State Bank of India offers personal loans @ 9.60% p.a. onwards to employees of central and state government/ central and state government PSUs/ corporates, defense personals, state/central government pensioners/ family pensioners, employees of reputed educational institutions, and for Covid treatments.
Eligibility Criteria for SBI Personal Loan
A.) For Central and State Government Pensioners
- Age- Below 76 years
- Pension is drawn through SBI
- A letter issued by the treasury stating that the pension of the pensioner will not be transferred to any other bank without an NOC
- The pensioner should provide an irreversible undertaking to the Treasury not to amend his mandate during the loan tenure
- All the terms and conditions of the scheme are applicable including guarantee by a suitable third party or the spouse in case of family pension.
B.) For Defense Pensioners
- No minimum age
- Maximum age- Less than 76 years
- Pension is drawn through SBI
- Pensioners of armed forces including Navy, Paramilitary Forces (BSF, CRPF, CISF, ITBP), Army, Air Force, Rashtriya Rifles, Assam Rifles, Coast Guards
C.) For Family Pensioners
- Age- Not more than 76 years
- Authorized family members who shall receive the pension after the death of the pensioner
D.) SBI Xpress Credit (For salaried applicants)
- For individuals having salary account with SBI
- Minimum monthly income- Rs 15,000
- Employees working with Central/State Government/ Quasi Government/ Central and State PSUS/ Reputed Educational Institutions/ Selected corporates with/without relationship with the bank are eligible
E.) SBI Quick Personal Loan
- Employees of Central/ State Government/ Quasi Government/ Central and State PSUs/ Private and Public Corporates/ Reputed Educational Institutions in India
- Individuals having salary account with some other bank
- Age: 21- 58 years
- Minimum Monthly Income- Rs 15,000
- EMI/NMI ratio- Less than 50%
- Minimum service of 1 year
F.) SBI Kavach Personal Loan Scheme
- Only for Covid treatment of self or family member
- For salaried, non- salaried and pension seeking customers of the bank
- Should have a Covid positive report not more than 30 days old
How to Improve your SBI Personal Loan Eligibility?
1. 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
Check Your Free Credit Score to know personal loan eligibility Check Now
2. 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
3. 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 minimum salary requirement to avail SBI personal loan?
You should have a minimum monthly income of Rs. 15,000 to avail a personal loan from SBI.
Q3. How can I improve my eligibility for SBI personal loan?
You can improve your SBI personal loan eligibility by adding a co-applicant, maintaining a high credit score, paying your EMIs and credit card bills on time and minimizing your existing debts.
Q4. How can my credit score affect my eligibility to avail a personal loan from SBI?
A good credit score (usually 750 or higher) can help increase your chances of securing a personal loan from SBI as it indicates a higher creditworthiness and good repayment track record and vice versa.
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.
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.