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Offering various types of personal loan schemes, State Bank of India is a top choice for prospective borrowers from various walks of life. SBI personal loan interest rates start from 10.50% p.a. and can be availed for amounts up to Rs. 20 lakh. As the bank offers multiple variants of this unsecured loan, SBI personal loan eligibility criteria varies from one type to another.
SBI Personal Loan Eligibility Criteria
The following are the eligibility criteria specified by SBI for personal loans offered to different types of applicants:
- You should have a salary account with SBI
- You should be an employee of Central/state/quasi government
Central PSUS and profit making state PSUs (Public Sector Units)
Educational institutions of national repute
Selected corporates with or without relationship with the bank
- Your minimum monthly income should be at least Rs. 15,000
- Your EMI/NMI (Equated Monthly Income/Net Monthly Income)ratio should be less than 50%
Eligibility for Types of Personal Loans
The following are loan specific eligibility criteria as specified by the State Bank of India:
A. SBI Xpress Bandhan
- You should not be having a salary account with SBI
- You should be an employee of Central/ State Governments/ Defence Establishments, PSUs, Quasi Government Bodies, Select Rated Corporates, Educational Institutions of National Repute
- Your minimum monthly income should be Rs. 50,000
- Your EMI/NMI ratio should be up to 50%
B. SBI Pension Loan
Personal loans offered to retired individuals by SBI have pre-defined eligibility criteria depending on the type of employer. Key criteria to qualify for a pension loan are as follows:
a. Central & State Government Pensioners:
- The pensioner’s age should be below 76 years
- His pension payment order should be maintained by SBI and should continue to be maintained by SBI during the loan tenure
- He should submit consent in writing given by this Treasury stating that it will not accept any request from the pensioner to transfer his pension payment to any other bank till a NOC is issued by SBI
b. Defence Pensioners:
- He should be a pensioner of Armed Forces including Navy, Army and Air Force, Coast Guards, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Rashtriya Rifles and Assam Rifles
- Must have SBI pension account maintained in good standing
- The maximum age at the time of loan application submission should be less than 76 years
c. For Family Pensioners:
- Family pensioners are authorized members of the family to receive pension after the death of the pensioner.
- The maximum age of family pensioner should be 76 years
C. Pre-approved Personal Loans to Salaried & Pensioners on YONO
SBI offers pre-approved personal loans to both salaried and pensioners through the YONO mobile app. The key criterion to be eligible for such offers is to have a salary or a pension account with SBI.
D. Pre-approved Personal Loans to Non-salaried (PAPL) On YONO
The SBI YONO App also provides pre-approved personal loan offers to self-employed individuals and self-employed professionals. The eligibility for these SBI personal loans includes the following criteria:
- You should be having a savings account with SBI with regular deposits
- Your monthly balance should be beyond a certain threshold
How to Improve your SBI Personal Loan Eligibility?
- Maintain a high credit score: Credit score is a 3- digit number that reflects your past repayments. Therefore, higher the credit score, higher would be the chances of being eligible for a personal loan. If your credit score is low, you should first consider improving it and then applying for a personal loan
- Pay your credit card bills and loan EMIs on time: When you pay your credit card bills and loan EMIs on time, it indicates that you are disciplined with respect to your finances and this improves your eligibility for new loans/credit cards in the future
- Reduce your existing debts: If you have existing debt in the form of outstanding personal loans or unpaid credit card debt, it is advisable that you reduce these before applying for new unsecured credit. This increases your debt-to-income ratio and hence increases your eligibility for a new loan
Q1. I am earning Rs. 15,000 per month. How much personal loan I can get on my salary from SBI?
Though applicants can avail a personal loan amount of up to Rs. 20 lakh from SBI, based on a net monthly income (NMI) of Rs. 15,000, the maximum loan amount you will be eligible for is Rs. 3.6 lakh i.e. 24 times of NMI.
Q2. What is the processing fee of SBI Personal Loan?
The processing fee is 0.50% to 1% of the loan amount + applicable tax.
Q3. How do I get in touch with the customer care of SBI?
- You can call the bank at toll- free numbers 1800-425-3800 or 1800-11-2211
- You can send an email to email@example.com
- You can visit the nearest branch
Q4. Is it possible to prepay the loan? Are there any penalties?
Ans: If you prepay the loan either in full or part, you will have to pay prepayment charges of 3% on prepaid amount.
Q5. Can I apply for a personal loan with SBI if I don’t have a salary account with the bank?
Yes, you can apply for SBI Xpress Power scheme if you don’t have a salary account with the bank.