SBI Personal Loan Eligibility: Step-by-Step Guide

Key Insights
 

1. The minimum age for SBI personal loan eligibility is 21 years, and the maximum age for SBI personal loan is 60 years.
    
2. You need to have a decent CIBIL score to be eligible for the SBI Personal loan.
    
3. For the SBI Personal Loan, the minimum income required for a government employee is ₹20,000, and for a corporate employee, it is ₹25,000.

SBI personal loan lena chahte ho? Toh pehle eligibility check karna must hai. This guide shows exactly how SBI evaluates your profession, income, and documents.

A personal loan is an unsecured loan that you can use for various purposes. The eligibility for an SBI Personal Loan depends on several factors, including income, age, and specific documentation requirements.

The SBI Personal Loan eligibility is based on profession, such as if you are a salaried person, a professional, or a self-employed individual, and a good credit score adds points to be eligible for the SBI Personal Loan.

Example:

My friend Dev is salaried. Dev wants to know the SBI personal loan eligibility because he needs ₹1,50,000, but he is not aware of the SBI personal loan eligibility for a salary account. 

When Dev visits the SBI branch, he applies for an SBI Bank personal loan, but he is not eligible for the loan because he doesn’t have a salary slip. The loan is cancelled.

If you are in the place of Dev and don’t know about the personal Loan eligibility, this blog provides in-depth knowledge about the SBI personal Loan Eligibility.

SBI Personal Loan Eligibility Criteria

“Personal loan ke liye kya eligibility criteria hoga?” Are you planning for a Personal Loan? Then you have to know about the SBI personal loan eligibility criteria.

If you are missing important information, your personal loan application could be cancelled. Below, you’ll find the eligibility criteria explained clearly, along with an example.
 

These are the SBI Eligibility criteria for corporate rate and government employees. To qualify for a personal loan, you must meet the SBI eligibility criteria.

Bonus Tip: Do you know? You can obtain a personal loan from ₹1,00,000 to ₹35,00,000, subject to an EMI/NMI ratio of up to 65% or 30 times NMI, whichever is lower.

Required Documents for SBI Personal Loan Eligibility Verification

Even a single missing document can ruin your day and delay your SBI personal loan. To save you time, please double-check the required list in this document.

• Please submit the completed application form along with a recent photograph of the borrower.
   
• Provide your Permanent Account Number (PAN).
   
• Include at least one copy of an Officially Valid Document (OVD).
   
• Attach salary slips for the last six months.
   
• Submit your latest ITR or Form 16. This requirement is waived for salaried employees who are not subject to income tax or whose employer does not deduct tax, as per the Income Tax Act.
   

For example, this applies to customers with less than one year of service, those in the 'Nil' tax rate slab, or residents of states or union territories with no income tax.
 

• Provide account statements for the last 6 months showing your salary credits.

These documents are required when applying for an SBI personal loan, whether you are a government employee or a private employee.

Bonus Tip: Did you know? You can repay your loan over a period as short as 6 months or as long as 84 months.

Conclusion 

You can get a personal loan from SBI if you meet a few simple requirements. If you have a steady income, a good credit history, and the right documents, you can access funds quickly to help reach your financial goals.

FAQs

How can I get a personal loan from SBI? 

If you want to apply for a personal loan from SBI, you need to be an Indian citizen aged 21 to 60. Your net monthly income should be at least ₹20,000 to ₹25,000, based on your job sector.

What is the process of taking a personal loan in banks like SBI? 

To get a personal loan from banks like the State Bank of India (SBI), you need to check if you are eligible, collect the required documents, and then apply. You can do this online using the YONO app or the bank’s website, or you can visit a branch in person.

What are the different types of SBI Personal Loans?

SBI provides several types of personal loans, including Xpress Credit, SBI Pension Loan, SBI Quick Personal Loan, and Pre-approved Personal Loans (PAPL).

Thinking about applying for an SBI account and loan? Is it really worth the effort? 

Applying for an SBI account and loan might be worth it because of the lower interest rates and fees. However, the approval process can take longer, and you may need to visit the branch to submit documents and verify your details.

Even if I am sanctioned the SBI Personal loan, when do I need to start paying back?  

You will need to start repaying your SBI Personal Loan on the date given in your sanction letter. This date is usually a few months after the loan amount is credited to your account.
 

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.