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Eligibility Criteria of SBI Personal Loan Applicants
The eligibility criteria set by SBI for its personal loan applicants is mentioned below.
SBI Regular Personal Loan
- The applicant should be an Indian national between 21 to 60 years of age.
- Salaried employees having their salary account with SBI are eligible for SBI Personal Loans.
- Individuals employed with Central Government/State Government/Railway/Public Sector Undertakings/Police can avail SBI Personal Loan.
- Eligible applicants should have a minimum monthly salary of Rs 25,000 (employees of Defence/Government Sector- Rs 20,000; employees of Corporate sector- Rs 25,000).
- Applicants should have served for atleast 1 year in their respective jobs (Defence/Government sector employees- 6 months; corporate sector employees- 1 year)
- For defence and government employees the minimum CIBIL score required to avail SBI Personal Loan is 650, whereas for corporate employees the minimum CIBIL score required to avail SBI Personal Loan is 670.
- The EMI/NMI ratio of the applicant should not exceed beyond 65%.
SBI Pre-approved Personal Loan
SBI offers pre-approved personal loans to selected customers only. The lender pre-selects the customers based on certain parameters and offers pre-approved personal loans to these pre-selected customers.
SBI Real Time Xpress Credit
- Salaried employees maintaining their salary account with SBI are eligible for Real Time Xpress Credit Personal Loans.
- The EMI of the eligible applicant should not exceed his/her net monthly income by 65%.
- The minimum net monthly income of the applicant should be Rs 25,000.
SBI Pension Loan
For Pensioners of Central/State Government
- The pension account of the pensioner should be maintained with SBI.
- The age of the eligible pensioner should be below 76 years.
- The pensioner needs to provide an irreversible undertaking not to make changes in his mandate to the Treasury during the entire loan tenure.
- The Treasury should give a consent letter telling that it will not accept any request to transfer the pension of the pensioner to any other bank without an NOC
For Pensioners of Defence Sector
- Retired employees of armed forces such as army, navy, air force, paramilitary forces, Rashtriya Rifles, Assam Rifles and Coast Guards are eligible for SBI Pension Loan.
- The maximum age of the pensioner at the time of loan processing should be below 76 years.
- Pension account should be maintained with SBI.
For Family Pensioners
- The eligible pensioners should be below 76 years of age.
- A family pensioner should be an authorized family member of the pensioner to receive the pension after his death.
SBI Pre-approved Pension Loan
SBI pre-approved pension loans are offered to selected customers only. These customers are pre-selected based on certain parameters pre-determined by the bank.
How can you Improve your SBI Personal Loan Eligibility
Tips to improve your SBI Personal Loan eligibility are given below.
- Maintain your credit score above 650.
- The EMI/NMI ratio of the applicant should not be more than 65%.
- Do not apply with multiple lenders in a short span of time.
- Add a co-applicant with a higher credit score and stable income.
- Have a stable employment history.
How can I check my SBI personal loan eligibility online?
Applicants planning to avail SBI Personal Loan can check their personal loan eligibility by:
- Logging into the YONO SBI app
- Sending an SMS: PAPL#### (last 4 digits of your SBI savings account) to 567676
- Visiting the official website of SBI