The minimum CIBIL score required for a State Bank of Patiala loan eligibility is 700. But to be at a safe place for loan sanction the ideal CIBIL score should be over 800.

    4. Can I apply for a personal loan from State Bank of Patiala, even if I am not an existing member?

      No, an applicant has to be an existing member of State Bank of Patiala to be eligible for a personal loan from the bank.

    5. Can I apply for a personal loan from State Bank of Patiala if I am self-employed?

      Yes, you can apply for a State Bank of Patiala personal loan if you are self-employed but there are certain eligibility criteria in terms of regular income and income bracket that you must conform to.

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