How Much Personal Loan Can I Get From SBI?

SBI Personal Loan – Overview

A personal loan helps to combat the sudden financial crisis, providing real-time access to adequate funds. Thus helping users make well-thought life choices and reap those benefits afterwards. The acquired loan amount can be put into use to pay off medical expenses, tuition fees, renovate/reconstruct a house and plan a wedding.   

The State Bank of India has been catering to the ever-changing financial needs of Indian citizens for a long and has emerged as a trusted source over the years. SBI Personal Loan system is quite dynamic by nature, available both online and offline. The bank certainly charges one of the lowest rates of interest within the entire country and is based on daily reduction balance criteria to be precise. At present, the SBI Personal Loan interest rate ranges between 9.60% to 16.60%. Salaried employees and self-employed individuals can make applications as per need. Are you still searching for appropriate answers as to how to apply personal loan in SBI? We have got you covered.  

Things to Keep in Mind While Applying for First Personal Loan

A personal loan also known as a consumer loan, helps borrowers meet their immediate needs in full capacity. Lenders like banks and NBFCs provide unsecured credit in the form of personal loans after considering the applicant’s income level, employment history, credit history and repayment capacity. These types of loans, in general, are needed to purchase a new vehicle, renovate a home, pay educational fees or finance a holiday. Both banks and non-banking companies have their own set of rules made mandatory, making the entire process quite seamless to be precise. 

Prioritise your immediate needs to choose the correct loan amount

List out needs that are of utmost importance and can be fulfilled by applying for a personal loan. It is always a thoughtful decision to reconsider the motivation behind a personal loan and proceed only when necessary. In case the purpose behind your loan application is a luxury product or another financial product of any sort, it will only add to the financial lability. So it is always better to seek advice from the right people and reconsider related profit and loss before making the final move.

Reconsider your offline liabilities (if any)

Existing debts in the form of house mortgages, offline transactions with local money lenders and gold loans will make it a hectic task for you to repay a personal loan with added interest. Always make sure to seek professional advice or you can also sit and have a chat with a family member posing adequate experience in this field.    

How to check personal loan eligibility in SBI?

Go through the steps mentioned below to check out the eligibility criteria set by SBI:

• Log in to the official website of the State Bank of India.
• Click on the SBI Personal Loan option.
• Now, make use of the personal loan eligibility calculator available online. Also, you need to fill in required fields like name, salary, age, tenure and desirable loan amount. 

Documents Required for SBI Personal Loan

While applying for an SBI Personal Loan you need to provide the following documents:

• PAN card, driving incense, voter ID and passport as identity proof.
• Electricity bill, landline bill, passport as address proof.
• Last 2 years ITR return, latest salary slip, Form 16 and audited account statement of last six months. 

Factors that affect SBI Personal Loan eligibility

• Age: The minimum required age is 21 years while the maximum requirement stands at 58 years while applying for a personal loan in SBI.
• Salary: The monthly income of the applicant needs to be Rs.24,000/- or above. Based on the EMI/NMI ratio, applicants who are on the greater side of the scale are most likely to get their loan approved in no time.  
• Employment Type: Applicants employed with a government organisation or renowned MNC are most likely to get their loan approved in real-time. Those working for a startup are likely to face hurdles over and over again. Self-employed applicants with more than Rs.5,00,000 gross annual receipt are termed eligible.  
• Work Experience: The applicant needs to have a minimum working experience of 12 months when applying for a personal loan with the State Bank of India.   
• CIBIL Score: A regular score of 750 or above is termed a good CIBIL score. An applicant with a high CIBIL score is given more priority over the rest. 
• Residential Status: The place of residence is of utmost importance when it comes to personal loan approval. Residing in one’s own house improves the overall chances of getting the loan approved much faster.
• Salary account/Pension account with SBI: Individuals having a salary account or pension account with SBI are eligible to get their loan application approved in real-time.  

Additional Details – SBI Personal Loan

There are various personal loan types offered by SBI, having different interest rates and loan amount: 

How to improve SBI Personal Loan eligibility?

To improve the SBI Personal Loan eligibility rate, you can adhere to the following points:

• Maintain an impressive credit score of 750 and above.
• Pay off the credit card bills and EMIs on time.
• Add in a co-applicant if necessary. 
• Finish off your existing debts before proceeding with an application for a new loan. 

A personal loan from SBI comes in handy when applied with the right documents, eligible CIBIL score, adequate monthly income (for business owners) and secured employment with a government agency/MNC (for salaried employees). The age, residential status and work experience of the applicant is also put under consideration. If you are planning to apply for a personal loan with SBI, any time soon, make sure to cross-check with the points mentioned here and proceed accordingly.