For the diverse financial requirements, there are 4 different types of SBI bank personal loans, namely: Xpress Credit Personal Loan, SBI Saral Personal Loan, SBI Festival Loans, SBI Bank Personal Loans to pensioners. Mentioned below are the criteria to avail these personal loans from SBI Bank -
SBI Xpress Credit Personal Loan is designed for the individuals who need instant cash. With low processing charges, no hidden charges and minimal documentation feature this SBI personal loan type is an amazing financial solution for several people who are in immediate need of cash. State bank of India provide Xpress Credit Personal Loan to the following:
- Central and State Government
- Profit making State PSUs
- Central PSUs
- Educational Institutions
- Selected Corporates
This type of SBI bank personal loan is offered only to individuals holding SBI salary account.
Income Criteria- To obtain Xpress Credit Personal Loan from SBI bank, an applicant must meet the following income criteria.
- He must have a minimum net monthly income (NMI) of Rs. 7500/-
- His EMI/NMI Ratio should not exceed 50.
SBI Saral Personal Loan scheme is introduced by the State Bank of India to make people arrange for payments for vacations, medical bills or paying off financial liabilities. SBI Saral Personal loan is approved by the bank if the applicant has a valid reason to apply for the loan. State bank of India provide SBI Saral Personal Loan to the following:
- Salaried individual of good quality corporate
- Any Self-employed engineer, doctor, architect, chartered accountant or MBA
SBI bank personal loan eligibility Income Criteria- To obtain Xpress Credit Saral Personal Loan from SBI bank, an applicant must satisfactorily meet net monthly income criteria.
SBI bank personal loan eligibility Employment Status- The applicant must have minimum 2 years of employment, to get approval for this type of SBI bank personal loan.
State Bank of India offers Loans to Pensioners who are drawing their pensions from the central or the state government. The applicant applying for Loans to Pensioners has to pay a nominal processing fee. State bank of India provides Loans to all Pensioners of Central or State Government pensioner who draw their pension through any SBI Bank branch.
Personal Loan Eligibility Age Criteria- The loan applicant must not be more than 76 years of age
The State Bank of India offers festival loan to applicants who need to celebrate festivals but finance becomes a hurdle. State Bank of India provides SBI Festival Loans to the following:
- An employee of Govt., PSUs, profit making public/private limited companies/ institutions etc.
- Self-employed individual
- A person having a regular source of income which comes in form of pension and interest from NSCs/Govt. Securities/TDRs/ etc.
Personal Loan Eligibility Income Criteria- The loan applicant must have a net monthly income of Rs.3000/- and above
Personal Loan Eligibility Employment Status - To apply for SBI Festival Loan, an applicant can be:
- Salaried applicant must have minimum of 2 years’ service
- Self-employed applicant must have minimum 3 years’ experience