| Age | 21 - 60 years |
| Job Profile | Employees of:
Central/State government/PSUs/Railway/Police Corporate sector Defence sector (Defence/Central Armed Police/Indian Coast Guard) |
| Minimum work experience | 6 months for government employees
1 year for corporate employees |
| Minimum monthly income | Government employees - Rs. 20,000
Corporate employees - Rs. 25,000 |
| Existing relationship with the bank | Mandatory salary account with SBI |
SBI Personal Loan Eligibility Calculator
SBI Personal Loan Eligibility At A Glance
Factors Affecting SBI Personal Loan Eligibility Criteria
Below-mentioned are the factors affecting eligibility criteria of SBI personal loan:
Age
Job Profile
Minimum Monthly Income
Work Experience
Credit Score Requirement
Existing Relationship with SBI
SBI Personal Loan Eligibility Based on Monthly Salary
SBI personal loan applicants employed with government sector should have a minimum monthly income of Rs. 20,000 for getting their loans approved. Individuals employed with corporate sector should have a minimum monthly income of Rs. 25,000 for getting their loans approved.
Most lenders usually consider the EMI/NMI ratio of applicants during loan application. The EMI/NMI ratio of the SBI personal loan applicants should be up to 65% to increase their chances of loan approval.
| Personal Loan Eligibility Based on Salary | |
|---|---|
| 20000 salary Personal Loan | 25000 salary Personal Loan |
| 30000 salary Personal Loan | 50000 salary Personal Loan |
| 60000 salary Personal Loan | 80000 salary Personal Loan |
SBI Personal Loan Eligibility Based on Credit Score
Applicants having their credit score of 760 and above usually have higher chances of getting their loans approved. The minimum credit score required to avail SBI personal loan for different job profiles is given below:
| Employment type | Minimum Credit Score |
|---|---|
| Defence/Government employees | 650 |
| Corporate employees | 670 |
New-to-credit customers having no credit history are also eligible for SBI personal loans. However, such applicants might avail personal loans at a higher interest rate.
Also Read: Cibil Score for Personal Loan
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SBI Personal Loan Eligibility Calculator
A personal loan eligibility calculator is an online financial tool that allows the individuals to assess their loan amount eligibility even before loan application. Individuals can use Paisabazaar’s Personal Loan Eligibility Calculator to assess the eligibility of SBI personal loan applicants.
The calculator evaluates the loan eligibility based on the age, desired loan amount, monthly income, existing EMIs, interest rate and loan tenure of the applicants.
How to Calculate SBI Personal Loan Eligibility
You can calculate SBI personal loan eligibility based on the following criteria:
How to Improve SBI Personal Loan Eligibility
You can improve your SBI personal loan eligibility in the following ways:
Common Reasons Why SBI May Reject Your Personal Loan Application
SBI might reject your personal loan application for the following reasons:
Benefits of Checking SBI Personal Loan Eligibility Before Applying
You should check your SBI personal loan eligibility before loan application for the following reasons:
| Explore Personal Loan Options by Amount | |
|---|---|
| 20000 Personal Loan | 50000 Personal Loan |
| 1 Lakh Personal Loan | 2 Lakh Personal Loan |
| 5 Lakh Personal Loan | 10 Lakh Personal Loan |
How to Check SBI Personal Loan Eligibility Online
You can calculate SBI personal loan eligibility using Paisabazaar’s Personal Loan Eligibility Calculator in the following steps:
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Overview
FAQs
What is the minimum credit score required to avail SBI Personal Loan?
The minimum credit score required to avail SBI Personal Loan is 650 for government employees, whereas the minimum credit score required to avail SBI Personal Loan for corporate employees is 670.
Who is eligible for SBI Personal Loan?
The employees of Central/State Government, corporate sector and pensioners/family pensioners having their salary/pension accounts with SBI are eligible for SBI Personal Loan.
Is it necessary to have a salary account with SBI to avail SBI Personal Loan?
Yes, an applicant should have a salary/pension account with SBI to avail SBI Personal Loan.
What is the minimum income requirement to avail SBI Personal Loan?
Applicants planning to avail SBI Personal Loan should have a minimum salary of Rs 25,000.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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